{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":7.8,"endTime":12.0,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":7.8,"endTime":12.0,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":12.0,"endTime":15.78,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":12.0,"endTime":15.78,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":15.78,"endTime":19.98,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":15.78,"endTime":19.98,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":19.98,"endTime":23.54,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":19.98,"endTime":23.54,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":23.54,"endTime":26.72,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":23.54,"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":33.98,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":30.26,"endTime":33.98,"body":"can do more to help you. Now,"},{"speaker":"Unknown","startTime":33.98,"endTime":37.34,"body":"let's head over to the studio"},{"speaker":"Unknown","startTime":33.98,"endTime":37.34,"body":"for the latest pile of trap you"},{"speaker":"Unknown","startTime":40.0,"endTime":40.36,"body":"music,"},{"speaker":"Nick Lincoln","startTime":43.12,"endTime":45.04,"body":"yes, indeed, dear"},{"speaker":"Nick Lincoln","startTime":43.12,"endTime":45.04,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":45.04,"endTime":49.48,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":45.04,"endTime":49.48,"body":"65 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":50.2,"endTime":55.18,"body":"T, R, A, P, trap my name is"},{"speaker":"Nick Lincoln","startTime":50.2,"endTime":55.18,"body":"indeed lick nincoln. And joining"},{"speaker":"Nick Lincoln","startTime":55.18,"endTime":58.78,"body":"me once again in the digital"},{"speaker":"Nick Lincoln","startTime":55.18,"endTime":58.78,"body":"studio of doom, are the three"},{"speaker":"Nick Lincoln","startTime":58.78,"endTime":61.5,"body":"other Horsemen of the"},{"speaker":"Nick Lincoln","startTime":58.78,"endTime":61.5,"body":"Apocalypse. Alan the"},{"speaker":"Nick Lincoln","startTime":61.5,"endTime":67.08,"body":"storyteller, Smith, Carl de la"},{"speaker":"Nick Lincoln","startTime":61.5,"endTime":67.08,"body":"vociu, the voice widget and Andy"},{"speaker":"Nick Lincoln","startTime":67.38,"endTime":70.68,"body":"Hart, Now, gentlemen, we have a"},{"speaker":"Nick Lincoln","startTime":67.38,"endTime":70.68,"body":"show packed full of app,"},{"speaker":"Nick Lincoln","startTime":72.72,"endTime":76.32,"body":"absolutely nothing, so let's"},{"speaker":"Nick Lincoln","startTime":72.72,"endTime":76.32,"body":"start unpacking it straight away"},{"speaker":"Nick Lincoln","startTime":76.32,"endTime":78.72,"body":"with some more high energy"},{"speaker":"Nick Lincoln","startTime":76.32,"endTime":78.72,"body":"review reads. Read up. I'm a"},{"speaker":"Nick Lincoln","startTime":78.72,"endTime":82.1,"body":"very good friend, the right"},{"speaker":"Nick Lincoln","startTime":78.72,"endTime":82.1,"body":"honorable Mr. Andrew saying,"},{"speaker":"Nick Lincoln","startTime":82.1,"endTime":82.64,"body":"Hart,"},{"speaker":"Andy Hart","startTime":83.6,"endTime":85.4,"body":"I didn't interrupt"},{"speaker":"Andy Hart","startTime":83.6,"endTime":85.4,"body":"you there, Nicholas"},{"speaker":"Andy Hart","startTime":85.4,"endTime":88.1,"body":"intentionally, because last time"},{"speaker":"Andy Hart","startTime":85.4,"endTime":88.1,"body":"you're right off kilter from the"},{"speaker":"Andy Hart","startTime":88.1,"endTime":90.8,"body":"from the get go. But before we"},{"speaker":"Andy Hart","startTime":88.1,"endTime":90.8,"body":"start, we talk about the"},{"speaker":"Andy Hart","startTime":90.8,"endTime":93.68,"body":"Calcutta Cup, the morning of"},{"speaker":"Andy Hart","startTime":90.8,"endTime":93.68,"body":"Scotland at the weekend."},{"speaker":"Alan Smith","startTime":96.02,"endTime":98.72,"body":"You should move on"},{"speaker":"Alan Smith","startTime":96.02,"endTime":98.72,"body":"honestly. But how"},{"speaker":"Nick Lincoln","startTime":98.72,"endTime":100.58,"body":"we won that? I do"},{"speaker":"Nick Lincoln","startTime":98.72,"endTime":100.58,"body":"not, let's just leave it at"},{"speaker":"Nick Lincoln","startTime":100.64,"endTime":102.7,"body":"that. We won. How we won it? I"},{"speaker":"Nick Lincoln","startTime":100.64,"endTime":102.7,"body":"do not know. Calm."},{"speaker":"Alan Smith","startTime":102.7,"endTime":104.8,"body":"It's nice to give"},{"speaker":"Alan Smith","startTime":102.7,"endTime":104.8,"body":"some of the minnows. Give them a"},{"speaker":"Alan Smith","startTime":104.8,"endTime":108.58,"body":"chance sometimes, isn't it? And"},{"speaker":"Alan Smith","startTime":104.8,"endTime":108.58,"body":"also, Italy is great for Italy"},{"speaker":"Alan Smith","startTime":108.64,"endTime":109.24,"body":"England."},{"speaker":"Carl Widger","startTime":111.4,"endTime":113.62,"body":"Enjoy giving all of"},{"speaker":"Carl Widger","startTime":111.4,"endTime":113.62,"body":"you some time"},{"speaker":"Nick Lincoln","startTime":114.64,"endTime":117.52,"body":"the little"},{"speaker":"Nick Lincoln","startTime":114.64,"endTime":117.52,"body":"countries. Okay, we're supposed"},{"speaker":"Nick Lincoln","startTime":117.52,"endTime":117.82,"body":"to win"},{"speaker":"Andy Hart","startTime":117.82,"endTime":119.92,"body":"against them. They"},{"speaker":"Andy Hart","startTime":117.82,"endTime":119.92,"body":"thought they can make it five in"},{"speaker":"Andy Hart","startTime":119.92,"endTime":125.52,"body":"a row. No chance. Absolute"},{"speaker":"Andy Hart","startTime":119.92,"endTime":125.52,"body":"batteries, okay, I think you"},{"speaker":"Andy Hart","startTime":125.82,"endTime":129.66,"body":"should move on. Reviews. Okay,"},{"speaker":"Andy Hart","startTime":125.82,"endTime":129.66,"body":"two reviews. The first is from"},{"speaker":"Andy Hart","startTime":129.66,"endTime":134.04,"body":"JM, from wanboro. Try club,"},{"speaker":"Andy Hart","startTime":129.66,"endTime":134.04,"body":"mandate. Man, mandatory"},{"speaker":"Andy Hart","startTime":134.04,"endTime":138.06,"body":"listening. I'm 38 years into"},{"speaker":"Andy Hart","startTime":134.04,"endTime":138.06,"body":"this profession and 16 years as"},{"speaker":"Andy Hart","startTime":138.06,"endTime":141.14,"body":"an owner advisor. I love this"},{"speaker":"Andy Hart","startTime":138.06,"endTime":141.14,"body":"podcast, topical, relevant and"},{"speaker":"Andy Hart","startTime":141.14,"endTime":143.84,"body":"straight talking. Laugh Out"},{"speaker":"Andy Hart","startTime":141.14,"endTime":143.84,"body":"Loud, funny at times. It's a"},{"speaker":"Andy Hart","startTime":143.84,"endTime":147.44,"body":"serious podcast. If you care"},{"speaker":"Andy Hart","startTime":143.84,"endTime":147.44,"body":"about our profession, I must"},{"speaker":"Andy Hart","startTime":147.44,"endTime":153.74,"body":"listen. Thanks, chaps. Next up"},{"speaker":"Andy Hart","startTime":147.44,"endTime":153.74,"body":"is Bob, W, n, C, F, c5, stars."},{"speaker":"Andy Hart","startTime":153.74,"endTime":158.06,"body":"Thank you. Great podcast on the"},{"speaker":"Andy Hart","startTime":153.74,"endTime":158.06,"body":"whole a great podcast which has"},{"speaker":"Andy Hart","startTime":158.12,"endTime":161.08,"body":"been great for our profession. I"},{"speaker":"Andy Hart","startTime":158.12,"endTime":161.08,"body":"wonder if the format could be"},{"speaker":"Andy Hart","startTime":161.08,"endTime":163.78,"body":"tweaked, with the occasional"},{"speaker":"Andy Hart","startTime":161.08,"endTime":163.78,"body":"guests coming on after 50 odd"},{"speaker":"Andy Hart","startTime":163.78,"endTime":167.32,"body":"episodes, the content is still"},{"speaker":"Andy Hart","startTime":163.78,"endTime":167.32,"body":"decent and relevant. Back to"},{"speaker":"Andy Hart","startTime":167.32,"endTime":169.54,"body":"you. Nicholas, okay,"},{"speaker":"Nick Lincoln","startTime":169.54,"endTime":171.22,"body":"I thank you. I"},{"speaker":"Nick Lincoln","startTime":169.54,"endTime":171.22,"body":"think Bob for that, when he gave"},{"speaker":"Nick Lincoln","startTime":171.22,"endTime":174.04,"body":"a five, five out of five review,"},{"speaker":"Nick Lincoln","startTime":171.22,"endTime":174.04,"body":"that's that's kind Yeah, we did."},{"speaker":"Nick Lincoln","startTime":174.04,"endTime":177.76,"body":"We have any odd guests, aren't"},{"speaker":"Nick Lincoln","startTime":174.04,"endTime":177.76,"body":"we on now we had Barney. Barney"},{"speaker":"Nick Lincoln","startTime":177.82,"endTime":180.18,"body":"white on the last one. He was"},{"speaker":"Nick Lincoln","startTime":177.82,"endTime":180.18,"body":"very good value, I thought, and"},{"speaker":"Nick Lincoln","startTime":180.18,"endTime":182.4,"body":"got a good reception from that."},{"speaker":"Nick Lincoln","startTime":180.18,"endTime":182.4,"body":"But do thank you for the"},{"speaker":"Nick Lincoln","startTime":182.4,"endTime":184.74,"body":"reviews. Please do keep them"},{"speaker":"Nick Lincoln","startTime":182.4,"endTime":184.74,"body":"coming in. We love them. Okay,"},{"speaker":"Nick Lincoln","startTime":184.92,"endTime":190.5,"body":"let's put a timestamp on episode"},{"speaker":"Nick Lincoln","startTime":184.92,"endTime":190.5,"body":"65 Yes, it's 65 with some"},{"speaker":"Nick Lincoln","startTime":190.5,"endTime":192.96,"body":"topical tidbits. What's going"},{"speaker":"Nick Lincoln","startTime":190.5,"endTime":192.96,"body":"on? The first thing I want to"},{"speaker":"Nick Lincoln","startTime":192.96,"endTime":195.36,"body":"lead off on is we have been"},{"speaker":"Nick Lincoln","startTime":192.96,"endTime":195.36,"body":"promising for months that trap"},{"speaker":"Nick Lincoln","startTime":195.36,"endTime":198.78,"body":"live is happening on May the"},{"speaker":"Nick Lincoln","startTime":195.36,"endTime":198.78,"body":"14th, dear TRAPPIST, bear with"},{"speaker":"Nick Lincoln","startTime":198.78,"endTime":203.12,"body":"us. It absolutely is happening."},{"speaker":"Nick Lincoln","startTime":198.78,"endTime":203.12,"body":"So do put May the 14th in your"},{"speaker":"Nick Lincoln","startTime":203.12,"endTime":206.84,"body":"diary. Underline it once, twice,"},{"speaker":"Nick Lincoln","startTime":203.12,"endTime":206.84,"body":"twice, it will go ahead. We're"},{"speaker":"Nick Lincoln","startTime":206.84,"endTime":209.36,"body":"just waiting some technical"},{"speaker":"Nick Lincoln","startTime":206.84,"endTime":209.36,"body":"things in the background to set"},{"speaker":"Nick Lincoln","startTime":209.36,"endTime":212.0,"body":"up the ticket sales. But it"},{"speaker":"Nick Lincoln","startTime":209.36,"endTime":212.0,"body":"definitely is happening. So just"},{"speaker":"Nick Lincoln","startTime":212.0,"endTime":212.24,"body":"that's"},{"speaker":"Carl Widger","startTime":212.24,"endTime":215.54,"body":"a bit what's what's"},{"speaker":"Carl Widger","startTime":212.24,"endTime":215.54,"body":"the problem? What's the hold up?"},{"speaker":"Carl Widger","startTime":215.54,"endTime":216.62,"body":"Nick, one"},{"speaker":"Nick Lincoln","startTime":216.62,"endTime":218.84,"body":"of my shareholders"},{"speaker":"Nick Lincoln","startTime":216.62,"endTime":218.84,"body":"is an Irish guy. They'll do"},{"speaker":"Nick Lincoln","startTime":218.84,"endTime":223.48,"body":"extra security checks. Yeah. But"},{"speaker":"Nick Lincoln","startTime":218.84,"endTime":223.48,"body":"if you are,"},{"speaker":"Alan Smith","startTime":226.18,"endTime":228.46,"body":"if you are"},{"speaker":"Alan Smith","startTime":226.18,"endTime":228.46,"body":"interested, do register your"},{"speaker":"Alan Smith","startTime":228.46,"endTime":231.64,"body":"interest at the website. Which"},{"speaker":"Alan Smith","startTime":228.46,"endTime":231.64,"body":"is Nicholas W,"},{"speaker":"Nick Lincoln","startTime":231.639,"endTime":234.279,"body":"which is the real"},{"speaker":"Nick Lincoln","startTime":231.639,"endTime":234.279,"body":"advisor podcast.com, the real"},{"speaker":"Nick Lincoln","startTime":234.279,"endTime":235.299,"body":"advisor podcast.com,"},{"speaker":"Andy Hart","startTime":236.2,"endTime":239.98,"body":"advisor with an E."},{"speaker":"Andy Hart","startTime":236.2,"endTime":239.98,"body":"Dot Yes. Thank you. Okay,"},{"speaker":"Nick Lincoln","startTime":240.039,"endTime":243.239,"body":"having got that"},{"speaker":"Nick Lincoln","startTime":240.039,"endTime":243.239,"body":"out the way, Carl, tell us about"},{"speaker":"Nick Lincoln","startTime":243.239,"endTime":244.259,"body":"your big missile."},{"speaker":"Carl Widger","startTime":245.58,"endTime":249.66,"body":"Or this is the St"},{"speaker":"Carl Widger","startTime":245.58,"endTime":249.66,"body":"James's place, Polaris fund,"},{"speaker":"Carl Widger","startTime":249.66,"endTime":250.26,"body":"correct,"},{"speaker":"Nick Lincoln","startTime":250.559,"endTime":251.279,"body":"but I hope"},{"speaker":"Carl Widger","startTime":252.9,"endTime":256.92,"body":"so. So I just saw"},{"speaker":"Carl Widger","startTime":252.9,"endTime":256.92,"body":"this article that I've shared in"},{"speaker":"Carl Widger","startTime":256.92,"endTime":261.92,"body":"the show notes, which basically"},{"speaker":"Carl Widger","startTime":256.92,"endTime":261.92,"body":"is saying that the Polaris funds"},{"speaker":"Carl Widger","startTime":262.1,"endTime":268.22,"body":"that SJP launched in November"},{"speaker":"Carl Widger","startTime":262.1,"endTime":268.22,"body":"2022 are now the biggest funds"},{"speaker":"Carl Widger","startTime":268.22,"endTime":273.98,"body":"in the UK, overtaking Terry"},{"speaker":"Carl Widger","startTime":268.22,"endTime":273.98,"body":"Smith's fund. Smith. Now the the"},{"speaker":"Carl Widger","startTime":273.98,"endTime":278.48,"body":"point about this, I appreciate"},{"speaker":"Carl Widger","startTime":273.98,"endTime":278.48,"body":"that this is probably moving, or"},{"speaker":"Carl Widger","startTime":278.54,"endTime":282.16,"body":"it not, probably this is moving"},{"speaker":"Carl Widger","startTime":278.54,"endTime":282.16,"body":"other SGP funds into the Polaris"},{"speaker":"Carl Widger","startTime":282.16,"endTime":286.0,"body":"funds. So it's not brand new"},{"speaker":"Carl Widger","startTime":282.16,"endTime":286.0,"body":"money, but there's 30 billion in"},{"speaker":"Carl Widger","startTime":286.0,"endTime":290.5,"body":"this fund. And this is one of a"},{"speaker":"Carl Widger","startTime":286.0,"endTime":290.5,"body":"series. So there's Polaris 1234,"},{"speaker":"Carl Widger","startTime":291.4,"endTime":295.36,"body":"which is various levels of"},{"speaker":"Carl Widger","startTime":291.4,"endTime":295.36,"body":"equities, and three is the 80%"},{"speaker":"Carl Widger","startTime":295.78,"endTime":300.54,"body":"equity exposure. So look, what I"},{"speaker":"Carl Widger","startTime":295.78,"endTime":300.54,"body":"would say is a. Partly the"},{"speaker":"Carl Widger","startTime":300.54,"endTime":304.98,"body":"Polaris funds are SJP funds and"},{"speaker":"Carl Widger","startTime":300.54,"endTime":304.98,"body":"some passive funds as well."},{"speaker":"Carl Widger","startTime":305.88,"endTime":309.9,"body":"Broadly speaking, the SJP haters"},{"speaker":"Carl Widger","startTime":305.88,"endTime":309.9,"body":"are going to go bananas when"},{"speaker":"Carl Widger","startTime":309.9,"endTime":315.48,"body":"they hear this. It is good that"},{"speaker":"Carl Widger","startTime":309.9,"endTime":315.48,"body":"there is so much money in an 80%"},{"speaker":"Carl Widger","startTime":316.26,"endTime":321.08,"body":"equity fund that has at least a"},{"speaker":"Carl Widger","startTime":316.26,"endTime":321.08,"body":"good dollop of passive funds"},{"speaker":"Carl Widger","startTime":321.08,"endTime":325.64,"body":"there. And for me, it is better"},{"speaker":"Carl Widger","startTime":321.08,"endTime":325.64,"body":"that there is more money in this"},{"speaker":"Carl Widger","startTime":325.64,"endTime":332.24,"body":"fund and the associated Polaris"},{"speaker":"Carl Widger","startTime":325.64,"endTime":332.24,"body":"funds than an active fund like"},{"speaker":"Carl Widger","startTime":332.6,"endTime":339.38,"body":"fund Smith, for me, so I know"},{"speaker":"Carl Widger","startTime":332.6,"endTime":339.38,"body":"people have their views on SGP"},{"speaker":"Carl Widger","startTime":339.38,"endTime":342.16,"body":"and their fees and all that kind"},{"speaker":"Carl Widger","startTime":339.38,"endTime":342.16,"body":"of stuff. But broadly speaking,"},{"speaker":"Carl Widger","startTime":342.16,"endTime":347.62,"body":"most of the SGP clients seem to"},{"speaker":"Carl Widger","startTime":342.16,"endTime":347.62,"body":"be going into an appropriate"},{"speaker":"Carl Widger","startTime":347.98,"endTime":352.42,"body":"type of fund with an appropriate"},{"speaker":"Carl Widger","startTime":347.98,"endTime":352.42,"body":"type of equity content. For me,"},{"speaker":"Andy Hart","startTime":352.72,"endTime":355.78,"body":"I think as a firm,"},{"speaker":"Andy Hart","startTime":352.72,"endTime":355.78,"body":"they're sitting around 75% so"},{"speaker":"Andy Hart","startTime":355.78,"endTime":358.66,"body":"that would make sense in"},{"speaker":"Andy Hart","startTime":355.78,"endTime":358.66,"body":"relation to this fund. I think,"},{"speaker":"Andy Hart","startTime":358.66,"endTime":362.76,"body":"yeah, it's the, individually,"},{"speaker":"Andy Hart","startTime":358.66,"endTime":362.76,"body":"the biggest fund in the UK. I"},{"speaker":"Andy Hart","startTime":362.76,"endTime":365.58,"body":"don't know if fund Smith"},{"speaker":"Andy Hart","startTime":362.76,"endTime":365.58,"body":"actually hit 30 billion, so this"},{"speaker":"Andy Hart","startTime":365.58,"endTime":367.98,"body":"might be the first fund to"},{"speaker":"Andy Hart","startTime":365.58,"endTime":367.98,"body":"actually hit 30 billion. Yeah,"},{"speaker":"Andy Hart","startTime":367.98,"endTime":371.94,"body":"it's overtaken fund Smith and"},{"speaker":"Andy Hart","startTime":367.98,"endTime":371.94,"body":"another fund, Blackrock US"},{"speaker":"Andy Hart","startTime":371.94,"endTime":375.3,"body":"equity tracker. So yeah, I mean,"},{"speaker":"Andy Hart","startTime":371.94,"endTime":375.3,"body":"it's good news for UK investors"},{"speaker":"Andy Hart","startTime":375.3,"endTime":377.76,"body":"that we are building up bigger"},{"speaker":"Andy Hart","startTime":375.3,"endTime":377.76,"body":"funds. The funds in the US are"},{"speaker":"Andy Hart","startTime":377.76,"endTime":382.1,"body":"loaded over 100 billion. So, you"},{"speaker":"Andy Hart","startTime":377.76,"endTime":382.1,"body":"know, maybe within, I don't"},{"speaker":"Andy Hart","startTime":382.1,"endTime":385.16,"body":"know, 510, years, one of our"},{"speaker":"Andy Hart","startTime":382.1,"endTime":385.16,"body":"funds might be over, over 100"},{"speaker":"Andy Hart","startTime":385.46,"endTime":386.42,"body":"billion. Again, it's"},{"speaker":"Carl Widger","startTime":387.32,"endTime":389.9,"body":"just a but I think"},{"speaker":"Carl Widger","startTime":387.32,"endTime":389.9,"body":"the Polaris funds are over 60"},{"speaker":"Carl Widger","startTime":389.9,"endTime":393.98,"body":"billion now. So like, they'll,"},{"speaker":"Carl Widger","startTime":389.9,"endTime":393.98,"body":"they'll cross the under pretty"},{"speaker":"Carl Widger","startTime":393.98,"endTime":394.1,"body":"it"},{"speaker":"Andy Hart","startTime":394.1,"endTime":395.96,"body":"looks like they'll"},{"speaker":"Andy Hart","startTime":394.1,"endTime":395.96,"body":"get there first, if the"},{"speaker":"Andy Hart","startTime":396.02,"endTime":398.72,"body":"trajectory is still the same."