{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":7.8,"endTime":11.94,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":7.8,"endTime":11.94,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":11.94,"endTime":15.72,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":11.94,"endTime":15.72,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":15.72,"endTime":19.92,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":15.72,"endTime":19.92,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":19.92,"endTime":23.48,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":19.92,"endTime":23.48,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":23.48,"endTime":26.72,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":23.48,"endTime":26.72,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":26.72,"endTime":30.26,"body":"out of five star review on"},{"speaker":"Unknown","startTime":26.72,"endTime":30.26,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":30.26,"endTime":33.92,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":30.26,"endTime":33.92,"body":"can do more to help you. 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I was"},{"speaker":"Nick Lincoln","startTime":131.339,"endTime":133.139,"body":"going"},{"speaker":"Alan Smith","startTime":133.26,"endTime":136.32,"body":"to say we haven't"},{"speaker":"Alan Smith","startTime":133.26,"endTime":136.32,"body":"caught up, have we, because that"},{"speaker":"Alan Smith","startTime":136.32,"endTime":138.48,"body":"was from hum, hum 23"},{"speaker":"Andy Hart","startTime":139.38,"endTime":140.66,"body":"with that, with that"},{"speaker":"Andy Hart","startTime":139.38,"endTime":140.66,"body":"popular."},{"speaker":"Unknown","startTime":141.319,"endTime":142.879,"body":"Okay, great stuff."},{"speaker":"Unknown","startTime":141.319,"endTime":142.879,"body":"Great"},{"speaker":"Nick Lincoln","startTime":142.88,"endTime":144.86,"body":"stuff. Brilliant,"},{"speaker":"Nick Lincoln","startTime":142.88,"endTime":144.86,"body":"brilliant. Please do keep the"},{"speaker":"Nick Lincoln","startTime":144.86,"endTime":147.74,"body":"reviews coming in, then give us"},{"speaker":"Nick Lincoln","startTime":144.86,"endTime":147.74,"body":"a real shot in the arm. Okay,"},{"speaker":"Nick Lincoln","startTime":147.74,"endTime":150.74,"body":"Episode 59 somehow we've made it"},{"speaker":"Nick Lincoln","startTime":147.74,"endTime":150.74,"body":"this far. Let's give this"},{"speaker":"Nick Lincoln","startTime":150.74,"endTime":154.64,"body":"episode a timestamp with some"},{"speaker":"Nick Lincoln","startTime":150.74,"endTime":154.64,"body":"topical tidbits, and we have"},{"speaker":"Nick Lincoln","startTime":154.64,"endTime":158.54,"body":"some exciting news. Andrew, tell"},{"speaker":"Nick Lincoln","startTime":154.64,"endTime":158.54,"body":"the TRAPPIST what's happening"},{"speaker":"Nick Lincoln","startTime":158.54,"endTime":158.96,"body":"next year."},{"speaker":"Andy Hart","startTime":159.44,"endTime":163.72,"body":"So following on from"},{"speaker":"Andy Hart","startTime":159.44,"endTime":163.72,"body":"our first trap live in this year"},{"speaker":"Andy Hart","startTime":163.72,"endTime":169.06,"body":"2024 we are planning on doing it"},{"speaker":"Andy Hart","startTime":163.72,"endTime":169.06,"body":"again in 2025 it's been a bit of"},{"speaker":"Andy Hart","startTime":169.06,"endTime":171.82,"body":"a ordeal to try and get this"},{"speaker":"Andy Hart","startTime":169.06,"endTime":171.82,"body":"sorted out. Long story short,"},{"speaker":"Andy Hart","startTime":171.82,"endTime":175.54,"body":"today is an announcement of Save"},{"speaker":"Andy Hart","startTime":171.82,"endTime":175.54,"body":"the date. We believe it's going"},{"speaker":"Andy Hart","startTime":175.54,"endTime":180.12,"body":"to be on the 14th of May 2025"},{"speaker":"Andy Hart","startTime":175.54,"endTime":180.12,"body":"which is a Wednesday. It's the"},{"speaker":"Andy Hart","startTime":180.12,"endTime":183.18,"body":"same day that Brett Davidson is"},{"speaker":"Andy Hart","startTime":180.12,"endTime":183.18,"body":"running a conference. So the"},{"speaker":"Andy Hart","startTime":183.18,"endTime":185.88,"body":"idea is to go to Brett's in the"},{"speaker":"Andy Hart","startTime":183.18,"endTime":185.88,"body":"day. If you're part of that"},{"speaker":"Andy Hart","startTime":185.88,"endTime":188.82,"body":"gang, come to our gang in the"},{"speaker":"Andy Hart","startTime":185.88,"endTime":188.82,"body":"evening, and then the following"},{"speaker":"Andy Hart","startTime":188.82,"endTime":191.94,"body":"down the 15th of May. It's"},{"speaker":"Andy Hart","startTime":188.82,"endTime":191.94,"body":"Abraham's conference. 3.0 again,"},{"speaker":"Andy Hart","startTime":191.94,"endTime":194.76,"body":"if you're part of that gang, you"},{"speaker":"Andy Hart","startTime":191.94,"endTime":194.76,"body":"can kill three birds with one"},{"speaker":"Andy Hart","startTime":194.76,"endTime":198.0,"body":"stone, as they say, central"},{"speaker":"Andy Hart","startTime":194.76,"endTime":198.0,"body":"London. Six to nine more details"},{"speaker":"Andy Hart","startTime":198.0,"endTime":202.16,"body":"to be revealed. That's it. So"},{"speaker":"Andy Hart","startTime":198.0,"endTime":202.16,"body":"today, save the day. We're 99%"},{"speaker":"Andy Hart","startTime":202.7,"endTime":205.04,"body":"sure it's going to be on that"},{"speaker":"Andy Hart","startTime":202.7,"endTime":205.04,"body":"day. There's an outside chance"},{"speaker":"Andy Hart","startTime":205.04,"endTime":208.46,"body":"it might move. That's going to"},{"speaker":"Andy Hart","startTime":205.04,"endTime":208.46,"body":"be a bit annoying, but I think"},{"speaker":"Andy Hart","startTime":208.46,"endTime":213.02,"body":"it won't. So that's it. 14th of"},{"speaker":"Andy Hart","startTime":208.46,"endTime":213.02,"body":"May 2025, trap live in the"},{"speaker":"Andy Hart","startTime":213.02,"endTime":216.74,"body":"evening, six till nine, slightly"},{"speaker":"Andy Hart","startTime":213.02,"endTime":216.74,"body":"later than it was last year."},{"speaker":"Andy Hart","startTime":217.16,"endTime":219.68,"body":"That's about it, unless anyone"},{"speaker":"Andy Hart","startTime":217.16,"endTime":219.68,"body":"else has anything to mention."},{"speaker":"Nick Lincoln","startTime":220.759,"endTime":223.359,"body":"Great stuff. How"},{"speaker":"Nick Lincoln","startTime":220.759,"endTime":223.359,"body":"exciting is that? And, and, and"},{"speaker":"Nick Lincoln","startTime":223.359,"endTime":226.599,"body":"if you buy tickets to all three"},{"speaker":"Nick Lincoln","startTime":223.359,"endTime":226.599,"body":"events, the trap Packer pleased"},{"speaker":"Nick Lincoln","startTime":226.599,"endTime":230.859,"body":"to announce, you'll get no"},{"speaker":"Nick Lincoln","startTime":226.599,"endTime":230.859,"body":"discount on ours. Okay, let's go"},{"speaker":"Nick Lincoln","startTime":230.859,"endTime":234.459,"body":"down to the next topical tidbit."},{"speaker":"Nick Lincoln","startTime":230.859,"endTime":234.459,"body":"I read a great article from a"},{"speaker":"Nick Lincoln","startTime":234.519,"endTime":238.599,"body":"young IFA who's on sub stack,"},{"speaker":"Nick Lincoln","startTime":234.519,"endTime":238.599,"body":"Tom Redmayne on the agonies of"},{"speaker":"Nick Lincoln","startTime":238.599,"endTime":243.119,"body":"property investing. 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But he broke"},{"speaker":"Nick Lincoln","startTime":251.519,"endTime":254.519,"body":"down these different scenarios"},{"speaker":"Nick Lincoln","startTime":254.579,"endTime":256.679,"body":"of, you know, basic rate"},{"speaker":"Nick Lincoln","startTime":254.579,"endTime":256.679,"body":"taxpayer, high rate taxpayer,"},{"speaker":"Nick Lincoln","startTime":256.679,"endTime":259.619,"body":"and using the current mortgage"},{"speaker":"Nick Lincoln","startTime":256.679,"endTime":259.619,"body":"rates, and you don't, you cannot"},{"speaker":"Nick Lincoln","startTime":259.619,"endTime":263.239,"body":"break even on any of the current"},{"speaker":"Nick Lincoln","startTime":259.619,"endTime":263.239,"body":"scenarios based on a typical"},{"speaker":"Nick Lincoln","startTime":263.239,"endTime":265.699,"body":"yield, on a typical property. I"},{"speaker":"Nick Lincoln","startTime":263.239,"endTime":265.699,"body":"know they're all different, but"},{"speaker":"Nick Lincoln","startTime":265.939,"endTime":268.819,"body":"really good piece, really well"},{"speaker":"Nick Lincoln","startTime":265.939,"endTime":268.819,"body":"written. Obviously, there's a"},{"speaker":"Nick Lincoln","startTime":268.819,"endTime":271.399,"body":"link to it in the so called show"},{"speaker":"Nick Lincoln","startTime":268.819,"endTime":271.399,"body":"notes, but well done. Tom I"},{"speaker":"Nick Lincoln","startTime":271.399,"endTime":273.619,"body":"think you got quite a bit of"},{"speaker":"Nick Lincoln","startTime":271.399,"endTime":273.619,"body":"traction with that piece,"},{"speaker":"Nick Lincoln","startTime":273.619,"endTime":275.899,"body":"because I I put it back out on"},{"speaker":"Nick Lincoln","startTime":273.619,"endTime":275.899,"body":"Twitter and had quite a few"},{"speaker":"Nick Lincoln","startTime":275.899,"endTime":279.499,"body":"comments and so forth. So I just"},{"speaker":"Nick Lincoln","startTime":275.899,"endTime":279.499,"body":"kind of substantiated my gut"},{"speaker":"Nick Lincoln","startTime":279.499,"endTime":283.119,"body":"feeling that I think it's over"},{"speaker":"Nick Lincoln","startTime":279.499,"endTime":283.119,"body":"for property. I know the Irish"},{"speaker":"Nick Lincoln","startTime":283.119,"endTime":286.839,"body":"experience from you know, the"},{"speaker":"Nick Lincoln","startTime":283.119,"endTime":286.839,"body":"great financial crisis was"},{"speaker":"Nick Lincoln","startTime":286.839,"endTime":290.019,"body":"worse, I think, than in the UK,"},{"speaker":"Nick Lincoln","startTime":286.839,"endTime":290.019,"body":"but I still think there's a love"},{"speaker":"Nick Lincoln","startTime":290.019,"endTime":292.599,"body":"affair a little bit, isn't there"},{"speaker":"Nick Lincoln","startTime":290.019,"endTime":292.599,"body":"with property in Ireland? Car,"},{"speaker":"Carl Widger","startTime":292.6,"endTime":294.4,"body":"yeah, I think,"},{"speaker":"Carl Widger","startTime":292.6,"endTime":294.4,"body":"though, that the difference"},{"speaker":"Carl Widger","startTime":294.46,"endTime":298.48,"body":"these days is that it's not"},{"speaker":"Carl Widger","startTime":294.46,"endTime":298.48,"body":"necessarily driven by outrageous"},{"speaker":"Carl Widger","startTime":298.54,"endTime":301.98,"body":"amounts of debt. Leverage,"},{"speaker":"Carl Widger","startTime":298.54,"endTime":301.98,"body":"whatever you want to call it,"},{"speaker":"Carl Widger","startTime":301.98,"endTime":302.34,"body":"that,"},{"speaker":"Alan Smith","startTime":303.06,"endTime":303.48,"body":"you know,"},{"speaker":"Carl Widger","startTime":303.54,"endTime":305.88,"body":"I do think as a"},{"speaker":"Carl Widger","startTime":303.54,"endTime":305.88,"body":"nation, we have learned our"},{"speaker":"Carl Widger","startTime":305.88,"endTime":309.3,"body":"lesson, or mostly anyway, but"},{"speaker":"Carl Widger","startTime":305.88,"endTime":309.3,"body":"the Irish still do like their"},{"speaker":"Carl Widger","startTime":309.3,"endTime":313.44,"body":"property, and that's okay too."},{"speaker":"Carl Widger","startTime":309.3,"endTime":313.44,"body":"But, you know, I don't think"},{"speaker":"Carl Widger","startTime":314.76,"endTime":318.6,"body":"family fortress portfolios are"},{"speaker":"Carl Widger","startTime":314.76,"endTime":318.6,"body":"going to be blown up by debt to"},{"speaker":"Carl Widger","startTime":318.6,"endTime":323.6,"body":"the same extent that they were"},{"speaker":"Carl Widger","startTime":318.6,"endTime":323.6,"body":"back in 2008 910, 1112, you"},{"speaker":"Carl Widger","startTime":323.6,"endTime":326.96,"body":"still read in the papers about"},{"speaker":"Carl Widger","startTime":323.6,"endTime":326.96,"body":"some people still trying to get"},{"speaker":"Carl Widger","startTime":326.96,"endTime":331.88,"body":"deals done 15 years later. You"},{"speaker":"Carl Widger","startTime":326.96,"endTime":331.88,"body":"know, crazy stuff, yeah, yeah,"},{"speaker":"Carl Widger","startTime":331.88,"endTime":334.94,"body":"yeah. But imagine the mental"},{"speaker":"Carl Widger","startTime":331.88,"endTime":334.94,"body":"turmoil of that. You know, apart"},{"speaker":"Carl Widger","startTime":334.94,"endTime":336.86,"body":"from anything else, that's just"},{"speaker":"Carl Widger","startTime":334.94,"endTime":336.86,"body":"not okay."},{"speaker":"Andy Hart","startTime":337.76,"endTime":340.84,"body":"Yeah, it's a superb"},{"speaker":"Andy Hart","startTime":337.76,"endTime":340.84,"body":"article. Tom has nailed it. 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You"},{"speaker":"Alan Smith","startTime":377.46,"endTime":380.4,"body":"know, that one did blow blow up"},{"speaker":"Alan Smith","startTime":377.46,"endTime":380.4,"body":"from it. You know, it was really"},{"speaker":"Alan Smith","startTime":380.4,"endTime":383.12,"body":"well written. It must have taken"},{"speaker":"Alan Smith","startTime":380.4,"endTime":383.12,"body":"him ages to do all his research"},{"speaker":"Alan Smith","startTime":383.12,"endTime":386.78,"body":"and what have you, but it was"},{"speaker":"Alan Smith","startTime":383.12,"endTime":386.78,"body":"excellent. But his his his name"},{"speaker":"Alan Smith","startTime":386.78,"endTime":389.72,"body":"and his ideas and his content"},{"speaker":"Alan Smith","startTime":386.78,"endTime":389.72,"body":"and his thoughts are across"},{"speaker":"Alan Smith","startTime":389.72,"endTime":393.38,"body":"probably 1000s of people now. So"},{"speaker":"Alan Smith","startTime":389.72,"endTime":393.38,"body":"just shows you the the power of"},{"speaker":"Alan Smith","startTime":393.38,"endTime":396.14,"body":"sharing, sharing your best"},{"speaker":"Alan Smith","startTime":393.38,"endTime":396.14,"body":"ideas. Recommend any other"},{"speaker":"Alan Smith","startTime":396.14,"endTime":399.14,"body":"younger advisors or any advisor"},{"speaker":"Alan Smith","startTime":396.14,"endTime":399.14,"body":"you know does that a bit a bit"},{"speaker":"Alan Smith","startTime":399.14,"endTime":399.62,"body":"more often?"},{"speaker":"Andy Hart","startTime":399.68,"endTime":401.5,"body":"Yeah, get your"},{"speaker":"Andy Hart","startTime":399.68,"endTime":401.5,"body":"thoughts out there. Definitely,"},{"speaker":"Andy Hart","startTime":401.5,"endTime":402.76,"body":"start shipping some content."},{"speaker":"Carl Widger","startTime":402.94,"endTime":405.34,"body":"Definitely. And"},{"speaker":"Carl Widger","startTime":402.94,"endTime":405.34,"body":"keep, keep, keep showing up."},{"speaker":"Carl Widger","startTime":405.34,"endTime":407.92,"body":"Keep, keep doing the content. Or"},{"speaker":"Carl Widger","startTime":405.34,"endTime":407.92,"body":"not everything was going to go"},{"speaker":"Carl Widger","startTime":407.92,"endTime":410.62,"body":"viral on you, but you've got to"},{"speaker":"Carl Widger","startTime":407.92,"endTime":410.62,"body":"be very consistent over a long"},{"speaker":"Carl Widger","startTime":410.62,"endTime":411.46,"body":"period of show up."},{"speaker":"Nick Lincoln","startTime":411.459,"endTime":413.919,"body":"Show your work."},{"speaker":"Nick Lincoln","startTime":411.459,"endTime":413.919,"body":"The Austin clear work. Yeah,"},{"speaker":"Nick Lincoln","startTime":414.159,"endTime":417.399,"body":"yeah. Okay. Now, Carlos, we've"},{"speaker":"Nick Lincoln","startTime":414.159,"endTime":417.399,"body":"got you on the mic, and I know"},{"speaker":"Nick Lincoln","startTime":417.399,"endTime":421.019,"body":"you're a bit under the weather"},{"speaker":"Nick Lincoln","startTime":417.399,"endTime":421.019,"body":"with the some kind of grotty"},{"speaker":"Nick Lincoln","startTime":421.019,"endTime":423.179,"body":"chest infections, but we're"},{"speaker":"Nick Lincoln","startTime":421.019,"endTime":423.179,"body":"going to keep you talking"},{"speaker":"Nick Lincoln","startTime":423.179,"endTime":425.279,"body":"because, and I'm going to tell"},{"speaker":"Nick Lincoln","startTime":423.179,"endTime":425.279,"body":"you why, because you haven't"},{"speaker":"Nick Lincoln","startTime":425.279,"endTime":427.499,"body":"printed off the show notes. But"},{"speaker":"Nick Lincoln","startTime":425.279,"endTime":427.499,"body":"I'm giving you a pass because"},{"speaker":"Nick Lincoln","startTime":427.499,"endTime":429.839,"body":"you're not well, black bee"},{"speaker":"Nick Lincoln","startTime":427.499,"endTime":429.839,"body":"debacle continues to unwind."},{"speaker":"Carl Widger","startTime":429.84,"endTime":432.18,"body":"Yeah, I've"},{"speaker":"Carl Widger","startTime":429.84,"endTime":432.18,"body":"mentioned the black bee, I've"},{"speaker":"Carl Widger","startTime":432.18,"endTime":437.34,"body":"mentioned solar 21 both, both"},{"speaker":"Carl Widger","startTime":432.18,"endTime":437.34,"body":"have actually been in the papers"},{"speaker":"Carl Widger","startTime":437.34,"endTime":443.96,"body":"over the last week or so. I"},{"speaker":"Carl Widger","startTime":437.34,"endTime":443.96,"body":"think some of the stuff that was"},{"speaker":"Carl Widger","startTime":443.96,"endTime":447.38,"body":"going on, there's the guard here"},{"speaker":"Carl Widger","startTime":443.96,"endTime":447.38,"body":"involved now, certainly in the"},{"speaker":"Carl Widger","startTime":447.38,"endTime":452.96,"body":"black bee thing, I think. And,"},{"speaker":"Carl Widger","startTime":447.38,"endTime":452.96,"body":"yeah, look, it just goes to"},{"speaker":"Carl Widger","startTime":452.96,"endTime":456.8,"body":"show, just, please, Nicholas,"},{"speaker":"Carl Widger","startTime":452.96,"endTime":456.8,"body":"yeah, that's the police. And"},{"speaker":"Carl Widger","startTime":457.82,"endTime":462.16,"body":"look on the one hand, good to"},{"speaker":"Carl Widger","startTime":457.82,"endTime":462.16,"body":"see that, you know, if there, if"},{"speaker":"Carl Widger","startTime":462.16,"endTime":465.1,"body":"there has been fraudulent"},{"speaker":"Carl Widger","startTime":462.16,"endTime":465.1,"body":"activity, that at least it's"},{"speaker":"Carl Widger","startTime":465.1,"endTime":469.96,"body":"being investigated and that the"},{"speaker":"Carl Widger","startTime":465.1,"endTime":469.96,"body":"full force of the law will come"},{"speaker":"Carl Widger","startTime":469.96,"endTime":473.26,"body":"down upon anyone who has acted"},{"speaker":"Carl Widger","startTime":469.96,"endTime":473.26,"body":"fraudulently. They are the"},{"speaker":"Carl Widger","startTime":473.26,"endTime":476.38,"body":"allegations. I'm not saying that"},{"speaker":"Carl Widger","startTime":473.26,"endTime":476.38,"body":"there was fraudulent activity,"},{"speaker":"Carl Widger","startTime":476.38,"endTime":480.66,"body":"but, uh, look it. This goes back"},{"speaker":"Carl Widger","startTime":476.38,"endTime":480.66,"body":"to, you know, time and time"},{"speaker":"Carl Widger","startTime":480.66,"endTime":484.08,"body":"again, we're talking about keep"},{"speaker":"Carl Widger","startTime":480.66,"endTime":484.08,"body":"it simple. And if it seems too"},{"speaker":"Carl Widger","startTime":484.08,"endTime":488.22,"body":"good to be true, well then it"},{"speaker":"Carl Widger","startTime":484.08,"endTime":488.22,"body":"probably is. And you know, these"},{"speaker":"Carl Widger","startTime":488.22,"endTime":493.44,"body":"two particular investment"},{"speaker":"Carl Widger","startTime":488.22,"endTime":493.44,"body":"institutions in Ireland have"},{"speaker":"Carl Widger","startTime":493.44,"endTime":497.94,"body":"gone remarkably pear shaped. I"},{"speaker":"Carl Widger","startTime":493.44,"endTime":497.94,"body":"know the solar 21 they were"},{"speaker":"Carl Widger","startTime":497.94,"endTime":501.5,"body":"talking about getting a"},{"speaker":"Carl Widger","startTime":497.94,"endTime":501.5,"body":"percentage back, you know, if"},{"speaker":"Carl Widger","startTime":501.5,"endTime":505.1,"body":"they kind of stayed the course"},{"speaker":"Carl Widger","startTime":501.5,"endTime":505.1,"body":"and blah, blah, blah. And it"},{"speaker":"Carl Widger","startTime":505.1,"endTime":508.16,"body":"seems that that's not going to"},{"speaker":"Carl Widger","startTime":505.1,"endTime":508.16,"body":"be the case. That was always"},{"speaker":"Carl Widger","startTime":508.16,"endTime":511.46,"body":"going to be something that was"},{"speaker":"Carl Widger","startTime":508.16,"endTime":511.46,"body":"going to happen, you know, take"},{"speaker":"Carl Widger","startTime":511.46,"endTime":514.76,"body":"whatever you can and get out and"},{"speaker":"Carl Widger","startTime":511.46,"endTime":514.76,"body":"start again, would be my advice"},{"speaker":"Carl Widger","startTime":514.76,"endTime":516.2,"body":"to anybody. Okay, great"},{"speaker":"Nick Lincoln","startTime":546.54,"endTime":548.3399999999999,"body":"stuff. Just so you"},{"speaker":"Nick Lincoln","startTime":546.54,"endTime":548.3399999999999,"body":"know, Colin Mayan, certainly"},{"speaker":"Nick Lincoln","startTime":548.3399999999999,"endTime":551.18,"body":"you've frozen on the video. I"},{"speaker":"Nick Lincoln","startTime":548.3399999999999,"endTime":551.18,"body":"know it's still recording, but"},{"speaker":"Nick Lincoln","startTime":551.18,"endTime":554.18,"body":"if you're giving us, giving me"},{"speaker":"Nick Lincoln","startTime":551.18,"endTime":554.18,"body":"verbal clues with your visual"},{"speaker":"Nick Lincoln","startTime":554.18,"endTime":556.52,"body":"clues, I can't see them because"},{"speaker":"Nick Lincoln","startTime":554.18,"endTime":556.52,"body":"you're frozen. Okay,"},{"speaker":"Andy Hart","startTime":556.8199999999999,"endTime":559.28,"body":"it's all right, sorry"},{"speaker":"Andy Hart","startTime":556.8199999999999,"endTime":559.28,"body":"for me. Yeah, yeah. Okay,"},{"speaker":"Unknown","startTime":559.4,"endTime":560.06,"body":"cool."},{"speaker":"Nick Lincoln","startTime":560.3,"endTime":561.8,"body":"Okay. Sorry"},{"speaker":"Nick Lincoln","startTime":560.3,"endTime":561.8,"body":"something. Yes, I missed out"},{"speaker":"Nick Lincoln","startTime":561.8,"endTime":563.7199999999999,"body":"your item. I have one job, and"},{"speaker":"Nick Lincoln","startTime":561.8,"endTime":563.7199999999999,"body":"I've managed to"},{"speaker":"Alan Smith","startTime":564.8,"endTime":567.5,"body":"cock it up with him."},{"speaker":"Alan Smith","startTime":564.8,"endTime":567.5,"body":"It's, it's just a quick one, and"},{"speaker":"Alan Smith","startTime":567.5,"endTime":570.52,"body":"it actually just followed on"},{"speaker":"Alan Smith","startTime":567.5,"endTime":570.52,"body":"from your offer. Top from Tom's"},{"speaker":"Alan Smith","startTime":570.52,"endTime":574.78,"body":"article. You referenced Tom's"},{"speaker":"Alan Smith","startTime":570.52,"endTime":574.78,"body":"article on in property. I just"},{"speaker":"Alan Smith","startTime":574.78,"endTime":579.28,"body":"thought it was an interesting"},{"speaker":"Alan Smith","startTime":574.78,"endTime":579.28,"body":"follow up in that our friends,"},{"speaker":"Alan Smith","startTime":579.6999999999999,"endTime":584.74,"body":"the mighty St James's place,"},{"speaker":"Alan Smith","startTime":579.6999999999999,"endTime":584.74,"body":"have now formally closed. You're"},{"speaker":"Alan Smith","startTime":584.74,"endTime":587.92,"body":"looking for the draw."},{"speaker":"Alan Smith","startTime":584.74,"endTime":587.92,"body":"Underestimate the power of a"},{"speaker":"Alan Smith","startTime":587.92,"endTime":594.78,"body":"dark side. Yeah. SJP have"},{"speaker":"Alan Smith","startTime":587.92,"endTime":594.78,"body":"actually closed their, I think,"},{"speaker":"Alan Smith","startTime":594.78,"endTime":597.42,"body":"all their property funds. So"},{"speaker":"Alan Smith","startTime":594.78,"endTime":597.42,"body":"their the normal kind of unit"},{"speaker":"Alan Smith","startTime":597.42,"endTime":600.78,"body":"trust property fund, their"},{"speaker":"Alan Smith","startTime":597.42,"endTime":600.78,"body":"pension property fund, their"},{"speaker":"Alan Smith","startTime":601.38,"endTime":605.28,"body":"like the bond Life Assurance"},{"speaker":"Alan Smith","startTime":601.38,"endTime":605.28,"body":"type property fund. So there is,"},{"speaker":"Alan Smith","startTime":605.28,"endTime":608.04,"body":"I think there's a couple of"},{"speaker":"Alan Smith","startTime":605.28,"endTime":608.04,"body":"billion in there. So they've"},{"speaker":"Alan Smith","startTime":608.04,"endTime":611.3,"body":"effectively closed it for new"},{"speaker":"Alan Smith","startTime":608.04,"endTime":611.3,"body":"business. It is a gated fund"},{"speaker":"Alan Smith","startTime":611.3,"endTime":615.92,"body":"anyway. You can't get your money"},{"speaker":"Alan Smith","startTime":611.3,"endTime":615.92,"body":"out. There's a lot of from"},{"speaker":"Andy Hart","startTime":615.92,"endTime":617.66,"body":"your reading Alan,"},{"speaker":"Andy Hart","startTime":615.92,"endTime":617.66,"body":"are they just saying we're not"},{"speaker":"Andy Hart","startTime":617.66,"endTime":620.3,"body":"getting back into this too much"},{"speaker":"Andy Hart","startTime":617.66,"endTime":620.3,"body":"hassle. We're just going to keep"},{"speaker":"Andy Hart","startTime":620.3,"endTime":621.68,"body":"it traditional investing, which"},{"speaker":"Alan Smith","startTime":621.68,"endTime":623.9,"body":"is good move from"},{"speaker":"Alan Smith","startTime":621.68,"endTime":623.9,"body":"from my reading, that's what"},{"speaker":"Alan Smith","startTime":623.9,"endTime":626.7199999999999,"body":"they do. I find it remarkable,"},{"speaker":"Alan Smith","startTime":623.9,"endTime":626.7199999999999,"body":"really, that they are just"},{"speaker":"Alan Smith","startTime":626.7199999999999,"endTime":629.9599999999999,"body":"saying that property as it's"},{"speaker":"Alan Smith","startTime":626.7199999999999,"endTime":629.9599999999999,"body":"just not something that we're."},{"speaker":"Alan Smith","startTime":630.04,"endTime":634.18,"body":"At all, at all anymore, good."},{"speaker":"Alan Smith","startTime":630.04,"endTime":634.18,"body":"There's always been an issue"},{"speaker":"Alan Smith","startTime":634.24,"endTime":638.1999999999999,"body":"over this type of fund, which"},{"speaker":"Alan Smith","startTime":634.24,"endTime":638.1999999999999,"body":"effectively, actually buys and"},{"speaker":"Alan Smith","startTime":638.26,"endTime":641.02,"body":"owns bricks and mortar office"},{"speaker":"Alan Smith","startTime":638.26,"endTime":641.02,"body":"blocks, shopping centers, all"},{"speaker":"Alan Smith","startTime":641.02,"endTime":645.0999999999999,"body":"that in an open ended investment"},{"speaker":"Alan Smith","startTime":641.02,"endTime":645.0999999999999,"body":"fund where people have got"},{"speaker":"Alan Smith","startTime":645.0999999999999,"endTime":649.06,"body":"effectively immediate daily"},{"speaker":"Alan Smith","startTime":645.0999999999999,"endTime":649.06,"body":"liquidity. So inevitably, what"},{"speaker":"Alan Smith","startTime":649.06,"endTime":651.9599999999999,"body":"happens is markets crash."},{"speaker":"Alan Smith","startTime":649.06,"endTime":651.9599999999999,"body":"Everyone wants their money out."},{"speaker":"Alan Smith","startTime":651.9599999999999,"endTime":654.24,"body":"They've got to try and sell"},{"speaker":"Alan Smith","startTime":651.9599999999999,"endTime":654.24,"body":"properties. They put this kind"},{"speaker":"Alan Smith","startTime":654.24,"endTime":657.18,"body":"of gate up so you can't get your"},{"speaker":"Alan Smith","startTime":654.24,"endTime":657.18,"body":"money out for a period of time,"},{"speaker":"Alan Smith","startTime":657.18,"endTime":662.28,"body":"which I think they've got still,"},{"speaker":"Alan Smith","startTime":657.18,"endTime":662.28,"body":"at the moment, we call it used"},{"speaker":"Alan Smith","startTime":662.28,"endTime":665.3399999999999,"body":"to be market value adjustments"},{"speaker":"Alan Smith","startTime":662.28,"endTime":665.3399999999999,"body":"on with profit funds, that sort"},{"speaker":"Alan Smith","startTime":665.3399999999999,"endTime":667.4399999999999,"body":"of thing. If you want to get"},{"speaker":"Alan Smith","startTime":665.3399999999999,"endTime":667.4399999999999,"body":"your money out, there might be"},{"speaker":"Alan Smith","startTime":667.4399999999999,"endTime":670.0799999999999,"body":"an impact or penalty. There's"},{"speaker":"Alan Smith","startTime":667.4399999999999,"endTime":670.0799999999999,"body":"certainly been quite a lot of"},{"speaker":"Alan Smith","startTime":670.0799999999999,"endTime":673.5799999999999,"body":"comment on it. I've seen online"},{"speaker":"Alan Smith","startTime":670.0799999999999,"endTime":673.5799999999999,"body":"in that they are still obviously"},{"speaker":"Alan Smith","startTime":673.5799999999999,"endTime":677.36,"body":"taking their fees, which are all"},{"speaker":"Alan Smith","startTime":673.5799999999999,"endTime":677.36,"body":"added in a couple of percent,"},{"speaker":"Alan Smith","startTime":677.36,"endTime":681.1999999999999,"body":"about 1.8 or 2% a year, and you"},{"speaker":"Alan Smith","startTime":677.36,"endTime":681.1999999999999,"body":"can't get your money out. And"},{"speaker":"Alan Smith","startTime":681.1999999999999,"endTime":684.1999999999999,"body":"the fund has actually gone"},{"speaker":"Alan Smith","startTime":681.1999999999999,"endTime":684.1999999999999,"body":"nowhere. I think it's given"},{"speaker":"Alan Smith","startTime":684.1999999999999,"endTime":688.28,"body":"minus negative returns over the"},{"speaker":"Alan Smith","startTime":684.1999999999999,"endTime":688.28,"body":"last couple of years. So it's"},{"speaker":"Alan Smith","startTime":688.28,"endTime":690.4399999999999,"body":"this kind of story, state of"},{"speaker":"Alan Smith","startTime":688.28,"endTime":690.4399999999999,"body":"affairs. It's just quite"},{"speaker":"Alan Smith","startTime":690.4399999999999,"endTime":693.64,"body":"interesting. As the largest"},{"speaker":"Alan Smith","startTime":690.4399999999999,"endTime":693.64,"body":"wealth management company in the"},{"speaker":"Alan Smith","startTime":693.64,"endTime":695.92,"body":"UK, is that the direction of"},{"speaker":"Alan Smith","startTime":693.64,"endTime":695.92,"body":"travel. I mean, obviously"},{"speaker":"Alan Smith","startTime":695.92,"endTime":698.5,"body":"commercial property is quite"},{"speaker":"Alan Smith","startTime":695.92,"endTime":698.5,"body":"different to the buy to list"},{"speaker":"Alan Smith","startTime":698.5,"endTime":699.2199999999999,"body":"site. It's kind of"},{"speaker":"Nick Lincoln","startTime":699.2199999999999,"endTime":701.38,"body":"happened, isn't"},{"speaker":"Nick Lincoln","startTime":699.2199999999999,"endTime":701.38,"body":"it, because I love it, the LNG,"},{"speaker":"Nick Lincoln","startTime":701.38,"endTime":706.78,"body":"M and G, I think have all"},{"speaker":"Nick Lincoln","startTime":701.38,"endTime":706.78,"body":"closed. Close are closing down."},{"speaker":"Nick Lincoln","startTime":706.78,"endTime":709.24,"body":"I've closed down there. They're"},{"speaker":"Nick Lincoln","startTime":706.78,"endTime":709.24,"body":"bricks and mortar. Funds for"},{"speaker":"Nick Lincoln","startTime":709.24,"endTime":712.14,"body":"these, these these things came"},{"speaker":"Nick Lincoln","startTime":709.24,"endTime":712.14,"body":"up and again, back to great"},{"speaker":"Nick Lincoln","startTime":712.14,"endTime":714.8399999999999,"body":"financial crisis. These issues"},{"speaker":"Nick Lincoln","startTime":712.14,"endTime":714.8399999999999,"body":"came up with liquidity people"},{"speaker":"Nick Lincoln","startTime":714.8399999999999,"endTime":718.02,"body":"wanted. But, you know, you just"},{"speaker":"Nick Lincoln","startTime":714.8399999999999,"endTime":718.02,"body":"can't sell a retail park"},{"speaker":"Nick Lincoln","startTime":718.02,"endTime":720.9599999999999,"body":"overnight. You know, it takes"},{"speaker":"Nick Lincoln","startTime":718.02,"endTime":720.9599999999999,"body":"about a years to line up and and"},{"speaker":"Nick Lincoln","startTime":720.9599999999999,"endTime":722.8199999999999,"body":"to get the cash in to pay"},{"speaker":"Nick Lincoln","startTime":720.9599999999999,"endTime":722.8199999999999,"body":"investors. Are"},{"speaker":"Andy Hart","startTime":722.8199999999999,"endTime":727.68,"body":"you sorry? Nick"},{"speaker":"Andy Hart","startTime":722.8199999999999,"endTime":727.68,"body":"Aviva, of close to new money, or"},{"speaker":"Andy Hart","startTime":727.68,"endTime":730.4,"body":"they're slowly trying to sell"},{"speaker":"Andy Hart","startTime":727.68,"endTime":730.4,"body":"all the assets as well, trying"},{"speaker":"Nick Lincoln","startTime":730.9399999999999,"endTime":734.66,"body":"to I might be"},{"speaker":"Nick Lincoln","startTime":730.9399999999999,"endTime":734.66,"body":"Miss, I'm not sure that's true."},{"speaker":"Nick Lincoln","startTime":734.66,"endTime":741.3199999999999,"body":"M and G, M and G are closing"},{"speaker":"Nick Lincoln","startTime":734.66,"endTime":741.3199999999999,"body":"their one down. Investors. Yeah."},{"speaker":"Nick Lincoln","startTime":741.38,"endTime":741.98,"body":"Cool, yeah."},{"speaker":"Alan Smith","startTime":742.4,"endTime":744.8,"body":"Okay, yeah. Some of"},{"speaker":"Alan Smith","startTime":742.4,"endTime":744.8,"body":"the big, some of the big ones"},{"speaker":"Alan Smith","startTime":744.8,"endTime":747.98,"body":"are still operating. It is"},{"speaker":"Alan Smith","startTime":744.8,"endTime":747.98,"body":"another thing. I mean, there is,"},{"speaker":"Alan Smith","startTime":747.98,"endTime":751.7199999999999,"body":"there is research which says"},{"speaker":"Alan Smith","startTime":747.98,"endTime":751.7199999999999,"body":"that, you know, commercial"},{"speaker":"Alan Smith","startTime":751.7199999999999,"endTime":755.26,"body":"property is a diversifier. You"},{"speaker":"Alan Smith","startTime":751.7199999999999,"endTime":755.26,"body":"know, via a REIT type investment"},{"speaker":"Alan Smith","startTime":755.26,"endTime":757.36,"body":"structure. I hear, see you"},{"speaker":"Alan Smith","startTime":755.26,"endTime":757.36,"body":"shaking your head, Andrew,"},{"speaker":"Alan Smith","startTime":757.36,"endTime":760.48,"body":"there's a lot of research that"},{"speaker":"Alan Smith","startTime":757.36,"endTime":760.48,"body":"says it does provide some"},{"speaker":"Alan Smith","startTime":760.48,"endTime":763.18,"body":"diversification qualities. If"},{"speaker":"Alan Smith","startTime":760.48,"endTime":763.18,"body":"you look in, in in the great"},{"speaker":"Alan Smith","startTime":763.18,"endTime":766.9599999999999,"body":"financial crisis, global"},{"speaker":"Alan Smith","startTime":763.18,"endTime":766.9599999999999,"body":"property did not fall as far as"},{"speaker":"Alan Smith","startTime":766.9599999999999,"endTime":769.36,"body":"fast as traditional global"},{"speaker":"Alan Smith","startTime":766.9599999999999,"endTime":769.36,"body":"equities. It's not needed"},{"speaker":"Andy Hart","startTime":769.36,"endTime":771.28,"body":"for a long term"},{"speaker":"Andy Hart","startTime":769.36,"endTime":771.28,"body":"portfolio. It's not needed. It's"},{"speaker":"Andy Hart","startTime":771.28,"endTime":774.9599999999999,"body":"just overcomplicated for no"},{"speaker":"Andy Hart","startTime":771.28,"endTime":774.9599999999999,"body":"reason, global equities, bonds,"},{"speaker":"Andy Hart","startTime":774.9599999999999,"endTime":776.8199999999999,"body":"that's my opinion. Obviously,"},{"speaker":"Andy Hart","startTime":774.9599999999999,"endTime":776.8199999999999,"body":"everyone has"},{"speaker":"Alan Smith","startTime":776.9399999999999,"endTime":778.56,"body":"their own opinion."},{"speaker":"Alan Smith","startTime":776.9399999999999,"endTime":778.56,"body":"Yeah, fair enough. But yeah,"},{"speaker":"Alan Smith","startTime":778.56,"endTime":781.02,"body":"quite interesting, isn't it that"},{"speaker":"Alan Smith","startTime":778.56,"endTime":781.02,"body":"they have gone and on top of"},{"speaker":"Alan Smith","startTime":781.14,"endTime":784.8,"body":"Tom's comment, I mean, you could"},{"speaker":"Alan Smith","startTime":781.14,"endTime":784.8,"body":"argue that, if you were a"},{"speaker":"Alan Smith","startTime":784.8,"endTime":788.16,"body":"contrarian investor, this now is"},{"speaker":"Alan Smith","startTime":784.8,"endTime":788.16,"body":"exactly the time to invest in"},{"speaker":"Alan Smith","startTime":788.16,"endTime":791.7199999999999,"body":"property whilst everyone else is"},{"speaker":"Alan Smith","startTime":788.16,"endTime":791.7199999999999,"body":"leaving it property prices, if"},{"speaker":"Alan Smith","startTime":791.7199999999999,"endTime":794.24,"body":"everyone's selling, then prices"},{"speaker":"Alan Smith","startTime":791.7199999999999,"endTime":794.24,"body":"are depressed. So good. So if"},{"speaker":"Alan Smith","startTime":794.24,"endTime":797.36,"body":"you're a long term investor, if"},{"speaker":"Alan Smith","startTime":794.24,"endTime":797.36,"body":"that's what your badge is, just,"},{"speaker":"Andy Hart","startTime":797.54,"endTime":799.3399999999999,"body":"just back to the"},{"speaker":"Andy Hart","startTime":797.54,"endTime":799.3399999999999,"body":"point you've raised. Alan, I"},{"speaker":"Andy Hart","startTime":799.3399999999999,"endTime":803.12,"body":"don't know where I sit on this"},{"speaker":"Andy Hart","startTime":799.3399999999999,"endTime":803.12,"body":"in terms of asset managers,"},{"speaker":"Andy Hart","startTime":803.12,"endTime":805.5799999999999,"body":"wealth managers, whilst they"},{"speaker":"Andy Hart","startTime":803.12,"endTime":805.5799999999999,"body":"close down a fund and deal with"},{"speaker":"Andy Hart","startTime":805.5799999999999,"endTime":809.0,"body":"all the admin charging their"},{"speaker":"Andy Hart","startTime":805.5799999999999,"endTime":809.0,"body":"fee, that's already agreed. So"},{"speaker":"Andy Hart","startTime":809.0,"endTime":811.9,"body":"what's the counter argument?"},{"speaker":"Andy Hart","startTime":809.0,"endTime":811.9,"body":"They should not charge fees now"},{"speaker":"Andy Hart","startTime":811.9,"endTime":815.86,"body":"to existing clients. I'm just"},{"speaker":"Andy Hart","startTime":811.9,"endTime":815.86,"body":"trying to struggle to work out"},{"speaker":"Andy Hart","startTime":816.16,"endTime":817.78,"body":"what I think anything to do"},{"speaker":"Andy Hart","startTime":816.16,"endTime":817.78,"body":"here,"},{"speaker":"Alan Smith","startTime":817.78,"endTime":819.88,"body":"my view would be"},{"speaker":"Alan Smith","startTime":817.78,"endTime":819.88,"body":"they should offer a discounted"},{"speaker":"Alan Smith","startTime":819.88,"endTime":823.18,"body":"fee. They're still managing it."},{"speaker":"Alan Smith","startTime":819.88,"endTime":823.18,"body":"There's still activities going"},{"speaker":"Alan Smith","startTime":823.18,"endTime":826.7199999999999,"body":"on, but to charge sort of full"},{"speaker":"Alan Smith","startTime":823.18,"endTime":826.7199999999999,"body":"fat fees, it's probably managed"},{"speaker":"Alan Smith","startTime":826.7199999999999,"endTime":829.18,"body":"fund. Well, you can't get your"},{"speaker":"Alan Smith","startTime":826.7199999999999,"endTime":829.18,"body":"money out your lock. Your"},{"speaker":"Alan Smith","startTime":829.3,"endTime":832.98,"body":"performance is pretty poor."},{"speaker":"Alan Smith","startTime":829.3,"endTime":832.98,"body":"There's nothing you can do about"},{"speaker":"Alan Smith","startTime":832.98,"endTime":833.88,"body":"it. It just,"},{"speaker":"Andy Hart","startTime":834.12,"endTime":837.8399999999999,"body":"I mean, yeah, I think"},{"speaker":"Andy Hart","startTime":834.12,"endTime":837.8399999999999,"body":"it's obviously they're perfectly"},{"speaker":"Alan Smith","startTime":837.9,"endTime":840.3,"body":"within the rights to"},{"speaker":"Alan Smith","startTime":837.9,"endTime":840.3,"body":"do what they're doing. But it's"},{"speaker":"Alan Smith","startTime":840.3,"endTime":842.9399999999999,"body":"not a great PR exercise, is it?"},{"speaker":"Alan Smith","startTime":840.3,"endTime":842.9399999999999,"body":"It's not a they've certainly"},{"speaker":"Alan Smith","startTime":842.9399999999999,"endTime":844.92,"body":"picked up a lot of bad"},{"speaker":"Alan Smith","startTime":842.9399999999999,"endTime":844.92,"body":"publicity. I've seen just"},{"speaker":"Alan Smith","startTime":844.92,"endTime":848.04,"body":"reading a few comments online"},{"speaker":"Alan Smith","startTime":844.92,"endTime":848.04,"body":"and then blogs and what have"},{"speaker":"Alan Smith","startTime":848.04,"endTime":853.5799999999999,"body":"you. But there we go. Is it the"},{"speaker":"Alan Smith","startTime":848.04,"endTime":853.5799999999999,"body":"demise of property as an asset"},{"speaker":"Alan Smith","startTime":853.5799999999999,"endTime":854.78,"body":"class? We shall see."},{"speaker":"Nick Lincoln","startTime":856.64,"endTime":858.86,"body":"Okay, interesting."