},{"speaker":"Andy Hart","startTime":396.02,"endTime":398.72,"body":"But, yeah, interesting. I'm not"},{"speaker":"Alan Smith","startTime":398.72,"endTime":402.04,"body":"sure these are the"},{"speaker":"Alan Smith","startTime":398.72,"endTime":402.04,"body":"biggest funds, it depends on the"},{"speaker":"Alan Smith","startTime":402.04,"endTime":403.36,"body":"definition, yeah,"},{"speaker":"Nick Lincoln","startTime":403.36,"endTime":406.0,"body":"so it's a fund of"},{"speaker":"Nick Lincoln","startTime":403.36,"endTime":406.0,"body":"funds investing back into SJP"},{"speaker":"Nick Lincoln","startTime":406.0,"endTime":407.38,"body":"zone stuff. So, yeah, it's"},{"speaker":"Alan Smith","startTime":407.38,"endTime":410.62,"body":"all different. Yeah,"},{"speaker":"Alan Smith","startTime":407.38,"endTime":410.62,"body":"last time I paid any attention"},{"speaker":"Alan Smith","startTime":410.62,"endTime":414.88,"body":"to this was a couple of years"},{"speaker":"Alan Smith","startTime":410.62,"endTime":414.88,"body":"ago. The biggest fund in the UK"},{"speaker":"Alan Smith","startTime":414.94,"endTime":420.48,"body":"retail by far, was gars. No,"},{"speaker":"Alan Smith","startTime":414.94,"endTime":420.48,"body":"well, we used to be girls, and"},{"speaker":"Alan Smith","startTime":420.48,"endTime":424.68,"body":"then that all blew up. No, it's,"},{"speaker":"Alan Smith","startTime":420.48,"endTime":424.68,"body":"it was and is the Pru smooth"},{"speaker":"Alan Smith","startTime":424.74,"endTime":428.94,"body":"managed fund, Prudential, smooth"},{"speaker":"Alan Smith","startTime":424.74,"endTime":428.94,"body":"managed fund that has just got,"},{"speaker":"Alan Smith","startTime":429.72,"endTime":432.12,"body":"well, billions, I can't"},{"speaker":"Alan Smith","startTime":429.72,"endTime":432.12,"body":"remember. There is a much bigger"},{"speaker":"Alan Smith","startTime":432.12,"endTime":434.52,"body":"number than that, whether that's"},{"speaker":"Alan Smith","startTime":432.12,"endTime":434.52,"body":"classified as a life"},{"speaker":"Nick Lincoln","startTime":434.519,"endTime":437.459,"body":"fund, yeah,"},{"speaker":"Nick Lincoln","startTime":434.519,"endTime":437.459,"body":"pension, slash life fund, so"},{"speaker":"Nick Lincoln","startTime":437.879,"endTime":438.659,"body":"insurance and"},{"speaker":"Alan Smith","startTime":438.66,"endTime":440.66,"body":"bonds, so it might"},{"speaker":"Alan Smith","startTime":438.66,"endTime":440.66,"body":"not be that, but that has got"},{"speaker":"Alan Smith","startTime":440.72,"endTime":445.52,"body":"huge traction. That is, don't"},{"speaker":"Alan Smith","startTime":440.72,"endTime":445.52,"body":"want to get down a rabbit hole"},{"speaker":"Alan Smith","startTime":445.52,"endTime":448.88,"body":"right now. But I saw you posted"},{"speaker":"Alan Smith","startTime":445.52,"endTime":448.88,"body":"something lick the other day"},{"speaker":"Alan Smith","startTime":449.0,"endTime":453.08,"body":"about this smooth managed funds"},{"speaker":"Alan Smith","startTime":449.0,"endTime":453.08,"body":"that you'd been had an email"},{"speaker":"Alan Smith","startTime":453.08,"endTime":456.14,"body":"about somebody saying you should"},{"speaker":"Alan Smith","startTime":453.08,"endTime":456.14,"body":"invest in this because it's"},{"speaker":"Alan Smith","startTime":456.14,"endTime":458.6,"body":"smooth. So you're not mate,"},{"speaker":"Alan Smith","startTime":456.14,"endTime":458.6,"body":"you're like standard, standard"},{"speaker":"Alan Smith","startTime":458.6,"endTime":461.38,"body":"life. There's not my law. It's a"},{"speaker":"Alan Smith","startTime":458.6,"endTime":461.38,"body":"different remember, we went"},{"speaker":"Alan Smith","startTime":461.38,"endTime":462.52,"body":"through this last time. Don't"},{"speaker":"Nick Lincoln","startTime":463.959,"endTime":465.699,"body":"be sensitive."},{"speaker":"Nick Lincoln","startTime":463.959,"endTime":465.699,"body":"Alan, we've all done into the"},{"speaker":"Nick Lincoln","startTime":465.699,"endTime":466.479,"body":"past. We're ashamed"},{"speaker":"Alan Smith","startTime":468.94,"endTime":472.12,"body":"of. Yeah, they had a"},{"speaker":"Alan Smith","startTime":468.94,"endTime":472.12,"body":"smooth managed fund, or they"},{"speaker":"Alan Smith","startTime":472.12,"endTime":474.22,"body":"have, or the launching or"},{"speaker":"Alan Smith","startTime":472.12,"endTime":474.22,"body":"something, whereas the"},{"speaker":"Andy Hart","startTime":474.22,"endTime":476.8,"body":"latest isn't it. It's"},{"speaker":"Andy Hart","startTime":474.22,"endTime":476.8,"body":"the flavor of the month. You"},{"speaker":"Andy Hart","startTime":476.8,"endTime":478.3,"body":"know, it was the language of"},{"speaker":"Nick Lincoln","startTime":478.3,"endTime":480.16,"body":"the Standard Life"},{"speaker":"Nick Lincoln","startTime":478.3,"endTime":480.16,"body":"offering. It was just the, it's"},{"speaker":"Nick Lincoln","startTime":480.16,"endTime":482.64,"body":"like retirement glide ways, you"},{"speaker":"Nick Lincoln","startTime":480.16,"endTime":482.64,"body":"know, let's, let's manage the"},{"speaker":"Nick Lincoln","startTime":482.64,"endTime":485.52,"body":"declines and all this. Like, oh"},{"speaker":"Nick Lincoln","startTime":482.64,"endTime":485.52,"body":"my God, have we learned nothing?"},{"speaker":"Nick Lincoln","startTime":485.52,"endTime":485.7,"body":"Yeah."},{"speaker":"Carl Widger","startTime":485.699,"endTime":488.639,"body":"And look, that's,"},{"speaker":"Carl Widger","startTime":485.699,"endTime":488.639,"body":"this is, this is the reason I"},{"speaker":"Carl Widger","startTime":488.699,"endTime":492.839,"body":"shared this article to say that,"},{"speaker":"Carl Widger","startTime":488.699,"endTime":492.839,"body":"you know, people can be down on"},{"speaker":"Carl Widger","startTime":492.839,"endTime":495.839,"body":"SJP all the time, but if most of"},{"speaker":"Carl Widger","startTime":492.839,"endTime":495.839,"body":"their clients are going into a"},{"speaker":"Carl Widger","startTime":495.839,"endTime":499.199,"body":"fund with 80% equities, they're"},{"speaker":"Carl Widger","startTime":495.839,"endTime":499.199,"body":"actually putting their clients,"},{"speaker":"Carl Widger","startTime":499.199,"endTime":502.699,"body":"the majority of their clients,"},{"speaker":"Carl Widger","startTime":499.199,"endTime":502.699,"body":"at least into the right type of"},{"speaker":"Carl Widger","startTime":502.699,"endTime":505.999,"body":"fund that will serve their"},{"speaker":"Carl Widger","startTime":502.699,"endTime":505.999,"body":"clients, no matter what the fees"},{"speaker":"Carl Widger","startTime":505.999,"endTime":506.419,"body":"are,"},{"speaker":"Andy Hart","startTime":507.08,"endTime":510.32,"body":"slightly increased"},{"speaker":"Andy Hart","startTime":507.08,"endTime":510.32,"body":"fees, the returns are slightly"},{"speaker":"Andy Hart","startTime":510.32,"endTime":513.68,"body":"better than the typical fund."},{"speaker":"Andy Hart","startTime":510.32,"endTime":513.68,"body":"The fees can be slightly more"},{"speaker":"Andy Hart","startTime":513.68,"endTime":516.26,"body":"the net. Net is what we're more"},{"speaker":"Andy Hart","startTime":513.68,"endTime":516.26,"body":"concerned about. That's it."},{"speaker":"Andy Hart","startTime":516.26,"endTime":517.16,"body":"Andy, that's it. Yeah,"},{"speaker":"Carl Widger","startTime":518.299,"endTime":520.539,"body":"smooth returns, or"},{"speaker":"Carl Widger","startTime":518.299,"endTime":520.539,"body":"any that crap, yeah."},{"speaker":"Alan Smith","startTime":520.6,"endTime":524.32,"body":"And as you refer to"},{"speaker":"Alan Smith","startTime":520.6,"endTime":524.32,"body":"Carl the SJP haters, we've"},{"speaker":"Alan Smith","startTime":524.32,"endTime":527.32,"body":"always think, as a podcast, been"},{"speaker":"Alan Smith","startTime":524.32,"endTime":527.32,"body":"fair, been quite neutral. We've"},{"speaker":"Alan Smith","startTime":527.32,"endTime":531.04,"body":"criticized for criticism as due"},{"speaker":"Alan Smith","startTime":527.32,"endTime":531.04,"body":"and we've said positive things,"},{"speaker":"Alan Smith","startTime":531.04,"endTime":535.84,"body":"so we thought they were worthy"},{"speaker":"Alan Smith","startTime":531.04,"endTime":535.84,"body":"of mention. SGP are about to, I"},{"speaker":"Alan Smith","startTime":535.84,"endTime":539.26,"body":"think, complete later this year,"},{"speaker":"Alan Smith","startTime":535.84,"endTime":539.26,"body":"complete their entire repricing,"},{"speaker":"Alan Smith","startTime":539.26,"endTime":543.18,"body":"re everything. It is lower fees."},{"speaker":"Alan Smith","startTime":539.26,"endTime":543.18,"body":"I think if I read it correctly,"},{"speaker":"Alan Smith","startTime":543.3,"endTime":546.06,"body":"they're doing away with their"},{"speaker":"Alan Smith","startTime":543.3,"endTime":546.06,"body":"initial, you know, set up costs"},{"speaker":"Alan Smith","startTime":546.06,"endTime":550.74,"body":"and withdrawal charges and all"},{"speaker":"Alan Smith","startTime":546.06,"endTime":550.74,"body":"exit penalties, etc. Customers"},{"speaker":"Alan Smith","startTime":550.74,"endTime":554.28,"body":"only. Well, I think it's going"},{"speaker":"Alan Smith","startTime":550.74,"endTime":554.28,"body":"to be more explicit, like"},{"speaker":"Alan Smith","startTime":554.28,"endTime":557.58,"body":"everyone else Williams, off the"},{"speaker":"Alan Smith","startTime":554.28,"endTime":557.58,"body":"top of your investment, yeah."},{"speaker":"Alan Smith","startTime":558.42,"endTime":562.46,"body":"And having met a few SJP people"},{"speaker":"Alan Smith","startTime":558.42,"endTime":562.46,"body":"over the years. I think there'll"},{"speaker":"Alan Smith","startTime":562.46,"endTime":565.04,"body":"be quite a force to reckon with"},{"speaker":"Alan Smith","startTime":562.46,"endTime":565.04,"body":"in terms of the, you know, the"},{"speaker":"Alan Smith","startTime":565.04,"endTime":567.74,"body":"the kind of infrastructure and"},{"speaker":"Alan Smith","startTime":565.04,"endTime":567.74,"body":"resource and support they've"},{"speaker":"Alan Smith","startTime":567.74,"endTime":571.04,"body":"got, and if they've got a, you"},{"speaker":"Alan Smith","startTime":567.74,"endTime":571.04,"body":"know, a reasonably competitive"},{"speaker":"Alan Smith","startTime":571.04,"endTime":574.04,"body":"proposition where the overall"},{"speaker":"Alan Smith","startTime":571.04,"endTime":574.04,"body":"pricing is, let's say, called,"},{"speaker":"Alan Smith","startTime":574.04,"endTime":577.64,"body":"about the same as the average"},{"speaker":"Alan Smith","startTime":574.04,"endTime":577.64,"body":"IFA, I think there'll be some"},{"speaker":"Alan Smith","startTime":577.64,"endTime":581.74,"body":"significant competition, but"},{"speaker":"Alan Smith","startTime":577.64,"endTime":581.74,"body":"100% time will tell. I think"},{"speaker":"Carl Widger","startTime":581.74,"endTime":582.7,"body":"it's a great"},{"speaker":"Carl Widger","startTime":581.74,"endTime":582.7,"body":"business."},{"speaker":"Nick Lincoln","startTime":584.32,"endTime":588.04,"body":"Okay, good stuff."},{"speaker":"Nick Lincoln","startTime":584.32,"endTime":588.04,"body":"So who's next on the agenda?"},{"speaker":"Nick Lincoln","startTime":588.04,"endTime":592.06,"body":"It's me. So, yes, okay, mumbo"},{"speaker":"Nick Lincoln","startTime":588.04,"endTime":592.06,"body":"jumbo, questionnaires. It's more"},{"speaker":"Nick Lincoln","startTime":592.06,"endTime":595.06,"body":"to become a part of that sort of"},{"speaker":"Nick Lincoln","startTime":592.06,"endTime":595.06,"body":"lexicon of our of our thing, MJ"},{"speaker":"Nick Lincoln","startTime":595.06,"endTime":598.3,"body":"cues, and we all have views on"},{"speaker":"Nick Lincoln","startTime":595.06,"endTime":598.3,"body":"them. I think generally in the"},{"speaker":"Nick Lincoln","startTime":598.3,"endTime":601.56,"body":"round the track pack are pretty"},{"speaker":"Nick Lincoln","startTime":598.3,"endTime":601.56,"body":"negative. Towards them. They may"},{"speaker":"Nick Lincoln","startTime":601.56,"endTime":604.38,"body":"play an incidental part in the"},{"speaker":"Nick Lincoln","startTime":601.56,"endTime":604.38,"body":"client onboarding process. Just"},{"speaker":"Nick Lincoln","startTime":604.38,"endTime":607.56,"body":"to weed out the loons, it's also"},{"speaker":"Nick Lincoln","startTime":604.38,"endTime":607.56,"body":"good to see that in some of our"},{"speaker":"Nick Lincoln","startTime":607.56,"endTime":610.68,"body":"American American advisors,"},{"speaker":"Nick Lincoln","startTime":607.56,"endTime":610.68,"body":"advisors spoke incorrectly with"},{"speaker":"Nick Lincoln","startTime":610.68,"endTime":612.9,"body":"a no, some of our American"},{"speaker":"Nick Lincoln","startTime":610.68,"endTime":612.9,"body":"advisors are also onto this"},{"speaker":"Nick Lincoln","startTime":612.9,"endTime":616.98,"body":"theme. Was a guy called Eric"},{"speaker":"Nick Lincoln","startTime":612.9,"endTime":616.98,"body":"Nelson, quite prolific on on"},{"speaker":"Nick Lincoln","startTime":616.98,"endTime":621.86,"body":"Twitter. He's a very big DFA."},{"speaker":"Nick Lincoln","startTime":616.98,"endTime":621.86,"body":"DFA. He's definitely, taken the"},{"speaker":"Nick Lincoln","startTime":621.86,"endTime":625.1,"body":"and he put a piece out saying"},{"speaker":"Nick Lincoln","startTime":621.86,"endTime":625.1,"body":"that he stopped using mumbo"},{"speaker":"Nick Lincoln","startTime":625.1,"endTime":627.74,"body":"jumbo questions. He doesn't use"},{"speaker":"Nick Lincoln","startTime":625.1,"endTime":627.74,"body":"that word, but he stopped using"},{"speaker":"Nick Lincoln","startTime":627.74,"endTime":631.1,"body":"risk attitude to risk"},{"speaker":"Nick Lincoln","startTime":627.74,"endTime":631.1,"body":"questionnaires back in 2008 and"},{"speaker":"Nick Lincoln","startTime":631.1,"endTime":633.74,"body":"instead, he started phrasing"},{"speaker":"Nick Lincoln","startTime":631.1,"endTime":633.74,"body":"with your clients. Listen, the"},{"speaker":"Nick Lincoln","startTime":633.86,"endTime":636.32,"body":"markets have these temporary"},{"speaker":"Nick Lincoln","startTime":633.86,"endTime":636.32,"body":"declines every five to seven"},{"speaker":"Nick Lincoln","startTime":636.32,"endTime":639.02,"body":"years on average, okay, averages"},{"speaker":"Nick Lincoln","startTime":636.32,"endTime":639.02,"body":"skew a lot of evils to be"},{"speaker":"Nick Lincoln","startTime":639.02,"endTime":641.54,"body":"careful, but on average, between"},{"speaker":"Nick Lincoln","startTime":639.02,"endTime":641.54,"body":"every five seven years, you get"},{"speaker":"Nick Lincoln","startTime":641.54,"endTime":644.92,"body":"a marked temporary decline. How"},{"speaker":"Nick Lincoln","startTime":641.54,"endTime":644.92,"body":"much would you want Mr. And Mrs."},{"speaker":"Nick Lincoln","startTime":644.92,"endTime":648.1,"body":"Client, in bonds slash cash. How"},{"speaker":"Nick Lincoln","startTime":644.92,"endTime":648.1,"body":"many years worth of income"},{"speaker":"Nick Lincoln","startTime":648.1,"endTime":650.5,"body":"withdrawals would you want? In"},{"speaker":"Nick Lincoln","startTime":648.1,"endTime":650.5,"body":"bonds slash cash, and we'll work"},{"speaker":"Nick Lincoln","startTime":650.5,"endTime":653.26,"body":"a portfolio back from that. And"},{"speaker":"Nick Lincoln","startTime":650.5,"endTime":653.26,"body":"he typically ends up with a sort"},{"speaker":"Nick Lincoln","startTime":653.26,"endTime":656.74,"body":"of 7030, 8020, portfolio. And"},{"speaker":"Nick Lincoln","startTime":653.26,"endTime":656.74,"body":"that's the only conversation he"},{"speaker":"Nick Lincoln","startTime":656.74,"endTime":658.96,"body":"has really about asset"},{"speaker":"Nick Lincoln","startTime":656.74,"endTime":658.96,"body":"allocation. And it's not even a"},{"speaker":"Nick Lincoln","startTime":658.96,"endTime":661.2,"body":"conversation about asset"},{"speaker":"Nick Lincoln","startTime":658.96,"endTime":661.2,"body":"allocation or risk. It's just"},{"speaker":"Nick Lincoln","startTime":661.2,"endTime":663.72,"body":"about Mr. Mr. Client, what makes"},{"speaker":"Nick Lincoln","startTime":661.2,"endTime":663.72,"body":"you feel? But having been"},{"speaker":"Nick Lincoln","startTime":663.72,"endTime":666.3,"body":"through this education process"},{"speaker":"Nick Lincoln","startTime":663.72,"endTime":666.3,"body":"with you, I've shown you the"},{"speaker":"Nick Lincoln","startTime":666.3,"endTime":669.0,"body":"peaks and troughs over the"},{"speaker":"Nick Lincoln","startTime":666.3,"endTime":669.0,"body":"years, what would you feel would"},{"speaker":"Nick Lincoln","startTime":669.0,"endTime":671.28,"body":"be the right amount you'd like"},{"speaker":"Nick Lincoln","startTime":669.0,"endTime":671.28,"body":"to have in your emergency pot?"},{"speaker":"Nick Lincoln","startTime":671.28,"endTime":675.06,"body":"And we'll work back from that."},{"speaker":"Nick Lincoln","startTime":671.28,"endTime":675.06,"body":"So just a good, a good piece. I"},{"speaker":"Nick Lincoln","startTime":675.06,"endTime":677.4,"body":"think we already read it on"},{"speaker":"Nick Lincoln","startTime":675.06,"endTime":677.4,"body":"LinkedIn. Well, put together."},{"speaker":"Nick Lincoln","startTime":677.58,"endTime":677.88,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":677.88,"endTime":680.04,"body":"really good. I mean,"},{"speaker":"Andy Hart","startTime":677.88,"endTime":680.04,"body":"the specific word he used is"},{"speaker":"Andy Hart","startTime":680.28,"endTime":683.72,"body":"he's never been able to work out"},{"speaker":"Andy Hart","startTime":680.28,"endTime":683.72,"body":"anyone's risk tolerance, which"},{"speaker":"Andy Hart","startTime":683.72,"endTime":686.6,"body":"is, you know, again, something"},{"speaker":"Andy Hart","startTime":683.72,"endTime":686.6,"body":"that's quite hard to get your"},{"speaker":"Andy Hart","startTime":686.6,"endTime":689.18,"body":"hands on. Yeah, I like the way"},{"speaker":"Andy Hart","startTime":686.6,"endTime":689.18,"body":"to expect split long term"},{"speaker":"Andy Hart","startTime":689.18,"endTime":692.36,"body":"buckets and and short term"},{"speaker":"Andy Hart","startTime":689.18,"endTime":692.36,"body":"reserve. And he said that, I"},{"speaker":"Andy Hart","startTime":692.36,"endTime":694.64,"body":"think he said the longest"},{"speaker":"Andy Hart","startTime":692.36,"endTime":694.64,"body":"anyone's ever said is, I want"},{"speaker":"Andy Hart","startTime":694.64,"endTime":698.06,"body":"seven years worth of my income"},{"speaker":"Andy Hart","startTime":694.64,"endTime":698.06,"body":"secure so I can ride it out. Was"},{"speaker":"Andy Hart","startTime":698.06,"endTime":700.42,"body":"typically, they say three or"},{"speaker":"Andy Hart","startTime":698.06,"endTime":700.42,"body":"four. He was surprised at how"},{"speaker":"Andy Hart","startTime":700.42,"endTime":703.6,"body":"short a typical client, you"},{"speaker":"Andy Hart","startTime":700.42,"endTime":703.6,"body":"know, chose, you know, in terms"},{"speaker":"Andy Hart","startTime":703.6,"endTime":705.88,"body":"of the amount of years? But,"},{"speaker":"Andy Hart","startTime":703.6,"endTime":705.88,"body":"yeah, he's obviously a smart"},{"speaker":"Andy Hart","startTime":705.94,"endTime":708.64,"body":"advisor, and knows a lot about"},{"speaker":"Andy Hart","startTime":705.94,"endTime":708.64,"body":"investments and has had a lot so"},{"speaker":"Andy Hart","startTime":708.64,"endTime":712.06,"body":"he was allocated conversations,"},{"speaker":"Andy Hart","startTime":708.64,"endTime":712.06,"body":"sorry, like he was allocating"},{"speaker":"Andy Hart","startTime":712.06,"endTime":712.9,"body":"roughly. Was it 5%"},{"speaker":"Alan Smith","startTime":713.92,"endTime":715.36,"body":"per year? So several"},{"speaker":"Alan Smith","startTime":713.92,"endTime":715.36,"body":"someone"},{"speaker":"Andy Hart","startTime":715.72,"endTime":717.94,"body":"who said they will"},{"speaker":"Andy Hart","startTime":715.72,"endTime":717.94,"body":"put every so you tell me you"},{"speaker":"Andy Hart","startTime":717.94,"endTime":720.54,"body":"want put aside, so if you want"},{"speaker":"Andy Hart","startTime":717.94,"endTime":720.54,"body":"three years, we'll put 15. I"},{"speaker":"Andy Hart","startTime":720.54,"endTime":723.06,"body":"mean, obviously, of course,"},{"speaker":"Andy Hart","startTime":720.54,"endTime":723.06,"body":"obvious exceptions apply. We"},{"speaker":"Andy Hart","startTime":723.06,"endTime":725.58,"body":"know it's client specific, but"},{"speaker":"Andy Hart","startTime":723.06,"endTime":725.58,"body":"generally, as a general rule,"},{"speaker":"Andy Hart","startTime":725.58,"endTime":728.46,"body":"yeah. So if you want four years,"},{"speaker":"Andy Hart","startTime":725.58,"endTime":728.46,"body":"we'll put 20% in the in the"},{"speaker":"Andy Hart","startTime":728.46,"endTime":731.46,"body":"reserve fund, which is high"},{"speaker":"Andy Hart","startTime":728.46,"endTime":731.46,"body":"quality bonds."