},{"speaker":"Nick Lincoln","startTime":856.64,"endTime":858.86,"body":"Thank you. So let's see if I can"},{"speaker":"Nick Lincoln","startTime":858.86,"endTime":862.16,"body":"get this one right. We've done"},{"speaker":"Nick Lincoln","startTime":858.86,"endTime":862.16,"body":"modules out of order. Ultra"},{"speaker":"Nick Lincoln","startTime":862.16,"endTime":863.48,"body":"Warren Buffett letter,"},{"speaker":"Andy Hart","startTime":864.3199999999999,"endTime":867.92,"body":"yeah, Warren Buffett,"},{"speaker":"Andy Hart","startTime":864.3199999999999,"endTime":867.92,"body":"excuse me, published a letter"},{"speaker":"Andy Hart","startTime":867.92,"endTime":870.6999999999999,"body":"last week that some of you may"},{"speaker":"Andy Hart","startTime":867.92,"endTime":870.6999999999999,"body":"have read. It's all around the"},{"speaker":"Andy Hart","startTime":870.6999999999999,"endTime":874.24,"body":"sort of gifting pledge and him"},{"speaker":"Andy Hart","startTime":870.6999999999999,"endTime":874.24,"body":"giving away the bulk of his"},{"speaker":"Andy Hart","startTime":874.24,"endTime":878.02,"body":"wealth to society, rather than"},{"speaker":"Andy Hart","startTime":874.24,"endTime":878.02,"body":"to his children. It's quite a"},{"speaker":"Andy Hart","startTime":878.02,"endTime":882.5799999999999,"body":"profound letter. I think it's"},{"speaker":"Andy Hart","startTime":878.02,"endTime":882.5799999999999,"body":"worth reading. Just I mean, the"},{"speaker":"Andy Hart","startTime":882.5799999999999,"endTime":885.2199999999999,"body":"numbers are staggering. I mean,"},{"speaker":"Andy Hart","startTime":882.5799999999999,"endTime":885.2199999999999,"body":"this guy, when he decided to"},{"speaker":"Andy Hart","startTime":885.2199999999999,"endTime":889.42,"body":"start giving away his wealth, he"},{"speaker":"Andy Hart","startTime":885.2199999999999,"endTime":889.42,"body":"owned 508,000 shares of"},{"speaker":"Andy Hart","startTime":889.42,"endTime":894.0,"body":"Berkshire Hathaway, if he kept"},{"speaker":"Andy Hart","startTime":889.42,"endTime":894.0,"body":"them in its original state, it"},{"speaker":"Andy Hart","startTime":894.0,"endTime":897.5999999999999,"body":"would be worth $368 billion"},{"speaker":"Andy Hart","startTime":894.0,"endTime":897.5999999999999,"body":"today. He'd be the richest man"},{"speaker":"Andy Hart","startTime":897.5999999999999,"endTime":901.02,"body":"in the world by an absolute"},{"speaker":"Andy Hart","startTime":897.5999999999999,"endTime":901.02,"body":"mile. This is the magic of"},{"speaker":"Andy Hart","startTime":901.02,"endTime":904.56,"body":"compounding, and compounding in"},{"speaker":"Andy Hart","startTime":901.02,"endTime":904.56,"body":"a productive asset class that"},{"speaker":"Andy Hart","startTime":904.56,"endTime":907.26,"body":"provides a rising income, rising"},{"speaker":"Andy Hart","startTime":904.56,"endTime":907.26,"body":"capital value, you know, over"},{"speaker":"Andy Hart","startTime":907.26,"endTime":910.5799999999999,"body":"multi decades, which is"},{"speaker":"Andy Hart","startTime":907.26,"endTime":910.5799999999999,"body":"businesses. It's a really good"},{"speaker":"Andy Hart","startTime":910.5799999999999,"endTime":913.9399999999999,"body":"read. He talks about how"},{"speaker":"Andy Hart","startTime":910.5799999999999,"endTime":913.9399999999999,"body":"important it is to discuss how"},{"speaker":"Andy Hart","startTime":913.9399999999999,"endTime":916.2199999999999,"body":"you plan to pass on your wealth"},{"speaker":"Andy Hart","startTime":913.9399999999999,"endTime":916.2199999999999,"body":"with your children. He"},{"speaker":"Andy Hart","startTime":916.2199999999999,"endTime":920.06,"body":"recommends every wealthy people,"},{"speaker":"Andy Hart","startTime":916.2199999999999,"endTime":920.06,"body":"a wealthy person or not so"},{"speaker":"Andy Hart","startTime":920.06,"endTime":922.76,"body":"wealthy people, write the will"},{"speaker":"Andy Hart","startTime":920.06,"endTime":922.76,"body":"run it past the children, get"},{"speaker":"Andy Hart","startTime":922.76,"endTime":925.76,"body":"everyone to discuss it. He said"},{"speaker":"Andy Hart","startTime":922.76,"endTime":925.76,"body":"he's seen families been ripped"},{"speaker":"Andy Hart","startTime":925.76,"endTime":929.66,"body":"apart after the death. I mean,"},{"speaker":"Andy Hart","startTime":925.76,"endTime":929.66,"body":"imagine building your family and"},{"speaker":"Andy Hart","startTime":929.66,"endTime":933.52,"body":"having. You know, generations of"},{"speaker":"Andy Hart","startTime":929.66,"endTime":933.52,"body":"children, grandchildren, you"},{"speaker":"Andy Hart","startTime":933.52,"endTime":936.16,"body":"know, extended family, and then"},{"speaker":"Andy Hart","startTime":933.52,"endTime":936.16,"body":"on your passing, everyone's"},{"speaker":"Andy Hart","startTime":936.16,"endTime":938.1999999999999,"body":"just, you know, at each other,"},{"speaker":"Andy Hart","startTime":936.16,"endTime":938.1999999999999,"body":"and it just"},{"speaker":"Nick Lincoln","startTime":938.1999999999999,"endTime":939.8199999999999,"body":"rips the whole"},{"speaker":"Nick Lincoln","startTime":938.1999999999999,"endTime":939.8199999999999,"body":"family. That's how it works,"},{"speaker":"Nick Lincoln","startTime":939.8199999999999,"endTime":942.28,"body":"isn't it? We know about this"},{"speaker":"Nick Lincoln","startTime":939.8199999999999,"endTime":942.28,"body":"mega, mega wealthy families that"},{"speaker":"Nick Lincoln","startTime":942.28,"endTime":946.12,"body":"within a few generations, it's"},{"speaker":"Nick Lincoln","startTime":942.28,"endTime":946.12,"body":"just, it's gone on, yeah, I"},{"speaker":"Nick Lincoln","startTime":946.12,"endTime":949.9,"body":"mean, gone and, you know, on"},{"speaker":"Nick Lincoln","startTime":946.12,"endTime":949.9,"body":"scams and drugs and, yeah, well,"},{"speaker":"Nick Lincoln","startTime":949.9,"endTime":952.0799999999999,"body":"and obviously, whatever else,"},{"speaker":"Nick Lincoln","startTime":949.9,"endTime":952.0799999999999,"body":"obviously"},{"speaker":"Andy Hart","startTime":952.1999999999999,"endTime":953.9399999999999,"body":"Warren Buffett."},{"speaker":"Andy Hart","startTime":952.1999999999999,"endTime":953.9399999999999,"body":"Charlie Munger has spoke about"},{"speaker":"Andy Hart","startTime":953.9399999999999,"endTime":956.4,"body":"this at length when Charlie was"},{"speaker":"Andy Hart","startTime":953.9399999999999,"endTime":956.4,"body":"alive, and they've seen it done"},{"speaker":"Andy Hart","startTime":956.4,"endTime":959.88,"body":"well, and they've seen it done"},{"speaker":"Andy Hart","startTime":956.4,"endTime":959.88,"body":"badly. And he does mention,"},{"speaker":"Andy Hart","startTime":959.88,"endTime":962.0999999999999,"body":"again, the thing in the letter,"},{"speaker":"Andy Hart","startTime":959.88,"endTime":962.0999999999999,"body":"which is the sort of famous"},{"speaker":"Andy Hart","startTime":962.0999999999999,"endTime":964.56,"body":"Warren Buffett quote which some"},{"speaker":"Andy Hart","startTime":962.0999999999999,"endTime":964.56,"body":"wealthy people may have quoted"},{"speaker":"Andy Hart","startTime":964.56,"endTime":966.9,"body":"back to you. You know you should"},{"speaker":"Andy Hart","startTime":964.56,"endTime":966.9,"body":"leave your children enough so"},{"speaker":"Andy Hart","startTime":966.9,"endTime":970.4,"body":"that they can do anything, but"},{"speaker":"Andy Hart","startTime":966.9,"endTime":970.4,"body":"not enough that they can do"},{"speaker":"Andy Hart","startTime":970.4,"endTime":974.54,"body":"nothing. So again, his children"},{"speaker":"Andy Hart","startTime":970.4,"endTime":974.54,"body":"are financially independent, and"},{"speaker":"Andy Hart","startTime":974.54,"endTime":977.18,"body":"fortunately, all three of them"},{"speaker":"Andy Hart","startTime":974.54,"endTime":977.18,"body":"are very much into philanthropy."},{"speaker":"Andy Hart","startTime":977.8399999999999,"endTime":980.42,"body":"But, yeah, it's a it's a great"},{"speaker":"Andy Hart","startTime":977.8399999999999,"endTime":980.42,"body":"letter. It's a class. It's"},{"speaker":"Andy Hart","startTime":980.42,"endTime":984.1999999999999,"body":"class. You know, Warren. Warren"},{"speaker":"Andy Hart","startTime":980.42,"endTime":984.1999999999999,"body":"Buffett is a class act, and as I"},{"speaker":"Andy Hart","startTime":984.1999999999999,"endTime":988.3399999999999,"body":"say, it's well worth three pages"},{"speaker":"Andy Hart","startTime":984.1999999999999,"endTime":988.3399999999999,"body":"of PDF to just check it out. But"},{"speaker":"Andy Hart","startTime":988.3399999999999,"endTime":992.38,"body":"it's almost like he's seeing the"},{"speaker":"Andy Hart","startTime":988.3399999999999,"endTime":992.38,"body":"demise, he's thinking, you know,"},{"speaker":"Andy Hart","startTime":992.38,"endTime":996.04,"body":"I may have months here again. I"},{"speaker":"Andy Hart","startTime":992.38,"endTime":996.04,"body":"don't know that. You just me."},{"speaker":"Andy Hart","startTime":996.04,"endTime":998.5,"body":"You know, reading between the"},{"speaker":"Andy Hart","startTime":996.04,"endTime":998.5,"body":"lines, but it's, it's a decent"},{"speaker":"Andy Hart","startTime":998.5,"endTime":998.86,"body":"what"},{"speaker":"Alan Smith","startTime":998.86,"endTime":1002.4599999999999,"body":"is the end 94"},{"speaker":"Alan Smith","startTime":998.86,"endTime":1002.4599999999999,"body":"something like that. Something"},{"speaker":"Alan Smith","startTime":1002.4599999999999,"endTime":1002.6999999999999,"body":"like"},{"speaker":"Andy Hart","startTime":1002.6999999999999,"endTime":1004.92,"body":"that. Yes, his"},{"speaker":"Andy Hart","startTime":1002.6999999999999,"endTime":1004.92,"body":"birthday is on the 31st of"},{"speaker":"Andy Hart","startTime":1004.92,"endTime":1008.4599999999999,"body":"August. I can't remember exactly"},{"speaker":"Andy Hart","startTime":1004.92,"endTime":1008.4599999999999,"body":"how he was, but yeah, I remember"},{"speaker":"Andy Hart","startTime":1008.4599999999999,"endTime":1012.1999999999999,"body":"the day, not his not the age at"},{"speaker":"Andy Hart","startTime":1008.4599999999999,"endTime":1012.1999999999999,"body":"the moment, I show him my age."},{"speaker":"Andy Hart","startTime":1012.74,"endTime":1016.28,"body":"Yeah, send him a card. He's an"},{"speaker":"Andy Hart","startTime":1012.74,"endTime":1016.28,"body":"old boy. But, yeah, it's decent."},{"speaker":"Andy Hart","startTime":1016.28,"endTime":1017.66,"body":"It's worth, worth checking out."},{"speaker":"Andy Hart","startTime":1016.28,"endTime":1017.66,"body":"No,"},{"speaker":"Alan Smith","startTime":1017.66,"endTime":1019.88,"body":"I think, I think"},{"speaker":"Alan Smith","startTime":1017.66,"endTime":1019.88,"body":"that makes a lot of sense, that"},{"speaker":"Alan Smith","startTime":1019.88,"endTime":1022.9399999999999,"body":"probably there's some it relates"},{"speaker":"Alan Smith","startTime":1019.88,"endTime":1022.9399999999999,"body":"somewhat to our meat and"},{"speaker":"Alan Smith","startTime":1022.9399999999999,"endTime":1026.48,"body":"potatoes later on. The kind of"},{"speaker":"Alan Smith","startTime":1022.9399999999999,"endTime":1026.48,"body":"value of where an advisor can"},{"speaker":"Alan Smith","startTime":1026.48,"endTime":1029.3,"body":"provide this kind of family"},{"speaker":"Alan Smith","startTime":1026.48,"endTime":1029.3,"body":"council and sort of join the"},{"speaker":"Alan Smith","startTime":1029.3,"endTime":1031.6,"body":"dots, get the right people in"},{"speaker":"Alan Smith","startTime":1029.3,"endTime":1031.6,"body":"the room together discuss all"},{"speaker":"Alan Smith","startTime":1031.6,"endTime":1035.74,"body":"these things in a coherent and"},{"speaker":"Alan Smith","startTime":1031.6,"endTime":1035.74,"body":"independent manner. But, yeah,"},{"speaker":"Alan Smith","startTime":1035.74,"endTime":1037.84,"body":"I'll check that out. Sounds"},{"speaker":"Alan Smith","startTime":1035.74,"endTime":1037.84,"body":"good. Sounds worth reading. I"},{"speaker":"Alan Smith","startTime":1038.02,"endTime":1038.2,"body":"mean,"},{"speaker":"Andy Hart","startTime":1038.2,"endTime":1040.06,"body":"the phrase that"},{"speaker":"Andy Hart","startTime":1038.2,"endTime":1040.06,"body":"sticks into my head when people"},{"speaker":"Andy Hart","startTime":1040.06,"endTime":1042.94,"body":"are discussing these things is"},{"speaker":"Andy Hart","startTime":1040.06,"endTime":1042.94,"body":"fair is not equal. Sometimes"},{"speaker":"Andy Hart","startTime":1042.94,"endTime":1045.4,"body":"families and you know, the"},{"speaker":"Andy Hart","startTime":1042.94,"endTime":1045.4,"body":"wealthy father or mother,"},{"speaker":"Andy Hart","startTime":1045.4,"endTime":1047.92,"body":"they're trying to always do"},{"speaker":"Andy Hart","startTime":1045.4,"endTime":1047.92,"body":"things equally. Yeah, it's like,"},{"speaker":"Andy Hart","startTime":1048.4,"endTime":1051.66,"body":"no, no, you've got to do it"},{"speaker":"Andy Hart","startTime":1048.4,"endTime":1051.66,"body":"fairly. And that may or may not"},{"speaker":"Andy Hart","startTime":1051.66,"endTime":1054.78,"body":"be equally. Once they hear that,"},{"speaker":"Andy Hart","startTime":1051.66,"endTime":1054.78,"body":"it releases a lot of pressure"},{"speaker":"Andy Hart","startTime":1054.78,"endTime":1056.82,"body":"for them, usually, because"},{"speaker":"Andy Hart","startTime":1054.78,"endTime":1056.82,"body":"they're just trying to just"},{"speaker":"Andy Hart","startTime":1056.82,"endTime":1060.3,"body":"divvy up as they would expect it"},{"speaker":"Andy Hart","startTime":1056.82,"endTime":1060.3,"body":"to be as an equally. But it's"},{"speaker":"Andy Hart","startTime":1060.3,"endTime":1062.94,"body":"like, no that, you know, fair is"},{"speaker":"Andy Hart","startTime":1060.3,"endTime":1062.94,"body":"not equal. But yeah, there's"},{"speaker":"Andy Hart","startTime":1063.18,"endTime":1066.54,"body":"there's the books and books and"},{"speaker":"Andy Hart","startTime":1063.18,"endTime":1066.54,"body":"coaches and consultants. There's"},{"speaker":"Andy Hart","startTime":1066.54,"endTime":1069.18,"body":"so many people in this space, so"},{"speaker":"Andy Hart","startTime":1066.54,"endTime":1069.18,"body":"it's a tricky,"},{"speaker":"Nick Lincoln","startTime":1071.28,"endTime":1074.24,"body":"okay, okay, cool,"},{"speaker":"Nick Lincoln","startTime":1071.28,"endTime":1074.24,"body":"right? I'm just Googling"},{"speaker":"Nick Lincoln","startTime":1074.24,"endTime":1078.08,"body":"whether, whether is good idea to"},{"speaker":"Nick Lincoln","startTime":1074.24,"endTime":1078.08,"body":"refresh a browser when recording"},{"speaker":"Nick Lincoln","startTime":1078.08,"endTime":1082.28,"body":"using Riverside. So, sorry, a"},{"speaker":"Nick Lincoln","startTime":1078.08,"endTime":1082.28,"body":"bit distracted. Jokey. So"},{"speaker":"Nick Lincoln","startTime":1082.8799999999999,"endTime":1085.52,"body":"lifestyle, lifestyle fund, work,"},{"speaker":"Nick Lincoln","startTime":1082.8799999999999,"endTime":1085.52,"body":"yeah,"},{"speaker":"Alan Smith","startTime":1085.58,"endTime":1088.3999999999999,"body":"this, this, this"},{"speaker":"Alan Smith","startTime":1085.58,"endTime":1088.3999999999999,"body":"comes up periodically on this"},{"speaker":"Alan Smith","startTime":1088.3999999999999,"endTime":1091.42,"body":"discussion, on this podcast. It"},{"speaker":"Alan Smith","startTime":1088.3999999999999,"endTime":1091.42,"body":"was just, it was just, it was in"},{"speaker":"Alan Smith","startTime":1091.42,"endTime":1094.18,"body":"the papers again at the weekend,"},{"speaker":"Alan Smith","startTime":1091.42,"endTime":1094.18,"body":"front page of the money section"},{"speaker":"Alan Smith","startTime":1094.18,"endTime":1098.26,"body":"in the Telegraph lady who was in"},{"speaker":"Alan Smith","startTime":1094.18,"endTime":1098.26,"body":"a company pension scheme. She"},{"speaker":"Alan Smith","startTime":1098.26,"endTime":1102.82,"body":"had about 700,000 pounds in her"},{"speaker":"Alan Smith","startTime":1098.26,"endTime":1102.82,"body":"fund approaching retirement. It"},{"speaker":"Alan Smith","startTime":1102.82,"endTime":1108.22,"body":"was inevitably, in one of these"},{"speaker":"Alan Smith","startTime":1102.82,"endTime":1108.22,"body":"horrific lifestyleing funds got"},{"speaker":"Alan Smith","startTime":1108.22,"endTime":1111.8999999999999,"body":"significantly moved into long,"},{"speaker":"Alan Smith","startTime":1108.22,"endTime":1111.8999999999999,"body":"dated government bonds just"},{"speaker":"Alan Smith","startTime":1111.8999999999999,"endTime":1114.42,"body":"around the time. You know, it"},{"speaker":"Alan Smith","startTime":1111.8999999999999,"endTime":1114.42,"body":"was just the perfect storm of"},{"speaker":"Alan Smith","startTime":1114.42,"endTime":1118.32,"body":"bad timing, a lot of bad luck"},{"speaker":"Alan Smith","startTime":1114.42,"endTime":1118.32,"body":"involved in her case, I think"},{"speaker":"Alan Smith","startTime":1118.32,"endTime":1123.8999999999999,"body":"she's 6061, planning retirement."},{"speaker":"Alan Smith","startTime":1118.32,"endTime":1123.8999999999999,"body":"And it was kind of, what I found"},{"speaker":"Alan Smith","startTime":1123.8999999999999,"endTime":1127.2,"body":"was very poignant in the story,"},{"speaker":"Alan Smith","startTime":1123.8999999999999,"endTime":1127.2,"body":"was the knock on effects for her"},{"speaker":"Alan Smith","startTime":1127.2,"endTime":1129.96,"body":"family. Because the idea was she"},{"speaker":"Alan Smith","startTime":1127.2,"endTime":1129.96,"body":"was going to retire, she was"},{"speaker":"Alan Smith","startTime":1129.96,"endTime":1133.6399999999999,"body":"going to spend time whilst her,"},{"speaker":"Alan Smith","startTime":1129.96,"endTime":1133.6399999999999,"body":"I think it was her daughter and"},{"speaker":"Alan Smith","startTime":1133.6399999999999,"endTime":1135.62,"body":"son in law were out to work."},{"speaker":"Alan Smith","startTime":1133.6399999999999,"endTime":1135.62,"body":"Look, you know, looking after"},{"speaker":"Alan Smith","startTime":1135.62,"endTime":1138.26,"body":"the grandchildren while, the"},{"speaker":"Alan Smith","startTime":1135.62,"endTime":1138.26,"body":"while the others, while the"},{"speaker":"Alan Smith","startTime":1138.26,"endTime":1141.5,"body":"parents were out at work. And"},{"speaker":"Alan Smith","startTime":1138.26,"endTime":1141.5,"body":"now she literally can't afford"},{"speaker":"Alan Smith","startTime":1141.5,"endTime":1143.6599999999999,"body":"to do that. She's carried she's"},{"speaker":"Alan Smith","startTime":1141.5,"endTime":1143.6599999999999,"body":"back at work. She's a"},{"speaker":"Alan Smith","startTime":1143.6599999999999,"endTime":1146.12,"body":"receptionist in the company."},{"speaker":"Alan Smith","startTime":1143.6599999999999,"endTime":1146.12,"body":"She's going to keep on going,"},{"speaker":"Alan Smith","startTime":1146.12,"endTime":1149.84,"body":"because she's kind of, because"},{"speaker":"Alan Smith","startTime":1146.12,"endTime":1149.84,"body":"300,000 pounds has been, has"},{"speaker":"Alan Smith","startTime":1149.84,"endTime":1152.74,"body":"been lost from the value of her"},{"speaker":"Alan Smith","startTime":1149.84,"endTime":1152.74,"body":"pension fund just at the precise"},{"speaker":"Alan Smith","startTime":1152.74,"endTime":1156.58,"body":"time she was going to retire."},{"speaker":"Alan Smith","startTime":1152.74,"endTime":1156.58,"body":"Now, we know why these things"},{"speaker":"Alan Smith","startTime":1156.58,"endTime":1159.28,"body":"are and in terms of her"},{"speaker":"Alan Smith","startTime":1156.58,"endTime":1159.28,"body":"purchasing power, if she was"},{"speaker":"Alan Smith","startTime":1159.28,"endTime":1163.0,"body":"buying an annuity, her income"},{"speaker":"Alan Smith","startTime":1159.28,"endTime":1163.0,"body":"probably would have been roughly"},{"speaker":"Alan Smith","startTime":1163.0,"endTime":1165.34,"body":"the same as what she'd have"},{"speaker":"Alan Smith","startTime":1163.0,"endTime":1165.34,"body":"otherwise, but I suspect she"},{"speaker":"Alan Smith","startTime":1165.7,"endTime":1167.86,"body":"wasn't. Didn't want to buy an"},{"speaker":"Alan Smith","startTime":1165.7,"endTime":1167.86,"body":"annuity. She wanted the"},{"speaker":"Alan Smith","startTime":1167.86,"endTime":1172.8,"body":"flexibility of of a sort of"},{"speaker":"Alan Smith","startTime":1167.86,"endTime":1172.8,"body":"drawdown type product. It does,"},{"speaker":"Alan Smith","startTime":1172.8,"endTime":1177.0,"body":"I mean, it names all the people"},{"speaker":"Alan Smith","startTime":1172.8,"endTime":1177.0,"body":"involved the company, the"},{"speaker":"Alan Smith","startTime":1177.0,"endTime":1180.42,"body":"advisors that are involved. And"},{"speaker":"Alan Smith","startTime":1177.0,"endTime":1180.42,"body":"the advisor, and she's obviously"},{"speaker":"Alan Smith","startTime":1180.42,"endTime":1182.8799999999999,"body":"been to ombudsman, everyone"},{"speaker":"Alan Smith","startTime":1180.42,"endTime":1182.8799999999999,"body":"left, right and center, and she"},{"speaker":"Alan Smith","startTime":1182.8799999999999,"endTime":1186.36,"body":"hasn't got a leg to stand on,"},{"speaker":"Alan Smith","startTime":1182.8799999999999,"endTime":1186.36,"body":"because she declined the advice."},{"speaker":"Alan Smith","startTime":1186.36,"endTime":1190.28,"body":"She the apparently, advisor, who"},{"speaker":"Alan Smith","startTime":1186.36,"endTime":1190.28,"body":"I think are called origin, who I"},{"speaker":"Alan Smith","startTime":1190.28,"endTime":1194.3,"body":"think are a national firm."},{"speaker":"Alan Smith","startTime":1190.28,"endTime":1194.3,"body":"Apparently they offered, they"},{"speaker":"Alan Smith","startTime":1194.3,"endTime":1197.3,"body":"offered everyone, but including"},{"speaker":"Alan Smith","startTime":1194.3,"endTime":1197.3,"body":"her, do you want to pay for some"},{"speaker":"Alan Smith","startTime":1197.3,"endTime":1200.6599999999999,"body":"individual advice? And she"},{"speaker":"Alan Smith","startTime":1197.3,"endTime":1200.6599999999999,"body":"declined. So she sat in the"},{"speaker":"Alan Smith","startTime":1200.6599999999999,"endTime":1204.98,"body":"default lifestyle fund 300,000"},{"speaker":"Alan Smith","startTime":1200.6599999999999,"endTime":1204.98,"body":"the fund has gone from 700,000"},{"speaker":"Alan Smith","startTime":1205.58,"endTime":1209.06,"body":"to 400,000 and the impact of"},{"speaker":"Alan Smith","startTime":1205.58,"endTime":1209.06,"body":"that means she's got to carry on"},{"speaker":"Alan Smith","startTime":1209.06,"endTime":1211.48,"body":"working for several years. She"},{"speaker":"Alan Smith","startTime":1209.06,"endTime":1211.48,"body":"can't look after the"},{"speaker":"Alan Smith","startTime":1211.48,"endTime":1214.54,"body":"grandchildren, a big impact in"},{"speaker":"Alan Smith","startTime":1211.48,"endTime":1214.54,"body":"her life, her lifestyle, and"},{"speaker":"Alan Smith","startTime":1214.54,"endTime":1216.52,"body":"what she was hoping to do for"},{"speaker":"Alan Smith","startTime":1214.54,"endTime":1216.52,"body":"that family. So"},{"speaker":"Andy Hart","startTime":1218.2,"endTime":1222.82,"body":"this is one of 1000s"},{"speaker":"Andy Hart","startTime":1218.2,"endTime":1222.82,"body":"of people, maybe even 10s of"},{"speaker":"Andy Hart","startTime":1222.82,"endTime":1226.48,"body":"1000s, maybe even hundreds of"},{"speaker":"Andy Hart","startTime":1222.82,"endTime":1226.48,"body":"1000s. It's an absolute"},{"speaker":"Andy Hart","startTime":1226.48,"endTime":1229.0,"body":"travesty. It's asset"},{"speaker":"Andy Hart","startTime":1226.48,"endTime":1229.0,"body":"misallocation in all of its"},{"speaker":"Andy Hart","startTime":1229.0,"endTime":1232.86,"body":"glory. But again. Compliant and"},{"speaker":"Andy Hart","startTime":1229.0,"endTime":1232.86,"body":"legal lifestyle, and was set up"},{"speaker":"Andy Hart","startTime":1232.86,"endTime":1236.1,"body":"by investing in literacy just"},{"speaker":"Andy Hart","startTime":1232.86,"endTime":1236.1,"body":"obliterated, you know, real"},{"speaker":"Andy Hart","startTime":1236.1,"endTime":1239.28,"body":"people's life savings. It's an"},{"speaker":"Andy Hart","startTime":1236.1,"endTime":1239.28,"body":"absolute freaking travesty."},{"speaker":"Alan Smith","startTime":1239.76,"endTime":1242.3999999999999,"body":"Carl, do you have"},{"speaker":"Alan Smith","startTime":1239.76,"endTime":1242.3999999999999,"body":"these, this type of investment"},{"speaker":"Alan Smith","startTime":1242.3999999999999,"endTime":1245.82,"body":"structure in pensions? And it's"},{"speaker":"Alan Smith","startTime":1242.3999999999999,"endTime":1245.82,"body":"workplace pensions, company"},{"speaker":"Alan Smith","startTime":1245.82,"endTime":1248.04,"body":"pensions, mainly, but not in"},{"speaker":"Alan Smith","startTime":1245.82,"endTime":1248.04,"body":"Ireland,"},{"speaker":"Carl Widger","startTime":1248.34,"endTime":1250.7,"body":"yep. Yeah. So I"},{"speaker":"Carl Widger","startTime":1248.34,"endTime":1250.7,"body":"suppose they were traditionally"},{"speaker":"Carl Widger","startTime":1250.7,"endTime":1254.0,"body":"set up when people, when they"},{"speaker":"Carl Widger","startTime":1250.7,"endTime":1254.0,"body":"when they came to their"},{"speaker":"Carl Widger","startTime":1254.0,"endTime":1257.18,"body":"retirement date, they had to buy"},{"speaker":"Carl Widger","startTime":1254.0,"endTime":1257.18,"body":"annuities, and they kind of did"},{"speaker":"Carl Widger","startTime":1257.18,"endTime":1261.8,"body":"make sense. But when we had the"},{"speaker":"Carl Widger","startTime":1257.18,"endTime":1261.8,"body":"ARFs introduced over, well over"},{"speaker":"Carl Widger","startTime":1261.8,"endTime":1267.8,"body":"20 years ago at this stage, and"},{"speaker":"Carl Widger","startTime":1261.8,"endTime":1267.8,"body":"it became much less of something"},{"speaker":"Carl Widger","startTime":1267.8,"endTime":1271.54,"body":"that was important or that"},{"speaker":"Carl Widger","startTime":1267.8,"endTime":1271.54,"body":"should be used, it still is"},{"speaker":"Carl Widger","startTime":1271.54,"endTime":1276.04,"body":"there. They are, I know, making"},{"speaker":"Carl Widger","startTime":1271.54,"endTime":1276.04,"body":"some changes to these lifestyle"},{"speaker":"Carl Widger","startTime":1276.04,"endTime":1278.32,"body":"funds, they're like, they're"},{"speaker":"Carl Widger","startTime":1276.04,"endTime":1278.32,"body":"target date funds. That's just"},{"speaker":"Carl Widger","startTime":1278.32,"endTime":1280.96,"body":"another word for them, isn't it?"},{"speaker":"Carl Widger","startTime":1278.32,"endTime":1280.96,"body":"You know that when you're kind"},{"speaker":"Carl Widger","startTime":1280.96,"endTime":1286.12,"body":"of 510, years out, you're you"},{"speaker":"Carl Widger","startTime":1280.96,"endTime":1286.12,"body":"start reducing your your equity"},{"speaker":"Carl Widger","startTime":1286.12,"endTime":1288.6399999999999,"body":"exposure, and you go into bonds,"},{"speaker":"Carl Widger","startTime":1286.12,"endTime":1288.6399999999999,"body":"and we saw how that worked for"},{"speaker":"Carl Widger","startTime":1288.6399999999999,"endTime":1292.56,"body":"people over the last couple of"},{"speaker":"Carl Widger","startTime":1288.6399999999999,"endTime":1292.56,"body":"years. So it's still a thing. I"},{"speaker":"Carl Widger","startTime":1292.56,"endTime":1295.3799999999999,"body":"think it's much less of a thing"},{"speaker":"Carl Widger","startTime":1292.56,"endTime":1295.3799999999999,"body":"now, and certainly in the market"},{"speaker":"Carl Widger","startTime":1295.3799999999999,"endTime":1299.94,"body":"that we would be operating in"},{"speaker":"Carl Widger","startTime":1295.3799999999999,"endTime":1299.94,"body":"for the kind of higher net worth"},{"speaker":"Carl Widger","startTime":1299.94,"endTime":1303.54,"body":"folks with the, you know, Max"},{"speaker":"Carl Widger","startTime":1299.94,"endTime":1303.54,"body":"pension fund bonds, I don't"},{"speaker":"Carl Widger","startTime":1303.54,"endTime":1306.96,"body":"think any of them would be in"},{"speaker":"Carl Widger","startTime":1303.54,"endTime":1306.96,"body":"these types of of for these"},{"speaker":"Carl Widger","startTime":1306.96,"endTime":1311.36,"body":"types of investment portfolios."},{"speaker":"Carl Widger","startTime":1306.96,"endTime":1311.36,"body":"But yeah, they still do exist,"},{"speaker":"Carl Widger","startTime":1311.42,"endTime":1314.36,"body":"and they're still there. And"},{"speaker":"Carl Widger","startTime":1311.42,"endTime":1314.36,"body":"look, I have said, and I will"},{"speaker":"Carl Widger","startTime":1314.36,"endTime":1317.6,"body":"say, that there are some times"},{"speaker":"Carl Widger","startTime":1314.36,"endTime":1317.6,"body":"when I do think they might be"},{"speaker":"Carl Widger","startTime":1317.6,"endTime":1321.08,"body":"appropriate, but certainly in"},{"speaker":"Carl Widger","startTime":1317.6,"endTime":1321.08,"body":"the general scheme of things, I"},{"speaker":"Carl Widger","startTime":1321.08,"endTime":1322.82,"body":"don't think they're fit for"},{"speaker":"Carl Widger","startTime":1321.08,"endTime":1322.82,"body":"purpose at all."},{"speaker":"Alan Smith","startTime":1323.3,"endTime":1326.06,"body":"I think that's the"},{"speaker":"Alan Smith","startTime":1323.3,"endTime":1326.06,"body":"challenge for all these you're"},{"speaker":"Alan Smith","startTime":1326.06,"endTime":1330.34,"body":"giving kind of generic, not"},{"speaker":"Alan Smith","startTime":1326.06,"endTime":1330.34,"body":"advice, but just guidance, yeah,"},{"speaker":"Alan Smith","startTime":1330.34,"endTime":1333.34,"body":"and it is a fact. I think when"},{"speaker":"Alan Smith","startTime":1330.34,"endTime":1333.34,"body":"this came up last time, I had a"},{"speaker":"Alan Smith","startTime":1333.34,"endTime":1336.52,"body":"look and try to find out the"},{"speaker":"Alan Smith","startTime":1333.34,"endTime":1336.52,"body":"amount of people who actually"},{"speaker":"Alan Smith","startTime":1336.52,"endTime":1340.6,"body":"annuitize at retirement age. And"},{"speaker":"Alan Smith","startTime":1336.52,"endTime":1340.6,"body":"it's a reasonable number. It's"},{"speaker":"Alan Smith","startTime":1340.6,"endTime":1346.0,"body":"not no one. I think it's about"},{"speaker":"Alan Smith","startTime":1340.6,"endTime":1346.0,"body":"10% 15% just automatically will"},{"speaker":"Alan Smith","startTime":1346.0,"endTime":1348.82,"body":"bind annuity. Obviously, rates"},{"speaker":"Alan Smith","startTime":1346.0,"endTime":1348.82,"body":"have gone up significantly in"},{"speaker":"Alan Smith","startTime":1348.82,"endTime":1351.3,"body":"the last couple of years, and"},{"speaker":"Alan Smith","startTime":1348.82,"endTime":1351.3,"body":"for those people, it's kind of"},{"speaker":"Alan Smith","startTime":1351.3,"endTime":1354.72,"body":"okay. So on the basis that if"},{"speaker":"Alan Smith","startTime":1351.3,"endTime":1354.72,"body":"people are getting no advice,"},{"speaker":"Alan Smith","startTime":1354.72,"endTime":1357.3,"body":"there's no one at the workplace"},{"speaker":"Alan Smith","startTime":1354.72,"endTime":1357.3,"body":"giving an advice, they haven't"},{"speaker":"Alan Smith","startTime":1357.3,"endTime":1360.18,"body":"paid for workplace advice. They"},{"speaker":"Alan Smith","startTime":1357.3,"endTime":1360.18,"body":"haven't paid for an independent,"},{"speaker":"Alan Smith","startTime":1360.18,"endTime":1364.86,"body":"individual advisor, they might"},{"speaker":"Alan Smith","startTime":1360.18,"endTime":1364.86,"body":"just they might get an option."},{"speaker":"Alan Smith","startTime":1364.86,"endTime":1367.02,"body":"Might get a letter saying, which"},{"speaker":"Alan Smith","startTime":1364.86,"endTime":1367.02,"body":"of these do you want to have?"},{"speaker":"Alan Smith","startTime":1367.02,"endTime":1369.54,"body":"And one of them, of course, this"},{"speaker":"Alan Smith","startTime":1367.02,"endTime":1369.54,"body":"is back to another conversation"},{"speaker":"Alan Smith","startTime":1369.54,"endTime":1373.04,"body":"that comes up periodically. Is."},{"speaker":"Alan Smith","startTime":1369.54,"endTime":1373.04,"body":"Words are important. Do you want"},{"speaker":"Alan Smith","startTime":1373.04,"endTime":1376.1,"body":"a guaranteed income for the rest"},{"speaker":"Alan Smith","startTime":1373.04,"endTime":1376.1,"body":"of your life? Take here, or do"},{"speaker":"Alan Smith","startTime":1376.1,"endTime":1380.54,"body":"you want to invest the fund and"},{"speaker":"Alan Smith","startTime":1376.1,"endTime":1380.54,"body":"carry on the stock market? Yeah,"},{"speaker":"Alan Smith","startTime":1380.6,"endTime":1383.3,"body":"to gamble your fund in the stock"},{"speaker":"Nick Lincoln","startTime":1383.96,"endTime":1384.32,"body":"market,"},{"speaker":"Andy Hart","startTime":1384.3799999999999,"endTime":1386.06,"body":"which is terrible,"},{"speaker":"Andy Hart","startTime":1384.3799999999999,"endTime":1386.06,"body":"yeah, yeah."},{"speaker":"Alan Smith","startTime":1386.12,"endTime":1389.3,"body":"So you know, for a"},{"speaker":"Alan Smith","startTime":1386.12,"endTime":1389.3,"body":"number of people, okay, yeah."},{"speaker":"Carl Widger","startTime":1389.3,"endTime":1391.42,"body":"But for that"},{"speaker":"Carl Widger","startTime":1389.3,"endTime":1391.42,"body":"reason, you know, that's where,"},{"speaker":"Carl Widger","startTime":1391.48,"endTime":1395.2,"body":"you know it might actually be a"},{"speaker":"Carl Widger","startTime":1391.48,"endTime":1395.2,"body":"reasonable solution for those"},{"speaker":"Carl Widger","startTime":1395.2,"endTime":1399.1599999999999,"body":"types of folks. And you know, I"},{"speaker":"Carl Widger","startTime":1395.2,"endTime":1399.1599999999999,"body":"think as financial planners, we"},{"speaker":"Carl Widger","startTime":1399.1599999999999,"endTime":1401.92,"body":"tend to deal with the people who"},{"speaker":"Carl Widger","startTime":1399.1599999999999,"endTime":1401.92,"body":"can afford to pay for financial"},{"speaker":"Carl Widger","startTime":1401.92,"endTime":1406.8999999999999,"body":"advice, after all. And so it's"},{"speaker":"Carl Widger","startTime":1401.92,"endTime":1406.8999999999999,"body":"highly unlikely that it would be"},{"speaker":"Carl Widger","startTime":1406.8999999999999,"endTime":1411.24,"body":"appropriate for the vast, vast,"},{"speaker":"Carl Widger","startTime":1406.8999999999999,"endTime":1411.24,"body":"vast majority of our clients,"},{"speaker":"Carl Widger","startTime":1411.24,"endTime":1415.1399999999999,"body":"our individual client families,"},{"speaker":"Carl Widger","startTime":1411.24,"endTime":1415.1399999999999,"body":"however. You know, just"},{"speaker":"Carl Widger","startTime":1415.2,"endTime":1418.02,"body":"generalizing and saying they're"},{"speaker":"Carl Widger","startTime":1415.2,"endTime":1418.02,"body":"no good at all, I think we just"},{"speaker":"Carl Widger","startTime":1418.02,"endTime":1420.78,"body":"need to be you just need to"},{"speaker":"Carl Widger","startTime":1418.02,"endTime":1420.78,"body":"caveat it a small bit and just"},{"speaker":"Carl Widger","startTime":1420.78,"endTime":1423.8999999999999,"body":"say, look, there are some"},{"speaker":"Carl Widger","startTime":1420.78,"endTime":1423.8999999999999,"body":"scenarios where it actually may"},{"speaker":"Carl Widger","startTime":1423.8999999999999,"endTime":1427.08,"body":"be appropriate. I"},{"speaker":"Andy Hart","startTime":1427.08,"endTime":1427.32,"body":"think"},{"speaker":"Alan Smith","startTime":1427.32,"endTime":1429.36,"body":"this should be the"},{"speaker":"Alan Smith","startTime":1427.32,"endTime":1429.36,"body":"one thing that should come out"},{"speaker":"Alan Smith","startTime":1429.36,"endTime":1433.7,"body":"of this is that employers should"},{"speaker":"Alan Smith","startTime":1429.36,"endTime":1433.7,"body":"really encourage people to"},{"speaker":"Alan Smith","startTime":1433.7,"endTime":1437.54,"body":"attend workshops or meetings."},{"speaker":"Alan Smith","startTime":1433.7,"endTime":1437.54,"body":"You know, anyone within five"},{"speaker":"Alan Smith","startTime":1437.54,"endTime":1440.42,"body":"years of retirement, you know,"},{"speaker":"Alan Smith","startTime":1437.54,"endTime":1440.42,"body":"come along with we and they will"},{"speaker":"Alan Smith","startTime":1440.42,"endTime":1442.82,"body":"pay for somebody to advise, and"},{"speaker":"Alan Smith","startTime":1440.42,"endTime":1442.82,"body":"all these various options"},{"speaker":"Nick Lincoln","startTime":1444.68,"endTime":1447.08,"body":"aren't interested,"},{"speaker":"Nick Lincoln","startTime":1444.68,"endTime":1447.08,"body":"mate. They're not interested."},{"speaker":"Nick Lincoln","startTime":1447.08,"endTime":1447.26,"body":"This"},{"speaker":"Alan Smith","startTime":1447.26,"endTime":1449.8999999999999,"body":"is the problem. And"},{"speaker":"Alan Smith","startTime":1447.26,"endTime":1449.8999999999999,"body":"for all we know, to go, yeah,"},{"speaker":"Alan Smith","startTime":1449.8999999999999,"endTime":1452.62,"body":"for all we know this lady was"},{"speaker":"Alan Smith","startTime":1449.8999999999999,"endTime":1452.62,"body":"invited three times and turned"},{"speaker":"Alan Smith","startTime":1452.62,"endTime":1456.22,"body":"it down and then got off, got a"},{"speaker":"Alan Smith","startTime":1452.62,"endTime":1456.22,"body":"statement you never, yeah,"},{"speaker":"Alan Smith","startTime":1456.22,"endTime":1459.22,"body":"you're on. You're onto. Hiding"},{"speaker":"Alan Smith","startTime":1456.22,"endTime":1459.22,"body":"to nothing here. But ultimately,"},{"speaker":"Alan Smith","startTime":1459.22,"endTime":1463.3,"body":"again, it's another, another"},{"speaker":"Alan Smith","startTime":1459.22,"endTime":1463.3,"body":"suggestion that people should"},{"speaker":"Alan Smith","startTime":1463.3,"endTime":1465.52,"body":"seek advice, particularly at"},{"speaker":"Alan Smith","startTime":1463.3,"endTime":1465.52,"body":"probably one of the most"},{"speaker":"Alan Smith","startTime":1465.52,"endTime":1468.28,"body":"important times in their entire"},{"speaker":"Alan Smith","startTime":1465.52,"endTime":1468.28,"body":"life, is just this pre, post"},{"speaker":"Alan Smith","startTime":1468.28,"endTime":1468.82,"body":"retirement."},{"speaker":"Andy Hart","startTime":1468.82,"endTime":1472.8,"body":"I mean, this lady has"},{"speaker":"Andy Hart","startTime":1468.82,"endTime":1472.8,"body":"taken 700 grand in a workplace"},{"speaker":"Andy Hart","startTime":1472.8,"endTime":1475.3799999999999,"body":"pension scheme, and you're"},{"speaker":"Andy Hart","startTime":1472.8,"endTime":1475.3799999999999,"body":"saying she went back to do a job"},{"speaker":"Andy Hart","startTime":1475.3799999999999,"endTime":1478.56,"body":"as a receptionist. Now you're"},{"speaker":"Andy Hart","startTime":1475.3799999999999,"endTime":1478.56,"body":"just sort of again, trying to"},{"speaker":"Andy Hart","startTime":1478.56,"endTime":1482.22,"body":"recollect the story. Yeah, but"},{"speaker":"Andy Hart","startTime":1478.56,"endTime":1482.22,"body":"she's got a few quid. You know?"},{"speaker":"Andy Hart","startTime":1482.46,"endTime":1485.1599999999999,"body":"She could, she could easily sit"},{"speaker":"Andy Hart","startTime":1482.46,"endTime":1485.1599999999999,"body":"down with an advisor and get"},{"speaker":"Andy Hart","startTime":1485.1599999999999,"endTime":1487.8,"body":"some decent advice. But okay,"},{"speaker":"Andy Hart","startTime":1485.1599999999999,"endTime":1487.8,"body":"sometimes"},{"speaker":"Carl Widger","startTime":1487.8,"endTime":1490.2,"body":"though, Andy,"},{"speaker":"Carl Widger","startTime":1487.8,"endTime":1490.2,"body":"you'll find people with 700"},{"speaker":"Carl Widger","startTime":1490.5,"endTime":1494.84,"body":"grand are, are more are, are a"},{"speaker":"Carl Widger","startTime":1490.5,"endTime":1494.84,"body":"little bit afraid to sit down"},{"speaker":"Carl Widger","startTime":1494.84,"endTime":1496.04,"body":"with an advisor."},{"speaker":"Andy Hart","startTime":1496.34,"endTime":1499.8799999999999,"body":"They don't understand"},{"speaker":"Andy Hart","startTime":1496.34,"endTime":1499.8799999999999,"body":"the same challenge that everyone"},{"speaker":"Andy Hart","startTime":1500.0,"endTime":1502.7,"body":"needs to approach us. Yeah, it's"},{"speaker":"Andy Hart","startTime":1500.0,"endTime":1502.7,"body":"unfortunate that she couldn't"},{"speaker":"Andy Hart","startTime":1502.7,"endTime":1506.54,"body":"find an advisor that she, you"},{"speaker":"Andy Hart","startTime":1502.7,"endTime":1506.54,"body":"know, knew, liked and trusted is"},{"speaker":"Andy Hart","startTime":1506.6599999999999,"endTime":1509.42,"body":"I've turned this off for all of"},{"speaker":"Andy Hart","startTime":1506.6599999999999,"endTime":1509.42,"body":"the clients that ongoing clients"},{"speaker":"Andy Hart","startTime":1509.42,"endTime":1512.02,"body":"are mine, and they've saved six"},{"speaker":"Andy Hart","startTime":1509.42,"endTime":1512.02,"body":"figures. In hindsight, some of"},{"speaker":"Andy Hart","startTime":1512.08,"endTime":1514.12,"body":"them have actually just given me"},{"speaker":"Andy Hart","startTime":1512.08,"endTime":1514.12,"body":"a call around the out of"},{"speaker":"Andy Hart","startTime":1514.12,"endTime":1516.34,"body":"interest, so they just sent me a"},{"speaker":"Andy Hart","startTime":1514.12,"endTime":1516.34,"body":"letter saying about its"},{"speaker":"Andy Hart","startTime":1516.34,"endTime":1518.62,"body":"lifestyle and things. Is it"},{"speaker":"Andy Hart","startTime":1516.34,"endTime":1518.62,"body":"worth I speak to you about this?"