},{"speaker":"Alan Smith","startTime":731.82,"endTime":734.1,"body":"Yeah. So much of"},{"speaker":"Alan Smith","startTime":731.82,"endTime":734.1,"body":"this is about framing, isn't it?"},{"speaker":"Alan Smith","startTime":734.1,"endTime":738.24,"body":"Clients. He said, he said, in"},{"speaker":"Alan Smith","startTime":734.1,"endTime":738.24,"body":"the pen, it is a well, and I"},{"speaker":"Alan Smith","startTime":738.24,"endTime":741.2,"body":"followed him, as you say, on"},{"speaker":"Alan Smith","startTime":738.24,"endTime":741.2,"body":"Twitter for a while. Yeah, he's"},{"speaker":"Alan Smith","startTime":741.26,"endTime":746.0,"body":"he's relentless on the kind of"},{"speaker":"Alan Smith","startTime":741.26,"endTime":746.0,"body":"the dimensional stuff, but it's"},{"speaker":"Alan Smith","startTime":746.0,"endTime":749.72,"body":"good. It's good. But that is"},{"speaker":"Alan Smith","startTime":746.0,"endTime":749.72,"body":"language. Because I think he put"},{"speaker":"Alan Smith","startTime":749.72,"endTime":752.24,"body":"in this article something on the"},{"speaker":"Alan Smith","startTime":749.72,"endTime":752.24,"body":"lines of, clients don't really"},{"speaker":"Alan Smith","startTime":752.24,"endTime":754.34,"body":"know even how to answer the"},{"speaker":"Alan Smith","startTime":752.24,"endTime":754.34,"body":"question. It's almost like"},{"speaker":"Alan Smith","startTime":754.34,"endTime":757.04,"body":"they're trying to give you the"},{"speaker":"Alan Smith","startTime":754.34,"endTime":757.04,"body":"answer you want to hear. Or I"},{"speaker":"Alan Smith","startTime":757.04,"endTime":758.84,"body":"don't really know what it is,"},{"speaker":"Alan Smith","startTime":757.04,"endTime":758.84,"body":"and I thought, I've never"},{"speaker":"Alan Smith","startTime":758.84,"endTime":761.68,"body":"experienced it, so how can I"},{"speaker":"Alan Smith","startTime":758.84,"endTime":761.68,"body":"answer it. But what they do know"},{"speaker":"Alan Smith","startTime":761.68,"endTime":765.28,"body":"is how much income they want to"},{"speaker":"Alan Smith","startTime":761.68,"endTime":765.28,"body":"secure put aside rainy days,"},{"speaker":"Alan Smith","startTime":765.28,"endTime":768.82,"body":"sort of emergency markets are"},{"speaker":"Alan Smith","startTime":765.28,"endTime":768.82,"body":"going haywire, and it's between"},{"speaker":"Alan Smith","startTime":768.82,"endTime":771.16,"body":"everybody, say, three years at"},{"speaker":"Alan Smith","startTime":768.82,"endTime":771.16,"body":"the short end, seven years at"},{"speaker":"Alan Smith","startTime":771.16,"endTime":773.98,"body":"the long end. And so when the"},{"speaker":"Alan Smith","startTime":771.16,"endTime":773.98,"body":"inevitable huge market"},{"speaker":"Alan Smith","startTime":773.98,"endTime":777.16,"body":"correction collapse happens, we"},{"speaker":"Alan Smith","startTime":773.98,"endTime":777.16,"body":"say, Don't worry. We've still,"},{"speaker":"Alan Smith","startTime":777.16,"endTime":779.8,"body":"we've got to remember how many"},{"speaker":"Alan Smith","startTime":777.16,"endTime":779.8,"body":"years they're safe for. Yeah,"},{"speaker":"Alan Smith","startTime":779.8,"endTime":783.54,"body":"worry about it. Yeah, exactly it"},{"speaker":"Alan Smith","startTime":779.8,"endTime":783.54,"body":"was. It was a nice bit of"},{"speaker":"Alan Smith","startTime":783.54,"endTime":786.72,"body":"framing. I think it's, yeah,"},{"speaker":"Alan Smith","startTime":783.54,"endTime":786.72,"body":"well worth reading, great, very"},{"speaker":"Alan Smith","startTime":786.72,"endTime":787.08,"body":"good. And"},{"speaker":"Nick Lincoln","startTime":787.2,"endTime":789.06,"body":"there'll be a link"},{"speaker":"Nick Lincoln","startTime":787.2,"endTime":789.06,"body":"to it, of course, in this so"},{"speaker":"Nick Lincoln","startTime":789.06,"endTime":795.06,"body":"called show notes. Ah, Smithy,"},{"speaker":"Nick Lincoln","startTime":789.06,"endTime":795.06,"body":"you avoiding capital gains tax?"},{"speaker":"Alan Smith","startTime":795.18,"endTime":800.54,"body":"Yeah, not really."},{"speaker":"Alan Smith","startTime":795.18,"endTime":800.54,"body":"But I'm going to just tell you a"},{"speaker":"Alan Smith","startTime":800.54,"endTime":804.98,"body":"very brief story, personal"},{"speaker":"Alan Smith","startTime":800.54,"endTime":804.98,"body":"story, personal story of mine."},{"speaker":"Alan Smith","startTime":805.4,"endTime":806.72,"body":"Come on, Nick Come on. Just"},{"speaker":"Nick Lincoln","startTime":806.78,"endTime":809.0,"body":"play it. Pressed"},{"speaker":"Nick Lincoln","startTime":806.78,"endTime":809.0,"body":"it and I pressed it. I'm"},{"speaker":"Nick Lincoln","startTime":809.0,"endTime":809.42,"body":"waiting."},{"speaker":"Unknown","startTime":810.62,"endTime":813.26,"body":"All right. Hold on."},{"speaker":"Unknown","startTime":810.62,"endTime":813.26,"body":"We've got a delay, absolute"},{"speaker":"Unknown","startTime":813.26,"endTime":813.8,"body":"shambles,"},{"speaker":"Nick Lincoln","startTime":813.86,"endTime":815.6,"body":"right. There we"},{"speaker":"Nick Lincoln","startTime":813.86,"endTime":815.6,"body":"go."},{"speaker":"Unknown","startTime":818.72,"endTime":823.6,"body":"Grab yourself a drink,"},{"speaker":"Unknown","startTime":818.72,"endTime":823.6,"body":"a very long drink. It's story"},{"speaker":"Unknown","startTime":823.6,"endTime":825.64,"body":"time with Alan Smith."},{"speaker":"Alan Smith","startTime":829.36,"endTime":832.24,"body":"Ultra always"},{"speaker":"Alan Smith","startTime":829.36,"endTime":832.24,"body":"disappears this moment, doesn't"},{"speaker":"Alan Smith","startTime":832.24,"endTime":837.16,"body":"he? My storytelling skills. He's"},{"speaker":"Alan Smith","startTime":832.24,"endTime":837.16,"body":"had enough of them in various"},{"speaker":"Alan Smith","startTime":837.16,"endTime":844.08,"body":"bars and restaurants over the"},{"speaker":"Alan Smith","startTime":837.16,"endTime":844.08,"body":"years. Flash pads, uh, in"},{"speaker":"Alan Smith","startTime":844.98,"endTime":849.66,"body":"webinar in 2014 for multiple"},{"speaker":"Alan Smith","startTime":844.98,"endTime":849.66,"body":"reasons, including to kind of"},{"speaker":"Alan Smith","startTime":849.96,"endTime":856.74,"body":"diversify my own family life"},{"speaker":"Alan Smith","startTime":849.96,"endTime":856.74,"body":"savings, I bought a buy to let"},{"speaker":"Alan Smith","startTime":856.74,"endTime":861.74,"body":"flat in place that you guys"},{"speaker":"Alan Smith","startTime":856.74,"endTime":861.74,"body":"know, just outside London Amish"},{"speaker":"Alan Smith","startTime":861.74,"endTime":865.04,"body":"show, nice little village, half"},{"speaker":"Alan Smith","startTime":861.74,"endTime":865.04,"body":"an hour outside of London town,"},{"speaker":"Alan Smith","startTime":866.18,"endTime":870.74,"body":"and I bought it on a bike with a"},{"speaker":"Alan Smith","startTime":866.18,"endTime":870.74,"body":"buy to put a deposit down."},{"speaker":"Alan Smith","startTime":870.74,"endTime":873.26,"body":"Bought it in a buy to let"},{"speaker":"Alan Smith","startTime":870.74,"endTime":873.26,"body":"mortgage. And have been, you"},{"speaker":"Alan Smith","startTime":873.26,"endTime":875.9,"body":"know, funding it, paying a"},{"speaker":"Alan Smith","startTime":873.26,"endTime":875.9,"body":"mortgage ever since. And it kind"},{"speaker":"Alan Smith","startTime":875.9,"endTime":880.04,"body":"of just about washed its face,"},{"speaker":"Alan Smith","startTime":875.9,"endTime":880.04,"body":"really, in terms of money in"},{"speaker":"Alan Smith","startTime":880.04,"endTime":884.8,"body":"versus money out. As you guys"},{"speaker":"Alan Smith","startTime":880.04,"endTime":884.8,"body":"know, in the interim period, tax"},{"speaker":"Alan Smith","startTime":885.46,"endTime":889.54,"body":"rules kind of moved against buy,"},{"speaker":"Alan Smith","startTime":885.46,"endTime":889.54,"body":"to let landlords and you can't"},{"speaker":"Alan Smith","startTime":889.54,"endTime":893.2,"body":"offset the cost of funding the"},{"speaker":"Alan Smith","startTime":889.54,"endTime":893.2,"body":"debt or the mortgage against the"},{"speaker":"Alan Smith","startTime":893.2,"endTime":895.84,"body":"overall costs. And the whole"},{"speaker":"Alan Smith","startTime":893.2,"endTime":895.84,"body":"thing is a bit kind of"},{"speaker":"Alan Smith","startTime":895.84,"endTime":899.62,"body":"unsatisfactory, just from a day"},{"speaker":"Alan Smith","startTime":895.84,"endTime":899.62,"body":"to day as a as a that's the"},{"speaker":"Alan Smith","startTime":899.62,"endTime":902.16,"body":"only. Sort of buy to let"},{"speaker":"Alan Smith","startTime":899.62,"endTime":902.16,"body":"property that I owned. There"},{"speaker":"Alan Smith","startTime":902.16,"endTime":904.86,"body":"wasn't a multiple landlord. I"},{"speaker":"Alan Smith","startTime":902.16,"endTime":904.86,"body":"know some people take this"},{"speaker":"Alan Smith","startTime":904.86,"endTime":907.14,"body":"seriously, have it as a"},{"speaker":"Alan Smith","startTime":904.86,"endTime":907.14,"body":"business, set up companies and"},{"speaker":"Alan Smith","startTime":907.14,"endTime":909.9,"body":"so on. This was just me. Bought"},{"speaker":"Alan Smith","startTime":907.14,"endTime":909.9,"body":"it in my own name anyway, for"},{"speaker":"Alan Smith","startTime":909.9,"endTime":913.68,"body":"various reasons. Fast forward to"},{"speaker":"Alan Smith","startTime":909.9,"endTime":913.68,"body":"today. I'm going to sell it and"},{"speaker":"Alan Smith","startTime":913.68,"endTime":918.48,"body":"sell this property. And so I was"},{"speaker":"Alan Smith","startTime":913.68,"endTime":918.48,"body":"looking at the numbers recently."},{"speaker":"Alan Smith","startTime":918.48,"endTime":923.78,"body":"What I bought it for, which was"},{"speaker":"Alan Smith","startTime":918.48,"endTime":923.78,"body":"in round numbers, 200 grand. And"},{"speaker":"Alan Smith","startTime":923.78,"endTime":926.6,"body":"what I what the the eight just"},{"speaker":"Alan Smith","startTime":923.78,"endTime":926.6,"body":"going online and getting an"},{"speaker":"Alan Smith","startTime":926.6,"endTime":930.14,"body":"approximate valuation for what"},{"speaker":"Alan Smith","startTime":926.6,"endTime":930.14,"body":"it would be sold for now is"},{"speaker":"Alan Smith","startTime":930.14,"endTime":935.78,"body":"about 300 just over 300,000 so"},{"speaker":"Alan Smith","startTime":930.14,"endTime":935.78,"body":"at first glance, that that's,"},{"speaker":"Alan Smith","startTime":935.78,"endTime":939.62,"body":"you know, 100,000 pounds of"},{"speaker":"Alan Smith","startTime":935.78,"endTime":939.62,"body":"gain. You think, Well, that's"},{"speaker":"Alan Smith","startTime":939.62,"endTime":945.46,"body":"okay. That's not unreasonable,"},{"speaker":"Alan Smith","startTime":939.62,"endTime":945.46,"body":"but then you just measure it"},{"speaker":"Alan Smith","startTime":945.46,"endTime":948.46,"body":"against inflation over the"},{"speaker":"Alan Smith","startTime":945.46,"endTime":948.46,"body":"period. Now I know we had a long"},{"speaker":"Alan Smith","startTime":948.46,"endTime":951.46,"body":"period of flat inflation, non"},{"speaker":"Alan Smith","startTime":948.46,"endTime":951.46,"body":"inflation over a period,"},{"speaker":"Alan Smith","startTime":951.46,"endTime":954.46,"body":"although there was always some"},{"speaker":"Alan Smith","startTime":951.46,"endTime":954.46,"body":"inflation there. Back to my my"},{"speaker":"Alan Smith","startTime":954.46,"endTime":958.12,"body":"own the thing I keep coming back"},{"speaker":"Alan Smith","startTime":954.46,"endTime":958.12,"body":"to is don't necessarily trust"},{"speaker":"Alan Smith","startTime":958.12,"endTime":960.6,"body":"government CPI rates. Just look"},{"speaker":"Alan Smith","startTime":958.12,"endTime":960.6,"body":"around you, look at your own"},{"speaker":"Alan Smith","startTime":960.6,"endTime":963.78,"body":"experience and money you spend"},{"speaker":"Alan Smith","startTime":960.6,"endTime":963.78,"body":"things on the rate of inflation."},{"speaker":"Alan Smith","startTime":963.78,"endTime":967.32,"body":"But if you were to apply the"},{"speaker":"Alan Smith","startTime":963.78,"endTime":967.32,"body":"actual official inflation rates,"},{"speaker":"Alan Smith","startTime":967.38,"endTime":970.68,"body":"that value that 100,000 is about"},{"speaker":"Alan Smith","startTime":967.38,"endTime":970.68,"body":"in line with inflation. It's"},{"speaker":"Alan Smith","startTime":970.68,"endTime":973.44,"body":"gone up roughly in line with"},{"speaker":"Alan Smith","startTime":970.68,"endTime":973.44,"body":"inflation. So it's about held"},{"speaker":"Alan Smith","startTime":973.44,"endTime":975.84,"body":"its own in terms of value in"},{"speaker":"Alan Smith","startTime":973.44,"endTime":975.84,"body":"today's money versus the old"},{"speaker":"Alan Smith","startTime":975.84,"endTime":978.42,"body":"thing, plus all the sort of"},{"speaker":"Alan Smith","startTime":975.84,"endTime":978.42,"body":"friction and hassle. And I had a"},{"speaker":"Alan Smith","startTime":978.42,"endTime":981.14,"body":"great tenant in there, but, but"},{"speaker":"Alan Smith","startTime":978.42,"endTime":981.14,"body":"nevertheless, there's always"},{"speaker":"Alan Smith","startTime":981.14,"endTime":983.66,"body":"something going on that you need"},{"speaker":"Alan Smith","startTime":981.14,"endTime":983.66,"body":"to sort of deal with anyway,"},{"speaker":"Alan Smith","startTime":983.72,"endTime":986.48,"body":"because it's not my main"},{"speaker":"Alan Smith","startTime":983.72,"endTime":986.48,"body":"residential property. You come"},{"speaker":"Alan Smith","startTime":986.48,"endTime":990.32,"body":"to sell it. And of course, we've"},{"speaker":"Alan Smith","startTime":986.48,"endTime":990.32,"body":"now got, we've got capital gains"},{"speaker":"Alan Smith","startTime":990.44,"endTime":995.42,"body":"tax due on it, and capital gains"},{"speaker":"Alan Smith","startTime":990.44,"endTime":995.42,"body":"tax are at the rate of 24% So,"},{"speaker":"Alan Smith","startTime":995.6,"endTime":996.98,"body":"long story short, 28"},{"speaker":"Andy Hart","startTime":997.1,"endTime":997.94,"body":"in property. 28"},{"speaker":"Alan Smith","startTime":999.86,"endTime":1003.24,"body":"in property. No, is"},{"speaker":"Alan Smith","startTime":999.86,"endTime":1003.24,"body":"it? It's even worse then 28 in"},{"speaker":"Alan Smith","startTime":1003.3,"endTime":1007.86,"body":"property, okay, even worse then,"},{"speaker":"Alan Smith","startTime":1003.3,"endTime":1007.86,"body":"all right, so I haven't, I"},{"speaker":"Alan Smith","startTime":1007.86,"endTime":1010.62,"body":"haven't, so I'm going to sell"},{"speaker":"Alan Smith","startTime":1007.86,"endTime":1010.62,"body":"it. But so if I'm going to pay"},{"speaker":"Alan Smith","startTime":1010.92,"endTime":1015.36,"body":"24 or 28% tax, it is, it is, I"},{"speaker":"Alan Smith","startTime":1010.92,"endTime":1015.36,"body":"haven't had any gain. It's worth"},{"speaker":"Alan Smith","startTime":1015.36,"endTime":1021.44,"body":"the same amount in real terms."},{"speaker":"Alan Smith","startTime":1015.36,"endTime":1021.44,"body":"And I just, I think that the"},{"speaker":"Alan Smith","startTime":1021.44,"endTime":1023.84,"body":"whole thing that the whole"},{"speaker":"Alan Smith","startTime":1021.44,"endTime":1023.84,"body":"capital gains tax, because the"},{"speaker":"Alan Smith","startTime":1023.84,"endTime":1026.18,"body":"same was applied to any other"},{"speaker":"Alan Smith","startTime":1023.84,"endTime":1026.18,"body":"type of investment, like an"},{"speaker":"Alan Smith","startTime":1026.24,"endTime":1029.18,"body":"unwrapped investment, you know,"},{"speaker":"Alan Smith","startTime":1026.24,"endTime":1029.18,"body":"the average 6040, investment"},{"speaker":"Alan Smith","startTime":1029.18,"endTime":1034.46,"body":"portfolio just about keeps pace"},{"speaker":"Alan Smith","startTime":1029.18,"endTime":1034.46,"body":"with inflation, frankly. And we"},{"speaker":"Alan Smith","startTime":1034.46,"endTime":1037.04,"body":"used to have, few years ago,"},{"speaker":"Alan Smith","startTime":1034.46,"endTime":1037.04,"body":"thing called indexation"},{"speaker":"Alan Smith","startTime":1037.1,"endTime":1040.18,"body":"allowance, which would sort of"},{"speaker":"Alan Smith","startTime":1037.1,"endTime":1040.18,"body":"recognize that the actual real"},{"speaker":"Alan Smith","startTime":1040.18,"endTime":1044.44,"body":"value has just stayed the same"},{"speaker":"Alan Smith","startTime":1040.18,"endTime":1044.44,"body":"in adjusted for inflation, and"},{"speaker":"Alan Smith","startTime":1044.44,"endTime":1047.32,"body":"hence the gains can be over and"},{"speaker":"Alan Smith","startTime":1044.44,"endTime":1047.32,"body":"above that. But on a personal"},{"speaker":"Alan Smith","startTime":1047.32,"endTime":1050.38,"body":"basis, it's been, you know,"},{"speaker":"Alan Smith","startTime":1047.32,"endTime":1050.38,"body":"financially disastrous for me,"},{"speaker":"Alan Smith","startTime":1050.56,"endTime":1054.88,"body":"had I not just hadn't bothered"},{"speaker":"Alan Smith","startTime":1050.56,"endTime":1054.88,"body":"put any the deposit money I"},{"speaker":"Alan Smith","startTime":1054.88,"endTime":1058.0,"body":"would have had into, you know,"},{"speaker":"Alan Smith","startTime":1054.88,"endTime":1058.0,"body":"an investment account and just"},{"speaker":"Alan Smith","startTime":1058.0,"endTime":1060.72,"body":"grown it, and even I was selling"},{"speaker":"Alan Smith","startTime":1058.0,"endTime":1060.72,"body":"that now I'd have had a better"},{"speaker":"Alan Smith","startTime":1060.72,"endTime":1063.3,"body":"return for less hassle and less"},{"speaker":"Alan Smith","startTime":1060.72,"endTime":1063.3,"body":"friction. But it was just a"},{"speaker":"Alan Smith","startTime":1063.3,"endTime":1065.7,"body":"personal experience, I thought."},{"speaker":"Alan Smith","startTime":1063.3,"endTime":1065.7,"body":"And there's a lot of people, a"},{"speaker":"Alan Smith","startTime":1065.7,"endTime":1067.92,"body":"lot of our clients, have got,"},{"speaker":"Alan Smith","startTime":1065.7,"endTime":1067.92,"body":"like, one or two buy to let"},{"speaker":"Alan Smith","startTime":1067.92,"endTime":1071.1,"body":"properties that they rent out."},{"speaker":"Alan Smith","startTime":1067.92,"endTime":1071.1,"body":"And just, it was just made very"},{"speaker":"Alan Smith","startTime":1071.1,"endTime":1074.64,"body":"real to me in that it hasn't"},{"speaker":"Alan Smith","startTime":1071.1,"endTime":1074.64,"body":"actually gone up in real terms."