},{"speaker":"Andy Hart","startTime":1518.62,"endTime":1520.8999999999999,"body":"And I'm like, Yeah, of course,"},{"speaker":"Andy Hart","startTime":1518.62,"endTime":1520.8999999999999,"body":"it's fucking freaking worth. You"},{"speaker":"Andy Hart","startTime":1520.8999999999999,"endTime":1523.48,"body":"speak to me about it. It's"},{"speaker":"Andy Hart","startTime":1520.8999999999999,"endTime":1523.48,"body":"really important. And then we"},{"speaker":"Andy Hart","startTime":1523.54,"endTime":1526.42,"body":"move forward and fill in a"},{"speaker":"Andy Hart","startTime":1523.54,"endTime":1526.42,"body":"incredibly long winded attitude"},{"speaker":"Andy Hart","startTime":1526.42,"endTime":1528.52,"body":"to risk questionnaire. We turn"},{"speaker":"Andy Hart","startTime":1526.42,"endTime":1528.52,"body":"it off, don't we? I think, I"},{"speaker":"Andy Hart","startTime":1528.52,"endTime":1529.12,"body":"think there's an"},{"speaker":"Alan Smith","startTime":1529.12,"endTime":1531.06,"body":"opportunity here"},{"speaker":"Alan Smith","startTime":1529.12,"endTime":1531.06,"body":"for. Advisors, if you are"},{"speaker":"Alan Smith","startTime":1531.06,"endTime":1535.44,"body":"dealing with clients who are,"},{"speaker":"Alan Smith","startTime":1531.06,"endTime":1535.44,"body":"let's say, in their 40s, to"},{"speaker":"Alan Smith","startTime":1535.44,"endTime":1539.76,"body":"offer it as a kind of free or"},{"speaker":"Alan Smith","startTime":1535.44,"endTime":1539.76,"body":"impartial second opinion. If"},{"speaker":"Alan Smith","startTime":1539.76,"endTime":1543.12,"body":"your mom or dad are heading into"},{"speaker":"Alan Smith","startTime":1539.76,"endTime":1543.12,"body":"retirement, or older relatives,"},{"speaker":"Alan Smith","startTime":1543.12,"endTime":1545.46,"body":"maybe older siblings or"},{"speaker":"Alan Smith","startTime":1543.12,"endTime":1545.46,"body":"whatever, obviously, if they've"},{"speaker":"Alan Smith","startTime":1545.46,"endTime":1548.28,"body":"engaged with you and the you"},{"speaker":"Alan Smith","startTime":1545.46,"endTime":1548.28,"body":"know, the value your services"},{"speaker":"Alan Smith","startTime":1548.28,"endTime":1550.94,"body":"your client, and say, happy to"},{"speaker":"Alan Smith","startTime":1548.28,"endTime":1550.94,"body":"have a chat with anyone who's,"},{"speaker":"Alan Smith","startTime":1550.94,"endTime":1553.52,"body":"you know, pre retirement, and"},{"speaker":"Alan Smith","startTime":1550.94,"endTime":1553.52,"body":"just, you know, for free. Just"},{"speaker":"Alan Smith","startTime":1553.52,"endTime":1555.68,"body":"say, I don't think you should do"},{"speaker":"Alan Smith","startTime":1553.52,"endTime":1555.68,"body":"this, or I think you should do"},{"speaker":"Alan Smith","startTime":1555.74,"endTime":1558.8,"body":"that again. You use a fine line"},{"speaker":"Alan Smith","startTime":1555.74,"endTime":1558.8,"body":"again for us, because it's not"},{"speaker":"Alan Smith","startTime":1558.8,"endTime":1563.42,"body":"advice, but it's tricky, but"},{"speaker":"Alan Smith","startTime":1558.8,"endTime":1563.42,"body":"there we go. So sad, sad story,"},{"speaker":"Alan Smith","startTime":1563.42,"endTime":1565.7,"body":"and unfortunately, it will keep"},{"speaker":"Alan Smith","startTime":1563.42,"endTime":1565.7,"body":"happening. There is"},{"speaker":"Andy Hart","startTime":1565.7,"endTime":1567.74,"body":"free information on"},{"speaker":"Andy Hart","startTime":1565.7,"endTime":1567.74,"body":"the internet all about this. I"},{"speaker":"Andy Hart","startTime":1567.74,"endTime":1569.96,"body":"did a whole podcast on it, you"},{"speaker":"Andy Hart","startTime":1567.74,"endTime":1569.96,"body":"know, lifestyle your way to"},{"speaker":"Andy Hart","startTime":1569.96,"endTime":1572.5,"body":"poverty. That, again, is free"},{"speaker":"Andy Hart","startTime":1569.96,"endTime":1572.5,"body":"advice on the internet, and I'm"},{"speaker":"Andy Hart","startTime":1572.5,"endTime":1575.32,"body":"obviously not pro it. So if"},{"speaker":"Andy Hart","startTime":1572.5,"endTime":1575.32,"body":"people look, you know, search"},{"speaker":"Andy Hart","startTime":1575.32,"endTime":1576.8799999999999,"body":"hard enough they can find these"},{"speaker":"Andy Hart","startTime":1575.32,"endTime":1576.8799999999999,"body":"things."},{"speaker":"Nick Lincoln","startTime":1578.02,"endTime":1580.48,"body":"Okay, okay, the"},{"speaker":"Nick Lincoln","startTime":1578.02,"endTime":1580.48,"body":"road to hell is paved with good"},{"speaker":"Nick Lincoln","startTime":1580.48,"endTime":1584.2,"body":"intentions, and lifestyleing"},{"speaker":"Nick Lincoln","startTime":1580.48,"endTime":1584.2,"body":"Falls definitely into that"},{"speaker":"Nick Lincoln","startTime":1584.2,"endTime":1587.74,"body":"category, okay, for me, Next,"},{"speaker":"Nick Lincoln","startTime":1584.2,"endTime":1587.74,"body":"another pension story gone"},{"speaker":"Nick Lincoln","startTime":1587.74,"endTime":1590.82,"body":"wrong. This one is not about"},{"speaker":"Nick Lincoln","startTime":1587.74,"endTime":1590.82,"body":"lifestyleing, and sort of not"},{"speaker":"Nick Lincoln","startTime":1590.82,"endTime":1593.1599999999999,"body":"knowing what you're doing and"},{"speaker":"Nick Lincoln","startTime":1590.82,"endTime":1593.1599999999999,"body":"just letting things ride. This"},{"speaker":"Nick Lincoln","startTime":1593.1599999999999,"endTime":1595.8,"body":"is about someone making an"},{"speaker":"Nick Lincoln","startTime":1593.1599999999999,"endTime":1595.8,"body":"active decision, an American"},{"speaker":"Nick Lincoln","startTime":1595.8,"endTime":1601.1399999999999,"body":"guy. There's a link to it in the"},{"speaker":"Nick Lincoln","startTime":1595.8,"endTime":1601.1399999999999,"body":"Wall Street Journal. This poor"},{"speaker":"Nick Lincoln","startTime":1601.1399999999999,"endTime":1605.34,"body":"sap in 2023 transferred his"},{"speaker":"Nick Lincoln","startTime":1601.1399999999999,"endTime":1605.34,"body":"entire 401, K, the equivalent of"},{"speaker":"Nick Lincoln","startTime":1605.34,"endTime":1609.6599999999999,"body":"a personal pension, I guess,"},{"speaker":"Nick Lincoln","startTime":1605.34,"endTime":1609.6599999999999,"body":"into a fund offering a 15%"},{"speaker":"Nick Lincoln","startTime":1610.74,"endTime":1616.1,"body":"guaranteed return. 15, one, 5%"},{"speaker":"Nick Lincoln","startTime":1610.74,"endTime":1616.1,"body":"guaranteed return. Of course,"},{"speaker":"Nick Lincoln","startTime":1616.1,"endTime":1619.82,"body":"it's a con. It's run by a con"},{"speaker":"Nick Lincoln","startTime":1616.1,"endTime":1619.82,"body":"man who was known to the SEC to"},{"speaker":"Nick Lincoln","startTime":1619.82,"endTime":1623.06,"body":"be a con man, and this, this"},{"speaker":"Nick Lincoln","startTime":1619.82,"endTime":1623.06,"body":"poor guy is probably gonna lose"},{"speaker":"Nick Lincoln","startTime":1623.06,"endTime":1626.12,"body":"all of his money. It's all it's"},{"speaker":"Nick Lincoln","startTime":1623.06,"endTime":1626.12,"body":"gone. 50 million US dollars have"},{"speaker":"Nick Lincoln","startTime":1626.12,"endTime":1629.72,"body":"gone into this particular fund."},{"speaker":"Nick Lincoln","startTime":1626.12,"endTime":1629.72,"body":"I say funding quotes. Whether"},{"speaker":"Nick Lincoln","startTime":1629.72,"endTime":1633.22,"body":"Ashley ever existed. I don't"},{"speaker":"Nick Lincoln","startTime":1629.72,"endTime":1633.22,"body":"know, 340 individual investors,"},{"speaker":"Nick Lincoln","startTime":1633.22,"endTime":1637.42,"body":"but again, just this, there's"},{"speaker":"Nick Lincoln","startTime":1633.22,"endTime":1637.42,"body":"this greed thing. I mean, 50, I"},{"speaker":"Nick Lincoln","startTime":1637.42,"endTime":1640.54,"body":"know. I know this thing of ours"},{"speaker":"Nick Lincoln","startTime":1637.42,"endTime":1640.54,"body":"is the world that we absolutely"},{"speaker":"Nick Lincoln","startTime":1640.54,"endTime":1643.18,"body":"live and breathe in, and we were"},{"speaker":"Nick Lincoln","startTime":1640.54,"endTime":1643.18,"body":"immersed in it all the time. But"},{"speaker":"Nick Lincoln","startTime":1643.18,"endTime":1647.92,"body":"surely even city street has to"},{"speaker":"Nick Lincoln","startTime":1643.18,"endTime":1647.92,"body":"understand that 15% a 5%"},{"speaker":"Nick Lincoln","startTime":1648.28,"endTime":1651.6,"body":"guaranteed return, would be"},{"speaker":"Nick Lincoln","startTime":1648.28,"endTime":1651.6,"body":"raising my eyebrows. A 15%"},{"speaker":"Nick Lincoln","startTime":1651.96,"endTime":1655.2,"body":"guaranteed return. It just"},{"speaker":"Nick Lincoln","startTime":1651.96,"endTime":1655.2,"body":"smacks of, do not go anywhere"},{"speaker":"Nick Lincoln","startTime":1655.2,"endTime":1659.6399999999999,"body":"near it. But yet again, people"},{"speaker":"Nick Lincoln","startTime":1655.2,"endTime":1659.6399999999999,"body":"just saying, the guy says he"},{"speaker":"Nick Lincoln","startTime":1659.82,"endTime":1662.76,"body":"beat his wife. He kept him"},{"speaker":"Nick Lincoln","startTime":1659.82,"endTime":1662.76,"body":"talking to his wife about this,"},{"speaker":"Nick Lincoln","startTime":1662.76,"endTime":1664.98,"body":"I want to do it. And then she"},{"speaker":"Nick Lincoln","startTime":1662.76,"endTime":1664.98,"body":"said, just throw her hands up."},{"speaker":"Nick Lincoln","startTime":1664.98,"endTime":1667.98,"body":"Crack on and do it. It's your"},{"speaker":"Nick Lincoln","startTime":1664.98,"endTime":1667.98,"body":"pension pot. Because he thought"},{"speaker":"Nick Lincoln","startTime":1667.98,"endTime":1670.26,"body":"this would be our financial"},{"speaker":"Nick Lincoln","startTime":1667.98,"endTime":1670.26,"body":"salvation. He'd just been"},{"speaker":"Nick Lincoln","startTime":1670.26,"endTime":1673.94,"body":"diagnosed with colon cancer."},{"speaker":"Nick Lincoln","startTime":1670.26,"endTime":1673.94,"body":"Started 2023, and he thought,"},{"speaker":"Nick Lincoln","startTime":1673.94,"endTime":1677.18,"body":"yeah, this is manna from heaven."},{"speaker":"Nick Lincoln","startTime":1673.94,"endTime":1677.18,"body":"15% guaranteed return on my 700k"},{"speaker":"Nick Lincoln","startTime":1677.8999999999999,"endTime":1680.6,"body":"within a few years, we'll have"},{"speaker":"Nick Lincoln","startTime":1677.8999999999999,"endTime":1680.6,"body":"enough. Of course, it's gone"},{"speaker":"Nick Lincoln","startTime":1680.6,"endTime":1684.44,"body":"horribly wrong. So, you know,"},{"speaker":"Nick Lincoln","startTime":1680.6,"endTime":1684.44,"body":"human, human nature in many"},{"speaker":"Nick Lincoln","startTime":1684.44,"endTime":1684.74,"body":"ways,"},{"speaker":"Alan Smith","startTime":1684.8,"endTime":1686.84,"body":"yeah, and you can't,"},{"speaker":"Alan Smith","startTime":1684.8,"endTime":1686.84,"body":"you can't, it's a shame. Beat"},{"speaker":"Alan Smith","startTime":1686.84,"endTime":1689.18,"body":"him up for him, and he's got,"},{"speaker":"Alan Smith","startTime":1686.84,"endTime":1689.18,"body":"he's got enough troubles. But"},{"speaker":"Alan Smith","startTime":1689.18,"endTime":1693.28,"body":"this is, it's this human it's"},{"speaker":"Alan Smith","startTime":1689.18,"endTime":1693.28,"body":"the human condition that this. I"},{"speaker":"Alan Smith","startTime":1693.28,"endTime":1696.04,"body":"mean, he's got both their fear"},{"speaker":"Alan Smith","startTime":1693.28,"endTime":1696.04,"body":"and greed, fear of not having"},{"speaker":"Alan Smith","startTime":1696.04,"endTime":1698.86,"body":"enough worried about his health"},{"speaker":"Alan Smith","startTime":1696.04,"endTime":1698.86,"body":"situation, not having enough"},{"speaker":"Alan Smith","startTime":1698.86,"endTime":1702.76,"body":"money to keep getting through"},{"speaker":"Alan Smith","startTime":1698.86,"endTime":1702.76,"body":"and and greed. And they're just"},{"speaker":"Alan Smith","startTime":1702.76,"endTime":1705.3999999999999,"body":"natural human emotions. They"},{"speaker":"Alan Smith","startTime":1702.76,"endTime":1705.3999999999999,"body":"drive a lot of decisions that we"},{"speaker":"Alan Smith","startTime":1705.3999999999999,"endTime":1708.1,"body":"take and you, with the benefit"},{"speaker":"Alan Smith","startTime":1705.3999999999999,"endTime":1708.1,"body":"of hindsight, you say, how crazy"},{"speaker":"Alan Smith","startTime":1708.1,"endTime":1710.56,"body":"were you, but at the time, and"},{"speaker":"Alan Smith","startTime":1708.1,"endTime":1710.56,"body":"he's he's not the first. He"},{"speaker":"Alan Smith","startTime":1710.56,"endTime":1712.02,"body":"won't be the first, it won't be"},{"speaker":"Alan Smith","startTime":1710.56,"endTime":1712.02,"body":"the"},{"speaker":"Nick Lincoln","startTime":1712.62,"endTime":1714.18,"body":"last,"},{"speaker":"Nick Lincoln","startTime":1712.62,"endTime":1714.18,"body":"unfortunately. And of course, it"},{"speaker":"Nick Lincoln","startTime":1714.18,"endTime":1716.76,"body":"wasn't through an advisor. It"},{"speaker":"Nick Lincoln","startTime":1714.18,"endTime":1716.76,"body":"was through a friend who told"},{"speaker":"Nick Lincoln","startTime":1716.76,"endTime":1718.8,"body":"him about this, you know. So"},{"speaker":"Nick Lincoln","startTime":1716.76,"endTime":1718.8,"body":"that friend probably feels"},{"speaker":"Nick Lincoln","startTime":1718.8,"endTime":1721.68,"body":"terrible now, because no doubt"},{"speaker":"Nick Lincoln","startTime":1718.8,"endTime":1721.68,"body":"the friend was invested in this"},{"speaker":"Nick Lincoln","startTime":1721.68,"endTime":1725.04,"body":"as well, and the misery just"},{"speaker":"Nick Lincoln","startTime":1721.68,"endTime":1725.04,"body":"cascades out. Okay, human"},{"speaker":"Nick Lincoln","startTime":1725.04,"endTime":1729.72,"body":"nature, baby, right? Watch, I'm"},{"speaker":"Nick Lincoln","startTime":1725.04,"endTime":1729.72,"body":"gonna tear you up in in your"},{"speaker":"Nick Lincoln","startTime":1729.72,"endTime":1731.84,"body":"neck of the woods, the"},{"speaker":"Nick Lincoln","startTime":1729.72,"endTime":1731.84,"body":"Commission ban is gaining"},{"speaker":"Nick Lincoln","startTime":1731.84,"endTime":1732.86,"body":"traction."},{"speaker":"Carl Widger","startTime":1733.22,"endTime":1737.06,"body":"Yes, Catherine"},{"speaker":"Carl Widger","startTime":1733.22,"endTime":1737.06,"body":"Gallaher, who I've mentioned"},{"speaker":"Carl Widger","startTime":1737.06,"endTime":1741.26,"body":"before, is a relatively new"},{"speaker":"Carl Widger","startTime":1737.06,"endTime":1741.26,"body":"journalist writing for the"},{"speaker":"Carl Widger","startTime":1741.26,"endTime":1746.18,"body":"business post here, and I think"},{"speaker":"Carl Widger","startTime":1741.26,"endTime":1746.18,"body":"she's doing some really great"},{"speaker":"Carl Widger","startTime":1746.18,"endTime":1750.2,"body":"stuff, because she's challenging"},{"speaker":"Carl Widger","startTime":1746.18,"endTime":1750.2,"body":"what's going on in our world."},{"speaker":"Carl Widger","startTime":1750.62,"endTime":1756.22,"body":"And she wrote about the"},{"speaker":"Carl Widger","startTime":1750.62,"endTime":1756.22,"body":"potential commission ban, right?"},{"speaker":"Carl Widger","startTime":1756.22,"endTime":1761.62,"body":"So an RDR here in Ireland, and"},{"speaker":"Carl Widger","startTime":1756.22,"endTime":1761.62,"body":"Vanguard were quoted in the"},{"speaker":"Carl Widger","startTime":1761.62,"endTime":1770.1399999999999,"body":"article as to say that they"},{"speaker":"Carl Widger","startTime":1761.62,"endTime":1770.1399999999999,"body":"support such a, such a, an RDR"},{"speaker":"Carl Widger","startTime":1770.1399999999999,"endTime":1774.6,"body":"in Ireland, and there are a"},{"speaker":"Carl Widger","startTime":1770.1399999999999,"endTime":1774.6,"body":"number of other firms quoted"},{"speaker":"Carl Widger","startTime":1774.6,"endTime":1777.06,"body":"saying that they would support"},{"speaker":"Carl Widger","startTime":1774.6,"endTime":1777.06,"body":"it. And the funny thing about"},{"speaker":"Carl Widger","startTime":1777.06,"endTime":1780.96,"body":"that is, subsequently,"},{"speaker":"Carl Widger","startTime":1777.06,"endTime":1780.96,"body":"subsequent to the article, one"},{"speaker":"Carl Widger","startTime":1780.96,"endTime":1784.02,"body":"of the other firms came out and"},{"speaker":"Carl Widger","startTime":1780.96,"endTime":1784.02,"body":"said, I know we didn't say that"},{"speaker":"Carl Widger","startTime":1784.02,"endTime":1787.1399999999999,"body":"at all. We think commission is"},{"speaker":"Carl Widger","startTime":1784.02,"endTime":1787.1399999999999,"body":"okay, or whatever. So it's"},{"speaker":"Carl Widger","startTime":1787.1399999999999,"endTime":1789.84,"body":"interesting. There's still, if"},{"speaker":"Carl Widger","startTime":1787.1399999999999,"endTime":1789.84,"body":"you see all the LinkedIn"},{"speaker":"Carl Widger","startTime":1789.84,"endTime":1792.86,"body":"comments on the various articles"},{"speaker":"Carl Widger","startTime":1789.84,"endTime":1792.86,"body":"that are posted about this"},{"speaker":"Carl Widger","startTime":1792.86,"endTime":1799.7,"body":"particular commentary. You know,"},{"speaker":"Carl Widger","startTime":1792.86,"endTime":1799.7,"body":"we're still miles away from the"},{"speaker":"Carl Widger","startTime":1799.7,"endTime":1802.46,"body":"financial advisor community"},{"speaker":"Carl Widger","startTime":1799.7,"endTime":1802.46,"body":"deciding on what's the best"},{"speaker":"Carl Widger","startTime":1802.46,"endTime":1806.8999999999999,"body":"thing to do. For me, the best"},{"speaker":"Carl Widger","startTime":1802.46,"endTime":1806.8999999999999,"body":"thing to do is clear. I've been"},{"speaker":"Carl Widger","startTime":1807.02,"endTime":1811.0,"body":"straight about this. I've been"},{"speaker":"Carl Widger","startTime":1807.02,"endTime":1811.0,"body":"consistent. Just do already are,"},{"speaker":"Carl Widger","startTime":1811.0,"endTime":1814.48,"body":"and let the clients decide who"},{"speaker":"Carl Widger","startTime":1811.0,"endTime":1814.48,"body":"they want to deal with, and let"},{"speaker":"Carl Widger","startTime":1814.48,"endTime":1817.36,"body":"everyone be absolutely open and"},{"speaker":"Carl Widger","startTime":1814.48,"endTime":1817.36,"body":"upfront about what they're"},{"speaker":"Carl Widger","startTime":1817.36,"endTime":1820.3,"body":"actually charging. I think we"},{"speaker":"Carl Widger","startTime":1817.36,"endTime":1820.3,"body":"need it. I think it will"},{"speaker":"Carl Widger","startTime":1866.3799999999999,"endTime":1873.1,"body":"professionalize everything here"},{"speaker":"Carl Widger","startTime":1866.3799999999999,"endTime":1873.1,"body":"in Ireland, but we're a good bit"},{"speaker":"Carl Widger","startTime":1873.1,"endTime":1877.62,"body":"away from it still, however, to"},{"speaker":"Carl Widger","startTime":1873.1,"endTime":1877.62,"body":"see it in the. Mainstream is"},{"speaker":"Carl Widger","startTime":1878.04,"endTime":1882.3,"body":"good. And I think if we can keep"},{"speaker":"Carl Widger","startTime":1878.04,"endTime":1882.3,"body":"it in the mainstream and keep"},{"speaker":"Carl Widger","startTime":1882.3,"endTime":1884.82,"body":"that discussion going, that"},{"speaker":"Carl Widger","startTime":1882.3,"endTime":1884.82,"body":"debate going, I think it can"},{"speaker":"Carl Widger","startTime":1884.82,"endTime":1888.54,"body":"only be good. So fair play to"},{"speaker":"Carl Widger","startTime":1884.82,"endTime":1888.54,"body":"Kathleen Gallagher. I think"},{"speaker":"Carl Widger","startTime":1888.54,"endTime":1892.3799999999999,"body":"she's upsetting the apple carts"},{"speaker":"Carl Widger","startTime":1888.54,"endTime":1892.3799999999999,"body":"a little bit. And so it should"},{"speaker":"Carl Widger","startTime":1892.3799999999999,"endTime":1895.1999999999998,"body":"be, and so it should be, yes,"},{"speaker":"Nick Lincoln","startTime":1895.1999999999998,"endTime":1897.86,"body":"yes. We all need"},{"speaker":"Nick Lincoln","startTime":1895.1999999999998,"endTime":1897.86,"body":"to share our share. The weight"},{"speaker":"Nick Lincoln","startTime":1897.86,"endTime":1900.4399999999998,"body":"of, um, just open the apple cart"},{"speaker":"Nick Lincoln","startTime":1897.86,"endTime":1900.4399999999998,"body":"can't live to one or two people"},{"speaker":"Nick Lincoln","startTime":1900.4399999999998,"endTime":1903.7399999999998,"body":"in our home can. Okay, but, but"},{"speaker":"Alan Smith","startTime":1903.7399999999998,"endTime":1906.32,"body":"I think, I think"},{"speaker":"Alan Smith","startTime":1903.7399999999998,"endTime":1906.32,"body":"this, this is great. There's, I"},{"speaker":"Alan Smith","startTime":1906.32,"endTime":1909.1399999999999,"body":"mean, obviously we went through"},{"speaker":"Alan Smith","startTime":1906.32,"endTime":1909.1399999999999,"body":"this in UK all those years ago,"},{"speaker":"Alan Smith","startTime":1909.1399999999999,"endTime":1912.32,"body":"and there's a lot of, for those"},{"speaker":"Alan Smith","startTime":1909.1399999999999,"endTime":1912.32,"body":"who are in the business and you"},{"speaker":"Alan Smith","startTime":1912.32,"endTime":1915.02,"body":"operate in a commission basis,"},{"speaker":"Alan Smith","startTime":1912.32,"endTime":1915.02,"body":"there's a lot of fear and"},{"speaker":"Alan Smith","startTime":1915.02,"endTime":1917.9799999999998,"body":"trepidation, you know, how the"},{"speaker":"Alan Smith","startTime":1915.02,"endTime":1917.9799999999998,"body":"hell are we going to survive?"},{"speaker":"Alan Smith","startTime":1917.9799999999998,"endTime":1922.4799999999998,"body":"And people wouldn't possibly pay"},{"speaker":"Alan Smith","startTime":1917.9799999999998,"endTime":1922.4799999999998,"body":"the commission the rate or pay"},{"speaker":"Alan Smith","startTime":1922.4799999999998,"endTime":1927.58,"body":"in a normal fee. And the reality"},{"speaker":"Alan Smith","startTime":1922.4799999999998,"endTime":1927.58,"body":"is that all our experiences that"},{"speaker":"Alan Smith","startTime":1927.58,"endTime":1930.2199999999998,"body":"people do, all right, our"},{"speaker":"Alan Smith","startTime":1927.58,"endTime":1930.2199999999998,"body":"advisors have to up their game"},{"speaker":"Alan Smith","startTime":1930.2199999999998,"endTime":1932.8,"body":"in terms of creating a value"},{"speaker":"Alan Smith","startTime":1930.2199999999998,"endTime":1932.8,"body":"proposition, yeah, creating"},{"speaker":"Alan Smith","startTime":1932.8,"endTime":1935.26,"body":"something that's worth paying"},{"speaker":"Alan Smith","startTime":1932.8,"endTime":1935.26,"body":"for. But what it does over time"},{"speaker":"Alan Smith","startTime":1935.26,"endTime":1939.0,"body":"is it just creates a higher"},{"speaker":"Alan Smith","startTime":1935.26,"endTime":1939.0,"body":"level of trust amongst potential"},{"speaker":"Alan Smith","startTime":1939.0,"endTime":1941.1599999999999,"body":"clients. You know, for those,"},{"speaker":"Alan Smith","startTime":1939.0,"endTime":1941.1599999999999,"body":"those people who are fighting"},{"speaker":"Alan Smith","startTime":1941.1599999999999,"endTime":1944.04,"body":"against it, I suspect once they"},{"speaker":"Alan Smith","startTime":1941.1599999999999,"endTime":1944.04,"body":"go through the pain getting the"},{"speaker":"Alan Smith","startTime":1944.04,"endTime":1947.3999999999999,"body":"other side, they'll win more"},{"speaker":"Alan Smith","startTime":1944.04,"endTime":1947.3999999999999,"body":"clients. There'll be there'll be"},{"speaker":"Alan Smith","startTime":1947.3999999999999,"endTime":1950.04,"body":"less people kind of wary or"},{"speaker":"Alan Smith","startTime":1947.3999999999999,"endTime":1950.04,"body":"avoiding and, oh yeah, you guys"},{"speaker":"Alan Smith","startTime":1950.04,"endTime":1952.5,"body":"are getting commission. This"},{"speaker":"Alan Smith","startTime":1950.04,"endTime":1952.5,"body":"very conditional type thing. If"},{"speaker":"Alan Smith","startTime":1952.5,"endTime":1956.2199999999998,"body":"I sell you a product, you get a"},{"speaker":"Alan Smith","startTime":1952.5,"endTime":1956.2199999999998,"body":"commission. Yeah, it's the"},{"speaker":"Alan Smith","startTime":1956.2199999999998,"endTime":1958.8799999999999,"body":"direct it's the director, it's"},{"speaker":"Alan Smith","startTime":1956.2199999999998,"endTime":1958.8799999999999,"body":"right direction of travel. But I"},{"speaker":"Alan Smith","startTime":1958.8799999999999,"endTime":1959.78,"body":"know there's a lot rid of"},{"speaker":"Andy Hart","startTime":1959.78,"endTime":1962.12,"body":"the bottom 20% or"},{"speaker":"Andy Hart","startTime":1959.78,"endTime":1962.12,"body":"whatever, okay, the people, the"},{"speaker":"Andy Hart","startTime":1962.12,"endTime":1965.06,"body":"people that don't have a value"},{"speaker":"Andy Hart","startTime":1962.12,"endTime":1965.06,"body":"product chunk, yeah, Will, yeah."},{"speaker":"Carl Widger","startTime":1965.6,"endTime":1968.54,"body":"Industry, the"},{"speaker":"Carl Widger","startTime":1965.6,"endTime":1968.54,"body":"article started quoting, you"},{"speaker":"Carl Widger","startTime":1968.54,"endTime":1973.2199999999998,"body":"know, kind of miss selling and,"},{"speaker":"Carl Widger","startTime":1968.54,"endTime":1973.2199999999998,"body":"and the fact that someone's"},{"speaker":"Carl Widger","startTime":1973.2199999999998,"endTime":1976.78,"body":"pension pot was going to be put"},{"speaker":"Carl Widger","startTime":1973.2199999999998,"endTime":1976.78,"body":"into structure products and"},{"speaker":"Carl Widger","startTime":1976.8999999999999,"endTime":1980.02,"body":"there was a some intermediary"},{"speaker":"Carl Widger","startTime":1976.8999999999999,"endTime":1980.02,"body":"going to get between 10 and 20%"},{"speaker":"Carl Widger","startTime":1980.3799999999999,"endTime":1983.5,"body":"commission and all that. I"},{"speaker":"Carl Widger","startTime":1980.3799999999999,"endTime":1983.5,"body":"actually think that's not the"},{"speaker":"Carl Widger","startTime":1983.5,"endTime":1986.32,"body":"issue here, that you're always"},{"speaker":"Carl Widger","startTime":1983.5,"endTime":1986.32,"body":"going to have bad actors. Okay,"},{"speaker":"Carl Widger","startTime":1986.32,"endTime":1990.6399999999999,"body":"so, yeah, that's on the one, you"},{"speaker":"Carl Widger","startTime":1986.32,"endTime":1990.6399999999999,"body":"know, we just got to accept"},{"speaker":"Carl Widger","startTime":1990.6399999999999,"endTime":1993.6399999999999,"body":"that, and we just got to call"},{"speaker":"Carl Widger","startTime":1990.6399999999999,"endTime":1993.6399999999999,"body":"the call bad behavior out when"},{"speaker":"Carl Widger","startTime":1993.6399999999999,"endTime":1997.32,"body":"it's when it's there. This is a"},{"speaker":"Carl Widger","startTime":1993.6399999999999,"endTime":1997.32,"body":"much bigger issue. This is, this"},{"speaker":"Carl Widger","startTime":1997.32,"endTime":2000.4399999999998,"body":"is that, you know, a complete"},{"speaker":"Carl Widger","startTime":1997.32,"endTime":2000.4399999999998,"body":"ban on commissions on"},{"speaker":"Carl Widger","startTime":2000.4399999999998,"endTime":2003.9799999999998,"body":"investments and pensions. I"},{"speaker":"Carl Widger","startTime":2000.4399999999998,"endTime":2003.9799999999998,"body":"think we should continue to have"},{"speaker":"Carl Widger","startTime":2004.28,"endTime":2006.9799999999998,"body":"commissions on life cover and"},{"speaker":"Carl Widger","startTime":2004.28,"endTime":2006.9799999999998,"body":"that kind of stuff, because I"},{"speaker":"Carl Widger","startTime":2006.9799999999998,"endTime":2010.9399999999998,"body":"think that has to be sold. Yeah,"},{"speaker":"Carl Widger","startTime":2006.9799999999998,"endTime":2010.9399999999998,"body":"that's sold, but it's, I've read"},{"speaker":"Carl Widger","startTime":2010.9399999999998,"endTime":2013.52,"body":"a lot of the comments on"},{"speaker":"Carl Widger","startTime":2010.9399999999998,"endTime":2013.52,"body":"LinkedIn from various advisors,"},{"speaker":"Carl Widger","startTime":2013.52,"endTime":2016.1599999999999,"body":"and you know, people who"},{"speaker":"Carl Widger","startTime":2013.52,"endTime":2016.1599999999999,"body":"disagree with me are making good"},{"speaker":"Carl Widger","startTime":2016.1599999999999,"endTime":2019.78,"body":"points. So it's not cut and"},{"speaker":"Carl Widger","startTime":2016.1599999999999,"endTime":2019.78,"body":"dried, right? It's not something"},{"speaker":"Carl Widger","startTime":2019.78,"endTime":2024.2199999999998,"body":"that, you know, there's, this is"},{"speaker":"Carl Widger","startTime":2019.78,"endTime":2024.2199999999998,"body":"the only way forward and but we"},{"speaker":"Carl Widger","startTime":2024.2199999999998,"endTime":2028.06,"body":"need the central bank to, you"},{"speaker":"Carl Widger","startTime":2024.2199999999998,"endTime":2028.06,"body":"know, kind of sit up and say,"},{"speaker":"Carl Widger","startTime":2028.06,"endTime":2031.36,"body":"Okay, well, there's European"},{"speaker":"Carl Widger","startTime":2028.06,"endTime":2031.36,"body":"legislation coming in now, and"},{"speaker":"Carl Widger","startTime":2031.36,"endTime":2035.02,"body":"do we adopt that European"},{"speaker":"Carl Widger","startTime":2031.36,"endTime":2035.02,"body":"legislation? I think that's"},{"speaker":"Carl Widger","startTime":2035.02,"endTime":2037.6799999999998,"body":"probably where we'll go, but I"},{"speaker":"Carl Widger","startTime":2035.02,"endTime":2037.6799999999998,"body":"think we're some years away from"},{"speaker":"Carl Widger","startTime":2037.6799999999998,"endTime":2041.82,"body":"it, just just, just now. But it"},{"speaker":"Carl Widger","startTime":2037.6799999999998,"endTime":2041.82,"body":"was interesting that some of the"},{"speaker":"Carl Widger","startTime":2041.82,"endTime":2045.3,"body":"firms are one of the firms that"},{"speaker":"Carl Widger","startTime":2041.82,"endTime":2045.3,"body":"was quoted in the article then"},{"speaker":"Carl Widger","startTime":2045.3,"endTime":2048.48,"body":"come out and said, No, I don't"},{"speaker":"Carl Widger","startTime":2045.3,"endTime":2048.48,"body":"we were miser in the article. We"},{"speaker":"Carl Widger","startTime":2048.48,"endTime":2053.28,"body":"are not for a ban on commission."},{"speaker":"Carl Widger","startTime":2048.48,"endTime":2053.28,"body":"So look, this has a way to run,"},{"speaker":"Carl Widger","startTime":2053.58,"endTime":2058.94,"body":"and it's interesting. And I"},{"speaker":"Carl Widger","startTime":2053.58,"endTime":2058.94,"body":"would just urge everybody, all"},{"speaker":"Carl Widger","startTime":2058.94,"endTime":2062.3,"body":"of the financial advisor"},{"speaker":"Carl Widger","startTime":2058.94,"endTime":2062.3,"body":"community, just be respectful to"},{"speaker":"Carl Widger","startTime":2062.3,"endTime":2066.2,"body":"each other with your views, and"},{"speaker":"Carl Widger","startTime":2062.3,"endTime":2066.2,"body":"make your your views. It's"},{"speaker":"Carl Widger","startTime":2066.2,"endTime":2068.6,"body":"totally okay to have opposing"},{"speaker":"Carl Widger","startTime":2066.2,"endTime":2068.6,"body":"views, but make them"},{"speaker":"Carl Widger","startTime":2068.6,"endTime":2071.72,"body":"respectfully, because it's just"},{"speaker":"Carl Widger","startTime":2068.6,"endTime":2071.72,"body":"not a good look when people are"},{"speaker":"Carl Widger","startTime":2071.72,"endTime":2074.12,"body":"just having pops off each other"},{"speaker":"Carl Widger","startTime":2071.72,"endTime":2074.12,"body":"back"},{"speaker":"Andy Hart","startTime":2074.12,"endTime":2076.48,"body":"in the real world"},{"speaker":"Andy Hart","startTime":2074.12,"endTime":2076.48,"body":"call, if you had to hazard a"},{"speaker":"Andy Hart","startTime":2076.48,"endTime":2081.34,"body":"guess. How far off do you think"},{"speaker":"Andy Hart","startTime":2076.48,"endTime":2081.34,"body":"a commission being banned or"},{"speaker":"Andy Hart","startTime":2081.4,"endTime":2084.04,"body":"banned or pensions and"},{"speaker":"Andy Hart","startTime":2081.4,"endTime":2084.04,"body":"investments is gonna it will"},{"speaker":"Andy Hart","startTime":2084.04,"endTime":2085.24,"body":"happen within five"},{"speaker":"Carl Widger","startTime":2085.24,"endTime":2086.32,"body":"years as my firm?"},{"speaker":"Carl Widger","startTime":2085.24,"endTime":2086.32,"body":"Do"},{"speaker":"Andy Hart","startTime":2086.32,"endTime":2090.1,"body":"you think so? You"},{"speaker":"Andy Hart","startTime":2086.32,"endTime":2090.1,"body":"think, yeah, because legislation"},{"speaker":"Andy Hart","startTime":2090.1,"endTime":2092.56,"body":"is brewing in the background at"},{"speaker":"Andy Hart","startTime":2090.1,"endTime":2092.56,"body":"the moment. Yeah, I"},{"speaker":"Carl Widger","startTime":2092.56,"endTime":2095.62,"body":"don't think we're"},{"speaker":"Carl Widger","startTime":2092.56,"endTime":2095.62,"body":"gonna. I ultimately, I think we"},{"speaker":"Carl Widger","startTime":2095.62,"endTime":2098.88,"body":"will be forced into it, because,"},{"speaker":"Carl Widger","startTime":2095.62,"endTime":2098.88,"body":"obviously, we're part of the EU,"},{"speaker":"Carl Widger","startTime":2098.94,"endTime":2101.16,"body":"and I think there'll be EU"},{"speaker":"Carl Widger","startTime":2098.94,"endTime":2101.16,"body":"legislation that"},{"speaker":"Alan Smith","startTime":2101.22,"endTime":2103.5,"body":"I don't get that"},{"speaker":"Alan Smith","startTime":2101.22,"endTime":2103.5,"body":"much these"},{"speaker":"Unknown","startTime":2103.5,"endTime":2104.22,"body":"years away."},{"speaker":"Alan Smith","startTime":2106.14,"endTime":2110.46,"body":"Europe, it's a"},{"speaker":"Alan Smith","startTime":2106.14,"endTime":2110.46,"body":"complete commission dominated by"},{"speaker":"Alan Smith","startTime":2110.46,"endTime":2113.1,"body":"banks, as if layering"},{"speaker":"Alan Smith","startTime":2110.46,"endTime":2113.1,"body":"commissions and fees. Speak to"},{"speaker":"Alan Smith","startTime":2113.1,"endTime":2115.8,"body":"anyone who operates in Italy,"},{"speaker":"Alan Smith","startTime":2113.1,"endTime":2115.8,"body":"Spain, Germany, okay? It's"},{"speaker":"Alan Smith","startTime":2115.8,"endTime":2116.76,"body":"different markets, so"},{"speaker":"Andy Hart","startTime":2116.76,"endTime":2119.24,"body":"it's interesting, all"},{"speaker":"Andy Hart","startTime":2116.76,"endTime":2119.24,"body":"right? Five years Interesting."},{"speaker":"Carl Widger","startTime":2119.24,"endTime":2122.72,"body":"Yeah, yeah, no, no"},{"speaker":"Carl Widger","startTime":2119.24,"endTime":2122.72,"body":"interest. I backed this horse"},{"speaker":"Carl Widger","startTime":2122.72,"endTime":2125.9,"body":"back in 2014 when we set up."},{"speaker":"Carl Widger","startTime":2122.72,"endTime":2125.9,"body":"That was Ireland. So"},{"speaker":"Andy Hart","startTime":2126.92,"endTime":2129.14,"body":"five years, if you"},{"speaker":"Andy Hart","startTime":2126.92,"endTime":2129.14,"body":"keep saying five years, if you"},{"speaker":"Andy Hart","startTime":2129.14,"endTime":2132.62,"body":"keep saying exactly, bang on"},{"speaker":"Andy Hart","startTime":2129.14,"endTime":2132.62,"body":"mate,"},{"speaker":"Carl Widger","startTime":2132.6189999999997,"endTime":2137.379,"body":"yeah, like the guy"},{"speaker":"Carl Widger","startTime":2132.6189999999997,"endTime":2137.379,"body":"calling, yeah, crash, yeah,"},{"speaker":"Carl Widger","startTime":2137.6189999999997,"endTime":2140.6189999999997,"body":"eventually you'll be right. No,"},{"speaker":"Carl Widger","startTime":2137.6189999999997,"endTime":2140.6189999999997,"body":"I do. I do think I look, it's"},{"speaker":"Carl Widger","startTime":2140.6189999999997,"endTime":2144.459,"body":"just very encouraging to see it"},{"speaker":"Carl Widger","startTime":2140.6189999999997,"endTime":2144.459,"body":"in the mainstream financial"},{"speaker":"Carl Widger","startTime":2144.459,"endTime":2147.519,"body":"media, because look, apart from"},{"speaker":"Carl Widger","startTime":2144.459,"endTime":2147.519,"body":"anything else, our clients are"},{"speaker":"Carl Widger","startTime":2147.519,"endTime":2150.519,"body":"reading this stuff. So our"},{"speaker":"Carl Widger","startTime":2147.519,"endTime":2150.519,"body":"clients are going to now be"},{"speaker":"Carl Widger","startTime":2150.5789999999997,"endTime":2153.819,"body":"talking about this. And I have"},{"speaker":"Carl Widger","startTime":2150.5789999999997,"endTime":2153.819,"body":"seen this for absolute sure over"},{"speaker":"Carl Widger","startTime":2153.819,"endTime":2156.959,"body":"the last couple of years."},{"speaker":"Carl Widger","startTime":2153.819,"endTime":2156.959,"body":"Clients are more okay with"},{"speaker":"Carl Widger","startTime":2157.019,"endTime":2160.799,"body":"what's okay and what's value and"},{"speaker":"Carl Widger","startTime":2157.019,"endTime":2160.799,"body":"what's not"},{"speaker":"Alan Smith","startTime":2160.92,"endTime":2163.2,"body":"sorry. Do you have"},{"speaker":"Alan Smith","startTime":2160.92,"endTime":2163.2,"body":"just, do you have a quick"},{"speaker":"Alan Smith","startTime":2163.2,"endTime":2166.68,"body":"question? Do you have or"},{"speaker":"Alan Smith","startTime":2163.2,"endTime":2166.68,"body":"commission is the dominant"},{"speaker":"Alan Smith","startTime":2166.98,"endTime":2170.3399999999997,"body":"model? But is that disclosed? Is"},{"speaker":"Alan Smith","startTime":2166.98,"endTime":2170.3399999999997,"body":"it? Yeah, the amount of"},{"speaker":"Alan Smith","startTime":2170.3399999999997,"endTime":2171.12,"body":"commission question"},{"speaker":"Andy Hart","startTime":2171.1189999999997,"endTime":2173.6389999999997,"body":"I was gonna say if I"},{"speaker":"Andy Hart","startTime":2171.1189999999997,"endTime":2173.6389999999997,"body":"set up 100,000 pound investment"},{"speaker":"Andy Hart","startTime":2173.6389999999997,"endTime":2177.1389999999997,"body":"for Mr. And Mrs. Miggins in"},{"speaker":"Andy Hart","startTime":2173.6389999999997,"endTime":2177.1389999999997,"body":"Ireland? And okay, the initial"},{"speaker":"Andy Hart","startTime":2177.1389999999997,"endTime":2179.839,"body":"document wouldn't say, I'm going"},{"speaker":"Andy Hart","startTime":2177.1389999999997,"endTime":2179.839,"body":"to get paid five grand. Keep it"},{"speaker":"Andy Hart","startTime":2179.839,"endTime":2182.239,"body":"simple. But then when I have to"},{"speaker":"Andy Hart","startTime":2179.839,"endTime":2182.239,"body":"send them letter and say, just"},{"speaker":"Andy Hart","startTime":2182.419,"endTime":2184.279,"body":"to let you know, you know, page"},{"speaker":"Andy Hart","startTime":2182.419,"endTime":2184.279,"body":"seven, I'm getting"},{"speaker":"Carl Widger","startTime":2184.2799999999997,"endTime":2186.2599999999998,"body":"paid five grand."},{"speaker":"Carl Widger","startTime":2184.2799999999997,"endTime":2186.2599999999998,"body":"Oh, there's a there's well, the"},{"speaker":"Carl Widger","startTime":2186.3199999999997,"endTime":2189.62,"body":"in your Statement of"},{"speaker":"Carl Widger","startTime":2186.3199999999997,"endTime":2189.62,"body":"suitability, your reasons why,"},{"speaker":"Carl Widger","startTime":2189.62,"endTime":2193.64,"body":"letter, you have to clearly out"},{"speaker":"Carl Widger","startTime":2189.62,"endTime":2193.64,"body":"outline what your you know, the"},{"speaker":"Carl Widger","startTime":2193.64,"endTime":2197.98,"body":"effect of what your fees are,"},{"speaker":"Carl Widger","startTime":2193.64,"endTime":2197.98,"body":"what your commissions are, and"},{"speaker":"Carl Widger","startTime":2198.04,"endTime":2201.1,"body":"the effect on, you know, your"},{"speaker":"Carl Widger","startTime":2198.04,"endTime":2201.1,"body":"you have to outline your"},{"speaker":"Carl Widger","startTime":2201.1,"endTime":2203.38,"body":"management charts and all that."},{"speaker":"Carl Widger","startTime":2201.1,"endTime":2203.38,"body":"But then there's a, what they"},{"speaker":"Carl Widger","startTime":2203.38,"endTime":2209.14,"body":"call a kid document, yeah, and"},{"speaker":"Carl Widger","startTime":2203.38,"endTime":2209.14,"body":"it's, again, the slows there."},{"speaker":"Carl Widger","startTime":2209.14,"endTime":2212.5,"body":"The problem with some of the kid"},{"speaker":"Carl Widger","startTime":2209.14,"endTime":2212.5,"body":"documents is they're generic, so"},{"speaker":"Carl Widger","startTime":2212.5,"endTime":2215.74,"body":"they show the maximum commission"},{"speaker":"Carl Widger","startTime":2212.5,"endTime":2215.74,"body":"that can be paid, and that has"},{"speaker":"Carl Widger","startTime":2215.74,"endTime":2219.3599999999997,"body":"caused us all sorts of issues"},{"speaker":"Carl Widger","startTime":2215.74,"endTime":2219.3599999999997,"body":"with clients. What the hell I"},{"speaker":"Carl Widger","startTime":2219.3599999999997,"endTime":2220.14,"body":"just read now?"},{"speaker":"Andy Hart","startTime":2221.16,"endTime":2223.8599999999997,"body":"You guys, very"},{"speaker":"Carl Widger","startTime":2223.8599999999997,"endTime":2226.14,"body":"few people actually"},{"speaker":"Carl Widger","startTime":2223.8599999999997,"endTime":2226.14,"body":"read this stuff, but the few"},{"speaker":"Carl Widger","startTime":2226.14,"endTime":2230.64,"body":"that do something you said, and"},{"speaker":"Carl Widger","startTime":2226.14,"endTime":2230.64,"body":"it's like, no, no, they have to"},{"speaker":"Carl Widger","startTime":2230.64,"endTime":2234.7799999999997,"body":"disclose that's the max. That's"},{"speaker":"Carl Widger","startTime":2230.64,"endTime":2234.7799999999997,"body":"one of my issues is,"},{"speaker":"Alan Smith","startTime":2234.779,"endTime":2237.979,"body":"does it say impact?"},{"speaker":"Alan Smith","startTime":2234.779,"endTime":2237.979,"body":"So we will earn 5000 pounds."},{"speaker":"Alan Smith","startTime":2237.979,"endTime":2240.6189999999997,"body":"10,000 pounds actually say that"},{"speaker":"Alan Smith","startTime":2237.979,"endTime":2240.6189999999997,"body":"in monetary terms, or is it a"},{"speaker":"Alan Smith","startTime":2240.6189999999997,"endTime":2242.299,"body":"kind of combination of you,"},{"speaker":"Carl Widger","startTime":2244.64,"endTime":2246.7999999999997,"body":"okay, mirrors, I"},{"speaker":"Carl Widger","startTime":2244.64,"endTime":2246.7999999999997,"body":"think it would say the amount."},{"speaker":"Carl Widger","startTime":2246.7999999999997,"endTime":2250.94,"body":"Yeah, like we, we specify the"},{"speaker":"Carl Widger","startTime":2246.7999999999997,"endTime":2250.94,"body":"amount in our in our statement"},{"speaker":"Carl Widger","startTime":2250.94,"endTime":2255.8599999999997,"body":"suitability. But yeah, it's"},{"speaker":"Carl Widger","startTime":2250.94,"endTime":2255.8599999999997,"body":"because"},{"speaker":"Alan Smith","startTime":2255.8599999999997,"endTime":2260.68,"body":"I remember before."},{"speaker":"Alan Smith","startTime":2255.8599999999997,"endTime":2260.68,"body":"RDR, you guys, Andrew may just"},{"speaker":"Alan Smith","startTime":2260.68,"endTime":2264.88,"body":"remember this. No, it was when"},{"speaker":"Alan Smith","startTime":2260.68,"endTime":2264.88,"body":"human commission disclosure was"},{"speaker":"Alan Smith","startTime":2264.88,"endTime":2267.52,"body":"brought in. Still a commission,"},{"speaker":"Alan Smith","startTime":2264.88,"endTime":2267.52,"body":"but you actually had to disclose"},{"speaker":"Alan Smith","startTime":2267.52,"endTime":2272.5,"body":"the 1993 slash four. Is that"},{"speaker":"Alan Smith","startTime":2267.52,"endTime":2272.5,"body":"when it was, yeah, born, then it"},{"speaker":"Alan Smith","startTime":2272.5,"endTime":2276.72,"body":"wasn't born then. And the 13"},{"speaker":"Alan Smith","startTime":2272.5,"endTime":2276.72,"body":"hours working at Standard Life"},{"speaker":"Alan Smith","startTime":2276.72,"endTime":2279.12,"body":"thing, and the advisors I was"},{"speaker":"Alan Smith","startTime":2276.72,"endTime":2279.12,"body":"speaking to, oh my god. It was"},{"speaker":"Alan Smith","startTime":2279.12,"endTime":2281.94,"body":"like, the end of the world."},{"speaker":"Alan Smith","startTime":2279.12,"endTime":2281.94,"body":"Gonna have to actually tell"},{"speaker":"Alan Smith","startTime":2281.94,"endTime":2283.14,"body":"their clients. It was still"},{"speaker":"Andy Hart","startTime":2283.38,"endTime":2285.12,"body":"amazing, wasn't it?"},{"speaker":"Andy Hart","startTime":2283.38,"endTime":2285.12,"body":"Alan,"},{"speaker":"Alan Smith","startTime":2285.12,"endTime":2287.46,"body":"there's loads of"},{"speaker":"Alan Smith","startTime":2285.12,"endTime":2287.46,"body":"stories about ripping off, yeah,"},{"speaker":"Alan Smith","startTime":2287.52,"endTime":2287.58,"body":"I"},{"speaker":"Nick Lincoln","startTime":2287.94,"endTime":2290.64,"body":"had advisers when"},{"speaker":"Nick Lincoln","startTime":2287.94,"endTime":2290.64,"body":"I was a broken consultant. They"},{"speaker":"Nick Lincoln","startTime":2290.64,"endTime":2292.92,"body":"just, let's just tear the last"},{"speaker":"Nick Lincoln","startTime":2290.64,"endTime":2292.92,"body":"page off the quote with"},{"speaker":"Unknown","startTime":2294.299,"endTime":2296.5789999999997,"body":"the Commission, I won't"},{"speaker":"Unknown","startTime":2294.299,"endTime":2296.5789999999997,"body":"mention,"},{"speaker":"Alan Smith","startTime":2296.64,"endTime":2299.24,"body":"and they were just"},{"speaker":"Alan Smith","startTime":2296.64,"endTime":2299.24,"body":"famous for they had two had two"},{"speaker":"Alan Smith","startTime":2299.24,"endTime":2303.7999999999997,"body":"page twelves. And what, one"},{"speaker":"Alan Smith","startTime":2299.24,"endTime":2303.7999999999997,"body":"quoted four pounds and pence and"},{"speaker":"Alan Smith","startTime":2303.7999999999997,"endTime":2306.14,"body":"everything, and the other just"},{"speaker":"Alan Smith","startTime":2303.7999999999997,"endTime":2306.14,"body":"said, Your advisor will let you"},{"speaker":"Alan Smith","startTime":2306.14,"endTime":2309.92,"body":"know how much you get paid."},{"speaker":"Alan Smith","startTime":2306.14,"endTime":2309.92,"body":"Yeah. And interestingly, this is"},{"speaker":"Alan Smith","startTime":2309.92,"endTime":2313.7599999999998,"body":"ridiculous how things have moved"},{"speaker":"Alan Smith","startTime":2309.92,"endTime":2313.7599999999998,"body":"on. Like page one to 11 was"},{"speaker":"Alan Smith","startTime":2313.7599999999998,"endTime":2318.4,"body":"stapled, but the 12 pages had a"},{"speaker":"Alan Smith","startTime":2313.7599999999998,"endTime":2318.4,"body":"paper clip, which often just"},{"speaker":"Alan Smith","startTime":2318.46,"endTime":2321.4,"body":"fell out in the envelope"},{"speaker":"Alan Smith","startTime":2318.46,"endTime":2321.4,"body":"somewhere, but we've moved on a"},{"speaker":"Alan Smith","startTime":2321.4,"endTime":2322.66,"body":"bit since then, I think, yeah,"},{"speaker":"Carl Widger","startTime":2322.72,"endTime":2325.8399999999997,"body":"and we are"},{"speaker":"Carl Widger","startTime":2322.72,"endTime":2325.8399999999997,"body":"definitely miles ahead of there,"},{"speaker":"Carl Widger","startTime":2325.8399999999997,"endTime":2329.02,"body":"right? Yeah, we are way, way,"},{"speaker":"Carl Widger","startTime":2325.8399999999997,"endTime":2329.02,"body":"way better than we used to be."},{"speaker":"Carl Widger","startTime":2329.08,"endTime":2333.7,"body":"But I think we've, we've, we've"},{"speaker":"Carl Widger","startTime":2329.08,"endTime":2333.7,"body":"a bit to go just yet. But it's,"},{"speaker":"Alan Smith","startTime":2334.96,"endTime":2338.16,"body":"yeah, it's progress."},{"speaker":"Alan Smith","startTime":2334.96,"endTime":2338.16,"body":"Progress. Yeah. If you get the"},{"speaker":"Alan Smith","startTime":2338.16,"endTime":2340.8599999999997,"body":"press on your side, get some"},{"speaker":"Alan Smith","startTime":2338.16,"endTime":2340.8599999999997,"body":"people writing about it in the"},{"speaker":"Alan Smith","startTime":2340.8599999999997,"endTime":2342.96,"body":"papers that, as you say, your"},{"speaker":"Alan Smith","startTime":2340.8599999999997,"endTime":2342.96,"body":"clients read, you think, yeah,"},{"speaker":"Alan Smith","startTime":2342.96,"endTime":2345.54,"body":"this is, this is quite a good"},{"speaker":"Alan Smith","startTime":2342.96,"endTime":2345.54,"body":"idea. This is the direction of"},{"speaker":"Alan Smith","startTime":2345.54,"endTime":2348.48,"body":"travel we should be heading in."},{"speaker":"Alan Smith","startTime":2345.54,"endTime":2348.48,"body":"So good. We'll check in again in"},{"speaker":"Alan Smith","startTime":2348.48,"endTime":2349.74,"body":"five years. Carl, but"},{"speaker":"Andy Hart","startTime":2349.74,"endTime":2352.3199999999997,"body":"you need a bit more"},{"speaker":"Andy Hart","startTime":2349.74,"endTime":2352.3199999999997,"body":"of them. You know, someone who's"},{"speaker":"Andy Hart","startTime":2352.7999999999997,"endTime":2355.56,"body":"in a position of power, who's a"},{"speaker":"Andy Hart","startTime":2352.7999999999997,"endTime":2355.56,"body":"bit more of a maverick in the"},{"speaker":"Andy Hart","startTime":2355.56,"endTime":2358.1,"body":"investment and pension space"},{"speaker":"Andy Hart","startTime":2355.56,"endTime":2358.1,"body":"that was going to really, really"},{"speaker":"Andy Hart","startTime":2358.1,"endTime":2359.66,"body":"drive this. So, Carl widger,"},{"speaker":"Nick Lincoln","startTime":2360.02,"endTime":2361.94,"body":"I call which, so,"},{"speaker":"Nick Lincoln","startTime":2360.02,"endTime":2361.94,"body":"yeah,"},{"speaker":"Carl Widger","startTime":2362.54,"endTime":2365.7799999999997,"body":"well, I have been,"},{"speaker":"Carl Widger","startTime":2362.54,"endTime":2365.7799999999997,"body":"and it's been falling under"},{"speaker":"Andy Hart","startTime":2366.799,"endTime":2370.159,"body":"the regulator that"},{"speaker":"Andy Hart","startTime":2366.799,"endTime":2370.159,"body":"makes it their life's mission to"},{"speaker":"Andy Hart","startTime":2370.159,"endTime":2371.779,"body":"get the to get this implemented,"},{"speaker":"Carl Widger","startTime":2371.839,"endTime":2374.1189999999997,"body":"yeah, but I"},{"speaker":"Carl Widger","startTime":2371.839,"endTime":2374.1189999999997,"body":"honestly think, right. I yeah,"},{"speaker":"Carl Widger","startTime":2374.179,"endTime":2376.779,"body":"there might, there might be a"},{"speaker":"Carl Widger","startTime":2374.179,"endTime":2376.779,"body":"few people you know, will"},{"speaker":"Carl Widger","startTime":2376.779,"endTime":2381.459,"body":"struggle, but ultimately it will"},{"speaker":"Carl Widger","startTime":2376.779,"endTime":2381.459,"body":"make this a more professional"},{"speaker":"Carl Widger","startTime":2381.459,"endTime":2386.979,"body":"business for us all to operate"},{"speaker":"Carl Widger","startTime":2381.459,"endTime":2386.979,"body":"in. I think it will elevate the"},{"speaker":"Carl Widger","startTime":2386.979,"endTime":2390.5789999999997,"body":"work that we're doing. And I"},{"speaker":"Carl Widger","startTime":2386.979,"endTime":2390.5789999999997,"body":"think that if we go down this"},{"speaker":"Carl Widger","startTime":2390.5789999999997,"endTime":2395.199,"body":"direction, it's something that"},{"speaker":"Carl Widger","startTime":2390.5789999999997,"endTime":2395.199,"body":"can only help the clients, but I"},{"speaker":"Carl Widger","startTime":2395.199,"endTime":2398.699,"body":"think the advisors will, you"},{"speaker":"Carl Widger","startTime":2395.199,"endTime":2398.699,"body":"know, will reap the rewards of"},{"speaker":"Carl Widger","startTime":2398.699,"endTime":2401.5789999999997,"body":"it as well. I really, really do"},{"speaker":"Carl Widger","startTime":2398.699,"endTime":2401.5789999999997,"body":"believe that completely,"},{"speaker":"Alan Smith","startTime":2401.58,"endTime":2404.04,"body":"there's no"},{"speaker":"Alan Smith","startTime":2401.58,"endTime":2404.04,"body":"profession, the charges"},{"speaker":"Alan Smith","startTime":2404.04,"endTime":2408.18,"body":"commissions, there's industries"},{"speaker":"Alan Smith","startTime":2404.04,"endTime":2408.18,"body":"and sales industries, profession"},{"speaker":"Alan Smith","startTime":2408.18,"endTime":2410.3399999999997,"body":"in terms of lawyers, doctors,"},{"speaker":"Alan Smith","startTime":2408.18,"endTime":2410.3399999999997,"body":"medical"},{"speaker":"Carl Widger","startTime":2410.339,"endTime":2412.6189999999997,"body":"people. So the"},{"speaker":"Carl Widger","startTime":2410.339,"endTime":2412.6189999999997,"body":"providers, the providers need to"},{"speaker":"Carl Widger","startTime":2412.6189999999997,"endTime":2415.859,"body":"help here, because the"},{"speaker":"Carl Widger","startTime":2412.6189999999997,"endTime":2415.859,"body":"providers, I've said this"},{"speaker":"Carl Widger","startTime":2415.859,"endTime":2420.6189999999997,"body":"before, right? So there are a"},{"speaker":"Carl Widger","startTime":2415.859,"endTime":2420.6189999999997,"body":"lot of smaller operators who are"},{"speaker":"Carl Widger","startTime":2420.6189999999997,"endTime":2424.219,"body":"just moving their chunks of"},{"speaker":"Carl Widger","startTime":2420.6189999999997,"endTime":2424.219,"body":"business around, right? Yeah,"},{"speaker":"Carl Widger","startTime":2424.399,"endTime":2427.6389999999997,"body":"and they're getting, they're"},{"speaker":"Carl Widger","startTime":2424.399,"endTime":2427.6389999999997,"body":"getting 5% commission, and then"},{"speaker":"Carl Widger","startTime":2427.6389999999997,"endTime":2430.5789999999997,"body":"there's eggs, and then in five"},{"speaker":"Carl Widger","startTime":2427.6389999999997,"endTime":2430.5789999999997,"body":"years, you they move it again,"},{"speaker":"Carl Widger","startTime":2430.5789999999997,"endTime":2433.279,"body":"they find a reason to move it"},{"speaker":"Carl Widger","startTime":2430.5789999999997,"endTime":2433.279,"body":"around, right? So I've always"},{"speaker":"Carl Widger","startTime":2433.279,"endTime":2436.219,"body":"argued that in pension funds,"},{"speaker":"Carl Widger","startTime":2433.279,"endTime":2436.219,"body":"right? Well, this is really"},{"speaker":"Carl Widger","startTime":2436.219,"endTime":2440.199,"body":"easy. Why don't we? Why don't we"},{"speaker":"Carl Widger","startTime":2436.219,"endTime":2440.199,"body":"take the bull to put, take the"},{"speaker":"Carl Widger","startTime":2440.199,"endTime":2443.5589999999997,"body":"bull by the horns ourselves, and"},{"speaker":"Carl Widger","startTime":2440.199,"endTime":2443.5589999999997,"body":"say, and get the providers to"},{"speaker":"Carl Widger","startTime":2443.5589999999997,"endTime":2446.379,"body":"say, no, if you're moving a"},{"speaker":"Carl Widger","startTime":2443.5589999999997,"endTime":2446.379,"body":"pension fund, if it's not"},{"speaker":"Carl Widger","startTime":2446.379,"endTime":2448.839,"body":"introducing new business,"},{"speaker":"Carl Widger","startTime":2446.379,"endTime":2448.839,"body":"there's no, there's no"},{"speaker":"Carl Widger","startTime":2449.019,"endTime":2452.919,"body":"commissions or fees allowable."},{"speaker":"Carl Widger","startTime":2449.019,"endTime":2452.919,"body":"Right now, here you go. Because"},{"speaker":"Carl Widger","startTime":2453.159,"endTime":2458.219,"body":"what I've heard is, you know,"},{"speaker":"Carl Widger","startTime":2453.159,"endTime":2458.219,"body":"insurance, pension provider, a"},{"speaker":"Carl Widger","startTime":2458.219,"endTime":2461.5789999999997,"body":"saying, Oh, be careful of that"},{"speaker":"Carl Widger","startTime":2458.219,"endTime":2461.5789999999997,"body":"firm over there, you know,"},{"speaker":"Carl Widger","startTime":2461.6389999999997,"endTime":2464.6389999999997,"body":"because their persistency rate"},{"speaker":"Carl Widger","startTime":2461.6389999999997,"endTime":2464.6389999999997,"body":"is terrible. And I'm like, Yeah,"},{"speaker":"Carl Widger","startTime":2464.6389999999997,"endTime":2467.699,"body":"but when you took the money in,"},{"speaker":"Carl Widger","startTime":2464.6389999999997,"endTime":2467.699,"body":"they that provider over there"},{"speaker":"Carl Widger","startTime":2467.699,"endTime":2470.339,"body":"were, like, you are that that"},{"speaker":"Carl Widger","startTime":2467.699,"endTime":2470.339,"body":"intermediate over there was your"},{"speaker":"Carl Widger","startTime":2470.399,"endTime":2473.819,"body":"best friend and your buddy. So"},{"speaker":"Carl Widger","startTime":2470.399,"endTime":2473.819,"body":"you can talk out of both sides"},{"speaker":"Carl Widger","startTime":2473.819,"endTime":2476.899,"body":"your mouth here and and then"},{"speaker":"Carl Widger","startTime":2473.819,"endTime":2476.899,"body":"with. Prsas are, you know,"},{"speaker":"Carl Widger","startTime":2476.899,"endTime":2479.839,"body":"there's an awful lot of them"},{"speaker":"Carl Widger","startTime":2476.899,"endTime":2479.839,"body":"launching new prsas, and you"},{"speaker":"Carl Widger","startTime":2479.839,"endTime":2484.519,"body":"have like, 34 different charging"},{"speaker":"Carl Widger","startTime":2479.839,"endTime":2484.519,"body":"structures. Yeah, I Come on,"},{"speaker":"Carl Widger","startTime":2484.519,"endTime":2487.159,"body":"guys, this is not, this is not"},{"speaker":"Carl Widger","startTime":2484.519,"endTime":2487.159,"body":"professionally this."},{"speaker":"Alan Smith","startTime":2487.16,"endTime":2489.5,"body":"This is exactly you"},{"speaker":"Alan Smith","startTime":2487.16,"endTime":2489.5,"body":"believe what we had, yeah,"},{"speaker":"Alan Smith","startTime":2489.74,"endTime":2492.2599999999998,"body":"whenever you said it was all"},{"speaker":"Alan Smith","startTime":2489.74,"endTime":2492.2599999999998,"body":"those years ago, and exactly"},{"speaker":"Alan Smith","startTime":2492.2599999999998,"endTime":2495.2599999999998,"body":"that, it was always a reason to"},{"speaker":"Alan Smith","startTime":2492.2599999999998,"endTime":2495.2599999999998,"body":"move it. Someone else, some"},{"speaker":"Alan Smith","startTime":2495.2599999999998,"endTime":2499.42,"body":"other, some other company had,"},{"speaker":"Alan Smith","startTime":2495.2599999999998,"endTime":2499.42,"body":"like, point zero, 1% lower fees."},{"speaker":"Alan Smith","startTime":2499.42,"endTime":2502.18,"body":"So get back to the client. Move"},{"speaker":"Alan Smith","startTime":2499.42,"endTime":2502.18,"body":"it's just all the pension"},{"speaker":"Alan Smith","startTime":2502.18,"endTime":2504.52,"body":"providers just borrowing the"},{"speaker":"Alan Smith","startTime":2502.18,"endTime":2504.52,"body":"money. It's your turn. Now you"},{"speaker":"Alan Smith","startTime":2504.52,"endTime":2506.7999999999997,"body":"can have all these funds for"},{"speaker":"Alan Smith","startTime":2504.52,"endTime":2506.7999999999997,"body":"five years, and then we'll move"},{"speaker":"Alan Smith","startTime":2506.7999999999997,"endTime":2509.5,"body":"them off, off again to someone"},{"speaker":"Alan Smith","startTime":2506.7999999999997,"endTime":2509.5,"body":"else. Yes, yeah, we're taking"},{"speaker":"Alan Smith","startTime":2509.5,"endTime":2509.7999999999997,"body":"that to"},{"speaker":"Nick Lincoln","startTime":2509.799,"endTime":2511.359,"body":"the nth degree."},{"speaker":"Nick Lincoln","startTime":2509.799,"endTime":2511.359,"body":"When stakeholders were"},{"speaker":"Nick Lincoln","startTime":2511.359,"endTime":2514.899,"body":"introduced back in 2000 2001"},{"speaker":"Nick Lincoln","startTime":2511.359,"endTime":2514.899,"body":"stakeholder pensions, you know,"},{"speaker":"Nick Lincoln","startTime":2514.899,"endTime":2517.6189999999997,"body":"100% allocation, no bid offer"},{"speaker":"Nick Lincoln","startTime":2514.899,"endTime":2517.6189999999997,"body":"spread, no exit penalties. But"},{"speaker":"Nick Lincoln","startTime":2518.159,"endTime":2521.0389999999998,"body":"the insurance companies, who are"},{"speaker":"Nick Lincoln","startTime":2518.159,"endTime":2521.0389999999998,"body":"driven by sales targets, that's"},{"speaker":"Nick Lincoln","startTime":2521.0389999999998,"endTime":2523.379,"body":"all they look at. Money coming"},{"speaker":"Nick Lincoln","startTime":2521.0389999999998,"endTime":2523.379,"body":"in. They don't seem to focus on"},{"speaker":"Nick Lincoln","startTime":2523.379,"endTime":2526.919,"body":"money going out. They would like"},{"speaker":"Nick Lincoln","startTime":2523.379,"endTime":2526.919,"body":"paying five 6% commission on"},{"speaker":"Nick Lincoln","startTime":2526.919,"endTime":2529.799,"body":"stakeholders. So you'd invest"},{"speaker":"Nick Lincoln","startTime":2526.919,"endTime":2529.799,"body":"100 a pension transfer into a"},{"speaker":"Nick Lincoln","startTime":2529.799,"endTime":2532.5589999999997,"body":"stakeholder, 100 grand, say, you"},{"speaker":"Nick Lincoln","startTime":2529.799,"endTime":2532.5589999999997,"body":"get your five grand commission,"},{"speaker":"Nick Lincoln","startTime":2532.5589999999997,"endTime":2535.319,"body":"and the very next day, you can"},{"speaker":"Nick Lincoln","startTime":2532.5589999999997,"endTime":2535.319,"body":"switch that to another provider"},{"speaker":"Nick Lincoln","startTime":2535.319,"endTime":2538.699,"body":"and get another 5% and that went"},{"speaker":"Nick Lincoln","startTime":2535.319,"endTime":2538.699,"body":"on for about 18 months, till the"},{"speaker":"Nick Lincoln","startTime":2538.699,"endTime":2541.219,"body":"life insurance companies just"},{"speaker":"Nick Lincoln","startTime":2538.699,"endTime":2541.219,"body":"started closing age. Some of"},{"speaker":"Nick Lincoln","startTime":2541.219,"endTime":2544.279,"body":"these cowboy IFA just taking it."},{"speaker":"Nick Lincoln","startTime":2541.219,"endTime":2544.279,"body":"But what they do each time, and"},{"speaker":"Nick Lincoln","startTime":2544.279,"endTime":2546.199,"body":"they say to the club, well,"},{"speaker":"Nick Lincoln","startTime":2544.279,"endTime":2546.199,"body":"we're going to rebate back a"},{"speaker":"Nick Lincoln","startTime":2546.199,"endTime":2548.0589999999997,"body":"little bit the commissioners,"},{"speaker":"Nick Lincoln","startTime":2546.199,"endTime":2548.0589999999997,"body":"yeah. So each time, they're"},{"speaker":"Nick Lincoln","startTime":2548.0589999999997,"endTime":2551.239,"body":"fractionally getting a slightly"},{"speaker":"Nick Lincoln","startTime":2548.0589999999997,"endTime":2551.239,"body":"reduced annual management charge"},{"speaker":"Nick Lincoln","startTime":2551.239,"endTime":2555.6189999999997,"body":"in the contract, still earning"},{"speaker":"Nick Lincoln","startTime":2551.239,"endTime":2555.6189999999997,"body":"1000s of pounds, just leaving a"},{"speaker":"Nick Lincoln","startTime":2555.679,"endTime":2556.5789999999997,"body":"carnage of switches"},{"speaker":"Alan Smith","startTime":2556.8199999999997,"endTime":2559.12,"body":"firms you could"},{"speaker":"Alan Smith","startTime":2556.8199999999997,"endTime":2559.12,"body":"actually, before get outlawed,"},{"speaker":"Alan Smith","startTime":2559.12,"endTime":2561.2799999999997,"body":"you could actually share"},{"speaker":"Alan Smith","startTime":2559.12,"endTime":2561.2799999999997,"body":"commission with a client. She"},{"speaker":"Alan Smith","startTime":2561.2799999999997,"endTime":2563.44,"body":"said, we're going to move this"},{"speaker":"Alan Smith","startTime":2561.2799999999997,"endTime":2563.44,"body":"particularly last, the last"},{"speaker":"Alan Smith","startTime":2563.44,"endTime":2565.6,"body":"company pension schemes. You"},{"speaker":"Alan Smith","startTime":2563.44,"endTime":2565.6,"body":"know, there's a lot of money"},{"speaker":"Alan Smith","startTime":2565.6,"endTime":2568.18,"body":"involved. We'll move it around."},{"speaker":"Alan Smith","startTime":2565.6,"endTime":2568.18,"body":"Speak to the directors. We'll"},{"speaker":"Alan Smith","startTime":2568.18,"endTime":2570.88,"body":"move it from, you know, company"},{"speaker":"Alan Smith","startTime":2568.18,"endTime":2570.88,"body":"A to Company B. We'll earn"},{"speaker":"Alan Smith","startTime":2570.88,"endTime":2574.9,"body":"another 100 grand, and we'll"},{"speaker":"Alan Smith","startTime":2570.88,"endTime":2574.9,"body":"give you 20 grand of it for your"},{"speaker":"Alan Smith","startTime":2574.9,"endTime":2575.2599999999998,"body":"trouble."},{"speaker":"Andy Hart","startTime":2575.679,"endTime":2576.839,"body":"Are you free for"},{"speaker":"Andy Hart","startTime":2575.679,"endTime":2576.839,"body":"lunch"},{"speaker":"Carl Widger","startTime":2579.06,"endTime":2583.74,"body":"next Thursday."},{"speaker":"Carl Widger","startTime":2579.06,"endTime":2583.74,"body":"Final point, you know, like, I,"},{"speaker":"Carl Widger","startTime":2583.74,"endTime":2586.8599999999997,"body":"if, if I, if you're in business"},{"speaker":"Carl Widger","startTime":2583.74,"endTime":2586.8599999999997,"body":"and you're looking maybe to sell"},{"speaker":"Carl Widger","startTime":2586.8599999999997,"endTime":2590.22,"body":"your business down the line,"},{"speaker":"Carl Widger","startTime":2586.8599999999997,"endTime":2590.22,"body":"right? First question any buyer"},{"speaker":"Carl Widger","startTime":2590.22,"endTime":2593.52,"body":"is going to ask you is, can I"},{"speaker":"Carl Widger","startTime":2590.22,"endTime":2593.52,"body":"have your persistency rate? And"},{"speaker":"Carl Widger","startTime":2593.52,"endTime":2596.1,"body":"I don't want it from you, I want"},{"speaker":"Carl Widger","startTime":2593.52,"endTime":2596.1,"body":"it from your providers. Yeah,"},{"speaker":"Carl Widger","startTime":2596.1,"endTime":2598.7599999999998,"body":"now they're straight off, you're"},{"speaker":"Carl Widger","startTime":2596.1,"endTime":2598.7599999999998,"body":"going to see, okay, there's a"},{"speaker":"Carl Widger","startTime":2598.7599999999998,"endTime":2600.74,"body":"problem here. Just to"},{"speaker":"Nick Lincoln","startTime":2600.74,"endTime":2603.08,"body":"close the band,"},{"speaker":"Nick Lincoln","startTime":2600.74,"endTime":2603.08,"body":"just record that point. Really,"},{"speaker":"Nick Lincoln","startTime":2603.08,"endTime":2605.72,"body":"I don't enough. I saw Andy shake"},{"speaker":"Nick Lincoln","startTime":2603.08,"endTime":2605.72,"body":"his head when you said I"},{"speaker":"Nick Lincoln","startTime":2605.8399999999997,"endTime":2608.6,"body":"wouldn't rely on the providers"},{"speaker":"Nick Lincoln","startTime":2605.8399999999997,"endTime":2608.6,"body":"to drive this going forward,"},{"speaker":"Nick Lincoln","startTime":2608.6,"endTime":2613.64,"body":"because they want advisors as"},{"speaker":"Nick Lincoln","startTime":2608.6,"endTime":2613.64,"body":"distributors of product. Yes,"},{"speaker":"Nick Lincoln","startTime":2613.64,"endTime":2616.22,"body":"you know when RDR came in this"},{"speaker":"Nick Lincoln","startTime":2613.64,"endTime":2616.22,"body":"country, yeah, it was at the"},{"speaker":"Nick Lincoln","startTime":2616.22,"endTime":2619.06,"body":"same time that the same time"},{"speaker":"Nick Lincoln","startTime":2616.22,"endTime":2619.06,"body":"that the platforms really took"},{"speaker":"Nick Lincoln","startTime":2619.06,"endTime":2621.52,"body":"off. Now, that might be much"},{"speaker":"Nick Lincoln","startTime":2619.06,"endTime":2621.52,"body":"conflating. It might be a"},{"speaker":"Nick Lincoln","startTime":2621.7,"endTime":2624.2799999999997,"body":"coincidence, but I don't think"},{"speaker":"Nick Lincoln","startTime":2621.7,"endTime":2624.2799999999997,"body":"it is. I think, I think,"},{"speaker":"Andy Hart","startTime":2624.2799999999997,"endTime":2626.38,"body":"yeah, and then they"},{"speaker":"Andy Hart","startTime":2624.2799999999997,"endTime":2626.38,"body":"start needing to buy platforms"},{"speaker":"Andy Hart","startTime":2626.38,"endTime":2628.54,"body":"where the distribution ends up,"},{"speaker":"Andy Hart","startTime":2626.38,"endTime":2628.54,"body":"you know, 100%"},{"speaker":"Carl Widger","startTime":2629.44,"endTime":2631.06,"body":"I'm not naive"},{"speaker":"Carl Widger","startTime":2629.44,"endTime":2631.06,"body":"enough to think that that is"},{"speaker":"Carl Widger","startTime":2631.06,"endTime":2634.72,"body":"going to happen, but what I'm"},{"speaker":"Carl Widger","startTime":2631.06,"endTime":2634.72,"body":"saying is that the providers"},{"speaker":"Carl Widger","startTime":2634.96,"endTime":2637.7999999999997,"body":"pointing the finger at the"},{"speaker":"Carl Widger","startTime":2634.96,"endTime":2637.7999999999997,"body":"intermediaries all the time is"},{"speaker":"Carl Widger","startTime":2637.7999999999997,"endTime":2641.58,"body":"that's not okay either. They are"},{"speaker":"Carl Widger","startTime":2637.7999999999997,"endTime":2641.58,"body":"definitely. They are definitely"},{"speaker":"Carl Widger","startTime":2641.58,"endTime":2643.74,"body":"part and parcel of this problem."},{"speaker":"Carl Widger","startTime":2641.58,"endTime":2643.74,"body":"Yeah."},{"speaker":"Nick Lincoln","startTime":2643.799,"endTime":2646.799,"body":"Okay, okay, well,"},{"speaker":"Nick Lincoln","startTime":2643.799,"endTime":2646.799,"body":"that's a really interesting"},{"speaker":"Nick Lincoln","startTime":2646.799,"endTime":2651.239,"body":"little discussion there. Um,"},{"speaker":"Nick Lincoln","startTime":2646.799,"endTime":2651.239,"body":"okay, so storyteller, us cash"},{"speaker":"Nick Lincoln","startTime":2651.239,"endTime":2651.779,"body":"management"},{"speaker":"Alan Smith","startTime":2652.259,"endTime":2655.919,"body":"shop, you seem to be"},{"speaker":"Alan Smith","startTime":2652.259,"endTime":2655.919,"body":"having a lot of kind of doom and"},{"speaker":"Alan Smith","startTime":2655.919,"endTime":2660.019,"body":"gloom stories, but there are a"},{"speaker":"Alan Smith","startTime":2655.919,"endTime":2660.019,"body":"few out there, to be fair, but"},{"speaker":"Alan Smith","startTime":2660.019,"endTime":2662.779,"body":"the just we're just observing"},{"speaker":"Alan Smith","startTime":2660.019,"endTime":2662.779,"body":"what's going on in the world"},{"speaker":"Alan Smith","startTime":2662.779,"endTime":2666.5589999999997,"body":"around us. This was something I"},{"speaker":"Alan Smith","startTime":2662.779,"endTime":2666.5589999999997,"body":"picked up from the other side of"},{"speaker":"Alan Smith","startTime":2666.5589999999997,"endTime":2671.179,"body":"the pond, over in the US, and"},{"speaker":"Alan Smith","startTime":2666.5589999999997,"endTime":2671.179,"body":"the heading is, I have no money."},{"speaker":"Alan Smith","startTime":2671.179,"endTime":2674.779,"body":"1000s of Americans see their"},{"speaker":"Alan Smith","startTime":2671.179,"endTime":2674.779,"body":"savings vanish in synapse"},{"speaker":"Alan Smith","startTime":2674.839,"endTime":2678.939,"body":"FinTech crisis. So reading this"},{"speaker":"Alan Smith","startTime":2674.839,"endTime":2678.939,"body":"article, which I've popped a"},{"speaker":"Alan Smith","startTime":2678.939,"endTime":2683.259,"body":"link to in the notes, it looks"},{"speaker":"Alan Smith","startTime":2678.939,"endTime":2683.259,"body":"like this. This company is one"},{"speaker":"Alan Smith","startTime":2683.259,"endTime":2688.779,"body":"of these FinTech aggregators for"},{"speaker":"Alan Smith","startTime":2683.259,"endTime":2688.779,"body":"other banks and deposit holders."},{"speaker":"Alan Smith","startTime":2688.779,"endTime":2691.899,"body":"So these are all cash deposit"},{"speaker":"Alan Smith","startTime":2688.779,"endTime":2691.899,"body":"these were not sort of crazy"},{"speaker":"Alan Smith","startTime":2691.899,"endTime":2694.359,"body":"investments, as people, you"},{"speaker":"Alan Smith","startTime":2691.899,"endTime":2694.359,"body":"know, and savers putting the"},{"speaker":"Alan Smith","startTime":2694.359,"endTime":2697.5589999999997,"body":"money into, effectively, bank"},{"speaker":"Alan Smith","startTime":2694.359,"endTime":2697.5589999999997,"body":"accounts. Let me see, 1000s of"},{"speaker":"Alan Smith","startTime":2697.5589999999997,"endTime":2700.319,"body":"Americans will receive little or"},{"speaker":"Alan Smith","startTime":2697.5589999999997,"endTime":2700.319,"body":"nothing from savings accounts"},{"speaker":"Alan Smith","startTime":2700.319,"endTime":2703.199,"body":"that were locked, that were"},{"speaker":"Alan Smith","startTime":2700.319,"endTime":2703.199,"body":"locked during the collapse of"},{"speaker":"Alan Smith","startTime":2703.199,"endTime":2708.1189999999997,"body":"FinTech middleman, synapse, or"},{"speaker":"Alan Smith","startTime":2703.199,"endTime":2708.1189999999997,"body":"synapse, customers believe the"},{"speaker":"Alan Smith","startTime":2708.1189999999997,"endTime":2710.339,"body":"accounts were backed by the full"},{"speaker":"Alan Smith","startTime":2708.1189999999997,"endTime":2710.339,"body":"faith and credit of the US"},{"speaker":"Alan Smith","startTime":2710.339,"endTime":2712.5589999999997,"body":"government. Blah, blah, blah."},{"speaker":"Alan Smith","startTime":2710.339,"endTime":2712.5589999999997,"body":"People have lost sums raining"},{"speaker":"Alan Smith","startTime":2712.5589999999997,"endTime":2715.979,"body":"for $7,000 to well over $200,000"},{"speaker":"Alan Smith","startTime":2712.5589999999997,"endTime":2715.979,"body":"and on it goes on. It goes"},{"speaker":"Alan Smith","startTime":2715.979,"endTime":2718.519,"body":"millions. Millions are lost."},{"speaker":"Alan Smith","startTime":2715.979,"endTime":2718.519,"body":"It's just another one of these"},{"speaker":"Alan Smith","startTime":2718.519,"endTime":2720.739,"body":"things we talked about it"},{"speaker":"Alan Smith","startTime":2718.519,"endTime":2720.739,"body":"before. I'm sure all the ones"},{"speaker":"Alan Smith","startTime":2720.739,"endTime":2724.5789999999997,"body":"that operate in the UK are fair"},{"speaker":"Alan Smith","startTime":2720.739,"endTime":2724.5789999999997,"body":"and reasonable, but it just"},{"speaker":"Alan Smith","startTime":2724.5789999999997,"endTime":2727.219,"body":"gives you pause for thought when"},{"speaker":"Alan Smith","startTime":2724.5789999999997,"endTime":2727.219,"body":"you've got these kind of tech,"},{"speaker":"Alan Smith","startTime":2727.219,"endTime":2732.499,"body":"middle men, middle companies, an"},{"speaker":"Alan Smith","startTime":2727.219,"endTime":2732.499,"body":"extra layer of complexity and"},{"speaker":"Alan Smith","startTime":2732.499,"endTime":2735.739,"body":"risk. Is only when things blow"},{"speaker":"Alan Smith","startTime":2732.499,"endTime":2735.739,"body":"up or go wrong do you find out"},{"speaker":"Alan Smith","startTime":2735.739,"endTime":2738.399,"body":"what the problems are when"},{"speaker":"Alan Smith","startTime":2735.739,"endTime":2738.399,"body":"everything's moving in the right"},{"speaker":"Alan Smith","startTime":2738.399,"endTime":2740.979,"body":"direction, but there's millions,"},{"speaker":"Alan Smith","startTime":2738.399,"endTime":2740.979,"body":"millions, millions of dollars"},{"speaker":"Alan Smith","startTime":2740.979,"endTime":2743.499,"body":"have been lost, and these people"},{"speaker":"Alan Smith","startTime":2740.979,"endTime":2743.499,"body":"have got no recourse. It has"},{"speaker":"Alan Smith","startTime":2743.499,"endTime":2748.299,"body":"gone vanished. So again, I'm"},{"speaker":"Alan Smith","startTime":2743.499,"endTime":2748.299,"body":"still standing by my view. Cash"},{"speaker":"Alan Smith","startTime":2748.299,"endTime":2753.0989999999997,"body":"accounts are national savings,"},{"speaker":"Alan Smith","startTime":2748.299,"endTime":2753.0989999999997,"body":"possibly someone like transact,"},{"speaker":"Alan Smith","startTime":2753.0989999999997,"endTime":2756.779,"body":"for example, with all their kind"},{"speaker":"Alan Smith","startTime":2753.0989999999997,"endTime":2756.779,"body":"of security measures in place,"},{"speaker":"Alan Smith","startTime":2756.779,"endTime":2759.959,"body":"but I would not be going too"},{"speaker":"Alan Smith","startTime":2756.779,"endTime":2759.959,"body":"close to some of these kind of"},{"speaker":"Alan Smith","startTime":2759.959,"endTime":2763.319,"body":"new startup FinTech, kind of"},{"speaker":"Alan Smith","startTime":2759.959,"endTime":2763.319,"body":"cash aggregators. I'm sure"},{"speaker":"Alan Smith","startTime":2763.319,"endTime":2765.5389999999998,"body":"others will disagree, but that's"},{"speaker":"Alan Smith","startTime":2763.319,"endTime":2765.5389999999998,"body":"my"},{"speaker":"Andy Hart","startTime":2765.54,"endTime":2767.64,"body":"view. Well, you"},{"speaker":"Andy Hart","startTime":2765.54,"endTime":2767.64,"body":"coined it. Well, Alan, the"},{"speaker":"Andy Hart","startTime":2767.64,"endTime":2771.72,"body":"upside is minimal. The downside"},{"speaker":"Andy Hart","startTime":2767.64,"endTime":2771.72,"body":"is catastrophe. Taking all that"},{"speaker":"Andy Hart","startTime":2771.72,"endTime":2775.02,"body":"risk for a minimal upside is"},{"speaker":"Andy Hart","startTime":2771.72,"endTime":2775.02,"body":"insane. Yeah. Talking of"},{"speaker":"Andy Hart","startTime":2775.02,"endTime":2779.7799999999997,"body":"transact we went. The transact"},{"speaker":"Andy Hart","startTime":2775.02,"endTime":2779.7799999999997,"body":"annual connect, yeah, last week"},{"speaker":"Andy Hart","startTime":2780.14,"endTime":2782.72,"body":"and Nicholas did a little pitch"},{"speaker":"Andy Hart","startTime":2780.14,"endTime":2782.72,"body":"on stage. How did it go?"},{"speaker":"Andy Hart","startTime":2782.72,"endTime":2785.12,"body":"Nicholas, it was a great very"},{"speaker":"Andy Hart","startTime":2782.72,"endTime":2785.12,"body":"well, very well. I"},{"speaker":"Nick Lincoln","startTime":2785.12,"endTime":2786.68,"body":"delivered. I got"},{"speaker":"Nick Lincoln","startTime":2785.12,"endTime":2786.68,"body":"some laughs. That's all the"},{"speaker":"Nick Lincoln","startTime":2786.68,"endTime":2788.7799999999997,"body":"matters. No, it's good. That's"},{"speaker":"Nick Lincoln","startTime":2786.68,"endTime":2788.7799999999997,"body":"good. I think, I don't think"},{"speaker":"Nick Lincoln","startTime":2788.7799999999997,"endTime":2792.68,"body":"transact are quite expecting the"},{"speaker":"Nick Lincoln","startTime":2788.7799999999997,"endTime":2792.68,"body":"responses I gave to but we could"},{"speaker":"Nick Lincoln","startTime":2792.68,"endTime":2795.2,"body":"send the questions by me before"},{"speaker":"Nick Lincoln","startTime":2792.68,"endTime":2795.2,"body":"I got on stage."},{"speaker":"Alan Smith","startTime":2797.48,"endTime":2799.9,"body":"You put in our"},{"speaker":"Alan Smith","startTime":2797.48,"endTime":2799.9,"body":"message group. You said, I don't"},{"speaker":"Alan Smith","startTime":2799.9,"endTime":2801.3399999999997,"body":"think you'd be invited back."},{"speaker":"Andy Hart","startTime":2801.879,"endTime":2805.479,"body":"What did he say?"},{"speaker":"Andy Hart","startTime":2801.879,"endTime":2805.479,"body":"Well, I'm not going to go into"},{"speaker":"Andy Hart","startTime":2805.479,"endTime":2808.5989999999997,"body":"the detail that would be fair."},{"speaker":"Andy Hart","startTime":2805.479,"endTime":2808.5989999999997,"body":"He's not here to defend himself,"},{"speaker":"Andy Hart","startTime":2809.259,"endTime":2812.319,"body":"but he was nice to say he won't"},{"speaker":"Andy Hart","startTime":2809.259,"endTime":2812.319,"body":"be invited back. He was on stage"},{"speaker":"Andy Hart","startTime":2812.319,"endTime":2815.199,"body":"with another gentleman who's"},{"speaker":"Andy Hart","startTime":2812.319,"endTime":2815.199,"body":"meant to be sort of a fireside"},{"speaker":"Andy Hart","startTime":2815.199,"endTime":2817.5589999999997,"body":"chat, but the guy spoke for the"},{"speaker":"Andy Hart","startTime":2815.199,"endTime":2817.5589999999997,"body":"first seven or eight minutes,"},{"speaker":"Andy Hart","startTime":2817.5589999999997,"endTime":2820.199,"body":"Nick didn't really get a word"},{"speaker":"Andy Hart","startTime":2817.5589999999997,"endTime":2820.199,"body":"in. And then Nick just did a bit"},{"speaker":"Andy Hart","startTime":2820.199,"endTime":2824.819,"body":"of a, you know, sort of long,"},{"speaker":"Andy Hart","startTime":2820.199,"endTime":2824.819,"body":"rambling Nick"},{"speaker":"Nick Lincoln","startTime":2826.14,"endTime":2828.54,"body":"stage with"},{"speaker":"Nick Lincoln","startTime":2826.14,"endTime":2828.54,"body":"Jonathan Gumby. I was on stage"},{"speaker":"Nick Lincoln","startTime":2828.54,"endTime":2832.62,"body":"with the CEO, yeah, it must be a"},{"speaker":"Nick Lincoln","startTime":2828.54,"endTime":2832.62,"body":"round table, just two of us. And"},{"speaker":"Nick Lincoln","startTime":2832.62,"endTime":2835.38,"body":"then Glenn sweet there that,"},{"speaker":"Nick Lincoln","startTime":2832.62,"endTime":2835.38,"body":"yeah, there's some ops manager,"},{"speaker":"Nick Lincoln","startTime":2835.44,"endTime":2837.2599999999998,"body":"um, sort of facilitating it. But"},{"speaker":"Nick Lincoln","startTime":2835.44,"endTime":2837.2599999999998,"body":"it was"},{"speaker":"Andy Hart","startTime":2837.74,"endTime":2841.88,"body":"good. He did well. It"},{"speaker":"Andy Hart","startTime":2837.74,"endTime":2841.88,"body":"was humorous, but I don't think"},{"speaker":"Andy Hart","startTime":2842.2999999999997,"endTime":2847.04,"body":"he said what the people in the"},{"speaker":"Andy Hart","startTime":2842.2999999999997,"endTime":2847.04,"body":"room expected him to say. But"},{"speaker":"Andy Hart","startTime":2847.04,"endTime":2851.96,"body":"he's fine. He's working true to"},{"speaker":"Andy Hart","startTime":2847.04,"endTime":2851.96,"body":"form. He's working progress. He"},{"speaker":"Andy Hart","startTime":2851.96,"endTime":2854.96,"body":"lifted the mood and the spirit"},{"speaker":"Andy Hart","startTime":2851.96,"endTime":2854.96,"body":"in the room. It was very light"},{"speaker":"Andy Hart","startTime":2854.96,"endTime":2858.2799999999997,"body":"hearted. And then we all went"},{"speaker":"Andy Hart","startTime":2854.96,"endTime":2858.2799999999997,"body":"for lunch. But I'd hazard a"},{"speaker":"Andy Hart","startTime":2858.2799999999997,"endTime":2860.8599999999997,"body":"guess. I don't think he's gonna"},{"speaker":"Andy Hart","startTime":2858.2799999999997,"endTime":2860.8599999999997,"body":"be invited back to speak about"},{"speaker":"Andy Hart","startTime":2860.8599999999997,"endTime":2864.16,"body":"that subject. He might be"},{"speaker":"Andy Hart","startTime":2860.8599999999997,"endTime":2864.16,"body":"invited back for another"},{"speaker":"Andy Hart","startTime":2864.16,"endTime":2866.8599999999997,"body":"subject, but not that subject."},{"speaker":"Nick Lincoln","startTime":2868.66,"endTime":2872.44,"body":"Okay, right? Let"},{"speaker":"Nick Lincoln","startTime":2868.66,"endTime":2872.44,"body":"me get now this one watch. I'm a"},{"speaker":"Nick Lincoln","startTime":2872.44,"endTime":2874.9,"body":"bit confused here. Do you want"},{"speaker":"Nick Lincoln","startTime":2872.44,"endTime":2874.9,"body":"to mention that the new meta,"},{"speaker":"Nick Lincoln","startTime":2874.9,"endTime":2876.2999999999997,"body":"silos, CIO, or do you not?"