},{"speaker":"Alan Smith","startTime":1074.64,"endTime":1077.34,"body":"It's just, it's the same value,"},{"speaker":"Alan Smith","startTime":1074.64,"endTime":1077.34,"body":"but I'm going to lose, looks"},{"speaker":"Alan Smith","startTime":1077.34,"endTime":1080.96,"body":"like a third of it that gain to"},{"speaker":"Alan Smith","startTime":1077.34,"endTime":1080.96,"body":"tax. So I've been taxed"},{"speaker":"Alan Smith","startTime":1080.96,"endTime":1084.62,"body":"effectively by inflation, that"},{"speaker":"Alan Smith","startTime":1080.96,"endTime":1084.62,"body":"I'm taxed on that the actual"},{"speaker":"Alan Smith","startTime":1084.62,"endTime":1087.02,"body":"return as well. So, Nick, you've"},{"speaker":"Alan Smith","startTime":1084.62,"endTime":1087.02,"body":"got a"},{"speaker":"Unknown","startTime":1087.62,"endTime":1090.68,"body":"you think Ultra I"},{"speaker":"Unknown","startTime":1087.62,"endTime":1090.68,"body":"think, I think it's 24 isn't"},{"speaker":"Nick Lincoln","startTime":1090.68,"endTime":1092.96,"body":"it? It's 24 is one"},{"speaker":"Nick Lincoln","startTime":1090.68,"endTime":1092.96,"body":"of the ones in the budget. It"},{"speaker":"Nick Lincoln","startTime":1092.96,"endTime":1096.14,"body":"went actually down for that"},{"speaker":"Nick Lincoln","startTime":1092.96,"endTime":1096.14,"body":"particular high rate. Taxpayers"},{"speaker":"Nick Lincoln","startTime":1096.14,"endTime":1100.96,"body":"went down 28 to 24 it's now a"},{"speaker":"Nick Lincoln","startTime":1096.14,"endTime":1100.96,"body":"lie. It's probably the same"},{"speaker":"Nick Lincoln","startTime":1101.02,"endTime":1103.66,"body":"across the board, regardless of"},{"speaker":"Nick Lincoln","startTime":1101.02,"endTime":1103.66,"body":"asset, all"},{"speaker":"Alan Smith","startTime":1103.66,"endTime":1108.46,"body":"the techies will be"},{"speaker":"Alan Smith","startTime":1103.66,"endTime":1108.46,"body":"messaging we're talking about"},{"speaker":"Alan Smith","startTime":1108.46,"endTime":1112.48,"body":"anyway. I did research it, but I"},{"speaker":"Alan Smith","startTime":1108.46,"endTime":1112.48,"body":"obviously defer to your greater"},{"speaker":"Alan Smith","startTime":1112.48,"endTime":1115.24,"body":"knowledge, Ultra, but you were"},{"speaker":"Alan Smith","startTime":1112.48,"endTime":1115.24,"body":"wrong. I think, I think we've"},{"speaker":"Nick Lincoln","startTime":1115.24,"endTime":1118.24,"body":"all got views on"},{"speaker":"Nick Lincoln","startTime":1115.24,"endTime":1118.24,"body":"property in this, in the track"},{"speaker":"Nick Lincoln","startTime":1118.24,"endTime":1124.74,"body":"pack, and I've, I wouldn't, is"},{"speaker":"Nick Lincoln","startTime":1118.24,"endTime":1124.74,"body":"not advice. I would not touch it"},{"speaker":"Nick Lincoln","startTime":1124.74,"endTime":1127.8,"body":"with not benefit of hindsight. I"},{"speaker":"Nick Lincoln","startTime":1124.74,"endTime":1127.8,"body":"never liked it when it was all"},{"speaker":"Nick Lincoln","startTime":1127.8,"endTime":1130.98,"body":"the rage. And you can get a you"},{"speaker":"Nick Lincoln","startTime":1127.8,"endTime":1130.98,"body":"can get these buy to let"},{"speaker":"Nick Lincoln","startTime":1130.98,"endTime":1133.74,"body":"mortgages, but with no proof of"},{"speaker":"Nick Lincoln","startTime":1130.98,"endTime":1133.74,"body":"bloody rental income and 95%"},{"speaker":"Nick Lincoln","startTime":1134.28,"endTime":1137.16,"body":"back 15 years ago, I just"},{"speaker":"Nick Lincoln","startTime":1134.28,"endTime":1137.16,"body":"because I'm not, it's just not"},{"speaker":"Nick Lincoln","startTime":1137.16,"endTime":1139.92,"body":"my thing at all. Now you, I"},{"speaker":"Nick Lincoln","startTime":1137.16,"endTime":1139.92,"body":"don't know how you make money"},{"speaker":"Nick Lincoln","startTime":1139.92,"endTime":1142.46,"body":"from it. I really want you"},{"speaker":"Nick Lincoln","startTime":1139.92,"endTime":1142.46,"body":"factoring mortgages, the"},{"speaker":"Nick Lincoln","startTime":1142.46,"endTime":1145.16,"body":"taxation void. But don't you"},{"speaker":"Nick Lincoln","startTime":1142.46,"endTime":1145.16,"body":"think rights that have been"},{"speaker":"Nick Lincoln","startTime":1145.16,"endTime":1147.44,"body":"given to tenants, you know,"},{"speaker":"Nick Lincoln","startTime":1145.16,"endTime":1147.44,"body":"they've got to be basically"},{"speaker":"Nick Lincoln","startTime":1147.44,"endTime":1149.78,"body":"murderers before you can evict"},{"speaker":"Nick Lincoln","startTime":1147.44,"endTime":1149.78,"body":"them. Yeah, that's and the"},{"speaker":"Nick Lincoln","startTime":1149.78,"endTime":1152.0,"body":"police are prosecuting for"},{"speaker":"Nick Lincoln","startTime":1149.78,"endTime":1152.0,"body":"murder because they're too busy"},{"speaker":"Nick Lincoln","startTime":1152.0,"endTime":1154.82,"body":"clamping down a hate crime. So"},{"speaker":"Nick Lincoln","startTime":1152.0,"endTime":1154.82,"body":"it's a vicious circle. It's a"},{"speaker":"Nick Lincoln","startTime":1154.82,"endTime":1156.68,"body":"vicious circle. Should"},{"speaker":"Andy Hart","startTime":1186.72,"endTime":1189.48,"body":"I do the next point,"},{"speaker":"Andy Hart","startTime":1186.72,"endTime":1189.48,"body":"which is no fault, evictions are"},{"speaker":"Andy Hart","startTime":1189.48,"endTime":1192.62,"body":"an eight year following on from"},{"speaker":"Andy Hart","startTime":1189.48,"endTime":1192.62,"body":"another point about how, you"},{"speaker":"Andy Hart","startTime":1192.62,"endTime":1195.2,"body":"know, being a landlord is a"},{"speaker":"Andy Hart","startTime":1192.62,"endTime":1195.2,"body":"freaking nightmare in in most"},{"speaker":"Andy Hart","startTime":1195.2,"endTime":1198.98,"body":"markets, but now it's got a lot"},{"speaker":"Andy Hart","startTime":1195.2,"endTime":1198.98,"body":"worse. So no fault evictions are"},{"speaker":"Andy Hart","startTime":1198.98,"endTime":1203.6599999999999,"body":"an eight year high as landlords"},{"speaker":"Andy Hart","startTime":1198.98,"endTime":1203.6599999999999,"body":"brace for the ban. So no fault"},{"speaker":"Andy Hart","startTime":1203.6599999999999,"endTime":1206.12,"body":"evictions will be will be banned"},{"speaker":"Andy Hart","startTime":1203.6599999999999,"endTime":1206.12,"body":"at some point down the line. So"},{"speaker":"Andy Hart","startTime":1206.12,"endTime":1208.6399999999999,"body":"the landlords are sort of"},{"speaker":"Andy Hart","startTime":1206.12,"endTime":1208.6399999999999,"body":"getting in ahead of the change"},{"speaker":"Andy Hart","startTime":1209.18,"endTime":1211.84,"body":"to kick the tenants out,"},{"speaker":"Andy Hart","startTime":1209.18,"endTime":1211.84,"body":"increase the forces or sell the"},{"speaker":"Andy Hart","startTime":1211.84,"endTime":1216.82,"body":"properties. So it's just more"},{"speaker":"Andy Hart","startTime":1211.84,"endTime":1216.82,"body":"bad news down the pipe for"},{"speaker":"Andy Hart","startTime":1216.82,"endTime":1219.7,"body":"landlords, as well as everything"},{"speaker":"Andy Hart","startTime":1216.82,"endTime":1219.7,"body":"else that they've got to contend"},{"speaker":"Andy Hart","startTime":1219.7,"endTime":1226.0,"body":"with. So I think they said"},{"speaker":"Andy Hart","startTime":1219.7,"endTime":1226.0,"body":"there's going to be 32,000 no"},{"speaker":"Andy Hart","startTime":1226.0,"endTime":1229.42,"body":"claim evictions lodged this year"},{"speaker":"Andy Hart","startTime":1226.0,"endTime":1229.42,"body":"under the section 21 notices."},{"speaker":"Andy Hart","startTime":1229.42,"endTime":1230.8799999999999,"body":"But yeah, just. So"},{"speaker":"Carl Widger","startTime":1231.72,"endTime":1234.72,"body":"no blame eviction."},{"speaker":"Carl Widger","startTime":1231.72,"endTime":1234.72,"body":"Excuse my ignorance."},{"speaker":"Andy Hart","startTime":1235.02,"endTime":1238.08,"body":"As in, you no fault."},{"speaker":"Andy Hart","startTime":1235.02,"endTime":1238.08,"body":"Sorry, no fault. As in, I'm the"},{"speaker":"Andy Hart","startTime":1238.08,"endTime":1241.5,"body":"landlord. You're the tenant. I"},{"speaker":"Andy Hart","startTime":1238.08,"endTime":1241.5,"body":"just want you out for no"},{"speaker":"Andy Hart","startTime":1241.5,"endTime":1245.34,"body":"reasons. I either want to move"},{"speaker":"Andy Hart","startTime":1241.5,"endTime":1245.34,"body":"in myself, sell it to my mate,"},{"speaker":"Andy Hart","startTime":1245.52,"endTime":1248.34,"body":"rent it to someone else. Yeah,"},{"speaker":"Andy Hart","startTime":1245.52,"endTime":1248.34,"body":"you've done nothing wrong, but"},{"speaker":"Andy Hart","startTime":1248.34,"endTime":1251.6599999999999,"body":"I'm Yeah, you've done nothing of"},{"speaker":"Andy Hart","startTime":1248.34,"endTime":1251.6599999999999,"body":"note, this whole, it's a whole"},{"speaker":"Andy Hart","startTime":1251.6599999999999,"endTime":1252.2,"body":"process."},{"speaker":"Nick Lincoln","startTime":1252.32,"endTime":1255.2,"body":"When the lease is"},{"speaker":"Nick Lincoln","startTime":1252.32,"endTime":1255.2,"body":"up, you can't just do any time."},{"speaker":"Nick Lincoln","startTime":1255.2,"endTime":1256.22,"body":"You just say, Okay, do any"},{"speaker":"Andy Hart","startTime":1256.22,"endTime":1258.3799999999999,"body":"time. You can do any"},{"speaker":"Andy Hart","startTime":1256.22,"endTime":1258.3799999999999,"body":"time, a two month notice, which"},{"speaker":"Andy Hart","startTime":1258.3799999999999,"endTime":1260.0,"body":"is the standard sort of but"},{"speaker":"Alan Smith","startTime":1261.74,"endTime":1264.56,"body":"just just, just"},{"speaker":"Alan Smith","startTime":1261.74,"endTime":1264.56,"body":"briefly. But on a broader point,"},{"speaker":"Alan Smith","startTime":1264.56,"endTime":1268.46,"body":"my focus was more on the the"},{"speaker":"Alan Smith","startTime":1264.56,"endTime":1268.46,"body":"fact that what your capital"},{"speaker":"Alan Smith","startTime":1268.46,"endTime":1272.1399999999999,"body":"gain, the you know, the clues in"},{"speaker":"Alan Smith","startTime":1268.46,"endTime":1272.1399999999999,"body":"the name capital gains, we need"},{"speaker":"Alan Smith","startTime":1272.1399999999999,"endTime":1275.8,"body":"to just keep reminding ourselves"},{"speaker":"Alan Smith","startTime":1272.1399999999999,"endTime":1275.8,"body":"about gains in real terms"},{"speaker":"Alan Smith","startTime":1275.86,"endTime":1279.28,"body":"adjusted for inflation. I have"},{"speaker":"Alan Smith","startTime":1275.86,"endTime":1279.28,"body":"had zero gains in real terms"},{"speaker":"Alan Smith","startTime":1279.28,"endTime":1284.2,"body":"adjusted for inflation. Is the"},{"speaker":"Alan Smith","startTime":1279.28,"endTime":1284.2,"body":"point. If anything, this could"},{"speaker":"Alan Smith","startTime":1284.2,"endTime":1288.3999999999999,"body":"should fuel better conversations"},{"speaker":"Alan Smith","startTime":1284.2,"endTime":1288.3999999999999,"body":"with clients around the fact"},{"speaker":"Alan Smith","startTime":1288.3999999999999,"endTime":1292.5,"body":"that if you are in a heavily"},{"speaker":"Alan Smith","startTime":1288.3999999999999,"endTime":1292.5,"body":"bond focused portfolio, you are"},{"speaker":"Alan Smith","startTime":1292.5,"endTime":1295.44,"body":"much less likely to make real"},{"speaker":"Alan Smith","startTime":1292.5,"endTime":1295.44,"body":"gains significantly ahead of"},{"speaker":"Alan Smith","startTime":1295.44,"endTime":1300.6,"body":"inflation and net of all costs."},{"speaker":"Alan Smith","startTime":1295.44,"endTime":1300.6,"body":"So you may as well from a tax"},{"speaker":"Alan Smith","startTime":1300.6,"endTime":1303.96,"body":"plan, if you just adjust subject"},{"speaker":"Alan Smith","startTime":1300.6,"endTime":1303.96,"body":"to your risk tolerance and all"},{"speaker":"Alan Smith","startTime":1303.96,"endTime":1307.26,"body":"those other things, look for"},{"speaker":"Alan Smith","startTime":1303.96,"endTime":1307.26,"body":"greater growth over and above."},{"speaker":"Alan Smith","startTime":1307.3799999999999,"endTime":1309.6,"body":"Because, you know, I'd rather be"},{"speaker":"Alan Smith","startTime":1307.3799999999999,"endTime":1309.6,"body":"I don't mind paying capital"},{"speaker":"Alan Smith","startTime":1309.6,"endTime":1311.7,"body":"gains. I'd rather not, but I"},{"speaker":"Alan Smith","startTime":1309.6,"endTime":1311.7,"body":"don't mind paying if I've had"},{"speaker":"Alan Smith","startTime":1311.7,"endTime":1314.78,"body":"significant material gains in"},{"speaker":"Alan Smith","startTime":1311.7,"endTime":1314.78,"body":"real terms, adjusted for"},{"speaker":"Alan Smith","startTime":1314.78,"endTime":1318.26,"body":"inflation, but, but a lot of"},{"speaker":"Alan Smith","startTime":1314.78,"endTime":1318.26,"body":"investment portfolios simply"},{"speaker":"Alan Smith","startTime":1318.26,"endTime":1321.74,"body":"aren't getting that. Honestly."},{"speaker":"Alan Smith","startTime":1318.26,"endTime":1321.74,"body":"Track back a 6040, portfolio on"},{"speaker":"Alan Smith","startTime":1321.74,"endTime":1325.76,"body":"which is charged with advisor"},{"speaker":"Alan Smith","startTime":1321.74,"endTime":1325.76,"body":"fees, investment fees, platform"},{"speaker":"Alan Smith","startTime":1325.76,"endTime":1329.12,"body":"fees, the thick end of 2% a"},{"speaker":"Alan Smith","startTime":1325.76,"endTime":1329.12,"body":"year, most of them inflation."},{"speaker":"Alan Smith","startTime":1329.12,"endTime":1331.6399999999999,"body":"It's after cost observation"},{"speaker":"Alan Smith","startTime":1329.12,"endTime":1331.6399999999999,"body":"they've got, they have not had"},{"speaker":"Alan Smith","startTime":1331.6399999999999,"endTime":1334.48,"body":"any significant gain. Yeah."},{"speaker":"Alan Smith","startTime":1331.6399999999999,"endTime":1334.48,"body":"Significant gain, but they'll be"},{"speaker":"Alan Smith","startTime":1334.48,"endTime":1337.6,"body":"paid. They will be due to pay"},{"speaker":"Alan Smith","startTime":1334.48,"endTime":1337.6,"body":"capital gains tax Nick,"},{"speaker":"Nick Lincoln","startTime":1338.3799999999999,"endTime":1340.42,"body":"one of the things"},{"speaker":"Nick Lincoln","startTime":1338.3799999999999,"endTime":1340.42,"body":"that Gordon Brown in the olden"},{"speaker":"Nick Lincoln","startTime":1340.42,"endTime":1343.06,"body":"days, us old and remember the"},{"speaker":"Nick Lincoln","startTime":1340.42,"endTime":1343.06,"body":"capital gains tax used to be"},{"speaker":"Nick Lincoln","startTime":1343.06,"endTime":1346.48,"body":"linked to inflation. They would"},{"speaker":"Nick Lincoln","startTime":1343.06,"endTime":1346.48,"body":"act. It was indexation. It was"},{"speaker":"Nick Lincoln","startTime":1346.48,"endTime":1349.06,"body":"called, and it's quite fun to"},{"speaker":"Nick Lincoln","startTime":1346.48,"endTime":1349.06,"body":"work out, actually, when you"},{"speaker":"Nick Lincoln","startTime":1349.06,"endTime":1352.1399999999999,"body":"what the gain was, but you've"},{"speaker":"Nick Lincoln","startTime":1349.06,"endTime":1352.1399999999999,"body":"got relief. They offset"},{"speaker":"Nick Lincoln","startTime":1352.1399999999999,"endTime":1355.02,"body":"inflation against the gain. And"},{"speaker":"Nick Lincoln","startTime":1352.1399999999999,"endTime":1355.02,"body":"then Gordon Brown got rid of"},{"speaker":"Nick Lincoln","startTime":1355.02,"endTime":1357.48,"body":"that, which I just thought was a"},{"speaker":"Nick Lincoln","startTime":1355.02,"endTime":1357.48,"body":"pretty simplified things, but it"},{"speaker":"Nick Lincoln","startTime":1357.48,"endTime":1360.72,"body":"does mean that, basically, you"},{"speaker":"Nick Lincoln","startTime":1357.48,"endTime":1360.72,"body":"get caught in the inflation"},{"speaker":"Nick Lincoln","startTime":1360.72,"endTime":1364.44,"body":"trap, these gains, these nominal"},{"speaker":"Nick Lincoln","startTime":1360.72,"endTime":1364.44,"body":"gains, get get hit with real"},{"speaker":"Nick Lincoln","startTime":1364.44,"endTime":1369.48,"body":"taxation. And that's your your"},{"speaker":"Nick Lincoln","startTime":1364.44,"endTime":1369.48,"body":"your place in Amersham is a"},{"speaker":"Nick Lincoln","startTime":1369.48,"endTime":1373.28,"body":"prime example of that, for sure."},{"speaker":"Nick Lincoln","startTime":1369.48,"endTime":1373.28,"body":"Storyteller, I suppose the"},{"speaker":"Carl Widger","startTime":1373.52,"endTime":1376.1599999999999,"body":"like, we're kind of"},{"speaker":"Carl Widger","startTime":1373.52,"endTime":1376.1599999999999,"body":"talking about two different"},{"speaker":"Carl Widger","startTime":1376.1599999999999,"endTime":1379.04,"body":"things here, because, on the one"},{"speaker":"Carl Widger","startTime":1376.1599999999999,"endTime":1379.04,"body":"hand, we're talking about"},{"speaker":"Carl Widger","startTime":1379.04,"endTime":1383.48,"body":"inflated the, I suppose the cost"},{"speaker":"Carl Widger","startTime":1379.04,"endTime":1383.48,"body":"of inflation, correct. But then"},{"speaker":"Carl Widger","startTime":1383.48,"endTime":1388.58,"body":"on the other hand, you if you"},{"speaker":"Carl Widger","startTime":1383.48,"endTime":1388.58,"body":"had a mortgage, right? So you"},{"speaker":"Carl Widger","startTime":1388.58,"endTime":1392.68,"body":"obviously had gearing there, so"},{"speaker":"Carl Widger","startTime":1388.58,"endTime":1392.68,"body":"how much did you put up? So I'm"},{"speaker":"Carl Widger","startTime":1392.68,"endTime":1397.24,"body":"just trying to, I suppose, yeah,"},{"speaker":"Carl Widger","startTime":1392.68,"endTime":1397.24,"body":"like, there's, there's a lot of"},{"speaker":"Carl Widger","startTime":1397.3,"endTime":1400.6599999999999,"body":"things going on here. So if you"},{"speaker":"Carl Widger","startTime":1397.3,"endTime":1400.6599999999999,"body":"put up 10% say, right, on a 200"},{"speaker":"Carl Widger","startTime":1401.1399999999999,"endTime":1405.1,"body":"grand, it's 20 grand, where you"},{"speaker":"Carl Widger","startTime":1401.1399999999999,"endTime":1405.1,"body":"made 100 grand in the in the"},{"speaker":"Carl Widger","startTime":1405.1,"endTime":1408.28,"body":"gain that you're paying capital"},{"speaker":"Carl Widger","startTime":1405.1,"endTime":1408.28,"body":"gains on. And I don't know about"},{"speaker":"Carl Widger","startTime":1408.28,"endTime":1412.1399999999999,"body":"there, but the tax here will be"},{"speaker":"Carl Widger","startTime":1408.28,"endTime":1412.1399999999999,"body":"different in terms of the in the"},{"speaker":"Carl Widger","startTime":1412.1399999999999,"endTime":1416.34,"body":"fund versus property and all"},{"speaker":"Carl Widger","startTime":1412.1399999999999,"endTime":1416.34,"body":"that kind of stuff. Plus, I"},{"speaker":"Carl Widger","startTime":1416.34,"endTime":1418.74,"body":"like, I totally take the point"},{"speaker":"Carl Widger","startTime":1416.34,"endTime":1418.74,"body":"that, you know, the accidental"},{"speaker":"Carl Widger","startTime":1418.74,"endTime":1421.2,"body":"landlords are the people who"},{"speaker":"Carl Widger","startTime":1418.74,"endTime":1421.2,"body":"kind of went in and went, Oh,"},{"speaker":"Carl Widger","startTime":1421.2,"endTime":1423.6,"body":"this might be a good idea. And"},{"speaker":"Carl Widger","startTime":1421.2,"endTime":1423.6,"body":"it's never really a good idea,"},{"speaker":"Carl Widger","startTime":1423.6,"endTime":1427.86,"body":"is it? So I look, I think"},{"speaker":"Carl Widger","startTime":1423.6,"endTime":1427.86,"body":"there's given so much, yeah,"},{"speaker":"Carl Widger","startTime":1427.92,"endTime":1433.1599999999999,"body":"yeah. But it didn't like, Hey,"},{"speaker":"Carl Widger","startTime":1427.92,"endTime":1433.1599999999999,"body":"we are Irish, right? So we all"},{"speaker":"Carl Widger","startTime":1433.1599999999999,"endTime":1435.8,"body":"give it a go, like and you know,"},{"speaker":"Carl Widger","startTime":1433.1599999999999,"endTime":1435.8,"body":"if you're not on a landlord,"},{"speaker":"Carl Widger","startTime":1435.8,"endTime":1438.62,"body":"then who are you? And certainly,"},{"speaker":"Carl Widger","startTime":1435.8,"endTime":1438.62,"body":"that's what the financial crisis"},{"speaker":"Carl Widger","startTime":1438.62,"endTime":1443.06,"body":"told us all. But I think there's"},{"speaker":"Carl Widger","startTime":1438.62,"endTime":1443.06,"body":"an awful lot of different things"},{"speaker":"Carl Widger","startTime":1443.06,"endTime":1449.06,"body":"moving around here. I I'm still,"},{"speaker":"Carl Widger","startTime":1443.06,"endTime":1449.06,"body":"still okay with a bond portion"},{"speaker":"Carl Widger","startTime":1449.06,"endTime":1452.62,"body":"in my portfolios, despite what"},{"speaker":"Carl Widger","startTime":1449.06,"endTime":1452.62,"body":"you've just said there, but"},{"speaker":"Carl Widger","startTime":1452.62,"endTime":1456.3999999999999,"body":"yeah, look, I take the point I"},{"speaker":"Carl Widger","startTime":1452.62,"endTime":1456.3999999999999,"body":"think inflation over like,"},{"speaker":"Carl Widger","startTime":1456.46,"endTime":1458.92,"body":"that's not that long a period of"},{"speaker":"Carl Widger","startTime":1456.46,"endTime":1458.92,"body":"time, really, Alan, is it? It's"},{"speaker":"Carl Widger","startTime":1458.92,"endTime":1462.28,"body":"a decade, but a decade, it'll go"},{"speaker":"Carl Widger","startTime":1458.92,"endTime":1462.28,"body":"by like that, and all of a"},{"speaker":"Carl Widger","startTime":1462.28,"endTime":1465.7,"body":"sudden you're going to go, Oh,"},{"speaker":"Carl Widger","startTime":1462.28,"endTime":1465.7,"body":"right. My real return here is"},{"speaker":"Carl Widger","startTime":1466.06,"endTime":1468.76,"body":"not what I thought it was. Yeah,"},{"speaker":"Carl Widger","startTime":1466.06,"endTime":1468.76,"body":"exactly. Right."},{"speaker":"Nick Lincoln","startTime":1469.36,"endTime":1473.6399999999999,"body":"Yep. Good point."},{"speaker":"Nick Lincoln","startTime":1469.36,"endTime":1473.6399999999999,"body":"Good point. Okay, so what's"},{"speaker":"Nick Lincoln","startTime":1473.6399999999999,"endTime":1477.8999999999999,"body":"next? It is we've done and he's"},{"speaker":"Nick Lincoln","startTime":1473.6399999999999,"endTime":1477.8999999999999,"body":"no fault. Evictions. Okay, yeah."},{"speaker":"Nick Lincoln","startTime":1477.8999999999999,"endTime":1480.78,"body":"So best invest twice a year put"},{"speaker":"Nick Lincoln","startTime":1477.8999999999999,"endTime":1480.78,"body":"out their spot the dog"},{"speaker":"Nick Lincoln","startTime":1481.08,"endTime":1484.2,"body":"publication. Anyone can sign up"},{"speaker":"Nick Lincoln","startTime":1481.08,"endTime":1484.2,"body":"to receive it. There's a link to"},{"speaker":"Nick Lincoln","startTime":1484.3799999999999,"endTime":1488.52,"body":"sign up for it if you want it."},{"speaker":"Nick Lincoln","startTime":1484.3799999999999,"endTime":1488.52,"body":"So the the February 2025 edition"},{"speaker":"Nick Lincoln","startTime":1488.52,"endTime":1491.12,"body":"has just come out, and it's the"},{"speaker":"Nick Lincoln","startTime":1488.52,"endTime":1491.12,"body":"same old, same old. Basically,"},{"speaker":"Nick Lincoln","startTime":1491.12,"endTime":1493.52,"body":"best invest, go through and just"},{"speaker":"Nick Lincoln","startTime":1491.12,"endTime":1493.52,"body":"spot these, these funds that"},{"speaker":"Nick Lincoln","startTime":1493.52,"endTime":1497.0,"body":"have done the worst over a three"},{"speaker":"Nick Lincoln","startTime":1493.52,"endTime":1497.0,"body":"year period in the various"},{"speaker":"Nick Lincoln","startTime":1497.6,"endTime":1502.58,"body":"global sectors, I imagine, the"},{"speaker":"Nick Lincoln","startTime":1497.6,"endTime":1502.58,"body":"IMA sectors, and they rank it by"},{"speaker":"Nick Lincoln","startTime":1502.58,"endTime":1506.12,"body":"three year returns. I just"},{"speaker":"Nick Lincoln","startTime":1502.58,"endTime":1506.12,"body":"thought I picked this out"},{"speaker":"Nick Lincoln","startTime":1506.72,"endTime":1509.6,"body":"really. I mean, it's just"},{"speaker":"Nick Lincoln","startTime":1506.72,"endTime":1509.6,"body":"eternal, this message that"},{"speaker":"Nick Lincoln","startTime":1509.6,"endTime":1512.68,"body":"active fund management in the"},{"speaker":"Nick Lincoln","startTime":1509.6,"endTime":1512.68,"body":"round, you just you don't have"},{"speaker":"Nick Lincoln","startTime":1512.68,"endTime":1514.78,"body":"the benefit of hindsight, you"},{"speaker":"Nick Lincoln","startTime":1512.68,"endTime":1514.78,"body":"don't have a time machine. You"},{"speaker":"Nick Lincoln","startTime":1514.78,"endTime":1517.12,"body":"can't go back in time. So I'm"},{"speaker":"Nick Lincoln","startTime":1514.78,"endTime":1517.12,"body":"looking at the Global sector"},{"speaker":"Nick Lincoln","startTime":1517.12,"endTime":1520.36,"body":"here in their in their report."},{"speaker":"Nick Lincoln","startTime":1517.12,"endTime":1520.36,"body":"This is the three year return on"},{"speaker":"Nick Lincoln","startTime":1520.36,"endTime":1523.24,"body":"100 pounds. And of course, these"},{"speaker":"Nick Lincoln","startTime":1520.36,"endTime":1523.24,"body":"figures are all nominal as well."},{"speaker":"Nick Lincoln","startTime":1523.6,"endTime":1525.76,"body":"Bear that in mind as I go"},{"speaker":"Nick Lincoln","startTime":1523.6,"endTime":1525.76,"body":"through some of these. The three"},{"speaker":"Nick Lincoln","startTime":1525.76,"endTime":1528.34,"body":"year return. The worst fund is"},{"speaker":"Nick Lincoln","startTime":1525.76,"endTime":1528.34,"body":"the Bailey Gifford Global"},{"speaker":"Nick Lincoln","startTime":1528.34,"endTime":1532.02,"body":"Discovery, a global equity fund."},{"speaker":"Nick Lincoln","startTime":1528.34,"endTime":1532.02,"body":"That's fallen in value by 46%"},{"speaker":"Nick Lincoln","startTime":1532.86,"endTime":1536.52,"body":"over the last three years."},{"speaker":"Nick Lincoln","startTime":1532.86,"endTime":1536.52,"body":"That's a really hard trick to"},{"speaker":"Nick Lincoln","startTime":1536.52,"endTime":1538.92,"body":"pull off. If you factor in"},{"speaker":"Nick Lincoln","startTime":1536.52,"endTime":1538.92,"body":"inflation, it's probably in real"},{"speaker":"Nick Lincoln","startTime":1538.92,"endTime":1541.74,"body":"terms, it's probably full of"},{"speaker":"Nick Lincoln","startTime":1538.92,"endTime":1541.74,"body":"about 80% because inflation is"},{"speaker":"Nick Lincoln","startTime":1541.74,"endTime":1544.74,"body":"going on our right at a right"},{"speaker":"Nick Lincoln","startTime":1541.74,"endTime":1544.74,"body":"click, the last three years, and"},{"speaker":"Nick Lincoln","startTime":1544.74,"endTime":1549.72,"body":"the top 1415, funds on this"},{"speaker":"Nick Lincoln","startTime":1544.74,"endTime":1549.72,"body":"global page here have lost money"},{"speaker":"Nick Lincoln","startTime":1549.72,"endTime":1553.22,"body":"in nominal terms over three"},{"speaker":"Nick Lincoln","startTime":1549.72,"endTime":1553.22,"body":"years. And the interesting thing"},{"speaker":"Nick Lincoln","startTime":1553.22,"endTime":1556.34,"body":"is, most of them have these kind"},{"speaker":"Nick Lincoln","startTime":1553.22,"endTime":1556.34,"body":"of words in their title."},{"speaker":"Nick Lincoln","startTime":1556.76,"endTime":1560.78,"body":"Artemis, positive future. Aegon,"},{"speaker":"Nick Lincoln","startTime":1556.76,"endTime":1560.78,"body":"sustainable equity. FP,"},{"speaker":"Nick Lincoln","startTime":1560.78,"endTime":1564.74,"body":"sustainability impact. AXA,"},{"speaker":"Nick Lincoln","startTime":1560.78,"endTime":1564.74,"body":"people and planet equity. I"},{"speaker":"Nick Lincoln","startTime":1564.74,"endTime":1567.92,"body":"mean, what the hell for"},{"speaker":"Nick Lincoln","startTime":1564.74,"endTime":1567.92,"body":"amblington, clean economy."},{"speaker":"Nick Lincoln","startTime":1568.04,"endTime":1571.72,"body":"Rathbone, Green Bank, global"},{"speaker":"Nick Lincoln","startTime":1568.04,"endTime":1571.72,"body":"sustainability, boil my lentils"},{"speaker":"Nick Lincoln","startTime":1571.72,"endTime":1576.6399999999999,"body":"and eat my hemp. 91 global"},{"speaker":"Nick Lincoln","startTime":1571.72,"endTime":1576.6399999999999,"body":"environment, Virgin Money,"},{"speaker":"Nick Lincoln","startTime":1576.6399999999999,"endTime":1579.82,"body":"climate change, M and G,"},{"speaker":"Nick Lincoln","startTime":1576.6399999999999,"endTime":1579.82,"body":"positive impact. So if there is"},{"speaker":"Nick Lincoln","startTime":1579.82,"endTime":1582.3999999999999,"body":"a God, he's playing a long game"},{"speaker":"Nick Lincoln","startTime":1579.82,"endTime":1582.3999999999999,"body":"here, and he's hurting the right"},{"speaker":"Nick Lincoln","startTime":1582.3999999999999,"endTime":1586.84,"body":"people, but I think the message"},{"speaker":"Nick Lincoln","startTime":1582.3999999999999,"endTime":1586.84,"body":"remains eternal, just avoid"},{"speaker":"Nick Lincoln","startTime":1586.84,"endTime":1592.74,"body":"this. There's so much money in"},{"speaker":"Nick Lincoln","startTime":1586.84,"endTime":1592.74,"body":"those funds. It is a joke and"},{"speaker":"Nick Lincoln","startTime":1592.74,"endTime":1595.32,"body":"it's not. It's also not a joke."},{"speaker":"Nick Lincoln","startTime":1592.74,"endTime":1595.32,"body":"But, I mean, it's just this"},{"speaker":"Nick Lincoln","startTime":1595.32,"endTime":1595.68,"body":"matter."},{"speaker":"Andy Hart","startTime":1596.94,"endTime":1598.92,"body":"Did they pick a three"},{"speaker":"Andy Hart","startTime":1596.94,"endTime":1598.92,"body":"year period? Nick, or did they"},{"speaker":"Andy Hart","startTime":1598.92,"endTime":1602.1,"body":"do 357, various ones, major, but"},{"speaker":"Andy Hart","startTime":1598.92,"endTime":1602.1,"body":"they ranked them by the three"},{"speaker":"Andy Hart","startTime":1602.1,"endTime":1606.06,"body":"year three, threes. They're sort"},{"speaker":"Andy Hart","startTime":1602.1,"endTime":1606.06,"body":"of Yeah. Marker, yeah. The high"},{"speaker":"Andy Hart","startTime":1606.06,"endTime":1608.34,"body":"levels we can see without"},{"speaker":"Andy Hart","startTime":1606.06,"endTime":1608.34,"body":"downloading the report, yeah."},{"speaker":"Andy Hart","startTime":1608.34,"endTime":1613.28,"body":"137 dog funds looking after 67"},{"speaker":"Andy Hart","startTime":1608.34,"endTime":1613.28,"body":"billion of people's life"},{"speaker":"Andy Hart","startTime":1613.28,"endTime":1617.6599999999999,"body":"savings, obviously getting paid"},{"speaker":"Andy Hart","startTime":1613.28,"endTime":1617.6599999999999,"body":"handsomely to extract wealth."},{"speaker":"Andy Hart","startTime":1617.96,"endTime":1619.82,"body":"Yeah, terrible word. Isn't"},{"speaker":"Carl Widger","startTime":1619.8799999999999,"endTime":1622.28,"body":"this the thing that"},{"speaker":"Carl Widger","startTime":1619.8799999999999,"endTime":1622.28,"body":"most of those funds now will"},{"speaker":"Carl Widger","startTime":1622.28,"endTime":1625.34,"body":"close so there'll be no more."},{"speaker":"Carl Widger","startTime":1622.28,"endTime":1625.34,"body":"Yeah, they won't have to report"},{"speaker":"Carl Widger","startTime":1625.34,"endTime":1626.54,"body":"vibe anymore. Buyers"},{"speaker":"Nick Lincoln","startTime":1626.54,"endTime":1629.78,"body":"switch them into"},{"speaker":"Nick Lincoln","startTime":1626.54,"endTime":1629.78,"body":"another one. And I wonder why"},{"speaker":"Nick Lincoln","startTime":1629.78,"endTime":1632.26,"body":"that's like because three years"},{"speaker":"Nick Lincoln","startTime":1629.78,"endTime":1632.26,"body":"is a relatively short time"},{"speaker":"Nick Lincoln","startTime":1632.26,"endTime":1634.96,"body":"period. I wonder if, after years"},{"speaker":"Nick Lincoln","startTime":1632.26,"endTime":1634.96,"body":"of doing this guide, they"},{"speaker":"Nick Lincoln","startTime":1635.1399999999999,"endTime":1637.36,"body":"realize that, and they think,"},{"speaker":"Nick Lincoln","startTime":1635.1399999999999,"endTime":1637.36,"body":"Well, of course, if we do five"},{"speaker":"Nick Lincoln","startTime":1637.36,"endTime":1640.18,"body":"or 10 year we rank them by that"},{"speaker":"Nick Lincoln","startTime":1637.36,"endTime":1640.18,"body":"most of these funds vanish. So"},{"speaker":"Nick Lincoln","startTime":1640.18,"endTime":1643.3,"body":"we're gonna Navin with the three"},{"speaker":"Nick Lincoln","startTime":1640.18,"endTime":1643.3,"body":"year figures before they bugger"},{"speaker":"Nick Lincoln","startTime":1643.3,"endTime":1645.28,"body":"off. That's a good point,"},{"speaker":"Nick Lincoln","startTime":1643.3,"endTime":1645.28,"body":"probably. But in"},{"speaker":"Alan Smith","startTime":1645.28,"endTime":1648.3999999999999,"body":"any, in any"},{"speaker":"Alan Smith","startTime":1645.28,"endTime":1648.3999999999999,"body":"historical three year period you"},{"speaker":"Alan Smith","startTime":1648.3999999999999,"endTime":1651.06,"body":"look back, I mean, it sounded"},{"speaker":"Alan Smith","startTime":1648.3999999999999,"endTime":1651.06,"body":"like when you read them all out,"},{"speaker":"Alan Smith","startTime":1651.06,"endTime":1654.84,"body":"and I'm sure they populate most"},{"speaker":"Alan Smith","startTime":1651.06,"endTime":1654.84,"body":"of your client portfolios. Nick,"},{"speaker":"Alan Smith","startTime":1655.08,"endTime":1661.26,"body":"the people and planet. Yeah,"},{"speaker":"Alan Smith","startTime":1655.08,"endTime":1661.26,"body":"they have hemp financial"},{"speaker":"Alan Smith","startTime":1664.62,"endTime":1665.04,"body":"special."},{"speaker":"Unknown","startTime":1666.6599999999999,"endTime":1669.12,"body":"One of the plans was"},{"speaker":"Unknown","startTime":1666.6599999999999,"endTime":1669.12,"body":"made up you work out which one"},{"speaker":"Unknown","startTime":1670.04,"endTime":1670.46,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":1671.96,"endTime":1674.78,"body":"the benefit of"},{"speaker":"Alan Smith","startTime":1671.96,"endTime":1674.78,"body":"hindsight, we can look back and"},{"speaker":"Alan Smith","startTime":1674.78,"endTime":1678.98,"body":"say the those kind of ESG type"},{"speaker":"Alan Smith","startTime":1674.78,"endTime":1678.98,"body":"focused funds have significantly"},{"speaker":"Alan Smith","startTime":1678.98,"endTime":1682.82,"body":"underperformed, although, I"},{"speaker":"Alan Smith","startTime":1678.98,"endTime":1682.82,"body":"mean, down 46% that is that's"},{"speaker":"Alan Smith","startTime":1728.8999999999999,"endTime":1731.84,"body":"some going so they've"},{"speaker":"Alan Smith","startTime":1728.8999999999999,"endTime":1731.84,"body":"underperformed the broad market"},{"speaker":"Alan Smith","startTime":1731.84,"endTime":1735.26,"body":"as people kind of moved away"},{"speaker":"Alan Smith","startTime":1731.84,"endTime":1735.26,"body":"From that theme in the"},{"speaker":"Unknown","startTime":1735.26,"endTime":1737.4199999999998,"body":"last some clips,"},{"speaker":"Unknown","startTime":1735.26,"endTime":1737.4199999999998,"body":"significant"},{"speaker":"Unknown","startTime":1738.319,"endTime":1741.9389999999999,"body":"election. Significant by about"},{"speaker":"Unknown","startTime":1738.319,"endTime":1741.9389999999999,"body":"100%"},{"speaker":"Andy Hart","startTime":1742.7199999999998,"endTime":1745.9599999999998,"body":"got the numbers"},{"speaker":"Andy Hart","startTime":1742.7199999999998,"endTime":1745.9599999999998,"body":"wrong. 300% pick a number. Yeah,"},{"speaker":"Nick Lincoln","startTime":1746.08,"endTime":1747.82,"body":"it's really hard"},{"speaker":"Nick Lincoln","startTime":1746.08,"endTime":1747.82,"body":"to do, but they pulled off. Well"},{"speaker":"Nick Lincoln","startTime":1747.82,"endTime":1749.86,"body":"done, guys, well, but you're"},{"speaker":"Nick Lincoln","startTime":1747.82,"endTime":1749.86,"body":"saving the planet. That's the"},{"speaker":"Nick Lincoln","startTime":1749.86,"endTime":1752.3799999999999,"body":"main thing. Okay, let's, um,"},{"speaker":"Nick Lincoln","startTime":1749.86,"endTime":1752.3799999999999,"body":"let's crack on with another,"},{"speaker":"Nick Lincoln","startTime":1752.3799999999999,"endTime":1755.08,"body":"with another success story. Um,"},{"speaker":"Nick Lincoln","startTime":1752.3799999999999,"endTime":1755.08,"body":"Ultra,"},{"speaker":"Andy Hart","startTime":1756.3999999999999,"endTime":1761.1599999999999,"body":"yeah, this is a story"},{"speaker":"Andy Hart","startTime":1756.3999999999999,"endTime":1761.1599999999999,"body":"that does the rounds for"},{"speaker":"Andy Hart","startTime":1761.1599999999999,"endTime":1765.06,"body":"certainly experienced people in"},{"speaker":"Andy Hart","startTime":1761.1599999999999,"endTime":1765.06,"body":"the wealth management, IFA"},{"speaker":"Andy Hart","startTime":1765.06,"endTime":1769.26,"body":"space, there's a company called"},{"speaker":"Andy Hart","startTime":1765.06,"endTime":1769.26,"body":"net wealth, and I'm singling"},{"speaker":"Andy Hart","startTime":1769.26,"endTime":1771.8999999999999,"body":"them out because I've had a bit"},{"speaker":"Andy Hart","startTime":1769.26,"endTime":1771.8999999999999,"body":"of article about what they've"},{"speaker":"Andy Hart","startTime":1771.8999999999999,"endTime":1776.2199999999998,"body":"been up to over the last few"},{"speaker":"Andy Hart","startTime":1771.8999999999999,"endTime":1776.2199999999998,"body":"years, and the boss is basically"},{"speaker":"Andy Hart","startTime":1776.2199999999998,"endTime":1779.3,"body":"leading with we can undercut the"},{"speaker":"Andy Hart","startTime":1776.2199999999998,"endTime":1779.3,"body":"fun giant to look after your"},{"speaker":"Andy Hart","startTime":1779.3,"endTime":1783.6799999999998,"body":"cash, and then they do some form"},{"speaker":"Andy Hart","startTime":1779.3,"endTime":1783.6799999999998,"body":"of financial advice digitally,"},{"speaker":"Andy Hart","startTime":1783.6799999999998,"endTime":1787.82,"body":"online. I don't know how much"},{"speaker":"Andy Hart","startTime":1783.6799999999998,"endTime":1787.82,"body":"they do. A full fat financial"},{"speaker":"Andy Hart","startTime":1787.82,"endTime":1792.02,"body":"planning coaching their clients."},{"speaker":"Andy Hart","startTime":1787.82,"endTime":1792.02,"body":"I know they do attitude to risk"},{"speaker":"Andy Hart","startTime":1792.02,"endTime":1794.6,"body":"mumbo jumbo questionnaires"},{"speaker":"Andy Hart","startTime":1792.02,"endTime":1794.6,"body":"online, and then align them with"},{"speaker":"Andy Hart","startTime":1794.6,"endTime":1797.9799999999998,"body":"the portfolio. Do it maybe"},{"speaker":"Andy Hart","startTime":1794.6,"endTime":1797.9799999999998,"body":"slightly cheaper than other"},{"speaker":"Andy Hart","startTime":1798.58,"endTime":1802.3,"body":"providers out there, but is the"},{"speaker":"Andy Hart","startTime":1798.58,"endTime":1802.3,"body":"client in the wrong portfolio."