},{"speaker":"Carl Widger","startTime":2879.54,"endTime":2886.56,"body":"I do? I do, of"},{"speaker":"Carl Widger","startTime":2879.54,"endTime":2886.56,"body":"course, yeah. So I mentioned, I"},{"speaker":"Carl Widger","startTime":2886.56,"endTime":2890.16,"body":"mentioned, back at trap live,"},{"speaker":"Carl Widger","startTime":2886.56,"endTime":2890.16,"body":"that it was something I"},{"speaker":"Carl Widger","startTime":2890.16,"endTime":2895.2,"body":"consider, or was considering,"},{"speaker":"Carl Widger","startTime":2890.16,"endTime":2895.2,"body":"which was appointing a chief"},{"speaker":"Carl Widger","startTime":2895.2,"endTime":2900.14,"body":"investment officer. And we have"},{"speaker":"Carl Widger","startTime":2895.2,"endTime":2900.14,"body":"done just that. We've delighted"},{"speaker":"Carl Widger","startTime":2900.14,"endTime":2906.62,"body":"to get our guy. He starts this"},{"speaker":"Carl Widger","startTime":2900.14,"endTime":2906.62,"body":"week, actually, and like the"},{"speaker":"Carl Widger","startTime":2906.62,"endTime":2911.96,"body":"idea of appointing a CIO is not"},{"speaker":"Carl Widger","startTime":2906.62,"endTime":2911.96,"body":"to we're going we're going all"},{"speaker":"Carl Widger","startTime":2911.96,"endTime":2914.66,"body":"active. We're going to have"},{"speaker":"Carl Widger","startTime":2911.96,"endTime":2914.66,"body":"crypto. We're going to have"},{"speaker":"Carl Widger","startTime":2914.66,"endTime":2918.7,"body":"this. It's just to try and"},{"speaker":"Carl Widger","startTime":2914.66,"endTime":2918.7,"body":"deliver our message, our story,"},{"speaker":"Carl Widger","startTime":2919.18,"endTime":2924.16,"body":"in a more, I suppose, strategic"},{"speaker":"Carl Widger","startTime":2919.18,"endTime":2924.16,"body":"kind of way. And for someone"},{"speaker":"Carl Widger","startTime":2924.4,"endTime":2926.5,"body":"who's got all the"},{"speaker":"Carl Widger","startTime":2924.4,"endTime":2926.5,"body":"qualifications, who has come"},{"speaker":"Carl Widger","startTime":2926.5,"endTime":2930.52,"body":"from, you know, has seen how"},{"speaker":"Carl Widger","startTime":2926.5,"endTime":2930.52,"body":"it's done before, and has been"},{"speaker":"Carl Widger","startTime":2930.7599999999998,"endTime":2933.64,"body":"no, I think that the metas"},{"speaker":"Carl Widger","startTime":2930.7599999999998,"endTime":2933.64,"body":"Ireland investment philosophy,"},{"speaker":"Carl Widger","startTime":2933.94,"endTime":2939.42,"body":"which is keep it simple, well,"},{"speaker":"Carl Widger","startTime":2933.94,"endTime":2939.42,"body":"close track. Yeah. I think it's,"},{"speaker":"Carl Widger","startTime":2939.8399999999997,"endTime":2945.12,"body":"it's for, for somebody kind of,"},{"speaker":"Carl Widger","startTime":2939.8399999999997,"endTime":2945.12,"body":"really well qualified, who has a"},{"speaker":"Carl Widger","startTime":2945.12,"endTime":2948.2999999999997,"body":"lot of experience to be able to"},{"speaker":"Carl Widger","startTime":2945.12,"endTime":2948.2999999999997,"body":"say that to our clients and and,"},{"speaker":"Carl Widger","startTime":2948.2999999999997,"endTime":2952.8599999999997,"body":"you know, our challenge, our"},{"speaker":"Carl Widger","startTime":2948.2999999999997,"endTime":2952.8599999999997,"body":"Declan challenge, is going to be"},{"speaker":"Carl Widger","startTime":2952.8599999999997,"endTime":2957.08,"body":"to, I suppose, tell clients who"},{"speaker":"Carl Widger","startTime":2952.8599999999997,"endTime":2957.08,"body":"are used to being sold"},{"speaker":"Carl Widger","startTime":2957.08,"endTime":2960.2,"body":"complexity that actually"},{"speaker":"Carl Widger","startTime":2957.08,"endTime":2960.2,"body":"Simplicity is the way forward,"},{"speaker":"Carl Widger","startTime":2961.22,"endTime":2966.08,"body":"because complexity is sexier and"},{"speaker":"Carl Widger","startTime":2961.22,"endTime":2966.08,"body":"it sells probably easier. So"},{"speaker":"Carl Widger","startTime":2966.08,"endTime":2968.8399999999997,"body":"yeah, we're really delighted to"},{"speaker":"Carl Widger","startTime":2966.08,"endTime":2968.8399999999997,"body":"have him on board. It's got a"},{"speaker":"Carl Widger","startTime":2968.8399999999997,"endTime":2972.56,"body":"little bit of media traction"},{"speaker":"Carl Widger","startTime":2968.8399999999997,"endTime":2972.56,"body":"here, which is, which is good,"},{"speaker":"Carl Widger","startTime":2973.04,"endTime":2977.2599999999998,"body":"because it puts the metazard and"},{"speaker":"Carl Widger","startTime":2973.04,"endTime":2977.2599999999998,"body":"name out there. And yeah, very"},{"speaker":"Carl Widger","startTime":2977.2599999999998,"endTime":2980.98,"body":"excited to we've had a good"},{"speaker":"Carl Widger","startTime":2977.2599999999998,"endTime":2980.98,"body":"year, and we're looking to drive"},{"speaker":"Carl Widger","startTime":2980.98,"endTime":2983.2599999999998,"body":"things on now over the next"},{"speaker":"Carl Widger","startTime":2980.98,"endTime":2983.2599999999998,"body":"couple of years, and declining"},{"speaker":"Carl Widger","startTime":2983.2599999999998,"endTime":2987.7599999999998,"body":"King is going to be front and"},{"speaker":"Carl Widger","startTime":2983.2599999999998,"endTime":2987.7599999999998,"body":"center of all of those ambitious"},{"speaker":"Carl Widger","startTime":2987.7599999999998,"endTime":2988.7799999999997,"body":"goals that we have."},{"speaker":"Andy Hart","startTime":2989.259,"endTime":2990.939,"body":"That's excellent."},{"speaker":"Andy Hart","startTime":2989.259,"endTime":2990.939,"body":"Congratulations."},{"speaker":"Alan Smith","startTime":2992.08,"endTime":2994.48,"body":"He's got to be, he's"},{"speaker":"Alan Smith","startTime":2992.08,"endTime":2994.48,"body":"going to be like the guy the,"},{"speaker":"Alan Smith","startTime":2994.48,"endTime":2998.94,"body":"what you call the manager of the"},{"speaker":"Alan Smith","startTime":2994.48,"endTime":2998.94,"body":"Nevada State Pension Fund. Yeah,"},{"speaker":"Alan Smith","startTime":2999.48,"endTime":3002.24,"body":"he's got nothing to do all day"},{"speaker":"Alan Smith","startTime":2999.48,"endTime":3002.24,"body":"in terms of managing, but I"},{"speaker":"Alan Smith","startTime":3002.24,"endTime":3003.74,"body":"imagine he'd be a great you"},{"speaker":"Andy Hart","startTime":3003.74,"endTime":3005.54,"body":"know, everything's"},{"speaker":"Andy Hart","startTime":3003.74,"endTime":3005.54,"body":"working really well at the"},{"speaker":"Andy Hart","startTime":3005.54,"endTime":3009.3199999999997,"body":"moment. We want you to just sort"},{"speaker":"Andy Hart","startTime":3005.54,"endTime":3009.3199999999997,"body":"of confirm that, yeah, is that"},{"speaker":"Andy Hart","startTime":3009.3199999999997,"endTime":3009.92,"body":"exactly?"},{"speaker":"Alan Smith","startTime":3009.919,"endTime":3010.999,"body":"Just don't touch"},{"speaker":"Alan Smith","startTime":3009.919,"endTime":3010.999,"body":"anything,"},{"speaker":"Unknown","startTime":3011.3599999999997,"endTime":3012.56,"body":"yeah. But he'd be great"},{"speaker":"Unknown","startTime":3015.02,"endTime":3015.7999999999997,"body":"for 12 years,"},{"speaker":"Carl Widger","startTime":3017.299,"endTime":3019.719,"body":"but he'll be great"},{"speaker":"Carl Widger","startTime":3017.299,"endTime":3019.719,"body":"at that. Tweaks around the edges"},{"speaker":"Carl Widger","startTime":3019.719,"endTime":3021.5789999999997,"body":"that we can"},{"speaker":"Alan Smith","startTime":3022.06,"endTime":3032.08,"body":"Oh, here we go."},{"speaker":"Alan Smith","startTime":3022.06,"endTime":3032.08,"body":"Spice things up. But I think, I"},{"speaker":"Alan Smith","startTime":3032.08,"endTime":3035.5,"body":"think it's a really killer move,"},{"speaker":"Alan Smith","startTime":3032.08,"endTime":3035.5,"body":"because for those clients you've"},{"speaker":"Alan Smith","startTime":3035.5,"endTime":3038.52,"body":"got, and we've talked about this"},{"speaker":"Alan Smith","startTime":3035.5,"endTime":3038.52,"body":"again, many times in the past."},{"speaker":"Alan Smith","startTime":3038.52,"endTime":3041.58,"body":"They're just saying yes, but the"},{"speaker":"Alan Smith","startTime":3038.52,"endTime":3041.58,"body":"fun the company I'm with now, or"},{"speaker":"Alan Smith","startTime":3041.58,"endTime":3044.64,"body":"wherever, this sort of fancy DFM"},{"speaker":"Alan Smith","startTime":3041.58,"endTime":3044.64,"body":"discretionary manager, they say"},{"speaker":"Alan Smith","startTime":3044.64,"endTime":3047.88,"body":"this. They say someone like"},{"speaker":"Alan Smith","startTime":3044.64,"endTime":3047.88,"body":"Declan, from what I gather, can"},{"speaker":"Alan Smith","startTime":3047.88,"endTime":3050.4,"body":"come in and say, Look, I've"},{"speaker":"Alan Smith","startTime":3047.88,"endTime":3050.4,"body":"operated in that way, in that"},{"speaker":"Alan Smith","startTime":3050.4,"endTime":3053.7599999999998,"body":"sort of company for years. And"},{"speaker":"Alan Smith","startTime":3050.4,"endTime":3053.7599999999998,"body":"here's, here's my truth, here's,"},{"speaker":"Alan Smith","startTime":3053.7599999999998,"endTime":3057.14,"body":"here's what I really, truly"},{"speaker":"Alan Smith","startTime":3053.7599999999998,"endTime":3057.14,"body":"believe. It really coming from"},{"speaker":"Alan Smith","startTime":3057.14,"endTime":3060.44,"body":"him. He's got more credibility"},{"speaker":"Alan Smith","startTime":3057.14,"endTime":3060.44,"body":"with him, with all respect, than"},{"speaker":"Alan Smith","startTime":3060.44,"endTime":3060.98,"body":"coming from"},{"speaker":"Andy Hart","startTime":3060.979,"endTime":3063.019,"body":"you or anybody"},{"speaker":"Andy Hart","startTime":3060.979,"endTime":3063.019,"body":"employed an adult. He's an"},{"speaker":"Andy Hart","startTime":3063.019,"endTime":3064.459,"body":"adult, isn't he in track record."},{"speaker":"Alan Smith","startTime":3064.46,"endTime":3066.74,"body":"He's got history,"},{"speaker":"Alan Smith","startTime":3064.46,"endTime":3066.74,"body":"and He's liking around. He's"},{"speaker":"Alan Smith","startTime":3066.74,"endTime":3069.02,"body":"seen the light. He says, I think"},{"speaker":"Alan Smith","startTime":3066.74,"endTime":3069.02,"body":"there's a better way of doing"},{"speaker":"Alan Smith","startTime":3069.2,"endTime":3071.0,"body":"things I've been involved in."},{"speaker":"Alan Smith","startTime":3069.2,"endTime":3071.0,"body":"There's two"},{"speaker":"Carl Widger","startTime":3070.999,"endTime":3073.879,"body":"main reasons that,"},{"speaker":"Carl Widger","startTime":3070.999,"endTime":3073.879,"body":"that I thought that this was"},{"speaker":"Carl Widger","startTime":3073.879,"endTime":3076.0389999999998,"body":"something, this was an"},{"speaker":"Carl Widger","startTime":3073.879,"endTime":3076.0389999999998,"body":"appointment we had to make. And."},{"speaker":"Carl Widger","startTime":3076.1189999999997,"endTime":3079.959,"body":"Number one, our client advisory"},{"speaker":"Carl Widger","startTime":3076.1189999999997,"endTime":3079.959,"body":"panel kept saying to us, you're"},{"speaker":"Carl Widger","startTime":3079.959,"endTime":3082.5989999999997,"body":"very evangelic about this"},{"speaker":"Carl Widger","startTime":3079.959,"endTime":3082.5989999999997,"body":"financial planning. We all get"},{"speaker":"Carl Widger","startTime":3082.5989999999997,"endTime":3086.5589999999997,"body":"it, but we want more around the"},{"speaker":"Carl Widger","startTime":3082.5989999999997,"endTime":3086.5589999999997,"body":"investment. And I've been"},{"speaker":"Carl Widger","startTime":3086.5589999999997,"endTime":3089.799,"body":"consistent saying that here on"},{"speaker":"Carl Widger","startTime":3086.5589999999997,"endTime":3089.799,"body":"this podcast all the time. So"},{"speaker":"Carl Widger","startTime":3090.0389999999998,"endTime":3093.999,"body":"this will fix that. So, you"},{"speaker":"Carl Widger","startTime":3090.0389999999998,"endTime":3093.999,"body":"know, we will bring Declan into,"},{"speaker":"Carl Widger","startTime":3094.0589999999997,"endTime":3097.019,"body":"you know, the annual planning"},{"speaker":"Carl Widger","startTime":3094.0589999999997,"endTime":3097.019,"body":"meetings, and say, here's what"},{"speaker":"Carl Widger","startTime":3097.019,"endTime":3099.659,"body":"you're in. Here's why we think"},{"speaker":"Carl Widger","startTime":3097.019,"endTime":3099.659,"body":"it's still a good idea. And"},{"speaker":"Carl Widger","startTime":3099.659,"endTime":3104.999,"body":"here's blah, blah, blah. But"},{"speaker":"Carl Widger","startTime":3099.659,"endTime":3104.999,"body":"also, as our our case, size has"},{"speaker":"Carl Widger","startTime":3104.999,"endTime":3108.179,"body":"got bigger over the last couple"},{"speaker":"Carl Widger","startTime":3104.999,"endTime":3108.179,"body":"of years. You know, we are"},{"speaker":"Carl Widger","startTime":3108.179,"endTime":3112.019,"body":"talking to people with"},{"speaker":"Carl Widger","startTime":3108.179,"endTime":3112.019,"body":"significant net worth, and they"},{"speaker":"Carl Widger","startTime":3112.019,"endTime":3115.979,"body":"are used to buying into the"},{"speaker":"Carl Widger","startTime":3112.019,"endTime":3115.979,"body":"whole idea that complexity is"},{"speaker":"Carl Widger","startTime":3115.979,"endTime":3119.5989999999997,"body":"where they should be at. So"},{"speaker":"Carl Widger","startTime":3115.979,"endTime":3119.5989999999997,"body":"it's, it's kind of twofold,"},{"speaker":"Carl Widger","startTime":3119.5989999999997,"endTime":3124.6389999999997,"body":"really, but the tweaks around"},{"speaker":"Carl Widger","startTime":3119.5989999999997,"endTime":3124.6389999999997,"body":"the edges, you know, I in over"},{"speaker":"Carl Widger","startTime":3124.6389999999997,"endTime":3126.979,"body":"there, you guys have got, like,"},{"speaker":"Carl Widger","startTime":3124.6389999999997,"endTime":3126.979,"body":"I know you've mentioned"},{"speaker":"Carl Widger","startTime":3126.979,"endTime":3130.159,"body":"transact, and they have their"},{"speaker":"Carl Widger","startTime":3126.979,"endTime":3130.159,"body":"various deposit returns or"},{"speaker":"Carl Widger","startTime":3130.159,"endTime":3132.499,"body":"whatever. We don't have any of"},{"speaker":"Carl Widger","startTime":3130.159,"endTime":3132.499,"body":"that. So, you know, maybe"},{"speaker":"Carl Widger","startTime":3132.499,"endTime":3135.799,"body":"there's tweaks around those"},{"speaker":"Carl Widger","startTime":3132.499,"endTime":3135.799,"body":"edges, right? So at the, at the"},{"speaker":"Carl Widger","startTime":3136.0989999999997,"endTime":3139.479,"body":"liquidity side of things. Are"},{"speaker":"Carl Widger","startTime":3136.0989999999997,"endTime":3139.479,"body":"there some things that we can"},{"speaker":"Carl Widger","startTime":3139.479,"endTime":3142.419,"body":"introduce for our clients there"},{"speaker":"Carl Widger","startTime":3139.479,"endTime":3142.419,"body":"that they may or may not like,"},{"speaker":"Carl Widger","startTime":3142.419,"endTime":3145.839,"body":"but at least we can, you know,"},{"speaker":"Carl Widger","startTime":3142.419,"endTime":3145.839,"body":"say, Okay, we have a solution"},{"speaker":"Carl Widger","startTime":3145.839,"endTime":3151.479,"body":"for you and to be, you know,"},{"speaker":"Carl Widger","startTime":3145.839,"endTime":3151.479,"body":"really pioneering in, you know,"},{"speaker":"Carl Widger","startTime":3152.319,"endTime":3157.679,"body":"in stuff that's probably just"},{"speaker":"Carl Widger","startTime":3152.319,"endTime":3157.679,"body":"too hard to go at yourself. So"},{"speaker":"Carl Widger","startTime":3157.799,"endTime":3160.919,"body":"now we've got a guy who kind of"},{"speaker":"Carl Widger","startTime":3157.799,"endTime":3160.919,"body":"knows how this stuff is done."},{"speaker":"Carl Widger","startTime":3161.219,"endTime":3166.319,"body":"And I am genuinely, really,"},{"speaker":"Carl Widger","startTime":3161.219,"endTime":3166.319,"body":"really, really excited as to you"},{"speaker":"Carl Widger","startTime":3166.319,"endTime":3167.519,"body":"know where this can bring us"},{"speaker":"Alan Smith","startTime":3168.12,"endTime":3170.22,"body":"now. Congrats. Great"},{"speaker":"Alan Smith","startTime":3168.12,"endTime":3170.22,"body":"move. Well done. Okay,"},{"speaker":"Nick Lincoln","startTime":3170.279,"endTime":3173.279,"body":"good stuff. Just"},{"speaker":"Nick Lincoln","startTime":3170.279,"endTime":3173.279,"body":"conscious of time. We're 51"},{"speaker":"Nick Lincoln","startTime":3173.459,"endTime":3177.379,"body":"minutes in Ultra. You mentioned"},{"speaker":"Nick Lincoln","startTime":3173.459,"endTime":3177.379,"body":"crypto a few minutes ago, your"},{"speaker":"Nick Lincoln","startTime":3177.379,"endTime":3177.859,"body":"next"},{"speaker":"Andy Hart","startTime":3178.699,"endTime":3182.299,"body":"was an article this"},{"speaker":"Andy Hart","startTime":3178.699,"endTime":3182.299,"body":"weekend. So now 7 million"},{"speaker":"Andy Hart","startTime":3182.299,"endTime":3187.999,"body":"Britons own crypto assets as"},{"speaker":"Andy Hart","startTime":3182.299,"endTime":3187.999,"body":"Bitcoin surges to 95,000 on the"},{"speaker":"Andy Hart","startTime":3187.999,"endTime":3191.479,"body":"current article, but it's pretty"},{"speaker":"Andy Hart","startTime":3187.999,"endTime":3191.479,"body":"much tipped 100 or whatever. So"},{"speaker":"Andy Hart","startTime":3191.479,"endTime":3195.0789999999997,"body":"7 million adults in Britain now"},{"speaker":"Andy Hart","startTime":3191.479,"endTime":3195.0789999999997,"body":"own crypto assets"},{"speaker":"Carl Widger","startTime":3195.14,"endTime":3197.08,"body":"are worried about"},{"speaker":"Carl Widger","startTime":3195.14,"endTime":3197.08,"body":"Sterling or"},{"speaker":"Andy Hart","startTime":3198.88,"endTime":3202.6,"body":"multitude of reasons."},{"speaker":"Andy Hart","startTime":3198.88,"endTime":3202.6,"body":"So it's 5 million Brits owned"},{"speaker":"Andy Hart","startTime":3202.66,"endTime":3208.18,"body":"crypto in 2022 now 7 million"},{"speaker":"Andy Hart","startTime":3202.66,"endTime":3208.18,"body":"owned crypto in 2024 the average"},{"speaker":"Andy Hart","startTime":3208.18,"endTime":3213.7599999999998,"body":"holdings, just to give you an"},{"speaker":"Andy Hart","startTime":3208.18,"endTime":3213.7599999999998,"body":"idea of this, is 18 142 pounds,"},{"speaker":"Andy Hart","startTime":3213.7599999999998,"endTime":3217.98,"body":"so just under 2000 pounds. So"},{"speaker":"Andy Hart","startTime":3213.7599999999998,"endTime":3217.98,"body":"minimal in the grand scheme of"},{"speaker":"Andy Hart","startTime":3217.98,"endTime":3221.7599999999998,"body":"scheme of things, but from a"},{"speaker":"Andy Hart","startTime":3217.98,"endTime":3221.7599999999998,"body":"marketing point of view, crypto"},{"speaker":"Andy Hart","startTime":3221.7599999999998,"endTime":3225.8399999999997,"body":"investing has definitely worked,"},{"speaker":"Andy Hart","startTime":3221.7599999999998,"endTime":3225.8399999999997,"body":"considering that 7 million"},{"speaker":"Andy Hart","startTime":3225.8399999999997,"endTime":3230.88,"body":"people have pulled the trigger"},{"speaker":"Andy Hart","startTime":3225.8399999999997,"endTime":3230.88,"body":"on it. Obviously, this story has"},{"speaker":"Andy Hart","startTime":3230.88,"endTime":3235.62,"body":"only a few chapters in this far,"},{"speaker":"Andy Hart","startTime":3230.88,"endTime":3235.62,"body":"thus far, and it's going to be"},{"speaker":"Andy Hart","startTime":3235.62,"endTime":3238.46,"body":"interesting how this plays out."},{"speaker":"Andy Hart","startTime":3235.62,"endTime":3238.46,"body":"But yeah, the FCA are getting a"},{"speaker":"Andy Hart","startTime":3238.46,"endTime":3241.3399999999997,"body":"bit more involved now to start"},{"speaker":"Andy Hart","startTime":3238.46,"endTime":3241.3399999999997,"body":"looking at directly regulating"},{"speaker":"Andy Hart","startTime":3241.3399999999997,"endTime":3243.74,"body":"it. We don't know what that"},{"speaker":"Andy Hart","startTime":3241.3399999999997,"endTime":3243.74,"body":"impacts going to have. We don't"},{"speaker":"Andy Hart","startTime":3243.74,"endTime":3245.9,"body":"know again, what the FCA are"},{"speaker":"Andy Hart","startTime":3243.74,"endTime":3245.9,"body":"going to come out with, but"},{"speaker":"Andy Hart","startTime":3245.9,"endTime":3248.2999999999997,"body":"it's, it's messy, is it? I mean,"},{"speaker":"Andy Hart","startTime":3245.9,"endTime":3248.2999999999997,"body":"is"},{"speaker":"Alan Smith","startTime":3248.2999999999997,"endTime":3250.52,"body":"it fair to say that"},{"speaker":"Alan Smith","startTime":3248.2999999999997,"endTime":3250.52,"body":"you still cannot even,"},{"speaker":"Alan Smith","startTime":3250.52,"endTime":3253.88,"body":"obviously, it's not a regulated"},{"speaker":"Alan Smith","startTime":3250.52,"endTime":3253.88,"body":"asset, because asset class at"},{"speaker":"Alan Smith","startTime":3253.88,"endTime":3259.96,"body":"all. But could anyone just go"},{"speaker":"Alan Smith","startTime":3253.88,"endTime":3259.96,"body":"and buy an ETF, or I know they"},{"speaker":"Alan Smith","startTime":3259.96,"endTime":3263.08,"body":"exist in the US, but I don't"},{"speaker":"Alan Smith","startTime":3259.96,"endTime":3263.08,"body":"think you've got access"},{"speaker":"Alan Smith","startTime":3263.08,"endTime":3263.8599999999997,"body":"potentially."},{"speaker":"Andy Hart","startTime":3264.279,"endTime":3270.6389999999997,"body":"I think you do UK"},{"speaker":"Andy Hart","startTime":3264.279,"endTime":3270.6389999999997,"body":"regulate funds buy something on"},{"speaker":"Andy Hart","startTime":3270.999,"endTime":3272.6189999999997,"body":"a crypto talking at"},{"speaker":"Nick Lincoln","startTime":3272.62,"endTime":3274.48,"body":"different times,"},{"speaker":"Nick Lincoln","startTime":3272.62,"endTime":3274.48,"body":"it might be easier for the"},{"speaker":"Nick Lincoln","startTime":3274.48,"endTime":3274.7799999999997,"body":"listener."},{"speaker":"Andy Hart","startTime":3275.019,"endTime":3276.819,"body":"Thank you. Yeah. I"},{"speaker":"Andy Hart","startTime":3275.019,"endTime":3276.819,"body":"mean, obviously you can go"},{"speaker":"Andy Hart","startTime":3276.819,"endTime":3280.1389999999997,"body":"directly onto crypto exchanges"},{"speaker":"Andy Hart","startTime":3276.819,"endTime":3280.1389999999997,"body":"in terms of traditional"},{"speaker":"Andy Hart","startTime":3280.1389999999997,"endTime":3283.379,"body":"investment platforms, Alan,"},{"speaker":"Andy Hart","startTime":3280.1389999999997,"endTime":3283.379,"body":"there are, there are routes to"},{"speaker":"Andy Hart","startTime":3283.379,"endTime":3286.439,"body":"access this type of asset, but"},{"speaker":"Andy Hart","startTime":3283.379,"endTime":3286.439,"body":"you have to go by Exchange"},{"speaker":"Andy Hart","startTime":3286.439,"endTime":3288.5989999999997,"body":"Traded notes, fill in the"},{"speaker":"Andy Hart","startTime":3286.439,"endTime":3288.5989999999997,"body":"sophisticated investor"},{"speaker":"Andy Hart","startTime":3288.5989999999997,"endTime":3290.699,"body":"questionnaire, blah, blah, if"},{"speaker":"Andy Hart","startTime":3288.5989999999997,"endTime":3290.699,"body":"you're that motivated, you,"},{"speaker":"Andy Hart","startTime":3290.759,"endTime":3293.459,"body":"you'd do it. But yeah, who knows"},{"speaker":"Andy Hart","startTime":3290.759,"endTime":3293.459,"body":"what the regulator's going to"},{"speaker":"Andy Hart","startTime":3293.459,"endTime":3295.199,"body":"come out with? So, yeah. So"},{"speaker":"Alan Smith","startTime":3295.199,"endTime":3297.0589999999997,"body":"keep an eye crow"},{"speaker":"Alan Smith","startTime":3295.199,"endTime":3297.0589999999997,"body":"strategy."},{"speaker":"Andy Hart","startTime":3297.12,"endTime":3299.06,"body":"So all I'm going to"},{"speaker":"Andy Hart","startTime":3297.12,"endTime":3299.06,"body":"say, yeah, the micro strategy"},{"speaker":"Andy Hart","startTime":3299.06,"endTime":3303.2599999999998,"body":"story is incredibly interesting,"},{"speaker":"Andy Hart","startTime":3299.06,"endTime":3303.2599999999998,"body":"but maybe not one for this. But"},{"speaker":"Andy Hart","startTime":3303.2599999999998,"endTime":3306.08,"body":"yeah, that Michael Saylor, or"},{"speaker":"Andy Hart","startTime":3303.2599999999998,"endTime":3306.08,"body":"whatever his name is, has got"},{"speaker":"Andy Hart","startTime":3306.08,"endTime":3308.6,"body":"some we'll get Nick to talk"},{"speaker":"Andy Hart","startTime":3306.08,"endTime":3308.6,"body":"about it on the next episode."},{"speaker":"Andy Hart","startTime":3308.6,"endTime":3312.56,"body":"We'll bring it up maybe, maybe,"},{"speaker":"Andy Hart","startTime":3308.6,"endTime":3312.56,"body":"maybe next week. Okay, it is"},{"speaker":"Andy Hart","startTime":3312.56,"endTime":3315.92,"body":"interesting. All right, Nick,"},{"speaker":"Andy Hart","startTime":3312.56,"endTime":3315.92,"body":"final point, just"},{"speaker":"Nick Lincoln","startTime":3317.0,"endTime":3319.9,"body":"a bit of a just"},{"speaker":"Nick Lincoln","startTime":3317.0,"endTime":3319.9,"body":"know your providers really know"},{"speaker":"Nick Lincoln","startTime":3319.9,"endTime":3323.02,"body":"their foibles. So the IFA forum,"},{"speaker":"Nick Lincoln","startTime":3319.9,"endTime":3323.02,"body":"a member of the IFA forum,"},{"speaker":"Nick Lincoln","startTime":3323.92,"endTime":3329.3199999999997,"body":"tiny.cc/ifa forum, 640 people"},{"speaker":"Nick Lincoln","startTime":3323.92,"endTime":3329.3199999999997,"body":"just say, do you run that? Good"},{"speaker":"Nick Lincoln","startTime":3329.3199999999997,"endTime":3332.74,"body":"guy? You run up guy. He posted"},{"speaker":"Nick Lincoln","startTime":3329.3199999999997,"endTime":3332.74,"body":"into the forum about so it's in"},{"speaker":"Nick Lincoln","startTime":3332.74,"endTime":3335.38,"body":"the public domain. I'm gonna"},{"speaker":"Nick Lincoln","startTime":3332.74,"endTime":3335.38,"body":"give him away his name here, but"},{"speaker":"Nick Lincoln","startTime":3335.44,"endTime":3338.3399999999997,"body":"he had a he model portfolio"},{"speaker":"Nick Lincoln","startTime":3335.44,"endTime":3338.3399999999997,"body":"services. I'm never too sure"},{"speaker":"Nick Lincoln","startTime":3338.3399999999997,"endTime":3340.56,"body":"exactly what problem they're"},{"speaker":"Nick Lincoln","startTime":3338.3399999999997,"endTime":3340.56,"body":"trying to solve. When this"},{"speaker":"Nick Lincoln","startTime":3340.56,"endTime":3343.5,"body":"particular advisor had one, for"},{"speaker":"Nick Lincoln","startTime":3340.56,"endTime":3343.5,"body":"outlier reasons, had one client"},{"speaker":"Nick Lincoln","startTime":3343.5,"endTime":3346.68,"body":"in one model portfolio service,"},{"speaker":"Nick Lincoln","startTime":3343.5,"endTime":3346.68,"body":"the only one the advisor has on"},{"speaker":"Nick Lincoln","startTime":3346.68,"endTime":3349.98,"body":"his on his um, with his"},{"speaker":"Nick Lincoln","startTime":3346.68,"endTime":3349.98,"body":"business. And before the budget,"},{"speaker":"Nick Lincoln","startTime":3349.98,"endTime":3352.08,"body":"they did the CGT, and they"},{"speaker":"Nick Lincoln","startTime":3349.98,"endTime":3352.08,"body":"thought, well, rates are going"},{"speaker":"Nick Lincoln","startTime":3352.08,"endTime":3355.56,"body":"to go up. We'll sell now at the"},{"speaker":"Nick Lincoln","startTime":3352.08,"endTime":3355.56,"body":"existing rates, we know what"},{"speaker":"Nick Lincoln","startTime":3355.56,"endTime":3360.38,"body":"they are, 10 and 18% and all is"},{"speaker":"Nick Lincoln","startTime":3355.56,"endTime":3360.38,"body":"good. But of course, within the"},{"speaker":"Nick Lincoln","startTime":3360.38,"endTime":3363.98,"body":"30 days that you have to be out"},{"speaker":"Nick Lincoln","startTime":3360.38,"endTime":3363.98,"body":"of those funds for the bed and"},{"speaker":"Nick Lincoln","startTime":3363.98,"endTime":3366.7999999999997,"body":"referencing to what to wash"},{"speaker":"Nick Lincoln","startTime":3363.98,"endTime":3366.7999999999997,"body":"through the model portfolio"},{"speaker":"Nick Lincoln","startTime":3366.7999999999997,"endTime":3370.52,"body":"service, as many of them do,"},{"speaker":"Nick Lincoln","startTime":3366.7999999999997,"endTime":3370.52,"body":"triggered an automatic rebalance"},{"speaker":"Nick Lincoln","startTime":3370.58,"endTime":3373.16,"body":"of the GIA didn't tell the"},{"speaker":"Nick Lincoln","startTime":3370.58,"endTime":3373.16,"body":"advisor. Don't really have a"},{"speaker":"Nick Lincoln","startTime":3373.16,"endTime":3375.68,"body":"duty to tell the advisor they're"},{"speaker":"Nick Lincoln","startTime":3373.16,"endTime":3375.68,"body":"going to do is just part of"},{"speaker":"Nick Lincoln","startTime":3375.68,"endTime":3378.7599999999998,"body":"their team. And sees and bought"},{"speaker":"Nick Lincoln","startTime":3375.68,"endTime":3378.7599999999998,"body":"back into those funds within the"},{"speaker":"Nick Lincoln","startTime":3378.7599999999998,"endTime":3381.94,"body":"30 days, thereby negating the"},{"speaker":"Nick Lincoln","startTime":3378.7599999999998,"endTime":3381.94,"body":"whole bed and breakfasting"},{"speaker":"Nick Lincoln","startTime":3381.94,"endTime":3385.7799999999997,"body":"process. And this advisor didn't"},{"speaker":"Nick Lincoln","startTime":3381.94,"endTime":3385.7799999999997,"body":"know about it, and now the it's"},{"speaker":"Nick Lincoln","startTime":3385.7799999999997,"endTime":3387.8199999999997,"body":"gonna, yeah, basically it's"},{"speaker":"Nick Lincoln","startTime":3385.7799999999997,"endTime":3387.8199999999997,"body":"gonna cut. It's not as"},{"speaker":"Nick Lincoln","startTime":3387.8199999999997,"endTime":3390.16,"body":"horrendous as he first thought."},{"speaker":"Nick Lincoln","startTime":3387.8199999999997,"endTime":3390.16,"body":"It's gonna cost him about a few"},{"speaker":"Nick Lincoln","startTime":3390.16,"endTime":3392.92,"body":"100 quid to put the client back"},{"speaker":"Nick Lincoln","startTime":3390.16,"endTime":3392.92,"body":"to where he would have been had"},{"speaker":"Nick Lincoln","startTime":3392.92,"endTime":3393.88,"body":"the repurchase all through."},{"speaker":"Andy Hart","startTime":3394.12,"endTime":3396.54,"body":"Is that all? Okay?"},{"speaker":"Andy Hart","startTime":3394.12,"endTime":3396.54,"body":"Yeah, 1000s. Hang"},{"speaker":"Alan Smith","startTime":3396.5389999999998,"endTime":3399.479,"body":"on, talk me through"},{"speaker":"Alan Smith","startTime":3396.5389999999998,"endTime":3399.479,"body":"that. So the but they sold the"},{"speaker":"Alan Smith","startTime":3399.479,"endTime":3400.319,"body":"fund. So"},{"speaker":"Nick Lincoln","startTime":3401.699,"endTime":3404.0389999999998,"body":"the advisor put"},{"speaker":"Nick Lincoln","startTime":3401.699,"endTime":3404.0389999999998,"body":"through a sale. Yeah, they went"},{"speaker":"Nick Lincoln","startTime":3404.0389999999998,"endTime":3407.939,"body":"to cash, but the advice didn't"},{"speaker":"Nick Lincoln","startTime":3404.0389999999998,"endTime":3407.939,"body":"unlink the model portfolio"},{"speaker":"Nick Lincoln","startTime":3407.939,"endTime":3411.839,"body":"service from the GIA. So when"},{"speaker":"Nick Lincoln","startTime":3407.939,"endTime":3411.839,"body":"that so X number of days later,"},{"speaker":"Nick Lincoln","startTime":3411.839,"endTime":3414.179,"body":"say, 10 days later. It must have"},{"speaker":"Nick Lincoln","startTime":3411.839,"endTime":3414.179,"body":"been that time of the month"},{"speaker":"Nick Lincoln","startTime":3414.239,"endTime":3416.159,"body":"where the MPs rebalance. They"},{"speaker":"Nick Lincoln","startTime":3414.239,"endTime":3416.159,"body":"thought, crikey. This. The"},{"speaker":"Nick Lincoln","startTime":3416.159,"endTime":3419.0989999999997,"body":"computer thinks, oh, this"},{"speaker":"Nick Lincoln","startTime":3416.159,"endTime":3419.0989999999997,"body":"client's 100% in cash. There."},{"speaker":"Nick Lincoln","startTime":3419.0989999999997,"endTime":3421.699,"body":"Percent in cash. Their linked"},{"speaker":"Nick Lincoln","startTime":3419.0989999999997,"endTime":3421.699,"body":"portfolio is x, fund, X, fund,"},{"speaker":"Nick Lincoln","startTime":3421.879,"endTime":3424.999,"body":"X. Fund bought them back again"},{"speaker":"Nick Lincoln","startTime":3421.879,"endTime":3424.999,"body":"by negation. Interesting. Yeah,"},{"speaker":"Nick Lincoln","startTime":3424.999,"endTime":3427.939,"body":"get it. And it is interesting,"},{"speaker":"Nick Lincoln","startTime":3424.999,"endTime":3427.939,"body":"isn't it? Because you just just"},{"speaker":"Nick Lincoln","startTime":3427.939,"endTime":3430.759,"body":"know your MPs is because"},{"speaker":"Nick Lincoln","startTime":3427.939,"endTime":3430.759,"body":"apparently EBI, which is a big"},{"speaker":"Nick Lincoln","startTime":3430.759,"endTime":3434.0589999999997,"body":"part, they they will tell you if"},{"speaker":"Nick Lincoln","startTime":3430.759,"endTime":3434.0589999999997,"body":"GIS are being rebalanced ahead"},{"speaker":"Nick Lincoln","startTime":3434.0589999999997,"endTime":3437.1389999999997,"body":"of the event, so you can do"},{"speaker":"Nick Lincoln","startTime":3434.0589999999997,"endTime":3437.1389999999997,"body":"something about it. I think"},{"speaker":"Nick Lincoln","startTime":3437.1389999999997,"endTime":3440.1389999999997,"body":"timeline let you opt out. If"},{"speaker":"Nick Lincoln","startTime":3437.1389999999997,"endTime":3440.1389999999997,"body":"you've got clients with certain"},{"speaker":"Nick Lincoln","startTime":3440.1389999999997,"endTime":3442.479,"body":"GIs that you don't want"},{"speaker":"Nick Lincoln","startTime":3440.1389999999997,"endTime":3442.479,"body":"rebalance, you can tell them in"},{"speaker":"Nick Lincoln","startTime":3442.479,"endTime":3444.759,"body":"advance, the fact that some of"},{"speaker":"Nick Lincoln","startTime":3442.479,"endTime":3444.759,"body":"them don't, they will just"},{"speaker":"Nick Lincoln","startTime":3444.759,"endTime":3448.479,"body":"rebalance. And so this is one"},{"speaker":"Nick Lincoln","startTime":3444.759,"endTime":3448.479,"body":"advice for my burgeoning empire"},{"speaker":"Nick Lincoln","startTime":3448.479,"endTime":3450.6389999999997,"body":"that I'm building. But, you"},{"speaker":"Nick Lincoln","startTime":3448.479,"endTime":3450.6389999999997,"body":"know, there are loads. It"},{"speaker":"Alan Smith","startTime":3450.94,"endTime":3454.42,"body":"just shows the"},{"speaker":"Alan Smith","startTime":3450.94,"endTime":3454.42,"body":"Japanese involved in this game,"},{"speaker":"Alan Smith","startTime":3454.54,"endTime":3457.5,"body":"honestly, something that's"},{"speaker":"Alan Smith","startTime":3454.54,"endTime":3457.5,"body":"that's like a sort of mini black"},{"speaker":"Alan Smith","startTime":3457.5,"endTime":3459.7799999999997,"body":"swan. You couldn't have"},{"speaker":"Alan Smith","startTime":3457.5,"endTime":3459.7799999999997,"body":"predicted that. You've just done"},{"speaker":"Alan Smith","startTime":3459.7799999999997,"endTime":3462.0,"body":"everything right, you've sold a"},{"speaker":"Alan Smith","startTime":3459.7799999999997,"endTime":3462.0,"body":"fund, you're sitting in cash,"},{"speaker":"Alan Smith","startTime":3462.0,"endTime":3464.46,"body":"waiting for the appropriate"},{"speaker":"Alan Smith","startTime":3462.0,"endTime":3464.46,"body":"thing and then something that no"},{"speaker":"Alan Smith","startTime":3464.64,"endTime":3466.14,"body":"one really knew about. I"},{"speaker":"Nick Lincoln","startTime":3466.2599999999998,"endTime":3468.0,"body":"mean, then the"},{"speaker":"Nick Lincoln","startTime":3466.2599999999998,"endTime":3468.0,"body":"poor adviser put this out to the"},{"speaker":"Nick Lincoln","startTime":3468.0,"endTime":3470.3399999999997,"body":"forum. I think it was on Sunday,"},{"speaker":"Nick Lincoln","startTime":3468.0,"endTime":3470.3399999999997,"body":"so he must have, must have,"},{"speaker":"Nick Lincoln","startTime":3470.3399999999997,"endTime":3473.16,"body":"suddenly, Twig got an email. So"},{"speaker":"Nick Lincoln","startTime":3470.3399999999997,"endTime":3473.16,"body":"that's his son. That's his"},{"speaker":"Nick Lincoln","startTime":3473.16,"endTime":3475.56,"body":"weekend written off, isn't it?"},{"speaker":"Nick Lincoln","startTime":3473.16,"endTime":3475.56,"body":"He could have"},{"speaker":"Alan Smith","startTime":3475.56,"endTime":3478.46,"body":"been. I mean, if"},{"speaker":"Alan Smith","startTime":3475.56,"endTime":3478.46,"body":"suddenly, a few 100 quid, he's"},{"speaker":"Alan Smith","startTime":3478.46,"endTime":3481.1,"body":"got off lightly, because it"},{"speaker":"Alan Smith","startTime":3478.46,"endTime":3481.1,"body":"could have been 1000s, 10s of"},{"speaker":"Alan Smith","startTime":3481.1,"endTime":3481.7599999999998,"body":"1000s more."},{"speaker":"Nick Lincoln","startTime":3483.199,"endTime":3486.019,"body":"So low, I put out"},{"speaker":"Nick Lincoln","startTime":3483.199,"endTime":3486.019,"body":"that there is a maybe, I don't"},{"speaker":"Nick Lincoln","startTime":3486.199,"endTime":3489.379,"body":"know, maybe this is very small"},{"speaker":"Nick Lincoln","startTime":3486.199,"endTime":3489.379,"body":"GIA, I imagine probably is. But"},{"speaker":"Nick Lincoln","startTime":3489.379,"endTime":3491.959,"body":"out there, there will be a"},{"speaker":"Nick Lincoln","startTime":3489.379,"endTime":3491.959,"body":"horror story later today, and it"},{"speaker":"Nick Lincoln","startTime":3491.959,"endTime":3495.259,"body":"probably will be 1000s of"},{"speaker":"Nick Lincoln","startTime":3491.959,"endTime":3495.259,"body":"capital gains just trying to do"},{"speaker":"Nick Lincoln","startTime":3495.259,"endTime":3497.6189999999997,"body":"the right thing, but not quite"},{"speaker":"Nick Lincoln","startTime":3495.259,"endTime":3497.6189999999997,"body":"thinking the process through."},{"speaker":"Nick Lincoln","startTime":3498.819,"endTime":3503.739,"body":"Yeah, all right, 57 this is a"},{"speaker":"Nick Lincoln","startTime":3498.819,"endTime":3503.739,"body":"long topical tip, a long one."},{"speaker":"Nick Lincoln","startTime":3503.739,"endTime":3507.279,"body":"Let's, let's draw it to an end"},{"speaker":"Nick Lincoln","startTime":3503.739,"endTime":3507.279,"body":"and move on to the next part of"},{"speaker":"Nick Lincoln","startTime":3507.279,"endTime":3512.1389999999997,"body":"the show, what we call the meat"},{"speaker":"Nick Lincoln","startTime":3507.279,"endTime":3512.1389999999997,"body":"and potatoes. And the meat and"},{"speaker":"Nick Lincoln","startTime":3512.1389999999997,"endTime":3517.0789999999997,"body":"potatoes for this one is the"},{"speaker":"Nick Lincoln","startTime":3512.1389999999997,"endTime":3517.0789999999997,"body":"advisor Alpha thing, which"},{"speaker":"Nick Lincoln","startTime":3517.0789999999997,"endTime":3520.019,"body":"Vanguard, I think they did. I"},{"speaker":"Nick Lincoln","startTime":3517.0789999999997,"endTime":3520.019,"body":"think they will give them credit"},{"speaker":"Nick Lincoln","startTime":3520.019,"endTime":3522.1189999999997,"body":"for I didn't. I hadn't heard of"},{"speaker":"Nick Lincoln","startTime":3520.019,"endTime":3522.1189999999997,"body":"advisor Alpha before they"},{"speaker":"Nick Lincoln","startTime":3522.1189999999997,"endTime":3526.6189999999997,"body":"started launching their reports"},{"speaker":"Nick Lincoln","startTime":3522.1189999999997,"endTime":3526.6189999999997,"body":"into this a good few years ago."},{"speaker":"Nick Lincoln","startTime":3526.6189999999997,"endTime":3529.259,"body":"Now they've got a website"},{"speaker":"Nick Lincoln","startTime":3526.6189999999997,"endTime":3529.259,"body":"dedicated to advisor alpha, and"},{"speaker":"Nick Lincoln","startTime":3529.5589999999997,"endTime":3534.959,"body":"it's this concept of just how"},{"speaker":"Nick Lincoln","startTime":3529.5589999999997,"endTime":3534.959,"body":"much value does an advisor add"},{"speaker":"Nick Lincoln","startTime":3535.0789999999997,"endTime":3539.5989999999997,"body":"to an advised client's wealth,"},{"speaker":"Nick Lincoln","startTime":3535.0789999999997,"endTime":3539.5989999999997,"body":"and where are the components of"},{"speaker":"Nick Lincoln","startTime":3539.5989999999997,"endTime":3543.319,"body":"that value add. And the Vanguard"},{"speaker":"Nick Lincoln","startTime":3539.5989999999997,"endTime":3543.319,"body":"research into this is really,"},{"speaker":"Nick Lincoln","startTime":3543.319,"endTime":3545.779,"body":"really interesting. I mean, it"},{"speaker":"Nick Lincoln","startTime":3543.319,"endTime":3545.779,"body":"helps our course, let's be"},{"speaker":"Nick Lincoln","startTime":3545.779,"endTime":3548.359,"body":"honest about this. So maybe"},{"speaker":"Nick Lincoln","startTime":3545.779,"endTime":3548.359,"body":"coming this from a bias point of"},{"speaker":"Nick Lincoln","startTime":3548.359,"endTime":3551.779,"body":"view, because, well, I'll let"},{"speaker":"Nick Lincoln","startTime":3548.359,"endTime":3551.779,"body":"Ultra lead off onto exactly what"},{"speaker":"Nick Lincoln","startTime":3551.779,"endTime":3553.159,"body":"it is and what the numbers are."},{"speaker":"Nick Lincoln","startTime":3551.779,"endTime":3553.159,"body":"Well,"},{"speaker":"Andy Hart","startTime":3554.299,"endTime":3555.919,"body":"yeah, you've pretty"},{"speaker":"Andy Hart","startTime":3554.299,"endTime":3555.919,"body":"much covered off the start."},{"speaker":"Andy Hart","startTime":3555.919,"endTime":3557.839,"body":"Nick, so yeah, there's a few"},{"speaker":"Andy Hart","startTime":3555.919,"endTime":3557.839,"body":"studies that come out for"},{"speaker":"Andy Hart","startTime":3557.839,"endTime":3560.679,"body":"various different providers."},{"speaker":"Andy Hart","startTime":3557.839,"endTime":3560.679,"body":"Various different providers"},{"speaker":"Andy Hart","startTime":3560.679,"endTime":3564.0989999999997,"body":"every year. Some of them, others"},{"speaker":"Andy Hart","startTime":3560.679,"endTime":3564.0989999999997,"body":"are sort of periodically. They"},{"speaker":"Andy Hart","startTime":3564.0989999999997,"endTime":3567.459,"body":"try to quantify the value of"},{"speaker":"Andy Hart","startTime":3564.0989999999997,"endTime":3567.459,"body":"receiving advice. We know this"},{"speaker":"Andy Hart","startTime":3567.459,"endTime":3572.439,"body":"is a very subjective matter. One"},{"speaker":"Andy Hart","startTime":3567.459,"endTime":3572.439,"body":"such study is a famous study by"},{"speaker":"Andy Hart","startTime":3572.439,"endTime":3574.959,"body":"Vanguard called advisor Alpha. I"},{"speaker":"Andy Hart","startTime":3572.439,"endTime":3574.959,"body":"think they've sort of coined"},{"speaker":"Andy Hart","startTime":3574.959,"endTime":3578.519,"body":"this name, coined this term, and"},{"speaker":"Andy Hart","startTime":3574.959,"endTime":3578.519,"body":"in their study, I think the"},{"speaker":"Andy Hart","startTime":3578.519,"endTime":3581.759,"body":"latest one that they've come out"},{"speaker":"Andy Hart","startTime":3578.519,"endTime":3581.759,"body":"with is in 2020, in terms of the"},{"speaker":"Andy Hart","startTime":3581.759,"endTime":3584.399,"body":"PDF that they've issued. But"},{"speaker":"Andy Hart","startTime":3581.759,"endTime":3584.399,"body":"they've got various materials"},{"speaker":"Andy Hart","startTime":3584.399,"endTime":3588.479,"body":"online that sort of, sort of"},{"speaker":"Andy Hart","startTime":3584.399,"endTime":3588.479,"body":"reconfirm advisor alpha, sort of"},{"speaker":"Andy Hart","startTime":3588.479,"endTime":3591.1189999999997,"body":"points anyway. So they've got"},{"speaker":"Andy Hart","startTime":3588.479,"endTime":3591.1189999999997,"body":"seven different modules that"},{"speaker":"Andy Hart","startTime":3591.1189999999997,"endTime":3594.899,"body":"they've Yeah, because we all"},{"speaker":"Andy Hart","startTime":3591.1189999999997,"endTime":3594.899,"body":"know financial advice costs."