},{"speaker":"Andy Hart","startTime":1802.3,"endTime":1804.52,"body":"So they're very good at asset"},{"speaker":"Andy Hart","startTime":1802.3,"endTime":1804.52,"body":"misallocation. What it's all"},{"speaker":"Andy Hart","startTime":1804.52,"endTime":1807.6999999999998,"body":"about? Asset allocation,"},{"speaker":"Andy Hart","startTime":1804.52,"endTime":1807.6999999999998,"body":"allocating correctly. And"},{"speaker":"Andy Hart","startTime":1807.6999999999998,"endTime":1812.6799999999998,"body":"they've got some famous backers,"},{"speaker":"Andy Hart","startTime":1807.6999999999998,"endTime":1812.6799999999998,"body":"and I think they wanted to be"},{"speaker":"Andy Hart","startTime":1813.28,"endTime":1816.6399999999999,"body":"exactly they've got a billion of"},{"speaker":"Andy Hart","startTime":1813.28,"endTime":1816.6399999999999,"body":"funds under administration,"},{"speaker":"Andy Hart","startTime":1816.6399999999999,"endTime":1819.7199999999998,"body":"funds under influence. At the"},{"speaker":"Andy Hart","startTime":1816.6399999999999,"endTime":1819.7199999999998,"body":"moment, I think they wanted to"},{"speaker":"Andy Hart","startTime":1819.7199999999998,"endTime":1823.5,"body":"be, did they want to be 6"},{"speaker":"Andy Hart","startTime":1819.7199999999998,"endTime":1823.5,"body":"billion or 7 billion? Can some"},{"speaker":"Andy Hart","startTime":1823.5,"endTime":1825.54,"body":"one of you help me"},{"speaker":"Alan Smith","startTime":1825.6599999999999,"endTime":1830.04,"body":"out? There's a five"},{"speaker":"Alan Smith","startTime":1825.6599999999999,"endTime":1830.04,"body":"day. So at this stage,"},{"speaker":"Andy Hart","startTime":1831.4799999999998,"endTime":1833.34,"body":"at this stage in"},{"speaker":"Andy Hart","startTime":1831.4799999999998,"endTime":1833.34,"body":"their journey, they wanted to"},{"speaker":"Andy Hart","startTime":1833.34,"endTime":1836.28,"body":"have 5 billion. Funds under"},{"speaker":"Andy Hart","startTime":1833.34,"endTime":1836.28,"body":"management. They've got 1"},{"speaker":"Andy Hart","startTime":1836.28,"endTime":1842.36,"body":"billion. They've got a team of"},{"speaker":"Andy Hart","startTime":1836.28,"endTime":1842.36,"body":"50 and famous backers. You know,"},{"speaker":"Andy Hart","startTime":1842.36,"endTime":1847.34,"body":"in initial people that have"},{"speaker":"Andy Hart","startTime":1842.36,"endTime":1847.34,"body":"funded it include Stuart rose,"},{"speaker":"Andy Hart","startTime":1848.54,"endTime":1852.4399999999998,"body":"sir Harvey McGrath, who is"},{"speaker":"Andy Hart","startTime":1848.54,"endTime":1852.4399999999998,"body":"linked with protect various"},{"speaker":"Andy Hart","startTime":1852.5,"endTime":1854.7199999999998,"body":"other people, Michael Spence,"},{"speaker":"Andy Hart","startTime":1852.5,"endTime":1854.7199999999998,"body":"you know, serious people that"},{"speaker":"Andy Hart","startTime":1854.7199999999998,"endTime":1857.4399999999998,"body":"made a lot of money anyway. So"},{"speaker":"Andy Hart","startTime":1854.7199999999998,"endTime":1857.4399999999998,"body":"they've burnt through 56"},{"speaker":"Andy Hart","startTime":1857.8,"endTime":1861.28,"body":"million. So they're still not"},{"speaker":"Andy Hart","startTime":1857.8,"endTime":1861.28,"body":"profitable, which I haven't got"},{"speaker":"Andy Hart","startTime":1861.28,"endTime":1863.9799999999998,"body":"a problem with. I'm all about"},{"speaker":"Andy Hart","startTime":1861.28,"endTime":1863.9799999999998,"body":"startup spending money and"},{"speaker":"Andy Hart","startTime":1863.9799999999998,"endTime":1866.62,"body":"growing and being aggressive,"},{"speaker":"Andy Hart","startTime":1863.9799999999998,"endTime":1866.62,"body":"but they're not profitable. They"},{"speaker":"Andy Hart","startTime":1866.62,"endTime":1869.4399999999998,"body":"want to be profitable in the"},{"speaker":"Andy Hart","startTime":1866.62,"endTime":1869.4399999999998,"body":"next couple of years. That means"},{"speaker":"Andy Hart","startTime":1869.4399999999998,"endTime":1872.02,"body":"add a couple of years on top of"},{"speaker":"Andy Hart","startTime":1869.4399999999998,"endTime":1872.02,"body":"it. So they're probably not"},{"speaker":"Andy Hart","startTime":1872.02,"endTime":1874.7199999999998,"body":"going to make any money for some"},{"speaker":"Andy Hart","startTime":1872.02,"endTime":1874.7199999999998,"body":"time. They're looking after a"},{"speaker":"Andy Hart","startTime":1874.7199999999998,"endTime":1879.06,"body":"billion. They've got 50 start."},{"speaker":"Andy Hart","startTime":1874.7199999999998,"endTime":1879.06,"body":"Members there, and they've burnt"},{"speaker":"Andy Hart","startTime":1879.06,"endTime":1882.6599999999999,"body":"through 56 million. The lady"},{"speaker":"Andy Hart","startTime":1879.06,"endTime":1882.6599999999999,"body":"who's the founder, was"},{"speaker":"Andy Hart","startTime":1882.6599999999999,"endTime":1886.32,"body":"successful elsewhere. She"},{"speaker":"Andy Hart","startTime":1882.6599999999999,"endTime":1886.32,"body":"retired early. Charlotte ransom,"},{"speaker":"Andy Hart","startTime":1887.34,"endTime":1890.82,"body":"yeah, it's just a story that"},{"speaker":"Andy Hart","startTime":1887.34,"endTime":1890.82,"body":"caught my eye. I wasn't going to"},{"speaker":"Andy Hart","startTime":1890.82,"endTime":1893.1,"body":"read the article that I started"},{"speaker":"Andy Hart","startTime":1890.82,"endTime":1893.1,"body":"going through, and I was"},{"speaker":"Andy Hart","startTime":1893.1,"endTime":1897.26,"body":"somewhat horrified. It's all"},{"speaker":"Andy Hart","startTime":1893.1,"endTime":1897.26,"body":"this. We can do it cheaper and"},{"speaker":"Andy Hart","startTime":1897.26,"endTime":1899.9599999999998,"body":"better. What you're paying over"},{"speaker":"Andy Hart","startTime":1897.26,"endTime":1899.9599999999998,"body":"there will do over here for"},{"speaker":"Andy Hart","startTime":1899.9599999999998,"endTime":1903.62,"body":"cheaper. But I think again,"},{"speaker":"Andy Hart","startTime":1899.9599999999998,"endTime":1903.62,"body":"they're looking at the problem,"},{"speaker":"Andy Hart","startTime":1903.62,"endTime":1906.08,"body":"you know, they're looking down"},{"speaker":"Andy Hart","startTime":1903.62,"endTime":1906.08,"body":"the wrong end of the telescope"},{"speaker":"Andy Hart","startTime":1906.1999999999998,"endTime":1909.3799999999999,"body":"that, yeah, they're not doing"},{"speaker":"Andy Hart","startTime":1906.1999999999998,"endTime":1909.3799999999999,"body":"the proper stuff. And it's very"},{"speaker":"Andy Hart","startTime":1909.3799999999999,"endTime":1912.5,"body":"hard to scale a decent, full"},{"speaker":"Andy Hart","startTime":1909.3799999999999,"endTime":1912.5,"body":"financial planning firm that's"},{"speaker":"Andy Hart","startTime":1912.5,"endTime":1916.34,"body":"putting the clients in the right"},{"speaker":"Andy Hart","startTime":1912.5,"endTime":1916.34,"body":"portfolios, charging appropriate"},{"speaker":"Andy Hart","startTime":1916.34,"endTime":1921.04,"body":"fees and is somewhat profitable,"},{"speaker":"Andy Hart","startTime":1916.34,"endTime":1921.04,"body":"can scale up. So, yeah, that's"},{"speaker":"Andy Hart","startTime":1921.04,"endTime":1921.2199999999998,"body":"my"},{"speaker":"Nick Lincoln","startTime":1922.7199999999998,"endTime":1924.1,"body":"time. Oh, sorry,"},{"speaker":"Nick Lincoln","startTime":1922.7199999999998,"endTime":1924.1,"body":"car, go ahead."},{"speaker":"Carl Widger","startTime":1924.52,"endTime":1927.04,"body":"Network, it takes"},{"speaker":"Carl Widger","startTime":1924.52,"endTime":1927.04,"body":"time, doesn't it, Andy, and it"},{"speaker":"Carl Widger","startTime":1927.04,"endTime":1930.9399999999998,"body":"takes time to build trust one"},{"speaker":"Carl Widger","startTime":1927.04,"endTime":1930.9399999999998,"body":"family at a time, and that's how"},{"speaker":"Carl Widger","startTime":1931.0,"endTime":1934.1799999999998,"body":"that's the only way to scale it,"},{"speaker":"Carl Widger","startTime":1931.0,"endTime":1934.1799999999998,"body":"if you're doing it properly."},{"speaker":"Carl Widger","startTime":1934.1799999999998,"endTime":1936.6999999999998,"body":"Just one thing you said there,"},{"speaker":"Carl Widger","startTime":1934.1799999999998,"endTime":1936.6999999999998,"body":"right about it being a startup."},{"speaker":"Carl Widger","startTime":1936.6999999999998,"endTime":1939.6599999999999,"body":"I did read it, so I got the"},{"speaker":"Carl Widger","startTime":1936.6999999999998,"endTime":1939.6599999999999,"body":"impression this thing was"},{"speaker":"Carl Widger","startTime":1939.6599999999999,"endTime":1940.32,"body":"started in 2017"},{"speaker":"Unknown","startTime":1941.3999999999999,"endTime":1942.36,"body":"or 18. I'm sorry, 2015"},{"speaker":"Alan Smith","startTime":1943.6799999999998,"endTime":1946.9199999999998,"body":"cards, 10 years when"},{"speaker":"Alan Smith","startTime":1943.6799999999998,"endTime":1946.9199999999998,"body":"you start being a startup. So,"},{"speaker":"Alan Smith","startTime":1946.9199999999998,"endTime":1948.12,"body":"so it's a decade."},{"speaker":"Carl Widger","startTime":1949.02,"endTime":1952.8,"body":"We raise together"},{"speaker":"Carl Widger","startTime":1949.02,"endTime":1952.8,"body":"are the same size. Are probably"},{"speaker":"Carl Widger","startTime":1952.8,"endTime":1954.7199999999998,"body":"a little bit bigger than she"},{"speaker":"Carl Widger","startTime":1952.8,"endTime":1954.7199999999998,"body":"has."},{"speaker":"Unknown","startTime":1955.56,"endTime":1959.4799999999998,"body":"Our averages are good."},{"speaker":"Unknown","startTime":1955.56,"endTime":1959.4799999999998,"body":"Averages. Give us, give us 56"},{"speaker":"Carl Widger","startTime":1959.8999999999999,"endTime":1963.02,"body":"million quid and"},{"speaker":"Carl Widger","startTime":1959.8999999999999,"endTime":1963.02,"body":"see what damage we could do in a"},{"speaker":"Carl Widger","startTime":1963.02,"endTime":1969.02,"body":"decade. We were having a laugh"},{"speaker":"Carl Widger","startTime":1963.02,"endTime":1969.02,"body":"about this kind of privately,"},{"speaker":"Carl Widger","startTime":1969.02,"endTime":1972.32,"body":"but we haven't spent a fiver"},{"speaker":"Carl Widger","startTime":1969.02,"endTime":1972.32,"body":"between us to get to get to"},{"speaker":"Carl Widger","startTime":1972.32,"endTime":1975.6799999999998,"body":"this, because we're too mean to"},{"speaker":"Carl Widger","startTime":1972.32,"endTime":1975.6799999999998,"body":"do it right. But I just don't"},{"speaker":"Carl Widger","startTime":1975.6799999999998,"endTime":1978.2199999999998,"body":"know what like, Oh, my God."},{"speaker":"Carl Widger","startTime":1975.6799999999998,"endTime":1978.2199999999998,"body":"Don't know why"},{"speaker":"Nick Lincoln","startTime":1978.2199999999998,"endTime":1980.5,"body":"she agreed to do"},{"speaker":"Nick Lincoln","startTime":1978.2199999999998,"endTime":1980.5,"body":"the interview. It's because"},{"speaker":"Nick Lincoln","startTime":1980.5,"endTime":1983.1999999999998,"body":"she's not a startup. She doesn't"},{"speaker":"Nick Lincoln","startTime":1980.5,"endTime":1983.1999999999998,"body":"need the publicity. It doesn't"},{"speaker":"Nick Lincoln","startTime":1983.1999999999998,"endTime":1985.2399999999998,"body":"come across as a success story."},{"speaker":"Nick Lincoln","startTime":1983.1999999999998,"endTime":1985.2399999999998,"body":"It's"},{"speaker":"Andy Hart","startTime":1985.2399999999998,"endTime":1988.2399999999998,"body":"obviously, uh, it's"},{"speaker":"Andy Hart","startTime":1985.2399999999998,"endTime":1988.2399999999998,"body":"an advertisement sort of"},{"speaker":"Andy Hart","startTime":1988.54,"endTime":1990.76,"body":"disguise. You"},{"speaker":"Alan Smith","startTime":1990.76,"endTime":1992.9199999999998,"body":"read through it. You"},{"speaker":"Alan Smith","startTime":1990.76,"endTime":1992.9199999999998,"body":"sent it around earlier. I read"},{"speaker":"Alan Smith","startTime":1992.9199999999998,"endTime":1995.8,"body":"it this morning. Yeah, no, this"},{"speaker":"Alan Smith","startTime":1992.9199999999998,"endTime":1995.8,"body":"has not come across. Well,"},{"speaker":"Alan Smith","startTime":1995.8,"endTime":1998.82,"body":"you're 10 years in. She says,"},{"speaker":"Alan Smith","startTime":1995.8,"endTime":1998.82,"body":"we're hoping to hit profit a"},{"speaker":"Alan Smith","startTime":1998.82,"endTime":2004.1,"body":"bit, break even by 2027 just two"},{"speaker":"Alan Smith","startTime":1998.82,"endTime":2004.1,"body":"years away. We break even. Never"},{"speaker":"Alan Smith","startTime":2004.1,"endTime":2007.8799999999999,"body":"mind growth. Yeah, my take on"},{"speaker":"Alan Smith","startTime":2004.1,"endTime":2007.8799999999999,"body":"this is, I remember when they"},{"speaker":"Alan Smith","startTime":2007.9399999999998,"endTime":2011.4199999999998,"body":"when they launched, and that was"},{"speaker":"Alan Smith","startTime":2007.9399999999998,"endTime":2011.4199999999998,"body":"when nutmeg was around, and"},{"speaker":"Alan Smith","startTime":2011.4199999999998,"endTime":2014.4799999999998,"body":"everyone else was kind of just,"},{"speaker":"Alan Smith","startTime":2011.4199999999998,"endTime":2014.4799999999998,"body":"you get open your eyes online,"},{"speaker":"Alan Smith","startTime":2014.4799999999998,"endTime":2017.56,"body":"and they were going to target"},{"speaker":"Alan Smith","startTime":2014.4799999999998,"endTime":2017.56,"body":"the high net worth, ultra high"},{"speaker":"Alan Smith","startTime":2017.56,"endTime":2022.1799999999998,"body":"net worth, big ticket clients"},{"speaker":"Alan Smith","startTime":2017.56,"endTime":2022.1799999999998,"body":"that were fed up with paying for"},{"speaker":"Alan Smith","startTime":2022.6,"endTime":2026.56,"body":"portfolio management. The"},{"speaker":"Alan Smith","startTime":2022.6,"endTime":2026.56,"body":"reality is that those very"},{"speaker":"Alan Smith","startTime":2026.56,"endTime":2030.52,"body":"people are the ones that do want"},{"speaker":"Alan Smith","startTime":2026.56,"endTime":2030.52,"body":"a trusted advisor relationship."},{"speaker":"Alan Smith","startTime":2030.52,"endTime":2033.52,"body":"They want somebody they know,"},{"speaker":"Alan Smith","startTime":2030.52,"endTime":2033.52,"body":"like and trust in their corner."},{"speaker":"Alan Smith","startTime":2033.52,"endTime":2036.9599999999998,"body":"They can just WhatsApp them down"},{"speaker":"Alan Smith","startTime":2033.52,"endTime":2036.9599999999998,"body":"again and say, which is this is,"},{"speaker":"Alan Smith","startTime":2036.9599999999998,"endTime":2040.62,"body":"this is another. It is an up"},{"speaker":"Alan Smith","startTime":2036.9599999999998,"endTime":2040.62,"body":"market nutmeg or similar. And we"},{"speaker":"Alan Smith","startTime":2040.62,"endTime":2044.8799999999999,"body":"know what happened to them. None"},{"speaker":"Alan Smith","startTime":2040.62,"endTime":2044.8799999999999,"body":"of these had really survived,"},{"speaker":"Alan Smith","startTime":2044.8799999999999,"endTime":2045.2399999999998,"body":"but it's"},{"speaker":"Carl Widger","startTime":2045.2399999999998,"endTime":2047.1599999999999,"body":"a bit of everything"},{"speaker":"Carl Widger","startTime":2045.2399999999998,"endTime":2047.1599999999999,"body":"Alan, isn't it? Didn't it? Yeah,"},{"speaker":"Carl Widger","startTime":2047.1599999999999,"endTime":2049.68,"body":"doesn't the article say that"},{"speaker":"Carl Widger","startTime":2047.1599999999999,"endTime":2049.68,"body":"they'll deal with people from 50"},{"speaker":"Carl Widger","startTime":2049.68,"endTime":2053.34,"body":"grand up, right? So, and some of"},{"speaker":"Carl Widger","startTime":2049.68,"endTime":2053.34,"body":"it is regulated advice, and some"},{"speaker":"Carl Widger","startTime":2053.34,"endTime":2057.38,"body":"is unregulated. So this is like,"},{"speaker":"Carl Widger","startTime":2053.34,"endTime":2057.38,"body":"we don't really know. We are"},{"speaker":"Alan Smith","startTime":2057.86,"endTime":2059.6,"body":"ultra high in"},{"speaker":"Alan Smith","startTime":2057.86,"endTime":2059.6,"body":"everything. We're kind of, yeah,"},{"speaker":"Nick Lincoln","startTime":2060.68,"endTime":2062.84,"body":"a guidance stream"},{"speaker":"Nick Lincoln","startTime":2060.68,"endTime":2062.84,"body":"and a guidance stream cheaper"},{"speaker":"Andy Hart","startTime":2062.84,"endTime":2065.12,"body":"and advice more"},{"speaker":"Andy Hart","startTime":2062.84,"endTime":2065.12,"body":"expensive. But you wonder"},{"speaker":"Andy Hart","startTime":2065.12,"endTime":2067.46,"body":"whether you know incentives"},{"speaker":"Andy Hart","startTime":2065.12,"endTime":2067.46,"body":"drives behaviors, the incentives"},{"speaker":"Andy Hart","startTime":2067.46,"endTime":2069.92,"body":"of the business not to provide"},{"speaker":"Andy Hart","startTime":2067.46,"endTime":2069.92,"body":"advice, just to do it all cheap"},{"speaker":"Andy Hart","startTime":2069.92,"endTime":2072.26,"body":"online. And then obviously the"},{"speaker":"Andy Hart","startTime":2069.92,"endTime":2072.26,"body":"clients are, I"},{"speaker":"Alan Smith","startTime":2072.26,"endTime":2074.78,"body":"looked at their"},{"speaker":"Alan Smith","startTime":2072.26,"endTime":2074.78,"body":"pricing table and and they,"},{"speaker":"Alan Smith","startTime":2074.78,"endTime":2077.56,"body":"obviously they they've got on a"},{"speaker":"Alan Smith","startTime":2074.78,"endTime":2077.56,"body":"basis points model. They've got"},{"speaker":"Alan Smith","startTime":2077.56,"endTime":2080.14,"body":"tiering, and it's sort of above"},{"speaker":"Alan Smith","startTime":2077.56,"endTime":2080.14,"body":"5 million pounds, this, that and"},{"speaker":"Alan Smith","startTime":2080.14,"endTime":2084.1,"body":"the other but I thought, well,"},{"speaker":"Alan Smith","startTime":2080.14,"endTime":2084.1,"body":"we would offer actually, our"},{"speaker":"Alan Smith","startTime":2084.1,"endTime":2088.0,"body":"fees would actually be lower, or"},{"speaker":"Alan Smith","startTime":2084.1,"endTime":2088.0,"body":"then for in person, full, flat,"},{"speaker":"Alan Smith","startTime":2088.06,"endTime":2090.16,"body":"all that stuff, but that should"},{"speaker":"Alan Smith","startTime":2088.06,"endTime":2090.16,"body":"be a little bit lower than"},{"speaker":"Alan Smith","startTime":2090.16,"endTime":2094.84,"body":"theirs. So what are you getting"},{"speaker":"Alan Smith","startTime":2090.16,"endTime":2094.84,"body":"for us? Well, as"},{"speaker":"Andy Hart","startTime":2094.84,"endTime":2097.8,"body":"we spoke offline, as"},{"speaker":"Andy Hart","startTime":2094.84,"endTime":2097.8,"body":"a general rule of thumb to buy a"},{"speaker":"Andy Hart","startTime":2097.8,"endTime":2100.92,"body":"firm is generally 4% of the"},{"speaker":"Andy Hart","startTime":2097.8,"endTime":2100.92,"body":"assets. So if a firm with a"},{"speaker":"Andy Hart","startTime":2100.92,"endTime":2105.84,"body":"billion pounds AUM wanted to be"},{"speaker":"Andy Hart","startTime":2100.92,"endTime":2105.84,"body":"sold tomorrow, it would probably"},{"speaker":"Andy Hart","startTime":2105.84,"endTime":2109.68,"body":"be sold for somewhere between 40"},{"speaker":"Andy Hart","startTime":2105.84,"endTime":2109.68,"body":"million. To give you an exact"},{"speaker":"Andy Hart","startTime":2109.68,"endTime":2112.68,"body":"number, but somewhere between 35"},{"speaker":"Andy Hart","startTime":2109.68,"endTime":2112.68,"body":"and 50, depending on what's"},{"speaker":"Andy Hart","startTime":2112.68,"endTime":2115.68,"body":"going on. So they've had 10"},{"speaker":"Andy Hart","startTime":2112.68,"endTime":2115.68,"body":"years of output of 50 people"},{"speaker":"Andy Hart","startTime":2115.68,"endTime":2119.18,"body":"going to work every single day"},{"speaker":"Andy Hart","startTime":2115.68,"endTime":2119.18,"body":"to produce a negative return."},{"speaker":"Andy Hart","startTime":2119.66,"endTime":2124.1,"body":"It's not as if the firm is now"},{"speaker":"Andy Hart","startTime":2119.66,"endTime":2124.1,"body":"worth, you know, 300 million,"},{"speaker":"Andy Hart","startTime":2124.1,"endTime":2126.92,"body":"where they pumped in 100 you"},{"speaker":"Andy Hart","startTime":2124.1,"endTime":2126.92,"body":"know, 56 anyways, a few moving"},{"speaker":"Andy Hart","startTime":2126.92,"endTime":2127.7599999999998,"body":"parts to it. So what"},{"speaker":"Alan Smith","startTime":2127.7599999999998,"endTime":2129.5,"body":"you're saying you"},{"speaker":"Alan Smith","startTime":2127.7599999999998,"endTime":2129.5,"body":"could, you could just take that"},{"speaker":"Alan Smith","startTime":2129.56,"endTime":2133.46,"body":"56 million and go and buy a firm"},{"speaker":"Alan Smith","startTime":2129.56,"endTime":2133.46,"body":"with, like, 1.2 billion. AUM,"},{"speaker":"Alan Smith","startTime":2133.64,"endTime":2134.0,"body":"yeah,"},{"speaker":"Carl Widger","startTime":2134.5389999999998,"endTime":2136.279,"body":"we could put Nick"},{"speaker":"Carl Widger","startTime":2134.5389999999998,"endTime":2136.279,"body":"in charge, and"},{"speaker":"Alan Smith","startTime":2137.54,"endTime":2140.3199999999997,"body":"then the three of"},{"speaker":"Alan Smith","startTime":2137.54,"endTime":2140.3199999999997,"body":"us. So launches"},{"speaker":"Andy Hart","startTime":2141.339,"endTime":2144.339,"body":"his hemp fund. So"},{"speaker":"Andy Hart","startTime":2141.339,"endTime":2144.339,"body":"their entire house for the last"},{"speaker":"Andy Hart","startTime":2144.339,"endTime":2147.759,"body":"10 years is created, nothing"},{"speaker":"Andy Hart","startTime":2144.339,"endTime":2147.759,"body":"simplistically,"},{"speaker":"Alan Smith","startTime":2148.239,"endTime":2150.939,"body":"yeah, but they burst"},{"speaker":"Alan Smith","startTime":2148.239,"endTime":2150.939,"body":"through 10 years,"},{"speaker":"Andy Hart","startTime":2151.5989999999997,"endTime":2154.779,"body":"56 million to"},{"speaker":"Andy Hart","startTime":2151.5989999999997,"endTime":2154.779,"body":"accumulate a billion of AUM. But"},{"speaker":"Andy Hart","startTime":2154.779,"endTime":2157.499,"body":"someone could just write a check"},{"speaker":"Andy Hart","startTime":2154.779,"endTime":2157.499,"body":"for that AUM of 40 million."},{"speaker":"Nick Lincoln","startTime":2157.92,"endTime":2160.7999999999997,"body":"In their defense,"},{"speaker":"Nick Lincoln","startTime":2157.92,"endTime":2160.7999999999997,"body":"it's not as if, over the last 10"},{"speaker":"Nick Lincoln","startTime":2160.7999999999997,"endTime":2164.16,"body":"years, we've had pretty much an"},{"speaker":"Nick Lincoln","startTime":2160.7999999999997,"endTime":2164.16,"body":"uninterrupted bull market. Is"},{"speaker":"Alan Smith","startTime":2164.159,"endTime":2166.859,"body":"it? No, that's"},{"speaker":"Alan Smith","startTime":2164.159,"endTime":2166.859,"body":"that's very, very difficult"},{"speaker":"Alan Smith","startTime":2166.859,"endTime":2170.339,"body":"times they will be presumably"},{"speaker":"Alan Smith","startTime":2166.859,"endTime":2170.339,"body":"built their own technology,"},{"speaker":"Alan Smith","startTime":2170.339,"endTime":2174.1189999999997,"body":"which has got value, but I don't"},{"speaker":"Alan Smith","startTime":2170.339,"endTime":2174.1189999999997,"body":"know, a lot of that stuff is"},{"speaker":"Alan Smith","startTime":2174.1189999999997,"endTime":2177.799,"body":"probably pretty commodity. Size"},{"speaker":"Alan Smith","startTime":2174.1189999999997,"endTime":2177.799,"body":"nowadays, really, to"},{"speaker":"Carl Widger","startTime":2177.7999999999997,"endTime":2180.02,"body":"be fair, they might"},{"speaker":"Carl Widger","startTime":2177.7999999999997,"endTime":2180.02,"body":"have 56 million in the bank"},{"speaker":"Carl Widger","startTime":2180.02,"endTime":2180.98,"body":"still, so"},{"speaker":"Unknown","startTime":2184.58,"endTime":2188.96,"body":"maybe should go and buy"},{"speaker":"Unknown","startTime":2184.58,"endTime":2188.96,"body":"a firm then for a"},{"speaker":"Andy Hart","startTime":2188.96,"endTime":2192.38,"body":"billion. Aum, no, I"},{"speaker":"Andy Hart","startTime":2188.96,"endTime":2192.38,"body":"mean we, we salute the"},{"speaker":"Andy Hart","startTime":2192.38,"endTime":2195.98,"body":"entrepreneurial journey and the"},{"speaker":"Andy Hart","startTime":2192.38,"endTime":2195.98,"body":"spirit. So I want to just put"},{"speaker":"Andy Hart","startTime":2195.98,"endTime":2198.8199999999997,"body":"that in as a bookend. But this"},{"speaker":"Andy Hart","startTime":2195.98,"endTime":2198.8199999999997,"body":"is our space. We know how hard"},{"speaker":"Andy Hart","startTime":2198.8199999999997,"endTime":2202.66,"body":"it is. So we can speak, you"},{"speaker":"Andy Hart","startTime":2198.8199999999997,"endTime":2202.66,"body":"know, somewhat negatively"},{"speaker":"Andy Hart","startTime":2202.66,"endTime":2204.94,"body":"towards these firms that think"},{"speaker":"Andy Hart","startTime":2202.66,"endTime":2204.94,"body":"they can do what we've been"},{"speaker":"Andy Hart","startTime":2204.94,"endTime":2207.7599999999998,"body":"struggling with for years. And"},{"speaker":"Andy Hart","startTime":2204.94,"endTime":2207.7599999999998,"body":"we wake up every single day,"},{"speaker":"Andy Hart","startTime":2207.7599999999998,"endTime":2209.68,"body":"yeah, try and do it better."},{"speaker":"Andy Hart","startTime":2207.7599999999998,"endTime":2209.68,"body":"Well, you"},{"speaker":"Nick Lincoln","startTime":2209.68,"endTime":2211.7799999999997,"body":"know, look at,"},{"speaker":"Nick Lincoln","startTime":2209.68,"endTime":2211.7799999999997,"body":"look how many advised platforms"},{"speaker":"Nick Lincoln","startTime":2211.7799999999997,"endTime":2214.42,"body":"aren't profitable. Take forever,"},{"speaker":"Nick Lincoln","startTime":2211.7799999999997,"endTime":2214.42,"body":"and that's with, that's with"},{"speaker":"Nick Lincoln","startTime":2214.42,"endTime":2217.7999999999997,"body":"ifas, who love the platform,"},{"speaker":"Nick Lincoln","startTime":2214.42,"endTime":2217.7999999999997,"body":"directing clients there in, you"},{"speaker":"Nick Lincoln","startTime":2217.7999999999997,"endTime":2219.96,"body":"know, all their client backs"},{"speaker":"Nick Lincoln","startTime":2217.7999999999997,"endTime":2219.96,"body":"towards these platforms, you"},{"speaker":"Nick Lincoln","startTime":2219.96,"endTime":2222.8399999999997,"body":"know. And they it still takes"},{"speaker":"Nick Lincoln","startTime":2219.96,"endTime":2222.8399999999997,"body":"these advice platforms, you"},{"speaker":"Nick Lincoln","startTime":2222.8399999999997,"endTime":2225.9,"body":"know, so long, and which is why,"},{"speaker":"Nick Lincoln","startTime":2222.8399999999997,"endTime":2225.9,"body":"when you get a platform that's"},{"speaker":"Nick Lincoln","startTime":2225.9,"endTime":2228.8399999999997,"body":"that's profitable, you know,"},{"speaker":"Nick Lincoln","startTime":2225.9,"endTime":2228.8399999999997,"body":"it's such a, such a, such a good"},{"speaker":"Nick Lincoln","startTime":2228.8399999999997,"endTime":2231.9,"body":"thing, and why we're happy to"},{"speaker":"Nick Lincoln","startTime":2228.8399999999997,"endTime":2231.9,"body":"align ourselves with platforms"},{"speaker":"Nick Lincoln","startTime":2231.9,"endTime":2232.74,"body":"that are profitable?"},{"speaker":"Carl Widger","startTime":2233.0389999999998,"endTime":2235.499,"body":"Yeah, I would just"},{"speaker":"Carl Widger","startTime":2233.0389999999998,"endTime":2235.499,"body":"say, you know, for our"},{"speaker":"Carl Widger","startTime":2235.499,"endTime":2241.519,"body":"listeners, our advisors, our"},{"speaker":"Carl Widger","startTime":2235.499,"endTime":2241.519,"body":"advisor firms in in the main and"},{"speaker":"Carl Widger","startTime":2241.699,"endTime":2244.879,"body":"sometimes you can, you know,"},{"speaker":"Carl Widger","startTime":2241.699,"endTime":2244.879,"body":"your head can get turned, and"},{"speaker":"Carl Widger","startTime":2244.879,"endTime":2247.459,"body":"you can look and go, Oh my god,"},{"speaker":"Carl Widger","startTime":2244.879,"endTime":2247.459,"body":"I'm a little bit jealous. Look"},{"speaker":"Carl Widger","startTime":2247.459,"endTime":2250.6389999999997,"body":"what they're doing over there."},{"speaker":"Carl Widger","startTime":2247.459,"endTime":2250.6389999999997,"body":"That all sounds amazing. Don't"},{"speaker":"Carl Widger","startTime":2251.179,"endTime":2255.199,"body":"just do great work for your"},{"speaker":"Carl Widger","startTime":2251.179,"endTime":2255.199,"body":"clients day in day out. That's"},{"speaker":"Carl Widger","startTime":2255.199,"endTime":2257.439,"body":"how you scale financial advisory"},{"speaker":"Carl Widger","startTime":2255.199,"endTime":2257.439,"body":"firm,"},{"speaker":"Unknown","startTime":2258.58,"endTime":2262.0,"body":"yeah, family at a time,"},{"speaker":"Unknown","startTime":2258.58,"endTime":2262.0,"body":"yep, family at time."},{"speaker":"Nick Lincoln","startTime":2268.66,"endTime":2271.24,"body":"Okay, we're at 36"},{"speaker":"Nick Lincoln","startTime":2268.66,"endTime":2271.24,"body":"minutes in. A couple of more"},{"speaker":"Nick Lincoln","startTime":2271.24,"endTime":2276.2999999999997,"body":"topical tidbits for episode 65"},{"speaker":"Nick Lincoln","startTime":2271.24,"endTime":2276.2999999999997,"body":"May the 14th trap live. 25 put"},{"speaker":"Nick Lincoln","startTime":2276.2999999999997,"endTime":2279.24,"body":"it in your diary. May the 14th,"},{"speaker":"Nick Lincoln","startTime":2276.2999999999997,"endTime":2279.24,"body":"it is happening, you will get an"},{"speaker":"Nick Lincoln","startTime":2279.24,"endTime":2282.24,"body":"email in due course to purchase"},{"speaker":"Nick Lincoln","startTime":2279.24,"endTime":2282.24,"body":"your tickets. Just bear with us."},{"speaker":"Nick Lincoln","startTime":2282.24,"endTime":2284.7599999999998,"body":"You're dealing with a Track"},{"speaker":"Nick Lincoln","startTime":2282.24,"endTime":2284.7599999999998,"body":"Pack. Okay? It's a fascist"},{"speaker":"Nick Lincoln","startTime":2284.7599999999998,"endTime":2287.52,"body":"relationship at the best of"},{"speaker":"Nick Lincoln","startTime":2284.7599999999998,"endTime":2287.52,"body":"times. It's like a marriage, but"},{"speaker":"Nick Lincoln","startTime":2287.52,"endTime":2295.62,"body":"without the sex. Okay? Next on"},{"speaker":"Nick Lincoln","startTime":2287.52,"endTime":2295.62,"body":"this is voice card. How dumb do"},{"speaker":"Nick Lincoln","startTime":2295.62,"endTime":2298.52,"body":"you have to be to invest in a"},{"speaker":"Nick Lincoln","startTime":2295.62,"endTime":2298.52,"body":"meme coin? Yes."},{"speaker":"Carl Widger","startTime":2298.519,"endTime":2301.939,"body":"So this was an"},{"speaker":"Carl Widger","startTime":2298.519,"endTime":2301.939,"body":"article from the business post"},{"speaker":"Carl Widger","startTime":2301.939,"endTime":2304.699,"body":"right following from, I'm not"},{"speaker":"Carl Widger","startTime":2301.939,"endTime":2304.699,"body":"going to talk about this every"},{"speaker":"Carl Widger","startTime":2304.699,"endTime":2305.239,"body":"episode, but"},{"speaker":"Alan Smith","startTime":2306.98,"endTime":2311.18,"body":"this is just such"},{"speaker":"Alan Smith","startTime":2306.98,"endTime":2311.18,"body":"red red meat for the watch. No,"},{"speaker":"Carl Widger","startTime":2311.18,"endTime":2316.16,"body":"I mean coin. So the"},{"speaker":"Carl Widger","startTime":2311.18,"endTime":2316.16,"body":"Argentinian President Javier"},{"speaker":"Carl Widger","startTime":2316.22,"endTime":2317.92,"body":"millet is that his"},{"speaker":"Nick Lincoln","startTime":2317.919,"endTime":2319.959,"body":"name is the guy's"},{"speaker":"Nick Lincoln","startTime":2317.919,"endTime":2319.959,"body":"name."},{"speaker":"Carl Widger","startTime":2320.56,"endTime":2322.6,"body":"He's a bit of a bit"},{"speaker":"Carl Widger","startTime":2320.56,"endTime":2322.6,"body":"of a character."},{"speaker":"Andy Hart","startTime":2329.679,"endTime":2333.759,"body":"What he has achieved"},{"speaker":"Andy Hart","startTime":2329.679,"endTime":2333.759,"body":"is remarkable. So go into that"},{"speaker":"Andy Hart","startTime":2333.759,"endTime":2334.0589999999997,"body":"number"},{"speaker":"Carl Widger","startTime":2334.06,"endTime":2338.04,"body":"I mentioned the"},{"speaker":"Carl Widger","startTime":2334.06,"endTime":2338.04,"body":"last and the last episode that"},{"speaker":"Carl Widger","startTime":2338.64,"endTime":2341.88,"body":"Trump, the Trump coin and the"},{"speaker":"Carl Widger","startTime":2338.64,"endTime":2341.88,"body":"Melania coin came out, the meme"},{"speaker":"Carl Widger","startTime":2341.88,"endTime":2345.12,"body":"coins just before he was the"},{"speaker":"Carl Widger","startTime":2341.88,"endTime":2345.12,"body":"inauguration, and the value"},{"speaker":"Carl Widger","startTime":2345.12,"endTime":2349.2,"body":"drove straight up, and then it"},{"speaker":"Carl Widger","startTime":2345.12,"endTime":2349.2,"body":"collapsed. And I would argue"},{"speaker":"Carl Widger","startTime":2349.2599999999998,"endTime":2354.0,"body":"that they knew exactly what they"},{"speaker":"Carl Widger","startTime":2349.2599999999998,"endTime":2354.0,"body":"were doing. And I said it was"},{"speaker":"Carl Widger","startTime":2354.0,"endTime":2357.08,"body":"disgraceful. I think it is"},{"speaker":"Carl Widger","startTime":2354.0,"endTime":2357.08,"body":"disgraceful."},{"speaker":"Nick Lincoln","startTime":2357.3199999999997,"endTime":2359.9,"body":"But why?"},{"speaker":"Nick Lincoln","startTime":2357.3199999999997,"endTime":2359.9,"body":"President, sorry, coddling what"},{"speaker":"Nick Lincoln","startTime":2359.9,"endTime":2361.2799999999997,"body":"was forced to buy these things."},{"speaker":"Carl Widger","startTime":2362.0589999999997,"endTime":2364.339,"body":"Okay? So just let"},{"speaker":"Carl Widger","startTime":2362.0589999999997,"endTime":2364.339,"body":"me. Just hear me. Okay, right?"},{"speaker":"Carl Widger","startTime":2364.339,"endTime":2372.979,"body":"So, so President mele,"},{"speaker":"Carl Widger","startTime":2364.339,"endTime":2372.979,"body":"apparently, he endorsed a coin"},{"speaker":"Carl Widger","startTime":2372.979,"endTime":2377.439,"body":"in Argentina called the Libra"},{"speaker":"Carl Widger","startTime":2372.979,"endTime":2377.439,"body":"coin. And same thing happened."},{"speaker":"Carl Widger","startTime":2377.439,"endTime":2380.199,"body":"Value went straight up, dropped."},{"speaker":"Carl Widger","startTime":2377.439,"endTime":2380.199,"body":"He deleted his tweet,"},{"speaker":"Carl Widger","startTime":2380.199,"endTime":2383.379,"body":"apparently, and said, I never"},{"speaker":"Carl Widger","startTime":2380.199,"endTime":2383.379,"body":"did, I never did that. And that"},{"speaker":"Carl Widger","startTime":2383.379,"endTime":2386.019,"body":"people are going, Yeah, but we"},{"speaker":"Carl Widger","startTime":2383.379,"endTime":2386.019,"body":"have, we have the screenshot"},{"speaker":"Carl Widger","startTime":2386.019,"endTime":2389.199,"body":"here, but we need to, we need to"},{"speaker":"Carl Widger","startTime":2386.019,"endTime":2389.199,"body":"investigate that. Now. That's a"},{"speaker":"Carl Widger","startTime":2389.199,"endTime":2391.839,"body":"disgrace, right? Apparently,"},{"speaker":"Carl Widger","startTime":2389.199,"endTime":2391.839,"body":"something like this happened in"},{"speaker":"Carl Widger","startTime":2391.839,"endTime":2396.299,"body":"the Central African Republic as"},{"speaker":"Carl Widger","startTime":2391.839,"endTime":2396.299,"body":"well, right? My point is okay,"},{"speaker":"Carl Widger","startTime":2396.779,"endTime":2399.479,"body":"and this was the point I was"},{"speaker":"Carl Widger","startTime":2396.779,"endTime":2399.479,"body":"trying to make the last time,"},{"speaker":"Carl Widger","startTime":2401.879,"endTime":2406.259,"body":"beam coins and Bitcoin are"},{"speaker":"Carl Widger","startTime":2401.879,"endTime":2406.259,"body":"different. I know that, okay,"},{"speaker":"Carl Widger","startTime":2406.499,"endTime":2412.019,"body":"but I don't think Joe blogs"},{"speaker":"Carl Widger","startTime":2406.499,"endTime":2412.019,"body":"investor is aware of the"},{"speaker":"Carl Widger","startTime":2412.019,"endTime":2415.499,"body":"difference in the whole"},{"speaker":"Carl Widger","startTime":2412.019,"endTime":2415.499,"body":"cryptocurrency land, and I think"},{"speaker":"Carl Widger","startTime":2415.5589999999997,"endTime":2418.279,"body":"they are. So this is my point."},{"speaker":"Carl Widger","startTime":2415.5589999999997,"endTime":2418.279,"body":"Nick, I think people are getting"},{"speaker":"Carl Widger","startTime":2418.279,"endTime":2421.459,"body":"carried away thinking that this"},{"speaker":"Carl Widger","startTime":2418.279,"endTime":2421.459,"body":"is cryptocurrency. Let's just"},{"speaker":"Carl Widger","startTime":2421.459,"endTime":2424.219,"body":"get on and let's just go and I"},{"speaker":"Carl Widger","startTime":2421.459,"endTime":2424.219,"body":"think people know that the"},{"speaker":"Carl Widger","startTime":2424.219,"endTime":2426.6189999999997,"body":"values are going to be driven"},{"speaker":"Carl Widger","startTime":2424.219,"endTime":2426.6189999999997,"body":"up, the likes of Trump and"},{"speaker":"Carl Widger","startTime":2426.6189999999997,"endTime":2432.979,"body":"Melania and President mele, and"},{"speaker":"Carl Widger","startTime":2426.6189999999997,"endTime":2432.979,"body":"they're just coining it. And"},{"speaker":"Carl Widger","startTime":2432.979,"endTime":2436.5389999999998,"body":"then the value of the mean coin,"},{"speaker":"Carl Widger","startTime":2432.979,"endTime":2436.5389999999998,"body":"yeah, the mean coin,"},{"speaker":"Unknown","startTime":2436.6,"endTime":2438.04,"body":"and then killing the"},{"speaker":"Unknown","startTime":2436.6,"endTime":2438.04,"body":"rock."},{"speaker":"Carl Widger","startTime":2438.04,"endTime":2441.22,"body":"Yeah, collapses."},{"speaker":"Carl Widger","startTime":2438.04,"endTime":2441.22,"body":"And I think that's disgraceful."},{"speaker":"Carl Widger","startTime":2441.22,"endTime":2447.4,"body":"And I was disappointed that a"},{"speaker":"Carl Widger","startTime":2441.22,"endTime":2447.4,"body":"short clip that from a longer"},{"speaker":"Carl Widger","startTime":2447.4,"endTime":2451.0,"body":"conversation we had in the last"},{"speaker":"Carl Widger","startTime":2447.4,"endTime":2451.0,"body":"episode was put out that kind of"},{"speaker":"Carl Widger","startTime":2451.06,"endTime":2453.52,"body":"alluded to I didn't know the"},{"speaker":"Carl Widger","startTime":2451.06,"endTime":2453.52,"body":"difference between meme coins"},{"speaker":"Carl Widger","startTime":2453.52,"endTime":2457.56,"body":"and Bitcoins. I do, and I think"},{"speaker":"Carl Widger","startTime":2453.52,"endTime":2457.56,"body":"that meme coins are, and I think"},{"speaker":"Carl Widger","startTime":2457.56,"endTime":2462.42,"body":"what those people in positions"},{"speaker":"Carl Widger","startTime":2457.56,"endTime":2462.42,"body":"of power are doing are confusing"},{"speaker":"Carl Widger","startTime":2462.72,"endTime":2469.56,"body":"investors who don't have, maybe"},{"speaker":"Carl Widger","startTime":2462.72,"endTime":2469.56,"body":"the financial literacy, the"},{"speaker":"Carl Widger","startTime":2470.1,"endTime":2474.3599999999997,"body":"education, the nuance to know"},{"speaker":"Carl Widger","startTime":2470.1,"endTime":2474.3599999999997,"body":"the difference between, you"},{"speaker":"Carl Widger","startTime":2474.3599999999997,"endTime":2478.58,"body":"know, actually trying to buy."