},{"speaker":"Andy Hart","startTime":3594.899,"endTime":3598.759,"body":"Keep it simple. It costs 2% a"},{"speaker":"Andy Hart","startTime":3594.899,"endTime":3598.759,"body":"year, or whatever number you"},{"speaker":"Andy Hart","startTime":3598.759,"endTime":3602.0589999999997,"body":"want to pick. Let's just go with"},{"speaker":"Andy Hart","startTime":3598.759,"endTime":3602.0589999999997,"body":"that for this example. So if it"},{"speaker":"Andy Hart","startTime":3602.0589999999997,"endTime":3605.779,"body":"costs that, then you need to be"},{"speaker":"Andy Hart","startTime":3602.0589999999997,"endTime":3605.779,"body":"adding value of more than that"},{"speaker":"Andy Hart","startTime":3605.779,"endTime":3609.199,"body":"to make it worthwhile to pay"},{"speaker":"Andy Hart","startTime":3605.779,"endTime":3609.199,"body":"ongoing advice to a financial"},{"speaker":"Andy Hart","startTime":3609.199,"endTime":3612.919,"body":"advisor. We know there's a lot"},{"speaker":"Andy Hart","startTime":3609.199,"endTime":3612.919,"body":"of un you know, harder to"},{"speaker":"Andy Hart","startTime":3612.919,"endTime":3618.699,"body":"quantify benefits of financial"},{"speaker":"Andy Hart","startTime":3612.919,"endTime":3618.699,"body":"advice that you know, strategic"},{"speaker":"Andy Hart","startTime":3618.699,"endTime":3621.0989999999997,"body":"thinking partners with your"},{"speaker":"Andy Hart","startTime":3618.699,"endTime":3621.0989999999997,"body":"clients. You know, sleep well at"},{"speaker":"Andy Hart","startTime":3621.0989999999997,"endTime":3623.919,"body":"night. You know, discuss all"},{"speaker":"Andy Hart","startTime":3621.0989999999997,"endTime":3623.919,"body":"points. You know, avoiding"},{"speaker":"Andy Hart","startTime":3623.919,"endTime":3627.759,"body":"mistakes, scam avoidance, you"},{"speaker":"Andy Hart","startTime":3623.919,"endTime":3627.759,"body":"know, endless, but they've tried"},{"speaker":"Andy Hart","startTime":3627.759,"endTime":3631.5389999999998,"body":"to quantify in more of a sort of"},{"speaker":"Andy Hart","startTime":3627.759,"endTime":3631.5389999999998,"body":"grown up way. So that's it."},{"speaker":"Andy Hart","startTime":3631.5389999999998,"endTime":3634.0589999999997,"body":"Anyone else have any points? Or"},{"speaker":"Andy Hart","startTime":3631.5389999999998,"endTime":3634.0589999999997,"body":"should we just go through each"},{"speaker":"Andy Hart","startTime":3634.0589999999997,"endTime":3638.0389999999998,"body":"one of these sort of modules"},{"speaker":"Andy Hart","startTime":3634.0589999999997,"endTime":3638.0389999999998,"body":"that they've referenced."},{"speaker":"Alan Smith","startTime":3639.719,"endTime":3641.399,"body":"Well, just give us"},{"speaker":"Alan Smith","startTime":3639.719,"endTime":3641.399,"body":"this. Skim through the"},{"speaker":"Alan Smith","startTime":3641.459,"endTime":3643.859,"body":"highlights of them. I've got a"},{"speaker":"Alan Smith","startTime":3641.459,"endTime":3643.859,"body":"few points, but I'll let you"},{"speaker":"Alan Smith","startTime":3644.0389999999998,"endTime":3646.499,"body":"finish off. You're focusing on"},{"speaker":"Alan Smith","startTime":3644.0389999999998,"endTime":3646.499,"body":"Vanguard, advisor, alpha, yeah,"},{"speaker":"Alan Smith","startTime":3646.499,"endTime":3649.739,"body":"and they've got all their kind"},{"speaker":"Alan Smith","startTime":3646.499,"endTime":3649.739,"body":"of headlines only arrive at a"},{"speaker":"Alan Smith","startTime":3649.739,"endTime":3650.399,"body":"total,"},{"speaker":"Andy Hart","startTime":3650.52,"endTime":3655.92,"body":"yeah. They try to"},{"speaker":"Andy Hart","startTime":3650.52,"endTime":3655.92,"body":"quantify each benefit, let's say"},{"speaker":"Andy Hart","startTime":3655.98,"endTime":3658.94,"body":"seven categories. Yeah, seven"},{"speaker":"Andy Hart","startTime":3655.98,"endTime":3658.94,"body":"categories, each benefit as a"},{"speaker":"Andy Hart","startTime":3658.94,"endTime":3662.42,"body":"basis point. So does it add half"},{"speaker":"Andy Hart","startTime":3658.94,"endTime":3662.42,"body":"percent? Does it add point 1%"},{"speaker":"Andy Hart","startTime":3662.8399999999997,"endTime":3664.94,"body":"you know? Okay, people"},{"speaker":"Andy Hart","startTime":3662.8399999999997,"endTime":3664.94,"body":"understand basis points. So the"},{"speaker":"Andy Hart","startTime":3664.94,"endTime":3667.16,"body":"first thing they're talking"},{"speaker":"Andy Hart","startTime":3664.94,"endTime":3667.16,"body":"about is suitable asset"},{"speaker":"Andy Hart","startTime":3667.16,"endTime":3671.96,"body":"allocation using broadly"},{"speaker":"Andy Hart","startTime":3667.16,"endTime":3671.96,"body":"diversified funds. So does an"},{"speaker":"Andy Hart","startTime":3671.96,"endTime":3676.04,"body":"advisor add any value via asset"},{"speaker":"Andy Hart","startTime":3671.96,"endTime":3676.04,"body":"allocation, picking the right."},{"speaker":"Andy Hart","startTime":3676.12,"endTime":3678.7,"body":"Funds according to them, and"},{"speaker":"Andy Hart","startTime":3676.12,"endTime":3678.7,"body":"their first category, they're"},{"speaker":"Andy Hart","startTime":3678.7,"endTime":3681.04,"body":"saying zero basis points, which"},{"speaker":"Nick Lincoln","startTime":3681.0389999999998,"endTime":3681.759,"body":"I disagree with,"},{"speaker":"Andy Hart","startTime":3681.879,"endTime":3683.799,"body":"which I disagree"},{"speaker":"Andy Hart","startTime":3681.879,"endTime":3683.799,"body":"with. So that's the first one to"},{"speaker":"Andy Hart","startTime":3683.799,"endTime":3687.5789999999997,"body":"discuss. So does an advisor add"},{"speaker":"Andy Hart","startTime":3683.799,"endTime":3687.5789999999997,"body":"value through asset allocation?"},{"speaker":"Andy Hart","startTime":3687.5789999999997,"endTime":3690.6389999999997,"body":"Most clients end up in asset"},{"speaker":"Andy Hart","startTime":3687.5789999999997,"endTime":3690.6389999999997,"body":"misallocation, and there's low"},{"speaker":"Andy Hart","startTime":3690.6389999999997,"endTime":3693.759,"body":"returns, huge impact to their,"},{"speaker":"Andy Hart","startTime":3690.6389999999997,"endTime":3693.759,"body":"you know, future family's life"},{"speaker":"Andy Hart","startTime":3693.759,"endTime":3696.839,"body":"savings, etc, etc. So that's the"},{"speaker":"Andy Hart","startTime":3693.759,"endTime":3696.839,"body":"first point. So advisor alpha"},{"speaker":"Andy Hart","startTime":3696.839,"endTime":3701.459,"body":"point one, does the advisor and"},{"speaker":"Andy Hart","startTime":3696.839,"endTime":3701.459,"body":"the firm add any value pond,"},{"speaker":"Andy Hart","startTime":3701.5789999999997,"endTime":3705.479,"body":"suitable asset allocation via"},{"speaker":"Andy Hart","startTime":3701.5789999999997,"endTime":3705.479,"body":"funds over to you? The perfect"},{"speaker":"Andy Hart","startTime":3705.479,"endTime":3705.959,"body":"example"},{"speaker":"Carl Widger","startTime":3705.96,"endTime":3708.66,"body":"of that is filling"},{"speaker":"Carl Widger","startTime":3705.96,"endTime":3708.66,"body":"in a risk profiling"},{"speaker":"Carl Widger","startTime":3708.66,"endTime":3715.56,"body":"questionnaire and you come out"},{"speaker":"Carl Widger","startTime":3708.66,"endTime":3715.56,"body":"as low low risk. You're in a 80%"},{"speaker":"Carl Widger","startTime":3715.98,"endTime":3723.08,"body":"bond and 20% equity portfolio"},{"speaker":"Carl Widger","startTime":3715.98,"endTime":3723.08,"body":"advisor. Can, can I have very,"},{"speaker":"Carl Widger","startTime":3723.08,"endTime":3727.46,"body":"very seldom in over a decade of"},{"speaker":"Carl Widger","startTime":3723.08,"endTime":3727.46,"body":"doing this, very seldom come"},{"speaker":"Carl Widger","startTime":3727.46,"endTime":3731.96,"body":"across cases where you failed to"},{"speaker":"Carl Widger","startTime":3727.46,"endTime":3731.96,"body":"bring that person on the journey"},{"speaker":"Carl Widger","startTime":3731.96,"endTime":3735.3199999999997,"body":"with you, and then the people"},{"speaker":"Carl Widger","startTime":3731.96,"endTime":3735.3199999999997,"body":"who you have failed to bring on"},{"speaker":"Carl Widger","startTime":3735.3199999999997,"endTime":3738.58,"body":"the journey with you probably"},{"speaker":"Carl Widger","startTime":3735.3199999999997,"endTime":3738.58,"body":"shouldn't be investing at all."},{"speaker":"Carl Widger","startTime":3738.64,"endTime":3744.2799999999997,"body":"So, so I don't agree that"},{"speaker":"Carl Widger","startTime":3738.64,"endTime":3744.2799999999997,"body":"there's zero alpha, as we call"},{"speaker":"Carl Widger","startTime":3744.2799999999997,"endTime":3748.2999999999997,"body":"it, there. Can I just go back to"},{"speaker":"Carl Widger","startTime":3744.2799999999997,"endTime":3748.2999999999997,"body":"one thing you said, Andy, just"},{"speaker":"Carl Widger","startTime":3748.2999999999997,"endTime":3752.2,"body":"at the start? Yeah, how does"},{"speaker":"Carl Widger","startTime":3748.2999999999997,"endTime":3752.2,"body":"Where are you going to financial"},{"speaker":"Carl Widger","startTime":3752.2,"endTime":3754.7799999999997,"body":"advice cost 2% per annum. Is"},{"speaker":"Carl Widger","startTime":3752.2,"endTime":3754.7799999999997,"body":"that just a,"},{"speaker":"Andy Hart","startTime":3755.019,"endTime":3757.319,"body":"oh, just throwing it"},{"speaker":"Andy Hart","startTime":3755.019,"endTime":3757.319,"body":"out. There's a starter, if you"},{"speaker":"Andy Hart","startTime":3757.319,"endTime":3760.5589999999997,"body":"had to gun to the head, what is"},{"speaker":"Andy Hart","startTime":3757.319,"endTime":3760.5589999999997,"body":"financial advice cost per year,"},{"speaker":"Andy Hart","startTime":3760.5589999999997,"endTime":3760.979,"body":"say, 1.6"},{"speaker":"Alan Smith","startTime":3761.7599999999998,"endTime":3763.2,"body":"whatever. But it's,"},{"speaker":"Alan Smith","startTime":3761.7599999999998,"endTime":3763.2,"body":"it's,"},{"speaker":"Andy Hart","startTime":3763.259,"endTime":3766.859,"body":"I'm sorry I was"},{"speaker":"Andy Hart","startTime":3763.259,"endTime":3766.859,"body":"saying, Oh, just to say, Yeah,"},{"speaker":"Andy Hart","startTime":3767.279,"endTime":3768.239,"body":"but it's for everybody."},{"speaker":"Carl Widger","startTime":3768.239,"endTime":3772.1389999999997,"body":"Think it's really"},{"speaker":"Carl Widger","startTime":3768.239,"endTime":3772.1389999999997,"body":"important to segregate out here."},{"speaker":"Carl Widger","startTime":3772.1389999999997,"endTime":3774.5989999999997,"body":"What the actual you know?"},{"speaker":"Carl Widger","startTime":3772.1389999999997,"endTime":3774.5989999999997,"body":"Because if you don't have"},{"speaker":"Carl Widger","startTime":3774.5989999999997,"endTime":3776.159,"body":"financial advice, just you're"},{"speaker":"Carl Widger","startTime":3774.5989999999997,"endTime":3776.159,"body":"gonna pay"},{"speaker":"Andy Hart","startTime":3776.16,"endTime":3777.8599999999997,"body":"the other, oh, you're"},{"speaker":"Andy Hart","startTime":3776.16,"endTime":3777.8599999999997,"body":"going to be paying those fees"},{"speaker":"Carl Widger","startTime":3777.859,"endTime":3780.859,"body":"anyway. Okay, so I"},{"speaker":"Carl Widger","startTime":3777.859,"endTime":3780.859,"body":"think that's called that. That's"},{"speaker":"Carl Widger","startTime":3780.859,"endTime":3782.0589999999997,"body":"actually important too. Okay,"},{"speaker":"Andy Hart","startTime":3782.06,"endTime":3785.48,"body":"so the advisor fee,"},{"speaker":"Andy Hart","startTime":3782.06,"endTime":3785.48,"body":"the advisor fee is between point"},{"speaker":"Andy Hart","startTime":3785.48,"endTime":3790.3399999999997,"body":"seven, five and one. Yeah, I'll"},{"speaker":"Andy Hart","startTime":3785.48,"endTime":3790.3399999999997,"body":"go with that. Okay, so point"},{"speaker":"Andy Hart","startTime":3790.3399999999997,"endTime":3794.24,"body":"eight, five, just to give it one"},{"speaker":"Andy Hart","startTime":3790.3399999999997,"endTime":3794.24,"body":"definitive number, the rest, as"},{"speaker":"Andy Hart","startTime":3794.24,"endTime":3796.9,"body":"you say, Carl, you'd be paying"},{"speaker":"Andy Hart","startTime":3794.24,"endTime":3796.9,"body":"platform custody fees, and you'd"},{"speaker":"Andy Hart","startTime":3796.9,"endTime":3801.3399999999997,"body":"be paying fund manager fees. So"},{"speaker":"Andy Hart","startTime":3796.9,"endTime":3801.3399999999997,"body":"just advice fee. Yeah, we'll go"},{"speaker":"Andy Hart","startTime":3801.3399999999997,"endTime":3805.12,"body":"with point eight five for this"},{"speaker":"Andy Hart","startTime":3801.3399999999997,"endTime":3805.12,"body":"conversation. For suitable asset"},{"speaker":"Andy Hart","startTime":3805.12,"endTime":3807.88,"body":"allocation via picking the right"},{"speaker":"Andy Hart","startTime":3805.12,"endTime":3807.88,"body":"funds, I'm gonna for me"},{"speaker":"Andy Hart","startTime":3807.88,"endTime":3813.64,"body":"personally, I put at least 1% on"},{"speaker":"Andy Hart","startTime":3807.88,"endTime":3813.64,"body":"that, probably more every client"},{"speaker":"Andy Hart","startTime":3813.64,"endTime":3817.02,"body":"I take on who's naturally ended"},{"speaker":"Andy Hart","startTime":3813.64,"endTime":3817.02,"body":"up in their portfolio. I"},{"speaker":"Andy Hart","startTime":3817.02,"endTime":3819.2999999999997,"body":"enhanced their returns by"},{"speaker":"Andy Hart","startTime":3817.02,"endTime":3819.2999999999997,"body":"putting them into a higher"},{"speaker":"Andy Hart","startTime":3819.2999999999997,"endTime":3822.42,"body":"returning portfolio. I've not"},{"speaker":"Andy Hart","startTime":3819.2999999999997,"endTime":3822.42,"body":"yet come across clients"},{"speaker":"Andy Hart","startTime":3822.42,"endTime":3825.18,"body":"perfectly set up, and then I've"},{"speaker":"Andy Hart","startTime":3822.42,"endTime":3825.18,"body":"taken them on. So what's your"},{"speaker":"Andy Hart","startTime":3825.18,"endTime":3827.1,"body":"thoughts if you had to give a"},{"speaker":"Andy Hart","startTime":3825.18,"endTime":3827.1,"body":"number again?"},{"speaker":"Carl Widger","startTime":3827.7,"endTime":3831.7799999999997,"body":"I think one, yeah,"},{"speaker":"Carl Widger","startTime":3827.7,"endTime":3831.7799999999997,"body":"100% I think it's also very"},{"speaker":"Carl Widger","startTime":3831.7799999999997,"endTime":3834.12,"body":"surprising that they're saying"},{"speaker":"Carl Widger","startTime":3831.7799999999997,"endTime":3834.12,"body":"zero there. But anyway, a bit"},{"speaker":"Carl Widger","startTime":3834.12,"endTime":3834.3599999999997,"body":"weird."},{"speaker":"Andy Hart","startTime":3834.359,"endTime":3836.759,"body":"Maybe we might not,"},{"speaker":"Andy Hart","startTime":3834.359,"endTime":3836.759,"body":"maybe we might not interpreted"},{"speaker":"Andy Hart","startTime":3836.759,"endTime":3838.159,"body":"it correctly. Alan Nick, I'm"},{"speaker":"Alan Smith","startTime":3839.239,"endTime":3842.419,"body":"gonna wait till"},{"speaker":"Alan Smith","startTime":3839.239,"endTime":3842.419,"body":"you've gone through it. Okay,"},{"speaker":"Alan Smith","startTime":3842.5389999999998,"endTime":3844.159,"body":"each one, one by one."},{"speaker":"Andy Hart","startTime":3844.2799999999997,"endTime":3845.8399999999997,"body":"I thought we're gonna"},{"speaker":"Andy Hart","startTime":3844.2799999999997,"endTime":3845.8399999999997,"body":"go through each one. That was"},{"speaker":"Andy Hart","startTime":3845.8399999999997,"endTime":3847.7599999999998,"body":"what was on the docket. As they"},{"speaker":"Andy Hart","startTime":3845.8399999999997,"endTime":3847.7599999999998,"body":"say, Okay,"},{"speaker":"Nick Lincoln","startTime":3847.819,"endTime":3849.6189999999997,"body":"let's move when"},{"speaker":"Nick Lincoln","startTime":3847.819,"endTime":3849.6189999999997,"body":"you got thing to say on and"},{"speaker":"Nick Lincoln","startTime":3849.6189999999997,"endTime":3852.019,"body":"speak up and then. But if you"},{"speaker":"Nick Lincoln","startTime":3849.6189999999997,"endTime":3852.019,"body":"haven't got things to say on a"},{"speaker":"Nick Lincoln","startTime":3852.019,"endTime":3854.1189999999997,"body":"particular one, that's fine."},{"speaker":"Nick Lincoln","startTime":3852.019,"endTime":3854.1189999999997,"body":"Just, just, just, if"},{"speaker":"Andy Hart","startTime":3854.12,"endTime":3856.3399999999997,"body":"Alan says he wants to"},{"speaker":"Andy Hart","startTime":3854.12,"endTime":3856.3399999999997,"body":"be quiet for a few minutes,"},{"speaker":"Andy Hart","startTime":3856.3399999999997,"endTime":3859.42,"body":"let's just leave it as that. All"},{"speaker":"Andy Hart","startTime":3856.3399999999997,"endTime":3859.42,"body":"right. The next point. The next"},{"speaker":"Andy Hart","startTime":3859.42,"endTime":3864.22,"body":"subject point is rebalancing,"},{"speaker":"Andy Hart","startTime":3859.42,"endTime":3864.22,"body":"and they've put a value on this"},{"speaker":"Andy Hart","startTime":3864.22,"endTime":3869.2599999999998,"body":"of between zero and 43 basis"},{"speaker":"Andy Hart","startTime":3864.22,"endTime":3869.2599999999998,"body":"points. Yeah, such a race is an"},{"speaker":"Andy Hart","startTime":3869.2599999999998,"endTime":3873.46,"body":"odd one. Now, yeah, no, just"},{"speaker":"Andy Hart","startTime":3869.2599999999998,"endTime":3873.46,"body":"rebalancing. I think does work,"},{"speaker":"Andy Hart","startTime":3873.46,"endTime":3878.58,"body":"and it forces you to sell high"},{"speaker":"Andy Hart","startTime":3873.46,"endTime":3878.58,"body":"and buy low, as a general rule,"},{"speaker":"Andy Hart","startTime":3878.8199999999997,"endTime":3881.4,"body":"but yeah, I'm going with about"},{"speaker":"Andy Hart","startTime":3878.8199999999997,"endTime":3881.4,"body":"20 basis points on that. I'm"},{"speaker":"Andy Hart","startTime":3881.4,"endTime":3883.44,"body":"happy that I know there's"},{"speaker":"Andy Hart","startTime":3881.4,"endTime":3883.44,"body":"studies, you know, you know,"},{"speaker":"Andy Hart","startTime":3883.56,"endTime":3885.72,"body":"falling out the trees in"},{"speaker":"Andy Hart","startTime":3883.56,"endTime":3885.72,"body":"relation to this. But I'm not"},{"speaker":"Andy Hart","startTime":3885.72,"endTime":3888.54,"body":"really going to quote any. Then"},{"speaker":"Andy Hart","startTime":3885.72,"endTime":3888.54,"body":"we'll go down that route. But I"},{"speaker":"Andy Hart","startTime":3888.54,"endTime":3890.7599999999998,"body":"say adds 20 basis points. Anyone"},{"speaker":"Andy Hart","startTime":3888.54,"endTime":3890.7599999999998,"body":"else,"},{"speaker":"Carl Widger","startTime":3892.08,"endTime":3894.24,"body":"none. Because if"},{"speaker":"Carl Widger","startTime":3892.08,"endTime":3894.24,"body":"you're in the if you're in the"},{"speaker":"Carl Widger","startTime":3894.24,"endTime":3897.44,"body":"right fund at the start, the"},{"speaker":"Carl Widger","startTime":3894.24,"endTime":3897.44,"body":"fund has been rebalanced within"},{"speaker":"Carl Widger","startTime":3897.44,"endTime":3898.46,"body":"the fund. So there's"},{"speaker":"Andy Hart","startTime":3898.459,"endTime":3900.859,"body":"but there's still a"},{"speaker":"Andy Hart","startTime":3898.459,"endTime":3900.859,"body":"value to that car, even the one"},{"speaker":"Andy Hart","startTime":3900.859,"endTime":3903.799,"body":"fund, DFA, it's rebalanced"},{"speaker":"Andy Hart","startTime":3900.859,"endTime":3903.799,"body":"internally, but the returns are"},{"speaker":"Carl Widger","startTime":3903.799,"endTime":3905.899,"body":"better point number"},{"speaker":"Carl Widger","startTime":3903.799,"endTime":3905.899,"body":"one, being in the right asset"},{"speaker":"Carl Widger","startTime":3905.899,"endTime":3908.719,"body":"allocation and being in the"},{"speaker":"Carl Widger","startTime":3905.899,"endTime":3908.719,"body":"right types of funds. So I mean,"},{"speaker":"Alan Smith","startTime":3909.02,"endTime":3911.48,"body":"if you're in the one"},{"speaker":"Alan Smith","startTime":3909.02,"endTime":3911.48,"body":"fund solution, you guys"},{"speaker":"Alan Smith","startTime":3911.48,"endTime":3914.7799999999997,"body":"advocate, then it rebalances the"},{"speaker":"Alan Smith","startTime":3911.48,"endTime":3914.7799999999997,"body":"back end. Alan, it rebalance"},{"speaker":"Alan Smith","startTime":3914.7799999999997,"endTime":3915.62,"body":"around the back end. It's"},{"speaker":"Andy Hart","startTime":3915.62,"endTime":3917.92,"body":"done automatically,"},{"speaker":"Andy Hart","startTime":3915.62,"endTime":3917.92,"body":"but his advisor isn't adding any"},{"speaker":"Andy Hart","startTime":3917.92,"endTime":3921.7,"body":"value, but it's still adding to"},{"speaker":"Andy Hart","startTime":3917.92,"endTime":3921.7,"body":"the returns. The trouble with"},{"speaker":"Andy Hart","startTime":3921.7,"endTime":3922.2999999999997,"body":"all these,"},{"speaker":"Alan Smith","startTime":3922.2999999999997,"endTime":3925.42,"body":"and I am going to"},{"speaker":"Alan Smith","startTime":3922.2999999999997,"endTime":3925.42,"body":"play devil's advocate throughout"},{"speaker":"Alan Smith","startTime":3925.42,"endTime":3927.58,"body":"this, the trouble with these,"},{"speaker":"Alan Smith","startTime":3925.42,"endTime":3927.58,"body":"and don't get me wrong, there's"},{"speaker":"Alan Smith","startTime":3927.58,"endTime":3931.9,"body":"a load of value that advisors"},{"speaker":"Alan Smith","startTime":3927.58,"endTime":3931.9,"body":"add. The trouble with these is"},{"speaker":"Alan Smith","startTime":3931.9,"endTime":3935.62,"body":"it depends on the club. What if"},{"speaker":"Alan Smith","startTime":3931.9,"endTime":3935.62,"body":"you, the client comes to you and"},{"speaker":"Alan Smith","startTime":3935.7999999999997,"endTime":3939.54,"body":"he's got and he's 100% Vanguard"},{"speaker":"Alan Smith","startTime":3935.7999999999997,"endTime":3939.54,"body":"life strategy, Vanguard 100 or"},{"speaker":"Alan Smith","startTime":3939.54,"endTime":3943.2,"body":"something. Yep. So rebalanced"},{"speaker":"Alan Smith","startTime":3939.54,"endTime":3943.2,"body":"done automatically. He's the"},{"speaker":"Alan Smith","startTime":3943.2,"endTime":3946.3199999999997,"body":"right asset allocation. So so"},{"speaker":"Alan Smith","startTime":3943.2,"endTime":3946.3199999999997,"body":"far you've had a zero, and"},{"speaker":"Alan Smith","startTime":3946.3199999999997,"endTime":3950.1,"body":"depending on where he ends up,"},{"speaker":"Alan Smith","startTime":3946.3199999999997,"endTime":3950.1,"body":"there might be negative alpha if"},{"speaker":"Alan Smith","startTime":3950.1,"endTime":3952.56,"body":"he moves into one of these"},{"speaker":"Alan Smith","startTime":3950.1,"endTime":3952.56,"body":"discretionary fund managers,"},{"speaker":"Alan Smith","startTime":3952.56,"endTime":3957.02,"body":"because he wants to have a, you"},{"speaker":"Alan Smith","startTime":3952.56,"endTime":3957.02,"body":"know, someone with a double"},{"speaker":"Alan Smith","startTime":3957.02,"endTime":3961.52,"body":"barreled name, giving, giving"},{"speaker":"Alan Smith","startTime":3957.02,"endTime":3961.52,"body":"advice. But the point, the point"},{"speaker":"Alan Smith","startTime":3961.52,"endTime":3965.12,"body":"being that these are very broad"},{"speaker":"Alan Smith","startTime":3961.52,"endTime":3965.12,"body":"and generic. And yes, I get it,"},{"speaker":"Alan Smith","startTime":3965.12,"endTime":3969.14,"body":"but I'm not, I'm not buying the"},{"speaker":"Alan Smith","startTime":3965.12,"endTime":3969.14,"body":"rebalancing. Get it. Get it as a"},{"speaker":"Alan Smith","startTime":3969.14,"endTime":3973.8199999999997,"body":"significant value. Add the Yeah,"},{"speaker":"Alan Smith","startTime":3969.14,"endTime":3973.8199999999997,"body":"asset allocation generally is."},{"speaker":"Alan Smith","startTime":3973.8199999999997,"endTime":3976.3599999999997,"body":"But you know, we get clients"},{"speaker":"Alan Smith","startTime":3973.8199999999997,"endTime":3976.3599999999997,"body":"coming to us who, you know. Buy"},{"speaker":"Alan Smith","startTime":3976.3599999999997,"endTime":3978.7599999999998,"body":"into the equity thing that"},{"speaker":"Alan Smith","startTime":3976.3599999999997,"endTime":3978.7599999999998,"body":"generally they just need a bit"},{"speaker":"Alan Smith","startTime":3978.7599999999998,"endTime":3981.04,"body":"of help. I think you carry on."},{"speaker":"Alan Smith","startTime":3978.7599999999998,"endTime":3981.04,"body":"Because I think the bigger,"},{"speaker":"Alan Smith","startTime":3981.04,"endTime":3983.7999999999997,"body":"yeah, I'll carry a bigger value."},{"speaker":"Alan Smith","startTime":3981.04,"endTime":3983.7999999999997,"body":"Isn't all the other things,"},{"speaker":"Alan Smith","startTime":3983.92,"endTime":3984.3399999999997,"body":"yeah, but"},{"speaker":"Andy Hart","startTime":3984.3399999999997,"endTime":3986.2,"body":"there is one that"},{"speaker":"Andy Hart","startTime":3984.3399999999997,"endTime":3986.2,"body":"we're all going to agree on."},{"speaker":"Andy Hart","startTime":3986.2,"endTime":3989.2599999999998,"body":"It's coming up. Wait for it,"},{"speaker":"Andy Hart","startTime":3986.2,"endTime":3989.2599999999998,"body":"it's coming up. The suspense is"},{"speaker":"Andy Hart","startTime":3989.2599999999998,"endTime":3992.92,"body":"killing me. But this one now"},{"speaker":"Andy Hart","startTime":3989.2599999999998,"endTime":3992.92,"body":"cost effective implementation."},{"speaker":"Andy Hart","startTime":3993.52,"endTime":3998.1,"body":"Oh no, quite in the old days, I"},{"speaker":"Andy Hart","startTime":3993.52,"endTime":3998.1,"body":"think maybe if there was a"},{"speaker":"Andy Hart","startTime":3998.4,"endTime":4004.04,"body":"higher barrier to entry, I think"},{"speaker":"Andy Hart","startTime":3998.4,"endTime":4004.04,"body":"some advisors obviously detract"},{"speaker":"Andy Hart","startTime":4004.04,"endTime":4006.8599999999997,"body":"because they correct charge high"},{"speaker":"Andy Hart","startTime":4004.04,"endTime":4006.8599999999997,"body":"fees to implement. But anyway,"},{"speaker":"Nick Lincoln","startTime":4006.859,"endTime":4009.019,"body":"let's just go with"},{"speaker":"Nick Lincoln","startTime":4006.859,"endTime":4009.019,"body":"this one. I don't even know that"},{"speaker":"Nick Lincoln","startTime":4009.019,"endTime":4010.0989999999997,"body":"means, really, that's kind of"},{"speaker":"Alan Smith","startTime":4010.1,"endTime":4012.7999999999997,"body":"mean, yeah, I mean"},{"speaker":"Alan Smith","startTime":4010.1,"endTime":4012.7999999999997,"body":"so advisors are charging again,"},{"speaker":"Alan Smith","startTime":4012.7999999999997,"endTime":4015.92,"body":"look at whatever the data is,"},{"speaker":"Alan Smith","startTime":4012.7999999999997,"endTime":4015.92,"body":"between one and 3% of investment"},{"speaker":"Alan Smith","startTime":4015.98,"endTime":4016.58,"body":"portfolios,"},{"speaker":"Andy Hart","startTime":4017.18,"endTime":4019.2999999999997,"body":"I think typically, I"},{"speaker":"Andy Hart","startTime":4017.18,"endTime":4019.2999999999997,"body":"actually don't get Alan. It's"},{"speaker":"Andy Hart","startTime":4019.2999999999997,"endTime":4020.14,"body":"about sort of 2.4%"},{"speaker":"Alan Smith","startTime":4021.1,"endTime":4024.58,"body":"right? I can go, I"},{"speaker":"Alan Smith","startTime":4021.1,"endTime":4024.58,"body":"can go on most platforms"},{"speaker":"Alan Smith","startTime":4024.58,"endTime":4025.54,"body":"directly now for free,"},{"speaker":"Andy Hart","startTime":4025.72,"endTime":4030.16,"body":"right? So let's move"},{"speaker":"Andy Hart","startTime":4025.72,"endTime":4030.16,"body":"on to one that we potentially"},{"speaker":"Andy Hart","startTime":4030.16,"endTime":4034.8399999999997,"body":"agree on, behavioral coaching."},{"speaker":"Andy Hart","startTime":4030.16,"endTime":4034.8399999999997,"body":"Behavioral coaching, according"},{"speaker":"Andy Hart","startTime":4034.8399999999997,"endTime":4037.74,"body":"to Vanguard, they haven't even"},{"speaker":"Andy Hart","startTime":4034.8399999999997,"endTime":4037.74,"body":"got a range. I said this adds at"},{"speaker":"Andy Hart","startTime":4037.74,"endTime":4042.96,"body":"least 1.5% a year. Yeah, I'm in"},{"speaker":"Andy Hart","startTime":4037.74,"endTime":4042.96,"body":"massively in agreeance with that"},{"speaker":"Andy Hart","startTime":4043.2599999999998,"endTime":4046.68,"body":"you're getting the clients to do"},{"speaker":"Andy Hart","startTime":4043.2599999999998,"endTime":4046.68,"body":"the to get the clients to avoid"},{"speaker":"Andy Hart","startTime":4046.68,"endTime":4048.42,"body":"doing the wrong thing at the"},{"speaker":"Andy Hart","startTime":4046.68,"endTime":4048.42,"body":"wrong time for the wrong"},{"speaker":"Andy Hart","startTime":4048.42,"endTime":4051.3599999999997,"body":"reasons, you know, continually"},{"speaker":"Andy Hart","startTime":4048.42,"endTime":4051.3599999999997,"body":"promoting great financial"},{"speaker":"Andy Hart","startTime":4051.3599999999997,"endTime":4054.48,"body":"behavior, removing financial"},{"speaker":"Andy Hart","startTime":4051.3599999999997,"endTime":4054.48,"body":"anxiety, and getting them to do"},{"speaker":"Andy Hart","startTime":4054.48,"endTime":4056.64,"body":"the right things, to stick with"},{"speaker":"Andy Hart","startTime":4054.48,"endTime":4056.64,"body":"the plan. So behavioral"},{"speaker":"Andy Hart","startTime":4056.64,"endTime":4059.6,"body":"coaching, I'm a massive yes to"},{"speaker":"Andy Hart","startTime":4056.64,"endTime":4059.6,"body":"at least one and a half percent"},{"speaker":"Carl Widger","startTime":4059.6,"endTime":4062.18,"body":"a year. Under no"},{"speaker":"Carl Widger","startTime":4059.6,"endTime":4062.18,"body":"circumstances call it that."},{"speaker":"Carl Widger","startTime":4062.42,"endTime":4066.2,"body":"Nobody wants to hear that. Oh,"},{"speaker":"Carl Widger","startTime":4062.42,"endTime":4066.2,"body":"you're going to behave. My"},{"speaker":"Carl Widger","startTime":4066.2,"endTime":4070.04,"body":"behavior coach me, you know, so"},{"speaker":"Carl Widger","startTime":4066.2,"endTime":4070.04,"body":"I get I'm"},{"speaker":"Andy Hart","startTime":4070.52,"endTime":4072.68,"body":"okay with coaching."},{"speaker":"Andy Hart","startTime":4070.52,"endTime":4072.68,"body":"I'm okay with coaching. Use the"},{"speaker":"Andy Hart","startTime":4072.68,"endTime":4074.96,"body":"word coach, like, if you know"},{"speaker":"Andy Hart","startTime":4072.68,"endTime":4074.96,"body":"the world,"},{"speaker":"Alan Smith","startTime":4076.219,"endTime":4078.219,"body":"yeah, I mean, and"},{"speaker":"Alan Smith","startTime":4076.219,"endTime":4078.219,"body":"this obviously, is based on, and"},{"speaker":"Alan Smith","startTime":4078.219,"endTime":4081.0389999999998,"body":"there is plenty of data,"},{"speaker":"Alan Smith","startTime":4078.219,"endTime":4081.0389999999998,"body":"although it is also questioned."},{"speaker":"Alan Smith","startTime":4081.0389999999998,"endTime":4085.359,"body":"What do you call that survey?"},{"speaker":"Alan Smith","startTime":4081.0389999999998,"endTime":4085.359,"body":"DALBAR Dao, by that has"},{"speaker":"Alan Smith","startTime":4085.359,"endTime":4089.379,"body":"certainly been questioned by"},{"speaker":"Alan Smith","startTime":4085.359,"endTime":4089.379,"body":"some experts. Yeah, man, again,"},{"speaker":"Alan Smith","startTime":4089.379,"endTime":4093.339,"body":"that but, but it is true. There"},{"speaker":"Alan Smith","startTime":4089.379,"endTime":4093.339,"body":"is a lot of correlation. You can"},{"speaker":"Alan Smith","startTime":4093.339,"endTime":4097.019,"body":"see data with fund flows after"},{"speaker":"Alan Smith","startTime":4093.339,"endTime":4097.019,"body":"this great. You know, market"},{"speaker":"Alan Smith","startTime":4097.019,"endTime":4101.939,"body":"sell offs. People sell their"},{"speaker":"Alan Smith","startTime":4097.019,"endTime":4101.939,"body":"equities, having said that, so"},{"speaker":"Alan Smith","startTime":4101.939,"endTime":4105.119,"body":"do a lot of professional"},{"speaker":"Alan Smith","startTime":4101.939,"endTime":4105.119,"body":"advisors and investors. A lot of"},{"speaker":"Alan Smith","startTime":4105.119,"endTime":4109.7390000000005,"body":"this, this money that's leaving"},{"speaker":"Alan Smith","startTime":4105.119,"endTime":4109.7390000000005,"body":"portfolios, is advised. So this"},{"speaker":"Alan Smith","startTime":4109.7390000000005,"endTime":4112.619,"body":"is back to my point about it"},{"speaker":"Alan Smith","startTime":4109.7390000000005,"endTime":4112.619,"body":"depends on the advisor. Depends"},{"speaker":"Alan Smith","startTime":4112.619,"endTime":4116.779,"body":"on the advisory firm. We're all"},{"speaker":"Alan Smith","startTime":4112.619,"endTime":4116.779,"body":"aware of firms, IFA, firms who"},{"speaker":"Alan Smith","startTime":4117.499,"endTime":4118.579,"body":"encourage their clients to"},{"speaker":"Nick Lincoln","startTime":4118.58,"endTime":4120.74,"body":"sell in Yeah, but"},{"speaker":"Nick Lincoln","startTime":4118.58,"endTime":4120.74,"body":"this report is always not based"},{"speaker":"Nick Lincoln","startTime":4120.74,"endTime":4123.38,"body":"on those advisors. This is, this"},{"speaker":"Nick Lincoln","startTime":4120.74,"endTime":4123.38,"body":"report is based on the advisors"},{"speaker":"Nick Lincoln","startTime":4123.38,"endTime":4125.78,"body":"who are doing these things and"},{"speaker":"Nick Lincoln","startTime":4123.38,"endTime":4125.78,"body":"the value they add."},{"speaker":"Carl Widger","startTime":4127.46,"endTime":4129.68,"body":"Okay, I think the"},{"speaker":"Carl Widger","startTime":4127.46,"endTime":4129.68,"body":"best way of illustrating that"},{"speaker":"Carl Widger","startTime":4129.68,"endTime":4134.18,"body":"particular point is the Carl"},{"speaker":"Carl Widger","startTime":4129.68,"endTime":4134.18,"body":"Richards sketch between you and"},{"speaker":"Carl Widger","startTime":4134.18,"endTime":4137.32,"body":"the big mistake. I think yes,"},{"speaker":"Carl Widger","startTime":4134.18,"endTime":4137.32,"body":"that's yes, yes. That actually"},{"speaker":"Carl Widger","startTime":4137.32,"endTime":4138.22,"body":"illustrates, I"},{"speaker":"Alan Smith","startTime":4138.22,"endTime":4141.1,"body":"think that covers a"},{"speaker":"Alan Smith","startTime":4138.22,"endTime":4141.1,"body":"whole another huge thing we put"},{"speaker":"Alan Smith","startTime":4141.22,"endTime":4145.3,"body":"that on behavioral coaching,"},{"speaker":"Alan Smith","startTime":4141.22,"endTime":4145.3,"body":"okay, because we've talked in"},{"speaker":"Alan Smith","startTime":4145.3,"endTime":4148.12,"body":"this conversation just today"},{"speaker":"Alan Smith","startTime":4145.3,"endTime":4148.12,"body":"about, you know, half a dozen"},{"speaker":"Alan Smith","startTime":4148.12,"endTime":4151.18,"body":"different behavior or just"},{"speaker":"Alan Smith","startTime":4148.12,"endTime":4151.18,"body":"mistakes, whether it's trying to"},{"speaker":"Alan Smith","startTime":4151.18,"endTime":4154.78,"body":"buy a fund that can, so called,"},{"speaker":"Alan Smith","startTime":4151.18,"endTime":4154.78,"body":"guarantee 15% a year, or any"},{"speaker":"Alan Smith","startTime":4154.78,"endTime":4158.76,"body":"number of other things that"},{"speaker":"Alan Smith","startTime":4154.78,"endTime":4158.76,"body":"you're likely to blow yourself"},{"speaker":"Alan Smith","startTime":4158.76,"endTime":4161.22,"body":"up financially. And just, I"},{"speaker":"Alan Smith","startTime":4158.76,"endTime":4161.22,"body":"remember one of our earlier"},{"speaker":"Alan Smith","startTime":4161.22,"endTime":4164.16,"body":"episodes, and all these crazy"},{"speaker":"Alan Smith","startTime":4161.22,"endTime":4164.16,"body":"funds that we've all seen over"},{"speaker":"Alan Smith","startTime":4164.16,"endTime":4167.64,"body":"the years that people are piling"},{"speaker":"Alan Smith","startTime":4164.16,"endTime":4167.64,"body":"into. So I've got to assume"},{"speaker":"Alan Smith","startTime":4167.64,"endTime":4170.28,"body":"that, for the purpose of this,"},{"speaker":"Alan Smith","startTime":4167.64,"endTime":4170.28,"body":"that these are sort of advisors."},{"speaker":"Alan Smith","startTime":4170.28,"endTime":4172.8,"body":"We're talking about, the people"},{"speaker":"Alan Smith","startTime":4170.28,"endTime":4172.8,"body":"that will steer their clients"},{"speaker":"Alan Smith","startTime":4172.8,"endTime":4174.42,"body":"clear of them. Well, yeah, I"},{"speaker":"Andy Hart","startTime":4175.8589999999995,"endTime":4178.999,"body":"suppose avoidance. I"},{"speaker":"Andy Hart","startTime":4175.8589999999995,"endTime":4178.999,"body":"say I can scam avoidance. So, so"},{"speaker":"Andy Hart","startTime":4178.999,"endTime":4181.459,"body":"a benefit working me is scam"},{"speaker":"Andy Hart","startTime":4178.999,"endTime":4181.459,"body":"avoidance. Anything that comes"},{"speaker":"Andy Hart","startTime":4181.459,"endTime":4184.159,"body":"company lands on your desk, see"},{"speaker":"Andy Hart","startTime":4181.459,"endTime":4184.159,"body":"on the Yeah, immediately. Call"},{"speaker":"Andy Hart","startTime":4184.159,"endTime":4186.619,"body":"me. You don't get you involved"},{"speaker":"Andy Hart","startTime":4184.159,"endTime":4186.619,"body":"in anything that's going to blow"},{"speaker":"Andy Hart","startTime":4186.619,"endTime":4189.079,"body":"up. Okay, the next one we're"},{"speaker":"Andy Hart","startTime":4186.619,"endTime":4189.079,"body":"moving on to is tax allowances"},{"speaker":"Andy Hart","startTime":4189.079,"endTime":4193.699,"body":"and asset location. They're only"},{"speaker":"Andy Hart","startTime":4189.079,"endTime":4193.699,"body":"given between zero and 23 basis"},{"speaker":"Andy Hart","startTime":4193.699,"endTime":4195.979,"body":"points. So there's tax"},{"speaker":"Andy Hart","startTime":4193.699,"endTime":4195.979,"body":"allowances and asset locate."},{"speaker":"Andy Hart","startTime":4196.099,"endTime":4199.3589999999995,"body":"Asset location. Where's the best"},{"speaker":"Andy Hart","startTime":4196.099,"endTime":4199.3589999999995,"body":"place to allocate your capital?"},{"speaker":"Andy Hart","startTime":4199.659,"endTime":4203.799,"body":"I again, think I had more per"},{"speaker":"Andy Hart","startTime":4199.659,"endTime":4203.799,"body":"year than that. I"},{"speaker":"Nick Lincoln","startTime":4203.8,"endTime":4208.0,"body":"think so now this"},{"speaker":"Nick Lincoln","startTime":4203.8,"endTime":4208.0,"body":"was, this was written 2020 when"},{"speaker":"Nick Lincoln","startTime":4208.0,"endTime":4211.54,"body":"the the allowances were far more"},{"speaker":"Nick Lincoln","startTime":4208.0,"endTime":4211.54,"body":"generous terms of capital gains"},{"speaker":"Nick Lincoln","startTime":4211.54,"endTime":4214.0599999999995,"body":"tax. We've also got these"},{"speaker":"Nick Lincoln","startTime":4211.54,"endTime":4214.0599999999995,"body":"changes to pensions now. So,"},{"speaker":"Nick Lincoln","startTime":4214.0599999999995,"endTime":4217.44,"body":"yeah, you'll need to do properly"},{"speaker":"Nick Lincoln","startTime":4214.0599999999995,"endTime":4217.44,"body":"advise in depth financial"},{"speaker":"Nick Lincoln","startTime":4217.44,"endTime":4219.84,"body":"planning for clients, working"},{"speaker":"Nick Lincoln","startTime":4217.44,"endTime":4219.84,"body":"out when's the best time to take"},{"speaker":"Nick Lincoln","startTime":4219.84,"endTime":4222.3,"body":"money from a pension pot, if at"},{"speaker":"Nick Lincoln","startTime":4219.84,"endTime":4222.3,"body":"all, and how much do you take"},{"speaker":"Nick Lincoln","startTime":4222.3,"endTime":4223.44,"body":"out? Sorry, Nick, the"},{"speaker":"Andy Hart","startTime":4223.44,"endTime":4225.66,"body":"next one that's"},{"speaker":"Andy Hart","startTime":4223.44,"endTime":4225.66,"body":"called spending strategies. So"},{"speaker":"Andy Hart","startTime":4225.66,"endTime":4227.94,"body":"this one is to do with tax well,"},{"speaker":"Andy Hart","startTime":4225.66,"endTime":4227.94,"body":"isn't it? Yeah, yeah. You're"},{"speaker":"Andy Hart","startTime":4227.94,"endTime":4228.78,"body":"right. You're right. Yeah,"},{"speaker":"Nick Lincoln","startTime":4228.839,"endTime":4230.399,"body":"they overlapped"},{"speaker":"Nick Lincoln","startTime":4228.839,"endTime":4230.399,"body":"your degree. I think they're"},{"speaker":"Nick Lincoln","startTime":4230.399,"endTime":4232.799,"body":"both, yes, they're both more"},{"speaker":"Nick Lincoln","startTime":4230.399,"endTime":4232.799,"body":"important than Vanguard gave"},{"speaker":"Nick Lincoln","startTime":4232.799,"endTime":4235.739,"body":"them credit for on june 2020"},{"speaker":"Nick Lincoln","startTime":4232.799,"endTime":4235.739,"body":"just because all the allowances"},{"speaker":"Nick Lincoln","startTime":4235.739,"endTime":4237.8589999999995,"body":"have been either frozen or"},{"speaker":"Nick Lincoln","startTime":4235.739,"endTime":4237.8589999999995,"body":"massively, you know, capital"},{"speaker":"Nick Lincoln","startTime":4237.8589999999995,"endTime":4239.659,"body":"gains tax and houses down by,"},{"speaker":"Nick Lincoln","startTime":4237.8589999999995,"endTime":4239.659,"body":"what, 75%"},{"speaker":"Alan Smith","startTime":4240.92,"endTime":4244.28,"body":"yeah, there's a lot"},{"speaker":"Alan Smith","startTime":4240.92,"endTime":4244.28,"body":"of benefit in doing slightly"},{"speaker":"Alan Smith","startTime":4244.28,"endTime":4244.46,"body":"more."},{"speaker":"Carl Widger","startTime":4244.5199999999995,"endTime":4247.04,"body":"There's untold"},{"speaker":"Carl Widger","startTime":4244.5199999999995,"endTime":4247.04,"body":"benefit in this. Because, for"},{"speaker":"Carl Widger","startTime":4247.04,"endTime":4250.34,"body":"example, the standard fund"},{"speaker":"Carl Widger","startTime":4247.04,"endTime":4250.34,"body":"threshold for pension funds here"},{"speaker":"Carl Widger","startTime":4250.34,"endTime":4256.16,"body":"has just been increased to 2.8"},{"speaker":"Carl Widger","startTime":4250.34,"endTime":4256.16,"body":"million by 2029 and yet, some"},{"speaker":"Carl Widger","startTime":4256.16,"endTime":4259.3,"body":"advisors this was coming because"},{"speaker":"Carl Widger","startTime":4256.16,"endTime":4259.3,"body":"we were told it was coming, as"},{"speaker":"Carl Widger","startTime":4259.3,"endTime":4261.88,"body":"some people were told, Oh, get"},{"speaker":"Carl Widger","startTime":4259.3,"endTime":4261.88,"body":"out. Your pension fund is now"},{"speaker":"Carl Widger","startTime":4261.88,"endTime":4266.44,"body":"over 2 million like this is"},{"speaker":"Carl Widger","startTime":4261.88,"endTime":4266.44,"body":"hundreds of 1000s of euros of a"},{"speaker":"Carl Widger","startTime":4266.44,"endTime":4269.38,"body":"difference here, you know, just"},{"speaker":"Carl Widger","startTime":4266.44,"endTime":4269.38,"body":"by telling someone who didn't"},{"speaker":"Carl Widger","startTime":4269.38,"endTime":4273.64,"body":"need the money, just sit tight,"},{"speaker":"Carl Widger","startTime":4269.38,"endTime":4273.64,"body":"because the foot, the, you know,"},{"speaker":"Carl Widger","startTime":4273.82,"endTime":4277.86,"body":"the the SFT. Is going to"},{"speaker":"Carl Widger","startTime":4273.82,"endTime":4277.86,"body":"increase dramatically over the"},{"speaker":"Carl Widger","startTime":4277.86,"endTime":4282.96,"body":"coming years. So I think this"},{"speaker":"Carl Widger","startTime":4277.86,"endTime":4282.96,"body":"is, this is the one that every"},{"speaker":"Carl Widger","startTime":4282.96,"endTime":4287.16,"body":"DIY investor can say that they"},{"speaker":"Carl Widger","startTime":4282.96,"endTime":4287.16,"body":"can do all of the other stuff we"},{"speaker":"Carl Widger","startTime":4287.16,"endTime":4291.12,"body":"spoke about, unless you're in"},{"speaker":"Carl Widger","startTime":4287.16,"endTime":4291.12,"body":"this all day, every day, and you"},{"speaker":"Carl Widger","startTime":4291.12,"endTime":4294.66,"body":"know the rules inside and out,"},{"speaker":"Carl Widger","startTime":4291.12,"endTime":4294.66,"body":"and you're clued in and you know"},{"speaker":"Carl Widger","startTime":4294.66,"endTime":4299.12,"body":"what's coming, you cannot,"},{"speaker":"Carl Widger","startTime":4294.66,"endTime":4299.12,"body":"cannot say that you're going to"},{"speaker":"Carl Widger","startTime":4299.12,"endTime":4302.42,"body":"be able to structure this"},{"speaker":"Carl Widger","startTime":4299.12,"endTime":4302.42,"body":"yourself. Sorry,"},{"speaker":"Andy Hart","startTime":4302.42,"endTime":4304.28,"body":"Carl, are you"},{"speaker":"Andy Hart","startTime":4302.42,"endTime":4304.28,"body":"specifically talking about tax"},{"speaker":"Andy Hart","startTime":4304.28,"endTime":4307.46,"body":"allowances and asset location"},{"speaker":"Andy Hart","startTime":4304.28,"endTime":4307.46,"body":"and spending strategies, or a"},{"speaker":"Andy Hart","startTime":4307.46,"endTime":4309.98,"body":"bit, a bit of everything we just"},{"speaker":"Andy Hart","startTime":4307.46,"endTime":4309.98,"body":"mentioned, kind of a bit of, I"},{"speaker":"Carl Widger","startTime":4309.98,"endTime":4312.5,"body":"suppose these are"},{"speaker":"Carl Widger","startTime":4309.98,"endTime":4312.5,"body":"these could go under tax"},{"speaker":"Carl Widger","startTime":4312.5,"endTime":4313.28,"body":"strategy,"},{"speaker":"Andy Hart","startTime":4314.18,"endTime":4317.2,"body":"yeah, tax"},{"speaker":"Andy Hart","startTime":4314.18,"endTime":4317.2,"body":"optimization, correct. But"},{"speaker":"Carl Widger","startTime":4317.38,"endTime":4320.08,"body":"also, but also does"},{"speaker":"Carl Widger","startTime":4317.38,"endTime":4320.08,"body":"cross into the spending"},{"speaker":"Carl Widger","startTime":4320.08,"endTime":4322.24,"body":"strategies as well. Andy,"},{"speaker":"Carl Widger","startTime":4320.08,"endTime":4322.24,"body":"because when you might draw, you"},{"speaker":"Carl Widger","startTime":4322.24,"endTime":4324.5199999999995,"body":"know, yeah, where do you what"},{"speaker":"Carl Widger","startTime":4322.24,"endTime":4324.5199999999995,"body":"parts do you draw your money out"},{"speaker":"Carl Widger","startTime":4324.5199999999995,"endTime":4325.18,"body":"of it? Yeah, when"},{"speaker":"Andy Hart","startTime":4325.18,"endTime":4326.74,"body":"you take money out"},{"speaker":"Andy Hart","startTime":4325.18,"endTime":4326.74,"body":"first, yeah, but you"},{"speaker":"Alan Smith","startTime":4326.74,"endTime":4329.0199999999995,"body":"know, there's,"},{"speaker":"Alan Smith","startTime":4326.74,"endTime":4329.0199999999995,"body":"there's a huge one for me, which"},{"speaker":"Alan Smith","startTime":4329.0199999999995,"endTime":4331.9,"body":"is related to this, under the"},{"speaker":"Alan Smith","startTime":4329.0199999999995,"endTime":4331.9,"body":"title spending strategy. And"},{"speaker":"Alan Smith","startTime":4331.9,"endTime":4334.54,"body":"yeah, you get all the technical"},{"speaker":"Alan Smith","startTime":4331.9,"endTime":4334.54,"body":"bits and tax optimization right,"},{"speaker":"Alan Smith","startTime":4334.54,"endTime":4338.94,"body":"but simply encouraging clients,"},{"speaker":"Alan Smith","startTime":4334.54,"endTime":4338.94,"body":"giving them a confidence to"},{"speaker":"Alan Smith","startTime":4338.94,"endTime":4342.0,"body":"spend, which kind of goes under"},{"speaker":"Alan Smith","startTime":4338.94,"endTime":4342.0,"body":"the behavioral bit as well."},{"speaker":"Alan Smith","startTime":4342.12,"endTime":4346.14,"body":"Yeah, we've all got examples of"},{"speaker":"Alan Smith","startTime":4342.12,"endTime":4346.14,"body":"clients that are, you know, wary"},{"speaker":"Alan Smith","startTime":4346.14,"endTime":4348.72,"body":"of spending too much money and"},{"speaker":"Alan Smith","startTime":4346.14,"endTime":4348.72,"body":"worried about running out of"},{"speaker":"Alan Smith","startTime":4348.72,"endTime":4351.0,"body":"money. You can demonstrate. You"},{"speaker":"Alan Smith","startTime":4348.72,"endTime":4351.0,"body":"can model it, do all these"},{"speaker":"Alan Smith","startTime":4351.0,"endTime":4353.94,"body":"things. And you say, I mean, we"},{"speaker":"Alan Smith","startTime":4351.0,"endTime":4353.94,"body":"could probably all share"},{"speaker":"Alan Smith","startTime":4353.94,"endTime":4357.44,"body":"examples of clients that have"},{"speaker":"Alan Smith","startTime":4353.94,"endTime":4357.44,"body":"just then gone either gone on"},{"speaker":"Alan Smith","startTime":4357.5,"endTime":4361.0999999999995,"body":"like the most incredible life"},{"speaker":"Alan Smith","startTime":4357.5,"endTime":4361.0999999999995,"body":"journey experiences, adventures,"},{"speaker":"Alan Smith","startTime":4361.0999999999995,"endTime":4364.82,"body":"travel and or help their kids,"},{"speaker":"Alan Smith","startTime":4361.0999999999995,"endTime":4364.82,"body":"grandkids and all that sort of"},{"speaker":"Alan Smith","startTime":4364.82,"endTime":4367.82,"body":"beautiful experience that"},{"speaker":"Alan Smith","startTime":4364.82,"endTime":4367.82,"body":"happens by, you know, helping"},{"speaker":"Alan Smith","startTime":4367.82,"endTime":4370.82,"body":"other people or enjoying, you"},{"speaker":"Alan Smith","startTime":4367.82,"endTime":4370.82,"body":"know, amazing life changing"},{"speaker":"Alan Smith","startTime":4370.82,"endTime":4374.18,"body":"experiences of yourself. In my"},{"speaker":"Alan Smith","startTime":4370.82,"endTime":4374.18,"body":"experience, a lot of people just"},{"speaker":"Alan Smith","startTime":4374.18,"endTime":4377.32,"body":"won't do that because they've"},{"speaker":"Alan Smith","startTime":4374.18,"endTime":4377.32,"body":"just got so much fear of running"},{"speaker":"Alan Smith","startTime":4377.32,"endTime":4379.72,"body":"out of money, and therefore this"},{"speaker":"Alan Smith","startTime":4377.32,"endTime":4379.72,"body":"is a kind of behavior and a"},{"speaker":"Alan Smith","startTime":4379.72,"endTime":4382.9,"body":"mental thing put a price on, you"},{"speaker":"Alan Smith","startTime":4379.72,"endTime":4382.9,"body":"know, I've just had a an"},{"speaker":"Alan Smith","startTime":4382.9,"endTime":4386.44,"body":"incredible trip to a bucket list"},{"speaker":"Alan Smith","startTime":4382.9,"endTime":4386.44,"body":"type place that I'll never"},{"speaker":"Alan Smith","startTime":4386.44,"endTime":4387.5199999999995,"body":"forget, and I've got all the"},{"speaker":"Nick Lincoln","startTime":4387.519,"endTime":4389.919,"body":"photographs, and"},{"speaker":"Nick Lincoln","startTime":4387.519,"endTime":4389.919,"body":"you can't, can you? You can't,"},{"speaker":"Nick Lincoln","startTime":4390.2789999999995,"endTime":4391.7789999999995,"body":"yeah, and the"},{"speaker":"Alan Smith","startTime":4391.78,"endTime":4393.88,"body":"challenge this is,"},{"speaker":"Alan Smith","startTime":4391.78,"endTime":4393.88,"body":"what I've got with all this"},{"speaker":"Alan Smith","startTime":4393.88,"endTime":4396.28,"body":"stuff, is they've tried to"},{"speaker":"Alan Smith","startTime":4393.88,"endTime":4396.28,"body":"quantify, and it's fair enough."},{"speaker":"Alan Smith","startTime":4396.28,"endTime":4398.64,"body":"No, yeah, we understand. I've"},{"speaker":"Alan Smith","startTime":4396.28,"endTime":4398.64,"body":"done it, but we understand the"},{"speaker":"Alan Smith","startTime":4398.64,"endTime":4400.32,"body":"limitations of this type of"},{"speaker":"Alan Smith","startTime":4398.64,"endTime":4400.32,"body":"stuff. Yeah."},{"speaker":"Nick Lincoln","startTime":4401.939,"endTime":4403.979,"body":"Okay, right. So"},{"speaker":"Nick Lincoln","startTime":4401.939,"endTime":4403.979,"body":"what are we on spending"},{"speaker":"Nick Lincoln","startTime":4403.979,"endTime":4406.3189999999995,"body":"strategy? Are we have We nailed"},{"speaker":"Nick Lincoln","startTime":4403.979,"endTime":4406.3189999999995,"body":"that one? Yeah. And"},{"speaker":"Andy Hart","startTime":4406.32,"endTime":4409.8,"body":"then the final one is"},{"speaker":"Andy Hart","startTime":4406.32,"endTime":4409.8,"body":"total return investing versus"},{"speaker":"Andy Hart","startTime":4409.8,"endTime":4415.32,"body":"income investing. They put zero"},{"speaker":"Andy Hart","startTime":4409.8,"endTime":4415.32,"body":"basis points on that, but I"},{"speaker":"Andy Hart","startTime":4415.38,"endTime":4418.28,"body":"think they put it in zero. I"},{"speaker":"Andy Hart","startTime":4415.38,"endTime":4418.28,"body":"think that's an educational"},{"speaker":"Andy Hart","startTime":4418.28,"endTime":4421.28,"body":"that's an educational piece with"},{"speaker":"Andy Hart","startTime":4418.28,"endTime":4421.28,"body":"clients, because they do now,"},{"speaker":"Alan Smith","startTime":4421.2789999999995,"endTime":4423.259,"body":"I think you're"},{"speaker":"Alan Smith","startTime":4421.2789999999995,"endTime":4423.259,"body":"right. I think income delivers"},{"speaker":"Alan Smith","startTime":4423.259,"endTime":4425.179,"body":"yield on actual yield of"},{"speaker":"Alan Smith","startTime":4423.259,"endTime":4425.179,"body":"investment fund for"},{"speaker":"Andy Hart","startTime":4425.179,"endTime":4427.039,"body":"us. I know it doesn't"},{"speaker":"Andy Hart","startTime":4425.179,"endTime":4427.039,"body":"quite work like that. You've got"},{"speaker":"Andy Hart","startTime":4427.039,"endTime":4429.3189999999995,"body":"all your money invested, and"},{"speaker":"Andy Hart","startTime":4427.039,"endTime":4429.3189999999995,"body":"take out a small amount there"},{"speaker":"Andy Hart","startTime":4429.3189999999995,"endTime":4432.799,"body":"stays invested as a tiny year."},{"speaker":"Andy Hart","startTime":4429.3189999999995,"endTime":4432.799,"body":"So that, again, is on the"},{"speaker":"Andy Hart","startTime":4432.799,"endTime":4437.3589999999995,"body":"education around proper setup of"},{"speaker":"Andy Hart","startTime":4432.799,"endTime":4437.3589999999995,"body":"investments from from day one."},{"speaker":"Andy Hart","startTime":4437.3589999999995,"endTime":4437.799,"body":"Yeah, and"},{"speaker":"Nick Lincoln","startTime":4437.799,"endTime":4439.659,"body":"I don't know how"},{"speaker":"Nick Lincoln","startTime":4437.799,"endTime":4439.659,"body":"you put a value on that. It's, I"},{"speaker":"Nick Lincoln","startTime":4439.659,"endTime":4442.899,"body":"mean, yeah, it's, again, it's"},{"speaker":"Nick Lincoln","startTime":4439.659,"endTime":4442.899,"body":"the hassle factor, isn't it?"},{"speaker":"Nick Lincoln","startTime":4442.899,"endTime":4445.899,"body":"You're saving clients from"},{"speaker":"Nick Lincoln","startTime":4442.899,"endTime":4445.899,"body":"relying on natural yield, which"},{"speaker":"Nick Lincoln","startTime":4445.899,"endTime":4448.839,"body":"is a pain and a bum, and it's a"},{"speaker":"Nick Lincoln","startTime":4445.899,"endTime":4448.839,"body":"one way street to migraine"},{"speaker":"Nick Lincoln","startTime":4448.839,"endTime":4451.179,"body":"Central, if you're the advisor,"},{"speaker":"Nick Lincoln","startTime":4448.839,"endTime":4451.179,"body":"because when that dividend"},{"speaker":"Nick Lincoln","startTime":4451.179,"endTime":4453.699,"body":"doesn't come in at quite the"},{"speaker":"Nick Lincoln","startTime":4451.179,"endTime":4453.699,"body":"amount they've expected, it's"},{"speaker":"Nick Lincoln","startTime":4453.699,"endTime":4454.299,"body":"you falls"},{"speaker":"Andy Hart","startTime":4454.3589999999995,"endTime":4457.199,"body":"under the education"},{"speaker":"Andy Hart","startTime":4454.3589999999995,"endTime":4457.199,"body":"client education, specifically"},{"speaker":"Andy Hart","startTime":4457.199,"endTime":4459.659,"body":"around investments. And"},{"speaker":"Andy Hart","startTime":4457.199,"endTime":4459.659,"body":"obviously it's impossible to put"},{"speaker":"Andy Hart","startTime":4459.659,"endTime":4462.479,"body":"a value on financial peace of"},{"speaker":"Andy Hart","startTime":4459.659,"endTime":4462.479,"body":"mind. But again, I understand"},{"speaker":"Andy Hart","startTime":4462.479,"endTime":4464.099,"body":"what they're trying to do with"},{"speaker":"Andy Hart","startTime":4462.479,"endTime":4464.099,"body":"this survey. Can"},{"speaker":"Nick Lincoln","startTime":4464.0999999999995,"endTime":4466.26,"body":"I suggest that we"},{"speaker":"Nick Lincoln","startTime":4464.0999999999995,"endTime":4466.26,"body":"just pick our top three from"},{"speaker":"Nick Lincoln","startTime":4466.26,"endTime":4469.14,"body":"those ones and just allocate? I"},{"speaker":"Nick Lincoln","startTime":4466.26,"endTime":4469.14,"body":"mean, I'm happy to go. I think"},{"speaker":"Nick Lincoln","startTime":4469.14,"endTime":4472.5599999999995,"body":"the main three ones are suitable"},{"speaker":"Nick Lincoln","startTime":4469.14,"endTime":4472.5599999999995,"body":"asset allocation. Ie getting the"},{"speaker":"Nick Lincoln","startTime":4472.5599999999995,"endTime":4476.16,"body":"clients as much into equities as"},{"speaker":"Nick Lincoln","startTime":4472.5599999999995,"endTime":4476.16,"body":"can be done with the context of"},{"speaker":"Nick Lincoln","startTime":4476.16,"endTime":4479.42,"body":"a meaningful, bespoke financial"},{"speaker":"Nick Lincoln","startTime":4476.16,"endTime":4479.42,"body":"plan, that'd be number one. I'd"},{"speaker":"Nick Lincoln","startTime":4479.42,"endTime":4481.82,"body":"say that's probably a percent,"},{"speaker":"Nick Lincoln","startTime":4479.42,"endTime":4481.82,"body":"at least behavioral coaching."},{"speaker":"Nick Lincoln","startTime":4481.82,"endTime":4485.18,"body":"Yeah, I'll go with 150 bits. I'm"},{"speaker":"Nick Lincoln","startTime":4481.82,"endTime":4485.18,"body":"fine with that. And then I would"},{"speaker":"Nick Lincoln","startTime":4485.18,"endTime":4488.12,"body":"say tax allowances and asset"},{"speaker":"Nick Lincoln","startTime":4485.18,"endTime":4488.12,"body":"allocation. Another half,"},{"speaker":"Nick Lincoln","startTime":4488.12,"endTime":4490.34,"body":"depending on the client."},{"speaker":"Nick Lincoln","startTime":4488.12,"endTime":4490.34,"body":"Obviously they've got where"},{"speaker":"Nick Lincoln","startTime":4490.34,"endTime":4492.5,"body":"they've got it, but at least"},{"speaker":"Nick Lincoln","startTime":4490.34,"endTime":4492.5,"body":"half percent on that in the"},{"speaker":"Nick Lincoln","startTime":4492.5,"endTime":4495.38,"body":"stage environment where where"},{"speaker":"Nick Lincoln","startTime":4492.5,"endTime":4495.38,"body":"everyone is being taxed just for"},{"speaker":"Nick Lincoln","startTime":4495.38,"endTime":4500.5599999999995,"body":"breaking wind, the more you can"},{"speaker":"Nick Lincoln","startTime":4495.38,"endTime":4500.5599999999995,"body":"help people, the better. Yeah,"},{"speaker":"Carl Widger","startTime":4500.62,"endTime":4502.9,"body":"so I'd agree. So"},{"speaker":"Carl Widger","startTime":4500.62,"endTime":4502.9,"body":"that all adds up to about 10%"},{"speaker":"Carl Widger","startTime":4503.32,"endTime":4503.62,"body":"so."},{"speaker":"Alan Smith","startTime":4505.84,"endTime":4508.66,"body":"But it does just, it"},{"speaker":"Alan Smith","startTime":4505.84,"endTime":4508.66,"body":"does to some people this. This"},{"speaker":"Alan Smith","startTime":4508.66,"endTime":4512.98,"body":"is the point. And again, the"},{"speaker":"Alan Smith","startTime":4508.66,"endTime":4512.98,"body":"challenge with this is I was"},{"speaker":"Alan Smith","startTime":4512.98,"endTime":4515.86,"body":"looking up earlier on. You know,"},{"speaker":"Alan Smith","startTime":4512.98,"endTime":4515.86,"body":"any you guys ever been to Le"},{"speaker":"Alan Smith","startTime":4515.86,"endTime":4519.54,"body":"Man, war or Catra says, On out"},{"speaker":"Alan Smith","startTime":4515.86,"endTime":4519.54,"body":"in oxygen, like oxygen, oh,"},{"speaker":"Alan Smith","startTime":4519.78,"endTime":4523.62,"body":"standing place, right? It's 1000"},{"speaker":"Alan Smith","startTime":4519.78,"endTime":4523.62,"body":"pounds for dinner for two all"},{"speaker":"Alan Smith","startTime":4523.62,"endTime":4525.96,"body":"right? And yet, people, and you"},{"speaker":"Alan Smith","startTime":4523.62,"endTime":4525.96,"body":"can't get it, you can't book a"},{"speaker":"Alan Smith","startTime":4525.96,"endTime":4529.32,"body":"table for that. Now, it is"},{"speaker":"Alan Smith","startTime":4525.96,"endTime":4529.32,"body":"waiting list only because"},{"speaker":"Alan Smith","startTime":4529.44,"endTime":4531.84,"body":"there's a perception of value,"},{"speaker":"Alan Smith","startTime":4529.44,"endTime":4531.84,"body":"because they're going to have an"},{"speaker":"Alan Smith","startTime":4531.84,"endTime":4534.24,"body":"extraordinary experience. And"},{"speaker":"Alan Smith","startTime":4531.84,"endTime":4534.24,"body":"this, you know, this is the"},{"speaker":"Alan Smith","startTime":4534.24,"endTime":4537.8,"body":"thing again, for some people,"},{"speaker":"Alan Smith","startTime":4534.24,"endTime":4537.8,"body":"this is worth far more than that"},{"speaker":"Alan Smith","startTime":4537.8,"endTime":4541.88,"body":"you've just said. And for some"},{"speaker":"Alan Smith","startTime":4537.8,"endTime":4541.88,"body":"it's not worth it at all. There"},{"speaker":"Alan Smith","startTime":4541.88,"endTime":4544.16,"body":"are some people, and the thing"},{"speaker":"Alan Smith","startTime":4541.88,"endTime":4544.16,"body":"is, they will never become our"},{"speaker":"Alan Smith","startTime":4544.16,"endTime":4546.92,"body":"clients. So some sort of retired"},{"speaker":"Alan Smith","startTime":4544.16,"endTime":4546.92,"body":"accountants that loves getting"},{"speaker":"Alan Smith","startTime":4546.92,"endTime":4549.86,"body":"into the weeds on their"},{"speaker":"Alan Smith","startTime":4546.92,"endTime":4549.86,"body":"spreadsheets and so on. But by"},{"speaker":"Alan Smith","startTime":4549.86,"endTime":4552.62,"body":"and large, I so I agree entirely"},{"speaker":"Alan Smith","startTime":4549.86,"endTime":4552.62,"body":"what you said. It is getting"},{"speaker":"Alan Smith","startTime":4552.62,"endTime":4554.72,"body":"them to the right asset"},{"speaker":"Alan Smith","startTime":4552.62,"endTime":4554.72,"body":"allocation, but then keeping"},{"speaker":"Alan Smith","startTime":4554.72,"endTime":4558.64,"body":"them there, which is the kind of"},{"speaker":"Alan Smith","startTime":4554.72,"endTime":4558.64,"body":"behavioral stuff. Overlay that"},{"speaker":"Alan Smith","startTime":4558.64,"endTime":4563.98,"body":"with some tax planning, income"},{"speaker":"Alan Smith","startTime":4558.64,"endTime":4563.98,"body":"strategies, etc, and wrap all"},{"speaker":"Alan Smith","startTime":4563.98,"endTime":4567.58,"body":"that up in just having this, and"},{"speaker":"Alan Smith","startTime":4563.98,"endTime":4567.58,"body":"you mentioned that minute ago as"},{"speaker":"Alan Smith","startTime":4567.58,"endTime":4570.88,"body":"a phrase we use just strategic"},{"speaker":"Alan Smith","startTime":4567.58,"endTime":4570.88,"body":"thinking partner, bounce your"},{"speaker":"Alan Smith","startTime":4570.88,"endTime":4573.46,"body":"thoughts off I'm on the end of a"},{"speaker":"Alan Smith","startTime":4570.88,"endTime":4573.46,"body":"phone, or what's that? Wherever"},{"speaker":"Alan Smith","startTime":4573.46,"endTime":4576.5999999999995,"body":"you wanna have a quick chat. So"},{"speaker":"Alan Smith","startTime":4573.46,"endTime":4576.5999999999995,"body":"that all distills. Down to this"},{"speaker":"Alan Smith","startTime":4576.5999999999995,"endTime":4580.2,"body":"magical thing called peace of"},{"speaker":"Alan Smith","startTime":4576.5999999999995,"endTime":4580.2,"body":"mind. I've just got somebody"},{"speaker":"Alan Smith","startTime":4580.2,"endTime":4582.96,"body":"taken care of, someone's looking"},{"speaker":"Alan Smith","startTime":4580.2,"endTime":4582.96,"body":"out for me, and that, for some"},{"speaker":"Alan Smith","startTime":4582.96,"endTime":4586.14,"body":"people, is just worth anything"},{"speaker":"Alan Smith","startTime":4582.96,"endTime":4586.14,"body":"you want to talk that's"},{"speaker":"Alan Smith","startTime":4586.14,"endTime":4588.5999999999995,"body":"priceless. Yeah, priceless,"},{"speaker":"Alan Smith","startTime":4586.14,"endTime":4588.5999999999995,"body":"exactly, right."},{"speaker":"Andy Hart","startTime":4589.3189999999995,"endTime":4591.539,"body":"And the permission"},{"speaker":"Andy Hart","startTime":4589.3189999999995,"endTime":4591.539,"body":"thing is very important. I mean,"},{"speaker":"Andy Hart","startTime":4591.599,"endTime":4594.059,"body":"they can have 10 friends, family"},{"speaker":"Andy Hart","startTime":4591.599,"endTime":4594.059,"body":"members, tell them they're blue"},{"speaker":"Andy Hart","startTime":4594.059,"endTime":4596.159,"body":"in the face. You can go away."},{"speaker":"Andy Hart","startTime":4594.059,"endTime":4596.159,"body":"You can spend all the money"},{"speaker":"Andy Hart","startTime":4596.159,"endTime":4600.019,"body":"until they sit down with a pro."},{"speaker":"Andy Hart","startTime":4596.159,"endTime":4600.019,"body":"They're, you know, still full"},{"speaker":"Andy Hart","startTime":4600.019,"endTime":4603.199,"body":"of, full of anxiety around"},{"speaker":"Andy Hart","startTime":4600.019,"endTime":4603.199,"body":"spending too much so yeah, only"},{"speaker":"Andy Hart","startTime":4603.199,"endTime":4606.079,"body":"someone like us and our firms"},{"speaker":"Andy Hart","startTime":4603.199,"endTime":4606.079,"body":"can answer those types of"},{"speaker":"Andy Hart","startTime":4606.079,"endTime":4606.559,"body":"questions."},{"speaker":"Alan Smith","startTime":4607.099,"endTime":4608.659,"body":"That's good stuff."},{"speaker":"Alan Smith","startTime":4607.099,"endTime":4608.659,"body":"Huge value."},{"speaker":"Nick Lincoln","startTime":4608.78,"endTime":4611.5999999999995,"body":"Yeah, yeah. And"},{"speaker":"Nick Lincoln","startTime":4608.78,"endTime":4611.5999999999995,"body":"just looking at the advisor"},{"speaker":"Nick Lincoln","startTime":4611.5999999999995,"endTime":4614.5999999999995,"body":"Alpha website, the Vanguard, who"},{"speaker":"Nick Lincoln","startTime":4611.5999999999995,"endTime":4614.5999999999995,"body":"set up a whole, whole dedicated"},{"speaker":"Nick Lincoln","startTime":4614.5999999999995,"endTime":4618.4,"body":"site on this, on this subject."},{"speaker":"Nick Lincoln","startTime":4614.5999999999995,"endTime":4618.4,"body":"So if you're, if you're again,"},{"speaker":"Nick Lincoln","startTime":4618.4,"endTime":4620.5599999999995,"body":"if you're a new a younger"},{"speaker":"Nick Lincoln","startTime":4618.4,"endTime":4620.5599999999995,"body":"advisor, new advisor, and"},{"speaker":"Nick Lincoln","startTime":4620.5599999999995,"endTime":4622.9,"body":"perhaps sometimes you're"},{"speaker":"Nick Lincoln","startTime":4620.5599999999995,"endTime":4622.9,"body":"struggling to articulate your"},{"speaker":"Nick Lincoln","startTime":4622.9,"endTime":4626.0199999999995,"body":"value proposition, I would"},{"speaker":"Nick Lincoln","startTime":4622.9,"endTime":4626.0199999999995,"body":"immerse yourself in this because"},{"speaker":"Nick Lincoln","startTime":4626.0199999999995,"endTime":4628.78,"body":"we some of it. We just just"},{"speaker":"Nick Lincoln","startTime":4626.0199999999995,"endTime":4628.78,"body":"discussed there's a bit"},{"speaker":"Nick Lincoln","startTime":4628.78,"endTime":4632.08,"body":"nebulous, the rebalancing that's"},{"speaker":"Nick Lincoln","startTime":4628.78,"endTime":4632.08,"body":"a bit nebulous. Natural income"},{"speaker":"Nick Lincoln","startTime":4632.08,"endTime":4635.8,"body":"over withdrawal income that's a"},{"speaker":"Nick Lincoln","startTime":4632.08,"endTime":4635.8,"body":"bit nebulous. But there's three"},{"speaker":"Nick Lincoln","startTime":4635.8,"endTime":4638.04,"body":"things in there. You know, get"},{"speaker":"Nick Lincoln","startTime":4635.8,"endTime":4638.04,"body":"the asset allocation right, and"},{"speaker":"Nick Lincoln","startTime":4638.04,"endTime":4640.5,"body":"you're going to just make client"},{"speaker":"Nick Lincoln","startTime":4638.04,"endTime":4640.5,"body":"you're going to give clients"},{"speaker":"Nick Lincoln","startTime":4640.5,"endTime":4642.5999999999995,"body":"such a better life. I know it"},{"speaker":"Nick Lincoln","startTime":4640.5,"endTime":4642.5999999999995,"body":"sounds based and based around"},{"speaker":"Nick Lincoln","startTime":4642.5999999999995,"endTime":4644.82,"body":"money, but you're going to,"},{"speaker":"Nick Lincoln","startTime":4642.5999999999995,"endTime":4644.82,"body":"after 30 years of being in the"},{"speaker":"Nick Lincoln","startTime":4644.82,"endTime":4647.4,"body":"right asset allocation, it will"},{"speaker":"Nick Lincoln","startTime":4644.82,"endTime":4647.4,"body":"be transformational for your"},{"speaker":"Nick Lincoln","startTime":4647.4,"endTime":4649.92,"body":"clients be on their shoulder"},{"speaker":"Nick Lincoln","startTime":4647.4,"endTime":4649.92,"body":"with the behavioral coaching"},{"speaker":"Nick Lincoln","startTime":4649.92,"endTime":4652.38,"body":"when the clients want to ditch"},{"speaker":"Nick Lincoln","startTime":4649.92,"endTime":4652.38,"body":"the plan, because Beth Rigby"},{"speaker":"Nick Lincoln","startTime":4652.38,"endTime":4655.74,"body":"said the world is ending on Sky"},{"speaker":"Nick Lincoln","startTime":4652.38,"endTime":4655.74,"body":"News, and make sure that you"},{"speaker":"Nick Lincoln","startTime":4655.74,"endTime":4658.32,"body":"manage their tax arrangements"},{"speaker":"Nick Lincoln","startTime":4655.74,"endTime":4658.32,"body":"properly in the spending"},{"speaker":"Nick Lincoln","startTime":4658.32,"endTime":4661.5199999999995,"body":"strategy. Is aligned with their"},{"speaker":"Nick Lincoln","startTime":4658.32,"endTime":4661.5199999999995,"body":"allowances and with their"},{"speaker":"Nick Lincoln","startTime":4661.5199999999995,"endTime":4664.7,"body":"lifestyle needs. Just do those"},{"speaker":"Nick Lincoln","startTime":4661.5199999999995,"endTime":4664.7,"body":"three things and you've got"},{"speaker":"Nick Lincoln","startTime":4664.7,"endTime":4667.22,"body":"that'll cover whatever your fee"},{"speaker":"Nick Lincoln","startTime":4664.7,"endTime":4667.22,"body":"is. My most reasonable people"},{"speaker":"Nick Lincoln","startTime":4667.22,"endTime":4669.5,"body":"will be open minded to it. Some"},{"speaker":"Nick Lincoln","startTime":4667.22,"endTime":4669.5,"body":"won't be, and that's fine,"},{"speaker":"Nick Lincoln","startTime":4669.5,"endTime":4671.78,"body":"because, as storyteller said,"},{"speaker":"Nick Lincoln","startTime":4669.5,"endTime":4671.78,"body":"there'll be DIYs, and some"},{"speaker":"Nick Lincoln","startTime":4671.78,"endTime":4674.3,"body":"people probably can do it by"},{"speaker":"Nick Lincoln","startTime":4671.78,"endTime":4674.3,"body":"themselves, but it's a tiny"},{"speaker":"Nick Lincoln","startTime":4674.5999999999995,"endTime":4677.68,"body":"sliver of the population. Are we"},{"speaker":"Nick Lincoln","startTime":4674.5999999999995,"endTime":4677.68,"body":"happy to say we've nailed that"},{"speaker":"Nick Lincoln","startTime":4677.68,"endTime":4678.28,"body":"one? Friends,"},{"speaker":"Alan Smith","startTime":4679.72,"endTime":4682.36,"body":"yeah, I think so."},{"speaker":"Alan Smith","startTime":4679.72,"endTime":4682.36,"body":"What just one last thing the"},{"speaker":"Alan Smith","startTime":4682.84,"endTime":4686.86,"body":"Michael Kitz did a big breakdown"},{"speaker":"Alan Smith","startTime":4682.84,"endTime":4686.86,"body":"of all these ones. The Vanguard,"},{"speaker":"Alan Smith","startTime":4686.86,"endTime":4690.76,"body":"the Morning Star, got one"},{"speaker":"Alan Smith","startTime":4686.86,"endTime":4690.76,"body":"called, what's it? Called the"},{"speaker":"Alan Smith","startTime":4690.76,"endTime":4693.88,"body":"gap, or, sorry, something like"},{"speaker":"Alan Smith","startTime":4690.76,"endTime":4693.88,"body":"that. And then some US phone"},{"speaker":"Alan Smith","startTime":4693.88,"endTime":4697.0199999999995,"body":"called invest net or something,"},{"speaker":"Alan Smith","startTime":4693.88,"endTime":4697.0199999999995,"body":"done one as well. And in typical"},{"speaker":"Alan Smith","startTime":4697.0199999999995,"endTime":4700.14,"body":"Kitsis and his, he's got one of"},{"speaker":"Alan Smith","startTime":4697.0199999999995,"endTime":4700.14,"body":"his team as a PhD and all this"},{"speaker":"Alan Smith","startTime":4700.14,"endTime":4702.84,"body":"stuff, but they've just unpacked"},{"speaker":"Alan Smith","startTime":4700.14,"endTime":4702.84,"body":"it all. And it's a, you can"},{"speaker":"Alan Smith","startTime":4702.84,"endTime":4706.44,"body":"imagine, it's a huge kind of"},{"speaker":"Alan Smith","startTime":4702.84,"endTime":4706.44,"body":"detailed analysis, and they"},{"speaker":"Alan Smith","startTime":4706.44,"endTime":4710.0999999999995,"body":"arrive at the same thing, yeah,"},{"speaker":"Alan Smith","startTime":4706.44,"endTime":4710.0999999999995,"body":"they question some of it, and"},{"speaker":"Alan Smith","startTime":4710.28,"endTime":4714.42,"body":"the clearly value other parts of"},{"speaker":"Alan Smith","startTime":4710.28,"endTime":4714.42,"body":"it. But it's very individual."},{"speaker":"Alan Smith","startTime":4714.42,"endTime":4717.26,"body":"Because the other thing is, does"},{"speaker":"Alan Smith","startTime":4714.42,"endTime":4717.26,"body":"depend on the advisory firm."},{"speaker":"Alan Smith","startTime":4717.26,"endTime":4719.84,"body":"There are some firms it's"},{"speaker":"Alan Smith","startTime":4717.26,"endTime":4719.84,"body":"probably not worth paying"},{"speaker":"Alan Smith","startTime":4719.84,"endTime":4723.44,"body":"anything for their net factors."},{"speaker":"Alan Smith","startTime":4719.84,"endTime":4723.44,"body":"We know that we talked about in"},{"speaker":"Alan Smith","startTime":4723.44,"endTime":4726.38,"body":"terms of their factor. They do"},{"speaker":"Alan Smith","startTime":4723.44,"endTime":4726.38,"body":"no planning. There's very little"},{"speaker":"Alan Smith","startTime":4726.38,"endTime":4730.82,"body":"tax planning, and their fees and"},{"speaker":"Alan Smith","startTime":4726.38,"endTime":4730.82,"body":"costs are outrageous. So very"},{"speaker":"Alan Smith","startTime":4730.82,"endTime":4734.5999999999995,"body":"specific to the right advisory"},{"speaker":"Alan Smith","startTime":4730.82,"endTime":4734.5999999999995,"body":"firm. Otherwise, I think we've"},{"speaker":"Alan Smith","startTime":4734.5999999999995,"endTime":4737.5599999999995,"body":"covered off quite well. Thank"},{"speaker":"Alan Smith","startTime":4734.5999999999995,"endTime":4737.5599999999995,"body":"you, Chairman. Okay,"},{"speaker":"Nick Lincoln","startTime":4737.619,"endTime":4739.3589999999995,"body":"good stuff, great"},{"speaker":"Nick Lincoln","startTime":4737.619,"endTime":4739.3589999999995,"body":"stuff. Okay, so I think it's"},{"speaker":"Nick Lincoln","startTime":4739.3589999999995,"endTime":4743.559,"body":"time for us to move on to the"},{"speaker":"Nick Lincoln","startTime":4739.3589999999995,"endTime":4743.559,"body":"TRAPPIST questions. And I can, I"},{"speaker":"Nick Lincoln","startTime":4743.559,"endTime":4745.959,"body":"can say I think it's the time,"},{"speaker":"Nick Lincoln","startTime":4743.559,"endTime":4745.959,"body":"because I can see post is at my"},{"speaker":"Nick Lincoln","startTime":4745.959,"endTime":4748.839,"body":"front door. She's just hauled"},{"speaker":"Nick Lincoln","startTime":4745.959,"endTime":4748.839,"body":"the bulging sack of TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4748.839,"endTime":4751.3589999999995,"body":"questions up my drive. If you"},{"speaker":"Nick Lincoln","startTime":4748.839,"endTime":4751.3589999999995,"body":"want to submit a question,"},{"speaker":"Nick Lincoln","startTime":4751.419,"endTime":4756.479,"body":"there's a link in the pinned"},{"speaker":"Nick Lincoln","startTime":4751.419,"endTime":4756.479,"body":"tweet on our at advisor,"},{"speaker":"Nick Lincoln","startTime":4756.479,"endTime":4759.3589999999995,"body":"podcast, X channel, Twitter"},{"speaker":"Nick Lincoln","startTime":4756.479,"endTime":4759.3589999999995,"body":"channel, whenever you want to"},{"speaker":"Nick Lincoln","startTime":4759.3589999999995,"endTime":4761.459,"body":"call it, there's always a link"},{"speaker":"Nick Lincoln","startTime":4759.3589999999995,"endTime":4761.459,"body":"in the so called Show Notes"},{"speaker":"Nick Lincoln","startTime":4761.459,"endTime":4764.339,"body":"where you can submit your"},{"speaker":"Nick Lincoln","startTime":4761.459,"endTime":4764.339,"body":"questions. Questions. Now we're"},{"speaker":"Nick Lincoln","startTime":4764.339,"endTime":4767.399,"body":"up to June from this year, so we"},{"speaker":"Nick Lincoln","startTime":4764.339,"endTime":4767.399,"body":"are getting through them, but"},{"speaker":"Nick Lincoln","startTime":4767.399,"endTime":4769.439,"body":"we're a few months behind"},{"speaker":"Nick Lincoln","startTime":4767.399,"endTime":4769.439,"body":"because we've had so many"},{"speaker":"Nick Lincoln","startTime":4769.439,"endTime":4771.839,"body":"questions. And these, in fact,"},{"speaker":"Nick Lincoln","startTime":4769.439,"endTime":4771.839,"body":"the two questions today are our"},{"speaker":"Nick Lincoln","startTime":4771.839,"endTime":4775.499,"body":"100 and 14th and 100 and 15th"},{"speaker":"Nick Lincoln","startTime":4771.839,"endTime":4775.499,"body":"questions respectively, that we"},{"speaker":"Nick Lincoln","startTime":4775.499,"endTime":4778.939,"body":"have answered over the 59"},{"speaker":"Nick Lincoln","startTime":4775.499,"endTime":4778.939,"body":"episodes of trap to date. The"},{"speaker":"Nick Lincoln","startTime":4778.939,"endTime":4781.399,"body":"first question, I don't know"},{"speaker":"Nick Lincoln","startTime":4778.939,"endTime":4781.399,"body":"quite what's it reads like a"},{"speaker":"Nick Lincoln","startTime":4781.399,"endTime":4783.799,"body":"hostage message. I'm trying to"},{"speaker":"Nick Lincoln","startTime":4781.399,"endTime":4783.799,"body":"make sense of it. It's from a"},{"speaker":"Nick Lincoln","startTime":4783.799,"endTime":4788.3589999999995,"body":"guy called Jamie, 42874251, on"},{"speaker":"Nick Lincoln","startTime":4783.799,"endTime":4788.3589999999995,"body":"Twitter, it's a real account. I"},{"speaker":"Nick Lincoln","startTime":4788.3589999999995,"endTime":4793.039,"body":"checked it out. Three words,"},{"speaker":"Nick Lincoln","startTime":4788.3589999999995,"endTime":4793.039,"body":"send advice, SJP, send money"},{"speaker":"Nick Lincoln","startTime":4793.039,"endTime":4795.619,"body":"now, or whatever. I don't know"},{"speaker":"Nick Lincoln","startTime":4793.039,"endTime":4795.619,"body":"quite what. Anyway, Jamie,"},{"speaker":"Nick Lincoln","startTime":4795.679,"endTime":4798.579,"body":"thanks for that really excellent"},{"speaker":"Nick Lincoln","startTime":4795.679,"endTime":4798.579,"body":"added value. Gavin Casey, who is"},{"speaker":"Nick Lincoln","startTime":4798.579,"endTime":4801.519,"body":"a real person as a real advisor."},{"speaker":"Nick Lincoln","startTime":4798.579,"endTime":4801.519,"body":"He's on Twitter as at Gavin"},{"speaker":"Nick Lincoln","startTime":4801.519,"endTime":4804.939,"body":"Casey, 1970s also on LinkedIn,"},{"speaker":"Nick Lincoln","startTime":4801.519,"endTime":4804.939,"body":"and again, his links will be in"},{"speaker":"Nick Lincoln","startTime":4804.939,"endTime":4808.3589999999995,"body":"the so called show notes. Gavin"},{"speaker":"Nick Lincoln","startTime":4804.939,"endTime":4808.3589999999995,"body":"asks, whilst agreeing furiously,"},{"speaker":"Nick Lincoln","startTime":4808.3589999999995,"endTime":4811.239,"body":"about the benefits of global"},{"speaker":"Nick Lincoln","startTime":4808.3589999999995,"endTime":4811.239,"body":"equity exposure through passive"},{"speaker":"Nick Lincoln","startTime":4811.239,"endTime":4814.839,"body":"investments. Do you all follow"},{"speaker":"Nick Lincoln","startTime":4811.239,"endTime":4814.839,"body":"the same portfolio construction"},{"speaker":"Nick Lincoln","startTime":4814.839,"endTime":4818.879,"body":"process, and do you use the same"},{"speaker":"Nick Lincoln","startTime":4814.839,"endTime":4818.879,"body":"components? For that matter? Who"},{"speaker":"Nick Lincoln","startTime":4818.879,"endTime":4820.259,"body":"wants to go first with this one?"},{"speaker":"Andy Hart","startTime":4820.8,"endTime":4823.92,"body":"I think the very"},{"speaker":"Andy Hart","startTime":4820.8,"endTime":4823.92,"body":"quick answer is no."},{"speaker":"Andy Hart","startTime":4824.16,"endTime":4827.16,"body":"Fundamentally, our portfolios"},{"speaker":"Andy Hart","startTime":4824.16,"endTime":4827.16,"body":"are very similar. So let's just"},{"speaker":"Andy Hart","startTime":4827.16,"endTime":4830.5199999999995,"body":"take our 100% global equity"},{"speaker":"Andy Hart","startTime":4827.16,"endTime":4830.5199999999995,"body":"portfolios. I think you and Carl"},{"speaker":"Andy Hart","startTime":4830.5199999999995,"endTime":4834.18,"body":"use the same one fund via DFA,"},{"speaker":"Andy Hart","startTime":4830.5199999999995,"endTime":4834.18,"body":"and me and Alan don't my 100%"},{"speaker":"Andy Hart","startTime":4834.54,"endTime":4838.46,"body":"global equity fund has three"},{"speaker":"Andy Hart","startTime":4834.54,"endTime":4838.46,"body":"funds in it. Fund managers, you"},{"speaker":"Andy Hart","startTime":4838.5199999999995,"endTime":4843.62,"body":"know Well, the breaking the"},{"speaker":"Andy Hart","startTime":4838.5199999999995,"endTime":4843.62,"body":"ethos. So, yes, Alan, how many"},{"speaker":"Andy Hart","startTime":4843.62,"endTime":4847.46,"body":"funds do you have in your 100%"},{"speaker":"Andy Hart","startTime":4843.62,"endTime":4847.46,"body":"global equity portfolio? Don't"},{"speaker":"Andy Hart","startTime":4847.46,"endTime":4851.12,"body":"know. It doesn't even know. He"},{"speaker":"Andy Hart","startTime":4847.46,"endTime":4851.12,"body":"doesn't even we plumb in"},{"speaker":"Alan Smith","startTime":4851.18,"endTime":4853.76,"body":"detail, detail."},{"speaker":"Alan Smith","startTime":4851.18,"endTime":4853.76,"body":"We've got, we've got a few not."},{"speaker":"Alan Smith","startTime":4853.76,"endTime":4857.5599999999995,"body":"It's not one fund, yeah. I mean,"},{"speaker":"Alan Smith","startTime":4853.76,"endTime":4857.5599999999995,"body":"ours is talked about this"},{"speaker":"Alan Smith","startTime":4857.5599999999995,"endTime":4860.86,"body":"before, is sort of fundamentally"},{"speaker":"Alan Smith","startTime":4857.5599999999995,"endTime":4860.86,"body":"built from the from the ground"},{"speaker":"Alan Smith","startTime":4860.86,"endTime":4864.28,"body":"up, aim to optimize. And you"},{"speaker":"Alan Smith","startTime":4860.86,"endTime":4864.28,"body":"know, by modern standards, you"},{"speaker":"Alan Smith","startTime":4864.64,"endTime":4867.58,"body":"might say it's a little bit more"},{"speaker":"Alan Smith","startTime":4864.64,"endTime":4867.58,"body":"complex, little bit more"},{"speaker":"Alan Smith","startTime":4867.58,"endTime":4870.7,"body":"sophisticated, you might argue,"},{"speaker":"Alan Smith","startTime":4867.58,"endTime":4870.7,"body":"but again, you could argue not"},{"speaker":"Alan Smith","startTime":4870.88,"endTime":4876.04,"body":"as well than a one fun than a"},{"speaker":"Alan Smith","startTime":4870.88,"endTime":4876.04,"body":"one fun solution. But there's i."},{"speaker":"Alan Smith","startTime":4876.12,"endTime":4880.0199999999995,"body":"For sure, the four of us share"},{"speaker":"Alan Smith","startTime":4876.12,"endTime":4880.0199999999995,"body":"an identical philosophy. There's"},{"speaker":"Alan Smith","startTime":4880.0199999999995,"endTime":4883.08,"body":"just some you know, tweaks"},{"speaker":"Alan Smith","startTime":4880.0199999999995,"endTime":4883.08,"body":"around the edges in terms of"},{"speaker":"Alan Smith","startTime":4883.86,"endTime":4886.62,"body":"certain aspects of it, but you"},{"speaker":"Alan Smith","startTime":4883.86,"endTime":4886.62,"body":"couldn't put a you know, piece"},{"speaker":"Alan Smith","startTime":4886.62,"endTime":4888.9,"body":"of paper between between them, I"},{"speaker":"Alan Smith","startTime":4886.62,"endTime":4888.9,"body":"would have thought Agreed,"},{"speaker":"Alan Smith","startTime":4888.96,"endTime":4889.5,"body":"agreed,"},{"speaker":"Andy Hart","startTime":4890.4,"endTime":4892.74,"body":"and they'd do exactly"},{"speaker":"Andy Hart","startTime":4890.4,"endTime":4892.74,"body":"what we expect them to do. The"},{"speaker":"Andy Hart","startTime":4892.74,"endTime":4895.68,"body":"last year has been superb."},{"speaker":"Andy Hart","startTime":4892.74,"endTime":4895.68,"body":"Obviously, we don't leave lead"},{"speaker":"Andy Hart","startTime":4895.68,"endTime":4897.38,"body":"with the performance, but, but,"},{"speaker":"Alan Smith","startTime":4897.38,"endTime":4899.84,"body":"you know, you know"},{"speaker":"Alan Smith","startTime":4897.38,"endTime":4899.84,"body":"what is interesting? Yeah, but"},{"speaker":"Alan Smith","startTime":4899.84,"endTime":4902.18,"body":"reflecting on that, we'd all"},{"speaker":"Alan Smith","startTime":4899.84,"endTime":4902.18,"body":"built our own investment"},{"speaker":"Alan Smith","startTime":4902.18,"endTime":4904.7,"body":"portfolios before we knew each"},{"speaker":"Alan Smith","startTime":4902.18,"endTime":4904.7,"body":"other all those years ago. So"},{"speaker":"Alan Smith","startTime":4904.7,"endTime":4908.66,"body":"you arrive at the same place"},{"speaker":"Alan Smith","startTime":4904.7,"endTime":4908.66,"body":"independently, and that's kind"},{"speaker":"Alan Smith","startTime":4908.66,"endTime":4911.96,"body":"of reassuring to think there's"},{"speaker":"Alan Smith","startTime":4908.66,"endTime":4911.96,"body":"other people that have got the"},{"speaker":"Alan Smith","startTime":4911.96,"endTime":4913.58,"body":"same beliefs and values as"},{"speaker":"Andy Hart","startTime":4913.58,"endTime":4916.9,"body":"you've got. I've"},{"speaker":"Andy Hart","startTime":4913.58,"endTime":4916.9,"body":"known Nicholas for 16 years,"},{"speaker":"Andy Hart","startTime":4916.9,"endTime":4918.76,"body":"believe it or not, yeah,"},{"speaker":"Alan Smith","startTime":4919.12,"endTime":4922.72,"body":"yeah, that's all"},{"speaker":"Alan Smith","startTime":4919.12,"endTime":4922.72,"body":"right, yeah, counting every day."},{"speaker":"Andy Hart","startTime":4926.14,"endTime":4928.12,"body":"He knows about"},{"speaker":"Andy Hart","startTime":4926.14,"endTime":4928.12,"body":"investment construction"},{"speaker":"Carl Widger","startTime":4929.92,"endTime":4931.78,"body":"anyway. That's why"},{"speaker":"Carl Widger","startTime":4929.92,"endTime":4931.78,"body":"he copied me. Was it?"},{"speaker":"Unknown","startTime":4934.3,"endTime":4939.0599999999995,"body":"Andy, the old"},{"speaker":"Unknown","startTime":4934.3,"endTime":4939.0599999999995,"body":"secretary, and Andy, he knows"},{"speaker":"Unknown","startTime":4939.0599999999995,"endTime":4944.64,"body":"about everything, and he can't"},{"speaker":"Unknown","startTime":4939.0599999999995,"endTime":4944.64,"body":"be told anything. His name is"},{"speaker":"Unknown","startTime":4944.64,"endTime":4945.96,"body":"Andrew Hart."},{"speaker":"Nick Lincoln","startTime":4951.12,"endTime":4953.4,"body":"Have we answered"},{"speaker":"Nick Lincoln","startTime":4951.12,"endTime":4953.4,"body":"that question for Mr. Casey? Do"},{"speaker":"Nick Lincoln","startTime":4953.4,"endTime":4953.76,"body":"we think"},{"speaker":"Alan Smith","startTime":4955.2,"endTime":4957.32,"body":"Yeah? I think so."},{"speaker":"Alan Smith","startTime":4955.2,"endTime":4957.32,"body":"It's not to say, really is,"},{"speaker":"Alan Smith","startTime":4957.32,"endTime":4957.5599999999995,"body":"though, yeah,"},{"speaker":"Andy Hart","startTime":4957.619,"endTime":4961.699,"body":"we're all recurring"},{"speaker":"Andy Hart","startTime":4957.619,"endTime":4961.699,"body":"questions, isn't it? I get the"},{"speaker":"Andy Hart","startTime":4961.699,"endTime":4965.179,"body":"global equity thing, but, but,"},{"speaker":"Andy Hart","startTime":4961.699,"endTime":4965.179,"body":"but, but, but, yeah, yeah. I get"},{"speaker":"Andy Hart","startTime":4965.179,"endTime":4967.939,"body":"you invest in global equities,"},{"speaker":"Andy Hart","startTime":4965.179,"endTime":4967.939,"body":"but I've got further questions."},{"speaker":"Andy Hart","startTime":4967.999,"endTime":4970.699,"body":"No, no, I know we shouldn't be"},{"speaker":"Andy Hart","startTime":4967.999,"endTime":4970.699,"body":"asking any more questions. I get"},{"speaker":"Andy Hart","startTime":4970.879,"endTime":4974.539,"body":"global equities, but just gavid,"},{"speaker":"Andy Hart","startTime":4970.879,"endTime":4974.539,"body":"choose the best portfolio that"},{"speaker":"Andy Hart","startTime":4974.539,"endTime":4976.899,"body":"you're comfortable with and just"},{"speaker":"Andy Hart","startTime":4974.539,"endTime":4976.899,"body":"stick with it. And, you know,"},{"speaker":"Andy Hart","startTime":4976.899,"endTime":4977.739,"body":"put as much, yeah,"},{"speaker":"Alan Smith","startTime":4977.8,"endTime":4981.88,"body":"95% of the way"},{"speaker":"Alan Smith","startTime":4977.8,"endTime":4981.88,"body":"there, or even more, the rest is"},{"speaker":"Alan Smith","startTime":4981.88,"endTime":4984.46,"body":"kind of just detail. There's"},{"speaker":"Alan Smith","startTime":4981.88,"endTime":4984.46,"body":"different, yeah, there's"},{"speaker":"Alan Smith","startTime":4984.46,"endTime":4987.76,"body":"different reasons that you might"},{"speaker":"Alan Smith","startTime":4984.46,"endTime":4987.76,"body":"want to have one fund or build"},{"speaker":"Alan Smith","startTime":4987.76,"endTime":4991.3,"body":"your own portfolios or outsource"},{"speaker":"Alan Smith","startTime":4987.76,"endTime":4991.3,"body":"someone use an MPS that's on an"},{"speaker":"Alan Smith","startTime":4991.3,"endTime":4994.84,"body":"individual basis. But you you"},{"speaker":"Alan Smith","startTime":4991.3,"endTime":4994.84,"body":"know, the philosophy remains"},{"speaker":"Alan Smith","startTime":4994.84,"endTime":4995.44,"body":"identical."},{"speaker":"Andy Hart","startTime":4995.559,"endTime":4998.039,"body":"Nick choose, stick"},{"speaker":"Andy Hart","startTime":4995.559,"endTime":4998.039,"body":"with it and get planning. You"},{"speaker":"Andy Hart","startTime":4998.039,"endTime":4998.939,"body":"know, at the end of the"},{"speaker":"Nick Lincoln","startTime":4998.939,"endTime":5000.8589999999995,"body":"day, if you were"},{"speaker":"Nick Lincoln","startTime":4998.939,"endTime":5000.8589999999995,"body":"to analyze all of our"},{"speaker":"Nick Lincoln","startTime":5000.8589999999995,"endTime":5003.259,"body":"portfolios, Gavin, you probably"},{"speaker":"Nick Lincoln","startTime":5000.8589999999995,"endTime":5003.259,"body":"see that we're all pretty much"},{"speaker":"Nick Lincoln","startTime":5003.259,"endTime":5005.839,"body":"invested in the same great"},{"speaker":"Nick Lincoln","startTime":5003.259,"endTime":5005.839,"body":"companies of the world. And"},{"speaker":"Nick Lincoln","startTime":5005.839,"endTime":5007.939,"body":"that's pretty that's, that's the"},{"speaker":"Nick Lincoln","startTime":5005.839,"endTime":5007.939,"body":"bottom line. That's, that's,"},{"speaker":"Nick Lincoln","startTime":5007.939,"endTime":5010.519,"body":"it's not the fund, it's what's"},{"speaker":"Nick Lincoln","startTime":5007.939,"endTime":5010.519,"body":"the fund holding. And I think"},{"speaker":"Nick Lincoln","startTime":5010.519,"endTime":5012.979,"body":"we're all holding pretty much"},{"speaker":"Nick Lincoln","startTime":5010.519,"endTime":5012.979,"body":"the same, the same basket of the"},{"speaker":"Nick Lincoln","startTime":5012.979,"endTime":5015.8589999999995,"body":"great companies, just just doing"},{"speaker":"Nick Lincoln","startTime":5012.979,"endTime":5015.8589999999995,"body":"it to accessing those companies"},{"speaker":"Nick Lincoln","startTime":5015.8589999999995,"endTime":5018.259,"body":"in slightly different ways. But"},{"speaker":"Nick Lincoln","startTime":5015.8589999999995,"endTime":5018.259,"body":"that's just window dressing."},{"speaker":"Nick Lincoln","startTime":5018.259,"endTime":5023.559,"body":"Okay? So we're at 82 minutes in."},{"speaker":"Nick Lincoln","startTime":5018.259,"endTime":5023.559,"body":"Shoot me. Let's move on to"},{"speaker":"Nick Lincoln","startTime":5024.039,"endTime":5032.8589999999995,"body":"culture corner. Now. Watch is"},{"speaker":"Nick Lincoln","startTime":5024.039,"endTime":5032.8589999999995,"body":"dying of man flu, chest"},{"speaker":"Nick Lincoln","startTime":5032.8589999999995,"endTime":5035.979,"body":"infection, whatever. So I'm"},{"speaker":"Nick Lincoln","startTime":5032.8589999999995,"endTime":5035.979,"body":"gonna tee you up. Watch. I won't"},{"speaker":"Nick Lincoln","startTime":5035.979,"endTime":5038.399,"body":"leave you hanging, as I normally"},{"speaker":"Nick Lincoln","startTime":5035.979,"endTime":5038.399,"body":"do, on culture corner, not as"},{"speaker":"Nick Lincoln","startTime":5038.399,"endTime":5042.959,"body":"iconic as the IKEA culture"},{"speaker":"Nick Lincoln","startTime":5038.399,"endTime":5042.959,"body":"corner, but yeah, she's"},{"speaker":"Andy Hart","startTime":5042.96,"endTime":5046.62,"body":"a cracker. She's"},{"speaker":"Andy Hart","startTime":5042.96,"endTime":5046.62,"body":"another, she's another. I'm"},{"speaker":"Andy Hart","startTime":5046.62,"endTime":5047.64,"body":"furnishing expensive,"},{"speaker":"Nick Lincoln","startTime":5048.0,"endTime":5049.44,"body":"but good. This"},{"speaker":"Carl Widger","startTime":5049.62,"endTime":5052.74,"body":"is a cracker. So we"},{"speaker":"Carl Widger","startTime":5049.62,"endTime":5052.74,"body":"all have loads of photos on our"},{"speaker":"Carl Widger","startTime":5052.74,"endTime":5055.5,"body":"phones, and we don't point them"},{"speaker":"Carl Widger","startTime":5052.74,"endTime":5055.5,"body":"out anymore, and we don't put"},{"speaker":"Carl Widger","startTime":5055.5,"endTime":5061.22,"body":"them up in our walls. Go on to"},{"speaker":"Carl Widger","startTime":5055.5,"endTime":5061.22,"body":"mixtiles.com and you can get"},{"speaker":"Carl Widger","startTime":5061.22,"endTime":5064.7,"body":"loads of your favorite photos"},{"speaker":"Carl Widger","startTime":5061.22,"endTime":5064.7,"body":"from your phone. Do it on your"},{"speaker":"Carl Widger","startTime":5064.7,"endTime":5071.0599999999995,"body":"phone, and they arrive like"},{"speaker":"Carl Widger","startTime":5064.7,"endTime":5071.0599999999995,"body":"this, and they have a great"},{"speaker":"Carl Widger","startTime":5071.0599999999995,"endTime":5073.7,"body":"little sticky thing that you can"},{"speaker":"Carl Widger","startTime":5071.0599999999995,"endTime":5073.7,"body":"stick in your wall. So if you're"},{"speaker":"Carl Widger","startTime":5073.7,"endTime":5077.32,"body":"as useless as I am with DIY,"},{"speaker":"Carl Widger","startTime":5073.7,"endTime":5077.32,"body":"that you literally tear off a"},{"speaker":"Carl Widger","startTime":5077.32,"endTime":5077.74,"body":"sticker. I"},{"speaker":"Andy Hart","startTime":5077.74,"endTime":5079.54,"body":"was gonna say, if you"},{"speaker":"Andy Hart","startTime":5077.74,"endTime":5079.54,"body":"have to tear off the thing on"},{"speaker":"Andy Hart","startTime":5079.54,"endTime":5080.62,"body":"the back, yeah,"},{"speaker":"Carl Widger","startTime":5080.62,"endTime":5083.5,"body":"just about. But I"},{"speaker":"Carl Widger","startTime":5080.62,"endTime":5083.5,"body":"did. I did. I did"},{"speaker":"Nick Lincoln","startTime":5084.519,"endTime":5086.019,"body":"take off the"},{"speaker":"Nick Lincoln","startTime":5084.519,"endTime":5086.019,"body":"paint. When you take it off"},{"speaker":"Nick Lincoln","startTime":5086.019,"endTime":5087.759,"body":"again, this is always"},{"speaker":"Alan Smith","startTime":5087.82,"endTime":5091.54,"body":"magic. He hasn't"},{"speaker":"Alan Smith","startTime":5087.82,"endTime":5091.54,"body":"tried that bit yet. He's gonna"},{"speaker":"Alan Smith","startTime":5091.54,"endTime":5092.62,"body":"take them off first,"},{"speaker":"Carl Widger","startTime":5095.08,"endTime":5099.0599999999995,"body":"take the paint off."},{"speaker":"Carl Widger","startTime":5095.08,"endTime":5099.0599999999995,"body":"And if you if this sticky bit"},{"speaker":"Carl Widger","startTime":5099.0599999999995,"endTime":5104.0999999999995,"body":"then won't stick back on, you"},{"speaker":"Carl Widger","startTime":5099.0599999999995,"endTime":5104.0999999999995,"body":"can email mixtiles, and they'll"},{"speaker":"Carl Widger","startTime":5104.0999999999995,"endTime":5106.44,"body":"send you a few more of the"},{"speaker":"Carl Widger","startTime":5104.0999999999995,"endTime":5106.44,"body":"sticky things. And you can"},{"speaker":"Carl Widger","startTime":5106.44,"endTime":5109.44,"body":"create really cool walls of"},{"speaker":"Carl Widger","startTime":5106.44,"endTime":5109.44,"body":"like, loads and loads of these"},{"speaker":"Carl Widger","startTime":5109.44,"endTime":5113.16,"body":"pictures. That's me and my dad."},{"speaker":"Carl Widger","startTime":5109.44,"endTime":5113.16,"body":"So it Yeah, you boys have been"},{"speaker":"Carl Widger","startTime":5113.16,"endTime":5115.5,"body":"in my house. You've seen the"},{"speaker":"Carl Widger","startTime":5113.16,"endTime":5115.5,"body":"wall that I created. So I just"},{"speaker":"Carl Widger","startTime":5115.5,"endTime":5120.14,"body":"actually bought a bunch more"},{"speaker":"Carl Widger","startTime":5115.5,"endTime":5120.14,"body":"because obviously that they're"},{"speaker":"Carl Widger","startTime":5120.14,"endTime":5123.5,"body":"probably done three four years"},{"speaker":"Carl Widger","startTime":5120.14,"endTime":5123.5,"body":"ago. So I'm updating the wall"},{"speaker":"Carl Widger","startTime":5123.5,"endTime":5125.84,"body":"and adding to it. But it's"},{"speaker":"Carl Widger","startTime":5123.5,"endTime":5125.84,"body":"really brilliant, because"},{"speaker":"Carl Widger","startTime":5126.08,"endTime":5128.72,"body":"everybody comments on it when"},{"speaker":"Carl Widger","startTime":5126.08,"endTime":5128.72,"body":"they walk in and go, oh yeah,"},{"speaker":"Carl Widger","startTime":5128.78,"endTime":5130.94,"body":"that's actually really cool,"},{"speaker":"Carl Widger","startTime":5128.78,"endTime":5130.94,"body":"because we all have so many"},{"speaker":"Carl Widger","startTime":5130.94,"endTime":5134.0599999999995,"body":"pictures, and I've actually"},{"speaker":"Carl Widger","startTime":5130.94,"endTime":5134.0599999999995,"body":"printed some out for my office"},{"speaker":"Carl Widger","startTime":5134.0599999999995,"endTime":5136.46,"body":"as well, and"},{"speaker":"Alan Smith","startTime":5137.059,"endTime":5143.499,"body":"other different"},{"speaker":"Alan Smith","startTime":5137.059,"endTime":5143.499,"body":"frames, yeah? For those who are"},{"speaker":"Alan Smith","startTime":5143.499,"endTime":5149.019,"body":"listening to this, not viewing"},{"speaker":"Alan Smith","startTime":5143.499,"endTime":5149.019,"body":"it, there's all right, doesn't"},{"speaker":"Carl Widger","startTime":5149.0199999999995,"endTime":5152.0199999999995,"body":"have a that's kind"},{"speaker":"Carl Widger","startTime":5149.0199999999995,"endTime":5152.0199999999995,"body":"of a canvas, kind of a job as a"},{"speaker":"Carl Widger","startTime":5152.0199999999995,"endTime":5157.2,"body":"frame. So you can be serious,"},{"speaker":"Carl Widger","startTime":5152.0199999999995,"endTime":5157.2,"body":"yeah, no, it's bloody brilliant."},{"speaker":"Alan Smith","startTime":5158.28,"endTime":5161.7,"body":"So I think we're,"},{"speaker":"Alan Smith","startTime":5158.28,"endTime":5161.7,"body":"we're building homes now we've"},{"speaker":"Alan Smith","startTime":5161.7,"endTime":5169.74,"body":"got IKEA, some other nonsense"},{"speaker":"Alan Smith","startTime":5161.7,"endTime":5169.74,"body":"that Hart came up with. IKEA"},{"speaker":"Alan Smith","startTime":5169.74,"endTime":5170.04,"body":"bloody"},{"speaker":"Nick Lincoln","startTime":5170.04,"endTime":5171.12,"body":"wardrobe. If you"},{"speaker":"Nick Lincoln","startTime":5170.04,"endTime":5171.12,"body":"hang any"},{"speaker":"Andy Hart","startTime":5171.54,"endTime":5173.7,"body":"pictures in your"},{"speaker":"Andy Hart","startTime":5171.54,"endTime":5173.7,"body":"house in it, they're called"},{"speaker":"Andy Hart","startTime":5173.7,"endTime":5177.0199999999995,"body":"picture hanging strips by strips"},{"speaker":"Andy Hart","startTime":5173.7,"endTime":5177.0199999999995,"body":"by 3m Brilliant. We've"},{"speaker":"Nick Lincoln","startTime":5178.34,"endTime":5180.38,"body":"used those, but"},{"speaker":"Nick Lincoln","startTime":5178.34,"endTime":5180.38,"body":"they do sometimes. Just the"},{"speaker":"Nick Lincoln","startTime":5180.5,"endTime":5182.96,"body":"things just drop down. Pain"},{"speaker":"Nick Lincoln","startTime":5180.5,"endTime":5182.96,"body":"comes"},{"speaker":"Carl Widger","startTime":5182.96,"endTime":5185.54,"body":"off the wall with"},{"speaker":"Carl Widger","startTime":5182.96,"endTime":5185.54,"body":"those ones as well. Yeah, these"},{"speaker":"Carl Widger","startTime":5185.5999999999995,"endTime":5191.96,"body":"ones are the absolute better."},{"speaker":"Carl Widger","startTime":5185.5999999999995,"endTime":5191.96,"body":"Okay, yeah, yeah, if you want it"},{"speaker":"Carl Widger","startTime":5191.96,"endTime":5194.9,"body":"for Christmas, you're gonna have"},{"speaker":"Carl Widger","startTime":5191.96,"endTime":5194.9,"body":"to go out the minute you hear"},{"speaker":"Carl Widger","startTime":5194.9,"endTime":5195.8,"body":"this go out, and"},{"speaker":"Alan Smith","startTime":5197.78,"endTime":5200.0199999999995,"body":"it's a good point"},{"speaker":"Alan Smith","startTime":5197.78,"endTime":5200.0199999999995,"body":"you make in that we've all got"},{"speaker":"Alan Smith","startTime":5200.0199999999995,"endTime":5202.54,"body":"literally 1000s of photographs"},{"speaker":"Alan Smith","startTime":5200.0199999999995,"endTime":5202.54,"body":"on our phones, yeah? What? We're"},{"speaker":"Alan Smith","startTime":5202.54,"endTime":5205.9,"body":"gonna just print it off and do"},{"speaker":"Alan Smith","startTime":5202.54,"endTime":5205.9,"body":"that, take it to a place and get"},{"speaker":"Alan Smith","startTime":5205.9,"endTime":5208.54,"body":"it framed and all that. So just"},{"speaker":"Alan Smith","startTime":5205.9,"endTime":5208.54,"body":"send it, yeah,"},{"speaker":"Nick Lincoln","startTime":5209.979,"endTime":5212.139,"body":"Penny. We do this"},{"speaker":"Nick Lincoln","startTime":5209.979,"endTime":5212.139,"body":"Google photo books, where you"},{"speaker":"Nick Lincoln","startTime":5212.139,"endTime":5214.179,"body":"can actually get up, you can"},{"speaker":"Nick Lincoln","startTime":5212.139,"endTime":5214.179,"body":"just pick, pick like 80"},{"speaker":"Nick Lincoln","startTime":5214.179,"endTime":5216.599,"body":"photographs, and then Google"},{"speaker":"Nick Lincoln","startTime":5214.179,"endTime":5216.599,"body":"will send you a book, just you"},{"speaker":"Nick Lincoln","startTime":5216.959,"endTime":5219.659,"body":"chosen, which is quite nice."},{"speaker":"Nick Lincoln","startTime":5216.959,"endTime":5219.659,"body":"It's just tactile, and you can"},{"speaker":"Nick Lincoln","startTime":5219.659,"endTime":5223.139,"body":"actually look at them, you know?"},{"speaker":"Nick Lincoln","startTime":5219.659,"endTime":5223.139,"body":"And we could get a book of our"},{"speaker":"Andy Hart","startTime":5223.26,"endTime":5225.24,"body":"trip to Paris last"},{"speaker":"Andy Hart","startTime":5223.26,"endTime":5225.24,"body":"year, we went for the"},{"speaker":"Alan Smith","startTime":5226.5,"endTime":5228.72,"body":"rugby, yeah, some"},{"speaker":"Alan Smith","startTime":5226.5,"endTime":5228.72,"body":"pictures are unprintable."},{"speaker":"Unknown","startTime":5230.04,"endTime":5234.0,"body":"Do not go."},{"speaker":"Nick Lincoln","startTime":5237.9,"endTime":5239.48,"body":"Do not go. Do not"},{"speaker":"Nick Lincoln","startTime":5237.9,"endTime":5239.48,"body":"talk"},{"speaker":"Alan Smith","startTime":5239.48,"endTime":5241.0999999999995,"body":"about stays in"},{"speaker":"Alan Smith","startTime":5239.48,"endTime":5241.0999999999995,"body":"Paris."},{"speaker":"Nick Lincoln","startTime":5241.579,"endTime":5244.639,"body":"Okay, come on,"},{"speaker":"Nick Lincoln","startTime":5241.579,"endTime":5244.639,"body":"guys. So my country corner is"},{"speaker":"Nick Lincoln","startTime":5244.639,"endTime":5247.579,"body":"episode 76 of the bobbleheads"},{"speaker":"Nick Lincoln","startTime":5244.639,"endTime":5247.579,"body":"podcast. They had the guy on"},{"speaker":"Nick Lincoln","startTime":5247.579,"endTime":5250.399,"body":"called Mayor Statman, another"},{"speaker":"Nick Lincoln","startTime":5247.579,"endTime":5250.399,"body":"one of these behavioral"},{"speaker":"Nick Lincoln","startTime":5250.399,"endTime":5253.699,"body":"economists, behavioral finance"},{"speaker":"Nick Lincoln","startTime":5250.399,"endTime":5253.699,"body":"guys from the sort of Kahneman,"},{"speaker":"Nick Lincoln","startTime":5254.059,"endTime":5260.079,"body":"Tversky, Kahneman, each other,"},{"speaker":"Nick Lincoln","startTime":5254.059,"endTime":5260.079,"body":"guy, Thaler school, but he's"},{"speaker":"Nick Lincoln","startTime":5260.079,"endTime":5262.659,"body":"just really engaging. Those guys"},{"speaker":"Nick Lincoln","startTime":5260.079,"endTime":5262.659,"body":"could be other quite dry"},{"speaker":"Nick Lincoln","startTime":5262.659,"endTime":5267.519,"body":"sometimes, and some of them very"},{"speaker":"Nick Lincoln","startTime":5262.659,"endTime":5267.519,"body":"egotistical. But he is not. He's"},{"speaker":"Nick Lincoln","startTime":5267.519,"endTime":5270.639,"body":"just a joy to listen to. I think"},{"speaker":"Nick Lincoln","startTime":5267.519,"endTime":5270.639,"body":"he's 77 he's he's just an"},{"speaker":"Nick Lincoln","startTime":5270.639,"endTime":5273.759,"body":"interesting, good guy to"},{"speaker":"Nick Lincoln","startTime":5270.639,"endTime":5273.759,"body":"interview, nice podcast and"},{"speaker":"Nick Lincoln","startTime":5273.759,"endTime":5276.219,"body":"interesting. He talks about the"},{"speaker":"Nick Lincoln","startTime":5273.759,"endTime":5276.219,"body":"fire movement. He's not. He's"},{"speaker":"Nick Lincoln","startTime":5276.219,"endTime":5278.679,"body":"done all these nutty academics."},{"speaker":"Nick Lincoln","startTime":5276.219,"endTime":5278.679,"body":"And he says the thing about the"},{"speaker":"Nick Lincoln","startTime":5278.679,"endTime":5281.459,"body":"fire thing. About the fire thing"},{"speaker":"Nick Lincoln","startTime":5278.679,"endTime":5281.459,"body":"is, I don't get it. I don't want"},{"speaker":"Nick Lincoln","startTime":5281.459,"endTime":5283.979,"body":"to retire. I love what I do. I"},{"speaker":"Nick Lincoln","startTime":5281.459,"endTime":5283.979,"body":"want to be doing this rest of my"},{"speaker":"Nick Lincoln","startTime":5283.979,"endTime":5286.379,"body":"life. It gives me purpose. So"},{"speaker":"Nick Lincoln","startTime":5283.979,"endTime":5286.379,"body":"that's just, you know, obviously"},{"speaker":"Nick Lincoln","startTime":5286.379,"endTime":5288.839,"body":"the fire thing is, bam, this"},{"speaker":"Nick Lincoln","startTime":5286.379,"endTime":5288.839,"body":"door comes down. You've got six"},{"speaker":"Nick Lincoln","startTime":5288.839,"endTime":5292.799,"body":"decades to do whatever you want."},{"speaker":"Nick Lincoln","startTime":5288.839,"endTime":5292.799,"body":"Yes, it is. It's"},{"speaker":"Unknown","startTime":5294.84,"endTime":5296.0999999999995,"body":"embarrassing when"},{"speaker":"Unknown","startTime":5294.84,"endTime":5296.0999999999995,"body":"people say"},{"speaker":"Nick Lincoln","startTime":5296.099,"endTime":5299.479,"body":"that, like"},{"speaker":"Nick Lincoln","startTime":5296.099,"endTime":5299.479,"body":"YouTube. What does fire stand"},{"speaker":"Nick Lincoln","startTime":5299.479,"endTime":5301.099,"body":"for? Become"},{"speaker":"Andy Hart","startTime":5301.28,"endTime":5305.3,"body":"financially"},{"speaker":"Andy Hart","startTime":5301.28,"endTime":5305.3,"body":"independent. You decide to carry"},{"speaker":"Andy Hart","startTime":5306.0199999999995,"endTime":5306.5,"body":"retire,"},{"speaker":"Alan Smith","startTime":5306.74,"endTime":5311.18,"body":"really, retire early"},{"speaker":"Alan Smith","startTime":5306.74,"endTime":5311.18,"body":"from anyway, it's, yeah, I've"},{"speaker":"Alan Smith","startTime":5311.18,"endTime":5315.8,"body":"got, um, golf accounts. I agree"},{"speaker":"Alan Smith","startTime":5311.18,"endTime":5315.8,"body":"with what's next. Andy,"},{"speaker":"Andy Hart","startTime":5316.28,"endTime":5318.7,"body":"it's me. It's a film"},{"speaker":"Andy Hart","startTime":5316.28,"endTime":5318.7,"body":"recommendation, nothing to do"},{"speaker":"Andy Hart","startTime":5319.12,"endTime":5323.14,"body":"with financial services. It's"},{"speaker":"Andy Hart","startTime":5319.12,"endTime":5323.14,"body":"called Joy. It's on Netflix."},{"speaker":"Andy Hart","startTime":5323.2,"endTime":5328.72,"body":"Joy, the birth of IVF. A couple"},{"speaker":"Andy Hart","startTime":5323.2,"endTime":5328.72,"body":"of points to this. This is one"},{"speaker":"Andy Hart","startTime":5328.72,"endTime":5331.48,"body":"of those success stories"},{"speaker":"Andy Hart","startTime":5328.72,"endTime":5331.48,"body":"entrepreneurs, you know,"},{"speaker":"Andy Hart","startTime":5331.66,"endTime":5335.32,"body":"perseverance in the face of"},{"speaker":"Andy Hart","startTime":5331.66,"endTime":5335.32,"body":"adversity. Everyone was against"},{"speaker":"Andy Hart","startTime":5335.32,"endTime":5338.58,"body":"these scientists who are"},{"speaker":"Andy Hart","startTime":5335.32,"endTime":5338.58,"body":"basically trying to do their"},{"speaker":"Andy Hart","startTime":5338.58,"endTime":5341.7,"body":"audacious goal was to cure"},{"speaker":"Andy Hart","startTime":5338.58,"endTime":5341.7,"body":"childlessness. A lot of you"},{"speaker":"Andy Hart","startTime":5341.7,"endTime":5345.3,"body":"know, mothers in the 60s"},{"speaker":"Andy Hart","startTime":5341.7,"endTime":5345.3,"body":"couldn't have babies for various"},{"speaker":"Andy Hart","startTime":5345.3,"endTime":5348.36,"body":"reasons. Everyone was against"},{"speaker":"Andy Hart","startTime":5345.3,"endTime":5348.36,"body":"them, the church or religious"},{"speaker":"Andy Hart","startTime":5348.36,"endTime":5352.2,"body":"groups, the state media calling"},{"speaker":"Andy Hart","startTime":5348.36,"endTime":5352.2,"body":"them Frankenstein. How dare they"},{"speaker":"Andy Hart","startTime":5352.2,"endTime":5354.72,"body":"get involved? You know,"},{"speaker":"Andy Hart","startTime":5352.2,"endTime":5354.72,"body":"intervene with Mother Nature."},{"speaker":"Andy Hart","startTime":5355.0199999999995,"endTime":5358.46,"body":"Intervene with Mother Nature."},{"speaker":"Andy Hart","startTime":5355.0199999999995,"endTime":5358.46,"body":"All these scientists were sort"},{"speaker":"Andy Hart","startTime":5358.46,"endTime":5361.46,"body":"of ostracized. They were doing"},{"speaker":"Andy Hart","startTime":5358.46,"endTime":5361.46,"body":"amazing work, but but the thing"},{"speaker":"Andy Hart","startTime":5361.46,"endTime":5363.92,"body":"that was quite interesting,"},{"speaker":"Andy Hart","startTime":5361.46,"endTime":5363.92,"body":"obviously, the ones that the"},{"speaker":"Andy Hart","startTime":5363.92,"endTime":5366.38,"body":"people that were against them,"},{"speaker":"Andy Hart","startTime":5363.92,"endTime":5366.38,"body":"obviously the religious groups,"},{"speaker":"Andy Hart","startTime":5366.38,"endTime":5371.24,"body":"church, state media, the people"},{"speaker":"Andy Hart","startTime":5366.38,"endTime":5371.24,"body":"were for them were childless"},{"speaker":"Andy Hart","startTime":5371.24,"endTime":5375.2,"body":"mothers. And if you were a"},{"speaker":"Andy Hart","startTime":5371.24,"endTime":5375.2,"body":"betting person, you'd put, you"},{"speaker":"Andy Hart","startTime":5375.2,"endTime":5378.04,"body":"know, the weight on the"},{"speaker":"Andy Hart","startTime":5375.2,"endTime":5378.04,"body":"childless mothers just"},{"speaker":"Andy Hart","startTime":5378.0999999999995,"endTime":5382.18,"body":"absolutely supporting this"},{"speaker":"Andy Hart","startTime":5378.0999999999995,"endTime":5382.18,"body":"cause. It's an amazing film. I'm"},{"speaker":"Andy Hart","startTime":5382.18,"endTime":5386.38,"body":"very close to this. I've had"},{"speaker":"Andy Hart","startTime":5382.18,"endTime":5386.38,"body":"children via IVF three rounds."},{"speaker":"Andy Hart","startTime":5386.38,"endTime":5389.26,"body":"It was brutal, but also a"},{"speaker":"Andy Hart","startTime":5386.38,"endTime":5389.26,"body":"magical that we could have"},{"speaker":"Andy Hart","startTime":5389.26,"endTime":5393.04,"body":"babies. It's a great film. It's"},{"speaker":"Andy Hart","startTime":5389.26,"endTime":5393.04,"body":"called Joy, the birth of IVF on"},{"speaker":"Andy Hart","startTime":5393.04,"endTime":5393.82,"body":"Netflix,"},{"speaker":"Alan Smith","startTime":5395.62,"endTime":5398.64,"body":"right? Very good."},{"speaker":"Alan Smith","startTime":5395.62,"endTime":5398.64,"body":"Welcome. Just quickly. Final"},{"speaker":"Alan Smith","startTime":5399.3,"endTime":5403.44,"body":"one, we can hang your pictures"},{"speaker":"Alan Smith","startTime":5399.3,"endTime":5403.44,"body":"on the wall and get some IVF"},{"speaker":"Alan Smith","startTime":5403.44,"endTime":5407.0999999999995,"body":"treatment, but interesting. But"},{"speaker":"Alan Smith","startTime":5403.44,"endTime":5407.0999999999995,"body":"just thinking about that, that"},{"speaker":"Alan Smith","startTime":5407.0999999999995,"endTime":5409.98,"body":"just reminded me of something."},{"speaker":"Alan Smith","startTime":5407.0999999999995,"endTime":5409.98,"body":"Do it. Any of you guys remember"},{"speaker":"Alan Smith","startTime":5409.98,"endTime":5414.0,"body":"that company still going now,"},{"speaker":"Alan Smith","startTime":5409.98,"endTime":5414.0,"body":"23andme a few other versions."},{"speaker":"Andy Hart","startTime":5414.42,"endTime":5415.26,"body":"I've done it. Yeah,"},{"speaker":"Andy Hart","startTime":5414.42,"endTime":5415.26,"body":"so"},{"speaker":"Alan Smith","startTime":5415.26,"endTime":5417.44,"body":"you've done it the"},{"speaker":"Alan Smith","startTime":5415.26,"endTime":5417.44,"body":"spirit you noticed. I mean, they"},{"speaker":"Alan Smith","startTime":5417.44,"endTime":5420.08,"body":"were another one of the kind of"},{"speaker":"Alan Smith","startTime":5417.44,"endTime":5420.08,"body":"darlings of the stock market,"},{"speaker":"Alan Smith","startTime":5420.08,"endTime":5422.5999999999995,"body":"and they launched and think on"},{"speaker":"Alan Smith","startTime":5420.08,"endTime":5422.5999999999995,"body":"the NASDAQ billions, share"},{"speaker":"Alan Smith","startTime":5422.5999999999995,"endTime":5425.54,"body":"prices fall in 98% they're just"},{"speaker":"Alan Smith","startTime":5422.5999999999995,"endTime":5425.54,"body":"going to go out of business,"},{"speaker":"Alan Smith","startTime":5425.54,"endTime":5428.0,"body":"going to be taking private and"},{"speaker":"Alan Smith","startTime":5425.54,"endTime":5428.0,"body":"there was, again, there's an"},{"speaker":"Alan Smith","startTime":5428.0,"endTime":5430.4,"body":"article in the paper about a"},{"speaker":"Alan Smith","startTime":5428.0,"endTime":5430.4,"body":"journalist who'd done all that,"},{"speaker":"Alan Smith","startTime":5430.4,"endTime":5433.16,"body":"given all their DNA, all this"},{"speaker":"Alan Smith","startTime":5430.4,"endTime":5433.16,"body":"stuff. They said, Well, who now"},{"speaker":"Alan Smith","startTime":5433.16,"endTime":5435.68,"body":"owns this? The company's now out"},{"speaker":"Alan Smith","startTime":5433.16,"endTime":5435.68,"body":"of business. This stuff still"},{"speaker":"Alan Smith","startTime":5435.68,"endTime":5439.36,"body":"exists. Where can this end up?"},{"speaker":"Alan Smith","startTime":5435.68,"endTime":5439.36,"body":"It's a bit of a concern for"},{"speaker":"Alan Smith","startTime":5439.36,"endTime":5441.34,"body":"some. This shows you, hey,"},{"speaker":"Andy Hart","startTime":5442.0,"endTime":5445.3,"body":"yeah. Anyway, my DNA"},{"speaker":"Andy Hart","startTime":5442.0,"endTime":5445.3,"body":"included, indeed,"},{"speaker":"Alan Smith","startTime":5447.76,"endTime":5449.74,"body":"right? Sorry to"},{"speaker":"Alan Smith","startTime":5447.76,"endTime":5449.74,"body":"bring it back to, you know,"},{"speaker":"Alan Smith","startTime":5449.74,"endTime":5452.74,"body":"financial advice and financial"},{"speaker":"Alan Smith","startTime":5449.74,"endTime":5452.74,"body":"advisors and, you know, we can"},{"speaker":"Alan Smith","startTime":5452.74,"endTime":5459.18,"body":"talk about IVF and DNA all day"},{"speaker":"Alan Smith","startTime":5452.74,"endTime":5459.18,"body":"long. But I wanted to, as you"},{"speaker":"Alan Smith","startTime":5459.18,"endTime":5461.94,"body":"know, I moved office a couple of"},{"speaker":"Alan Smith","startTime":5459.18,"endTime":5461.94,"body":"months ago, and all the stuff"},{"speaker":"Alan Smith","startTime":5461.94,"endTime":5464.34,"body":"that I've kept to my office,"},{"speaker":"Alan Smith","startTime":5461.94,"endTime":5464.34,"body":"which has been there for 10"},{"speaker":"Alan Smith","startTime":5464.34,"endTime":5468.0599999999995,"body":"years, I was unpacking and"},{"speaker":"Alan Smith","startTime":5464.34,"endTime":5468.0599999999995,"body":"looking at books and things like"},{"speaker":"Alan Smith","startTime":5468.0599999999995,"endTime":5470.28,"body":"that that I had in the shelves"},{"speaker":"Alan Smith","startTime":5468.0599999999995,"endTime":5470.28,"body":"over there, and I found this"},{"speaker":"Alan Smith","startTime":5470.28,"endTime":5474.3,"body":"book, and it's, I mean, the best"},{"speaker":"Alan Smith","startTime":5470.28,"endTime":5474.3,"body":"book, I think, certainly in the"},{"speaker":"Alan Smith","startTime":5474.3,"endTime":5478.22,"body":"top three books I've ever read."},{"speaker":"Alan Smith","startTime":5474.3,"endTime":5478.22,"body":"On entrepreneurship and having a"},{"speaker":"Alan Smith","startTime":5478.22,"endTime":5480.86,"body":"business, and particularly for"},{"speaker":"Alan Smith","startTime":5478.22,"endTime":5480.86,"body":"those that want to grow a"},{"speaker":"Alan Smith","startTime":5480.86,"endTime":5483.32,"body":"company and recruit and hire"},{"speaker":"Alan Smith","startTime":5480.86,"endTime":5483.32,"body":"people and build a proper"},{"speaker":"Alan Smith","startTime":5483.32,"endTime":5487.5199999999995,"body":"business. Very well known book"},{"speaker":"Alan Smith","startTime":5483.32,"endTime":5487.5199999999995,"body":"called The E Myth. The E Myth by"},{"speaker":"Alan Smith","startTime":5487.5199999999995,"endTime":5491.72,"body":"Michael Gerber, E stands for"},{"speaker":"Alan Smith","startTime":5487.5199999999995,"endTime":5491.72,"body":"entrepreneur in that most people"},{"speaker":"Alan Smith","startTime":5491.72,"endTime":5495.5599999999995,"body":"never really start a business."},{"speaker":"Alan Smith","startTime":5491.72,"endTime":5495.5599999999995,"body":"Most people start a business and"},{"speaker":"Alan Smith","startTime":5495.5599999999995,"endTime":5499.54,"body":"carry on doing the exact job"},{"speaker":"Alan Smith","startTime":5495.5599999999995,"endTime":5499.54,"body":"they were doing before, and they"},{"speaker":"Alan Smith","startTime":5499.5999999999995,"endTime":5502.96,"body":"have now got the worst job in"},{"speaker":"Alan Smith","startTime":5499.5999999999995,"endTime":5502.96,"body":"the world because they're"},{"speaker":"Alan Smith","startTime":5502.96,"endTime":5506.86,"body":"working for a lunatic, ie"},{"speaker":"Alan Smith","startTime":5502.96,"endTime":5506.86,"body":"themselves. Yeah, they own the"},{"speaker":"Alan Smith","startTime":5506.86,"endTime":5509.98,"body":"job. Yeah, they own the job. And"},{"speaker":"Alan Smith","startTime":5506.86,"endTime":5509.98,"body":"so anyway, the E Myth is a great"},{"speaker":"Alan Smith","startTime":5509.98,"endTime":5513.22,"body":"book, and if anyone who's"},{"speaker":"Alan Smith","startTime":5509.98,"endTime":5513.22,"body":"listening to this is on that"},{"speaker":"Alan Smith","startTime":5513.22,"endTime":5515.68,"body":"journey, is how they sort of"},{"speaker":"Alan Smith","startTime":5513.22,"endTime":5515.68,"body":"started a business plans to grow"},{"speaker":"Alan Smith","startTime":5515.68,"endTime":5518.4,"body":"it. Definitely get yourself a"},{"speaker":"Alan Smith","startTime":5515.68,"endTime":5518.4,"body":"copy. It's been out for 2030,"},{"speaker":"Alan Smith","startTime":5518.64,"endTime":5522.54,"body":"years, at least. But there is,"},{"speaker":"Alan Smith","startTime":5518.64,"endTime":5522.54,"body":"as a lot often is the case with"},{"speaker":"Alan Smith","startTime":5522.54,"endTime":5525.42,"body":"some of these classic books,"},{"speaker":"Alan Smith","startTime":5522.54,"endTime":5525.42,"body":"there's a few kind of specific"},{"speaker":"Alan Smith","startTime":5525.42,"endTime":5528.66,"body":"to different industries. So"},{"speaker":"Alan Smith","startTime":5525.42,"endTime":5528.66,"body":"there's a E Myth for doctors, an"},{"speaker":"Alan Smith","startTime":5528.66,"endTime":5532.26,"body":"E Myth, and there's an E Myth"},{"speaker":"Alan Smith","startTime":5528.66,"endTime":5532.26,"body":"for financial advisors. And so"},{"speaker":"Alan Smith","startTime":5532.26,"endTime":5535.14,"body":"it's very specific to, you know,"},{"speaker":"Alan Smith","startTime":5532.26,"endTime":5535.14,"body":"obviously it's American, but"},{"speaker":"Alan Smith","startTime":5535.14,"endTime":5537.5999999999995,"body":"same kind of rules and"},{"speaker":"Alan Smith","startTime":5535.14,"endTime":5537.5999999999995,"body":"regulations apply. And as I say,"},{"speaker":"Alan Smith","startTime":5537.5999999999995,"endTime":5539.5999999999995,"body":"I dug it out and had to flick"},{"speaker":"Alan Smith","startTime":5537.5999999999995,"endTime":5539.5999999999995,"body":"through it. Flick through it"},{"speaker":"Alan Smith","startTime":5539.5999999999995,"endTime":5542.54,"body":"again the other day, having read"},{"speaker":"Alan Smith","startTime":5539.5999999999995,"endTime":5542.54,"body":"it in great detail many years"},{"speaker":"Alan Smith","startTime":5542.54,"endTime":5545.96,"body":"ago. And it's well worth for"},{"speaker":"Alan Smith","startTime":5542.54,"endTime":5545.96,"body":"those who on that journey"},{"speaker":"Alan Smith","startTime":5546.44,"endTime":5549.26,"body":"business building, trying to"},{"speaker":"Alan Smith","startTime":5546.44,"endTime":5549.26,"body":"create something little bit"},{"speaker":"Alan Smith","startTime":5549.26,"endTime":5552.68,"body":"scaled, not necessarily for the"},{"speaker":"Alan Smith","startTime":5549.26,"endTime":5552.68,"body":"solo advisors, well worth"},{"speaker":"Alan Smith","startTime":5552.68,"endTime":5556.78,"body":"getting the E Myth for financial"},{"speaker":"Alan Smith","startTime":5552.68,"endTime":5556.78,"body":"advisors by Michael Gerber,"},{"speaker":"Alan Smith","startTime":5557.26,"endTime":5557.68,"body":"thank you."},{"speaker":"Nick Lincoln","startTime":5558.64,"endTime":5562.54,"body":"Okay, cool. Cool."},{"speaker":"Nick Lincoln","startTime":5558.64,"endTime":5562.54,"body":"So that's 91 minutes. We won't"},{"speaker":"Nick Lincoln","startTime":5562.54,"endTime":5565.84,"body":"get back. Okay. Well, I think"},{"speaker":"Nick Lincoln","startTime":5562.54,"endTime":5565.84,"body":"trap pack, that's a wrap for"},{"speaker":"Nick Lincoln","startTime":5565.84,"endTime":5568.12,"body":"this episode. Thank you, dear"},{"speaker":"Nick Lincoln","startTime":5565.84,"endTime":5568.12,"body":"trappers, for your precious time"},{"speaker":"Nick Lincoln","startTime":5568.12,"endTime":5571.0,"body":"and input on the show. Please do"},{"speaker":"Nick Lincoln","startTime":5568.12,"endTime":5571.0,"body":"leave a review for us. Six out"},{"speaker":"Nick Lincoln","startTime":5571.0,"endTime":5573.58,"body":"of five stars will be lovely. Do"},{"speaker":"Nick Lincoln","startTime":5571.0,"endTime":5573.58,"body":"like and subscribe to our"},{"speaker":"Nick Lincoln","startTime":5573.58,"endTime":5576.3,"body":"YouTube channel. We're now over"},{"speaker":"Nick Lincoln","startTime":5573.58,"endTime":5576.3,"body":"the 1000 subscribers mark, which"},{"speaker":"Nick Lincoln","startTime":5576.3,"endTime":5580.68,"body":"still amazes me, until the next"},{"speaker":"Nick Lincoln","startTime":5576.3,"endTime":5580.68,"body":"time trap pack is adios from me"},{"speaker":"Nick Lincoln","startTime":5580.68,"endTime":5582.96,"body":"and the rest of the trap pack,"},{"speaker":"Nick Lincoln","startTime":5580.68,"endTime":5582.96,"body":"take care out there, and we'll"},{"speaker":"Nick Lincoln","startTime":5582.96,"endTime":5586.5599999999995,"body":"see you on the other side in"},{"speaker":"Nick Lincoln","startTime":5582.96,"endTime":5586.5599999999995,"body":"Episode 60. Trap live next year"},{"speaker":"Nick Lincoln","startTime":5586.5599999999995,"endTime":5591.18,"body":"may the 14th, put it in your"},{"speaker":"Nick Lincoln","startTime":5586.5599999999995,"endTime":5591.18,"body":"diaries of choice. Goodbye. You."}]}