},{"speaker":"Carl Widger","startTime":2474.3599999999997,"endTime":2478.58,"body":"Bitcoin, which is an asset that"},{"speaker":"Carl Widger","startTime":2478.58,"endTime":2481.2799999999997,"body":"I don't believe people should be"},{"speaker":"Carl Widger","startTime":2478.58,"endTime":2481.2799999999997,"body":"buying, or meme coins, which for"},{"speaker":"Carl Widger","startTime":2481.2799999999997,"endTime":2485.8399999999997,"body":"me is absolutely pin air. It's"},{"speaker":"Carl Widger","startTime":2481.2799999999997,"endTime":2485.8399999999997,"body":"nothing, absolutely nothing for"},{"speaker":"Carl Widger","startTime":2485.8399999999997,"endTime":2492.5,"body":"me. So yeah, I was, I was just,"},{"speaker":"Carl Widger","startTime":2485.8399999999997,"endTime":2492.5,"body":"yeah, it's"},{"speaker":"Nick Lincoln","startTime":2492.92,"endTime":2494.72,"body":"in the same it's"},{"speaker":"Nick Lincoln","startTime":2492.92,"endTime":2494.72,"body":"in the same thing as non"},{"speaker":"Nick Lincoln","startTime":2494.72,"endTime":2498.8199999999997,"body":"fungible tokens. Remember that"},{"speaker":"Nick Lincoln","startTime":2494.72,"endTime":2498.8199999999997,"body":"two years ago, exactly? Yeah,"},{"speaker":"Nick Lincoln","startTime":2499.18,"endTime":2500.2,"body":"talking about,"},{"speaker":"Alan Smith","startTime":2500.199,"endTime":2503.199,"body":"it's obviously"},{"speaker":"Alan Smith","startTime":2500.199,"endTime":2503.199,"body":"almost, I mean what you said"},{"speaker":"Alan Smith","startTime":2503.199,"endTime":2506.5589999999997,"body":"there cause is fair, it's"},{"speaker":"Alan Smith","startTime":2503.199,"endTime":2506.5589999999997,"body":"reasonable, but it's almost like"},{"speaker":"Alan Smith","startTime":2506.6189999999997,"endTime":2508.959,"body":"we shouldn't even be talking"},{"speaker":"Alan Smith","startTime":2506.6189999999997,"endTime":2508.959,"body":"about this, because it's like"},{"speaker":"Alan Smith","startTime":2508.959,"endTime":2514.5389999999998,"body":"investing in any there's always"},{"speaker":"Alan Smith","startTime":2508.959,"endTime":2514.5389999999998,"body":"some mental thing going along. I"},{"speaker":"Alan Smith","startTime":2514.719,"endTime":2519.1189999999997,"body":"think it's the underlying thing"},{"speaker":"Alan Smith","startTime":2514.719,"endTime":2519.1189999999997,"body":"is called First, these meme"},{"speaker":"Alan Smith","startTime":2519.1189999999997,"endTime":2522.359,"body":"coins. They are, they are like,"},{"speaker":"Alan Smith","startTime":2519.1189999999997,"endTime":2522.359,"body":"almost like a commemorative"},{"speaker":"Alan Smith","startTime":2522.359,"endTime":2524.819,"body":"thing. Back in the day, people"},{"speaker":"Alan Smith","startTime":2522.359,"endTime":2524.819,"body":"would issue a, you know, a"},{"speaker":"Alan Smith","startTime":2524.819,"endTime":2527.519,"body":"silver coin or something, when"},{"speaker":"Alan Smith","startTime":2524.819,"endTime":2527.519,"body":"there was a new president or"},{"speaker":"Alan Smith","startTime":2527.519,"endTime":2532.979,"body":"something. Now we've got these"},{"speaker":"Alan Smith","startTime":2527.519,"endTime":2532.979,"body":"digital assets. I think, from"},{"speaker":"Alan Smith","startTime":2532.979,"endTime":2537.859,"body":"what I've seen, I haven't spent"},{"speaker":"Alan Smith","startTime":2532.979,"endTime":2537.859,"body":"a lot of time, but I think Malay"},{"speaker":"Alan Smith","startTime":2537.859,"endTime":2541.5789999999997,"body":"was to put it kind of was naive."},{"speaker":"Alan Smith","startTime":2537.859,"endTime":2541.5789999999997,"body":"I don't believe, from what I've"},{"speaker":"Alan Smith","startTime":2541.5789999999997,"endTime":2544.339,"body":"read so far, he personally"},{"speaker":"Alan Smith","startTime":2541.5789999999997,"endTime":2544.339,"body":"benefited from it, but he did"},{"speaker":"Alan Smith","startTime":2544.339,"endTime":2547.6389999999997,"body":"send out one tweet which is"},{"speaker":"Alan Smith","startTime":2544.339,"endTime":2547.6389999999997,"body":"hastily deleted, which is bad."},{"speaker":"Alan Smith","startTime":2547.6389999999997,"endTime":2551.719,"body":"And then you can read between"},{"speaker":"Alan Smith","startTime":2547.6389999999997,"endTime":2551.719,"body":"the lines on the Trump meme coin"},{"speaker":"Alan Smith","startTime":2551.719,"endTime":2556.0389999999998,"body":"as well, but they they're just"},{"speaker":"Alan Smith","startTime":2551.719,"endTime":2556.0389999999998,"body":"the kind of commemorative tokens"},{"speaker":"Alan Smith","startTime":2556.0389999999998,"endTime":2559.959,"body":"and a digital format that some"},{"speaker":"Alan Smith","startTime":2556.0389999999998,"endTime":2559.959,"body":"people want to own forever. But"},{"speaker":"Alan Smith","startTime":2559.959,"endTime":2563.679,"body":"you're right. They there have"},{"speaker":"Alan Smith","startTime":2559.959,"endTime":2563.679,"body":"been bad actors in place,"},{"speaker":"Alan Smith","startTime":2563.679,"endTime":2566.019,"body":"particularly with the"},{"speaker":"Alan Smith","startTime":2563.679,"endTime":2566.019,"body":"Argentinian one who just knew"},{"speaker":"Alan Smith","startTime":2566.019,"endTime":2568.359,"body":"exactly what they were doing,"},{"speaker":"Alan Smith","startTime":2566.019,"endTime":2568.359,"body":"pumped the whole thing up,"},{"speaker":"Alan Smith","startTime":2568.5989999999997,"endTime":2572.319,"body":"pulled the rug, and, you know,"},{"speaker":"Alan Smith","startTime":2568.5989999999997,"endTime":2572.319,"body":"retail was left holding the"},{"speaker":"Alan Smith","startTime":2572.979,"endTime":2577.259,"body":"holding the bag. Oh, yeah, so,"},{"speaker":"Alan Smith","startTime":2572.979,"endTime":2577.259,"body":"but, but I don't, I think that's"},{"speaker":"Alan Smith","startTime":2577.259,"endTime":2580.5589999999997,"body":"just not mainstream. That's what"},{"speaker":"Alan Smith","startTime":2577.259,"endTime":2580.5589999999997,"body":"you're right. There are, there"},{"speaker":"Alan Smith","startTime":2580.5589999999997,"endTime":2583.6189999999997,"body":"are uneducated people that put a"},{"speaker":"Alan Smith","startTime":2580.5589999999997,"endTime":2583.6189999999997,"body":"bit of money into it. I think"},{"speaker":"Alan Smith","startTime":2583.6189999999997,"endTime":2586.019,"body":"there's, there was over four"},{"speaker":"Alan Smith","startTime":2583.6189999999997,"endTime":2586.019,"body":"who've lost a million dollars"},{"speaker":"Alan Smith","startTime":2586.019,"endTime":2588.659,"body":"equivalent of because you can,"},{"speaker":"Alan Smith","startTime":2586.019,"endTime":2588.659,"body":"you know, all the data is"},{"speaker":"Alan Smith","startTime":2588.659,"endTime":2591.899,"body":"available in public. So if you,"},{"speaker":"Alan Smith","startTime":2588.659,"endTime":2591.899,"body":"if you put a million dollars"},{"speaker":"Alan Smith","startTime":2591.899,"endTime":2596.219,"body":"into this Libra coin, and then"},{"speaker":"Alan Smith","startTime":2591.899,"endTime":2596.219,"body":"it went down 96% then you're"},{"speaker":"Alan Smith","startTime":2596.219,"endTime":2600.499,"body":"not, you're not very happy right"},{"speaker":"Alan Smith","startTime":2596.219,"endTime":2600.499,"body":"now, but and you would think"},{"speaker":"Alan Smith","startTime":2600.499,"endTime":2603.1389999999997,"body":"that if someone loved and it is"},{"speaker":"Alan Smith","startTime":2600.499,"endTime":2603.1389999999997,"body":"another risk as well. I"},{"speaker":"Alan Smith","startTime":2603.1389999999997,"endTime":2607.399,"body":"sometimes think the immediacy of"},{"speaker":"Alan Smith","startTime":2603.1389999999997,"endTime":2607.399,"body":"social media, you can literally"},{"speaker":"Alan Smith","startTime":2607.399,"endTime":2611.0589999999997,"body":"just put a tweet they haven't"},{"speaker":"Alan Smith","startTime":2607.399,"endTime":2611.0589999999997,"body":"even thought about I don't think"},{"speaker":"Alan Smith","startTime":2611.0589999999997,"endTime":2614.0589999999997,"body":"he thought about it"},{"speaker":"Alan Smith","startTime":2611.0589999999997,"endTime":2614.0589999999997,"body":"particularly, and it's then"},{"speaker":"Alan Smith","startTime":2614.0589999999997,"endTime":2617.5589999999997,"body":"people believe it and follow it"},{"speaker":"Alan Smith","startTime":2614.0589999999997,"endTime":2617.5589999999997,"body":"through the analogy I thought"},{"speaker":"Alan Smith","startTime":2617.5589999999997,"endTime":2620.499,"body":"was, imagine that the"},{"speaker":"Alan Smith","startTime":2617.5589999999997,"endTime":2620.499,"body":"Argentinian national newspaper"},{"speaker":"Alan Smith","startTime":2620.499,"endTime":2623.859,"body":"wanted to interview him about"},{"speaker":"Alan Smith","startTime":2620.499,"endTime":2623.859,"body":"this coin, this this thing, this"},{"speaker":"Alan Smith","startTime":2623.859,"endTime":2626.439,"body":"token was going to be issued."},{"speaker":"Alan Smith","startTime":2623.859,"endTime":2626.439,"body":"There's no question he'd have"},{"speaker":"Alan Smith","startTime":2626.439,"endTime":2629.1389999999997,"body":"spent some time, spoken to his"},{"speaker":"Alan Smith","startTime":2626.439,"endTime":2629.1389999999997,"body":"advisors, thought it through and"},{"speaker":"Alan Smith","startTime":2629.1389999999997,"endTime":2632.739,"body":"given an opinion on it. It"},{"speaker":"Alan Smith","startTime":2629.1389999999997,"endTime":2632.739,"body":"wouldn't have been an immediate"},{"speaker":"Alan Smith","startTime":2632.739,"endTime":2635.679,"body":"tweet. I think it's a risk that"},{"speaker":"Alan Smith","startTime":2632.739,"endTime":2635.679,"body":"people, particularly people in"},{"speaker":"Alan Smith","startTime":2635.859,"endTime":2639.1189999999997,"body":"positions of power and authority"},{"speaker":"Alan Smith","startTime":2635.859,"endTime":2639.1189999999997,"body":"run by sending out some message"},{"speaker":"Alan Smith","startTime":2639.1189999999997,"endTime":2642.0589999999997,"body":"that they haven't thought"},{"speaker":"Alan Smith","startTime":2639.1189999999997,"endTime":2642.0589999999997,"body":"through, and then seeing the"},{"speaker":"Alan Smith","startTime":2642.1189999999997,"endTime":2646.379,"body":"unintended consequences in"},{"speaker":"Alan Smith","startTime":2642.1189999999997,"endTime":2646.379,"body":"power."},{"speaker":"Carl Widger","startTime":2646.38,"endTime":2649.56,"body":"He knows people. I"},{"speaker":"Carl Widger","startTime":2646.38,"endTime":2649.56,"body":"mean, the same is can be said"},{"speaker":"Carl Widger","startTime":2649.56,"endTime":2650.52,"body":"about the others anyway."},{"speaker":"Nick Lincoln","startTime":2652.859,"endTime":2655.979,"body":"Step, definitely,"},{"speaker":"Nick Lincoln","startTime":2652.859,"endTime":2655.979,"body":"it was a misstep. Yeah, an"},{"speaker":"Nick Lincoln","startTime":2656.399,"endTime":2658.999,"body":"absolute misstep. And if Yeah,"},{"speaker":"Nick Lincoln","startTime":2656.399,"endTime":2658.999,"body":"it's one thing to post, put out"},{"speaker":"Nick Lincoln","startTime":2658.999,"endTime":2661.339,"body":"tweet and then delete it, but"},{"speaker":"Nick Lincoln","startTime":2658.999,"endTime":2661.339,"body":"you should, you least own up to"},{"speaker":"Nick Lincoln","startTime":2661.339,"endTime":2663.5589999999997,"body":"it. Don't say you didn't put the"},{"speaker":"Nick Lincoln","startTime":2661.339,"endTime":2663.5589999999997,"body":"tweets out. I'm not sure if you"},{"speaker":"Nick Lincoln","startTime":2663.5589999999997,"endTime":2666.199,"body":"did say that, by the way, but"},{"speaker":"Nick Lincoln","startTime":2663.5589999999997,"endTime":2666.199,"body":"yeah, because everyone takes a"},{"speaker":"Nick Lincoln","startTime":2666.199,"endTime":2668.479,"body":"record of it out there. These"},{"speaker":"Nick Lincoln","startTime":2666.199,"endTime":2668.479,"body":"days, we've all got WhatsApp"},{"speaker":"Nick Lincoln","startTime":2668.479,"endTime":2671.239,"body":"messages that we've sent that"},{"speaker":"Nick Lincoln","startTime":2668.479,"endTime":2671.239,"body":"I've stored on a separate disk"},{"speaker":"Nick Lincoln","startTime":2671.239,"endTime":2675.6189999999997,"body":"that I'm going to use one day"},{"speaker":"Nick Lincoln","startTime":2671.239,"endTime":2675.6189999999997,"body":"when the shit is okay. So we"},{"speaker":"Nick Lincoln","startTime":2675.739,"endTime":2681.0989999999997,"body":"too, baby. I we're at 43"},{"speaker":"Nick Lincoln","startTime":2675.739,"endTime":2681.0989999999997,"body":"minutes. So I think we'll just"},{"speaker":"Nick Lincoln","startTime":2681.0989999999997,"endTime":2683.499,"body":"do one more typical tip, if"},{"speaker":"Nick Lincoln","startTime":2681.0989999999997,"endTime":2683.499,"body":"that's okay, and he will hold"},{"speaker":"Nick Lincoln","startTime":2683.499,"endTime":2686.379,"body":"over your sovereign wealth fund"},{"speaker":"Nick Lincoln","startTime":2683.499,"endTime":2686.379,"body":"for the next next episode, if"},{"speaker":"Nick Lincoln","startTime":2686.379,"endTime":2689.199,"body":"that's all right, just a quick"},{"speaker":"Nick Lincoln","startTime":2686.379,"endTime":2689.199,"body":"one me. So we know, we know that"},{"speaker":"Nick Lincoln","startTime":2689.199,"endTime":2691.899,"body":"quite rightly, quite rightly,"},{"speaker":"Nick Lincoln","startTime":2689.199,"endTime":2691.899,"body":"our regulator is coming down"},{"speaker":"Nick Lincoln","startTime":2691.899,"endTime":2694.239,"body":"hard on those firms that are"},{"speaker":"Nick Lincoln","startTime":2691.899,"endTime":2694.239,"body":"charging for an ongoing service"},{"speaker":"Nick Lincoln","startTime":2694.239,"endTime":2698.279,"body":"but aren't even offering it, let"},{"speaker":"Nick Lincoln","startTime":2694.239,"endTime":2698.279,"body":"alone delivering it. And I think"},{"speaker":"Nick Lincoln","startTime":2698.279,"endTime":2700.679,"body":"we've all probably got clients"},{"speaker":"Nick Lincoln","startTime":2698.279,"endTime":2700.679,"body":"within our within our"},{"speaker":"Nick Lincoln","startTime":2700.679,"endTime":2703.6189999999997,"body":"businesses, who don't take you"},{"speaker":"Nick Lincoln","startTime":2700.679,"endTime":2703.6189999999997,"body":"up on the offer of the annual"},{"speaker":"Nick Lincoln","startTime":2703.6189999999997,"endTime":2705.959,"body":"planning meeting, whatever"},{"speaker":"Nick Lincoln","startTime":2703.6189999999997,"endTime":2705.959,"body":"cadence you do it. They're just,"},{"speaker":"Nick Lincoln","startTime":2705.959,"endTime":2708.479,"body":"you email them. They just, they"},{"speaker":"Nick Lincoln","startTime":2705.959,"endTime":2708.479,"body":"say, Nick, we're fine. Don't"},{"speaker":"Nick Lincoln","startTime":2708.479,"endTime":2711.659,"body":"need it. I think, from my point"},{"speaker":"Nick Lincoln","startTime":2708.479,"endTime":2711.659,"body":"of view, you've discharged your"},{"speaker":"Nick Lincoln","startTime":2711.659,"endTime":2715.739,"body":"duties by offering to carry out"},{"speaker":"Nick Lincoln","startTime":2711.659,"endTime":2715.739,"body":"the review or the planning"},{"speaker":"Nick Lincoln","startTime":2715.739,"endTime":2717.979,"body":"meeting, whatever you want to"},{"speaker":"Nick Lincoln","startTime":2715.739,"endTime":2717.979,"body":"call it. I think that largely"},{"speaker":"Nick Lincoln","startTime":2717.979,"endTime":2720.319,"body":"absolves you. But after a number"},{"speaker":"Nick Lincoln","startTime":2717.979,"endTime":2720.319,"body":"of years, you get to the I"},{"speaker":"Nick Lincoln","startTime":2720.319,"endTime":2723.019,"body":"certainly got to point with this"},{"speaker":"Nick Lincoln","startTime":2720.319,"endTime":2723.019,"body":"client. This morning, when it"},{"speaker":"Nick Lincoln","startTime":2723.019,"endTime":2725.479,"body":"came up in my task management"},{"speaker":"Nick Lincoln","startTime":2723.019,"endTime":2725.479,"body":"system, I had to arrange the"},{"speaker":"Nick Lincoln","startTime":2725.479,"endTime":2727.5789999999997,"body":"annual planning meeting, I"},{"speaker":"Nick Lincoln","startTime":2725.479,"endTime":2727.5789999999997,"body":"thought, oh God, John. He's not"},{"speaker":"Nick Lincoln","startTime":2727.5789999999997,"endTime":2729.859,"body":"done this for a number of years"},{"speaker":"Nick Lincoln","startTime":2727.5789999999997,"endTime":2729.859,"body":"now. I'm going to have to just"},{"speaker":"Nick Lincoln","startTime":2729.859,"endTime":2732.439,"body":"sort of level with him and say,"},{"speaker":"Nick Lincoln","startTime":2729.859,"endTime":2732.439,"body":"we can't go on like this. It"},{"speaker":"Nick Lincoln","startTime":2732.439,"endTime":2735.439,"body":"always signed the terms of"},{"speaker":"Nick Lincoln","startTime":2732.439,"endTime":2735.439,"body":"business letter each year."},{"speaker":"Nick Lincoln","startTime":2735.439,"endTime":2738.279,"body":"Always got that back to me, that"},{"speaker":"Nick Lincoln","startTime":2735.439,"endTime":2738.279,"body":"bang straight back on the file,"},{"speaker":"Nick Lincoln","startTime":2738.279,"endTime":2740.739,"body":"but never engaged, and got and"},{"speaker":"Nick Lincoln","startTime":2738.279,"endTime":2740.739,"body":"arranged the annual planning"},{"speaker":"Nick Lincoln","startTime":2740.739,"endTime":2743.0789999999997,"body":"meeting. So I sent him an email"},{"speaker":"Nick Lincoln","startTime":2740.739,"endTime":2743.0789999999997,"body":"this morning saying, Hi John."},{"speaker":"Nick Lincoln","startTime":2743.0789999999997,"endTime":2745.479,"body":"There really was a dear John"},{"speaker":"Nick Lincoln","startTime":2743.0789999999997,"endTime":2745.479,"body":"email. Hi John. Hope you are"},{"speaker":"Nick Lincoln","startTime":2745.479,"endTime":2748.179,"body":"well. Advisors are under heavy"},{"speaker":"Nick Lincoln","startTime":2745.479,"endTime":2748.179,"body":"regulatory pressure to"},{"speaker":"Nick Lincoln","startTime":2748.179,"endTime":2751.359,"body":"demonstrate ongoing service to"},{"speaker":"Nick Lincoln","startTime":2748.179,"endTime":2751.359,"body":"their clients. Much as I love"},{"speaker":"Nick Lincoln","startTime":2751.359,"endTime":2754.5389999999998,"body":"low maintenance types like you,"},{"speaker":"Nick Lincoln","startTime":2751.359,"endTime":2754.5389999999998,"body":"I'm in a pickle. If you and I"},{"speaker":"Nick Lincoln","startTime":2754.5389999999998,"endTime":2757.379,"body":"don't, at least have some sort"},{"speaker":"Nick Lincoln","startTime":2754.5389999999998,"endTime":2757.379,"body":"of catch up, I'll even venture"},{"speaker":"Nick Lincoln","startTime":2757.379,"endTime":2760.5589999999997,"body":"over distance Albans and take"},{"speaker":"Nick Lincoln","startTime":2757.379,"endTime":2760.5589999999997,"body":"you out for lunch at my expense."},{"speaker":"Nick Lincoln","startTime":2761.159,"endTime":2763.499,"body":"Otherwise, I'll be forced to"},{"speaker":"Nick Lincoln","startTime":2761.159,"endTime":2763.499,"body":"resign your account with me"},{"speaker":"Nick Lincoln","startTime":2763.499,"endTime":2766.379,"body":"until transact. I'm no longer"},{"speaker":"Nick Lincoln","startTime":2763.499,"endTime":2766.379,"body":"your advisor. I don't want to do"},{"speaker":"Nick Lincoln","startTime":2766.379,"endTime":2769.6189999999997,"body":"this, but regulatory obligations"},{"speaker":"Nick Lincoln","startTime":2766.379,"endTime":2769.6189999999997,"body":"are forcing me and all other"},{"speaker":"Nick Lincoln","startTime":2769.6189999999997,"endTime":2772.6189999999997,"body":"advisors down this road. And as"},{"speaker":"Nick Lincoln","startTime":2769.6189999999997,"endTime":2772.6189999999997,"body":"soon as I sent this, I got a"},{"speaker":"Nick Lincoln","startTime":2772.6189999999997,"endTime":2775.199,"body":"phone call from the guy I"},{"speaker":"Nick Lincoln","startTime":2772.6189999999997,"endTime":2775.199,"body":"couldn't take the call, he after"},{"speaker":"Nick Lincoln","startTime":2775.199,"endTime":2777.679,"body":"voicemail saying, Wow, do. Got"},{"speaker":"Nick Lincoln","startTime":2775.199,"endTime":2777.679,"body":"your email, I was just about to"},{"speaker":"Nick Lincoln","startTime":2777.679,"endTime":2781.0389999999998,"body":"call you. So a couple of things"},{"speaker":"Nick Lincoln","startTime":2777.679,"endTime":2781.0389999999998,"body":"here. The Universe does work in"},{"speaker":"Nick Lincoln","startTime":2781.0389999999998,"endTime":2783.499,"body":"funny ways. Sometimes I'm so"},{"speaker":"Nick Lincoln","startTime":2781.0389999999998,"endTime":2783.499,"body":"glad this guy did come, because"},{"speaker":"Nick Lincoln","startTime":2783.499,"endTime":2785.839,"body":"I didn't want to suck him. He's"},{"speaker":"Nick Lincoln","startTime":2783.499,"endTime":2785.839,"body":"a nice guy. His personal"},{"speaker":"Nick Lincoln","startTime":2785.839,"endTime":2788.5989999999997,"body":"circumstances aren't"},{"speaker":"Nick Lincoln","startTime":2785.839,"endTime":2788.5989999999997,"body":"particularly great in terms of"},{"speaker":"Nick Lincoln","startTime":2788.5989999999997,"endTime":2790.999,"body":"his his wife's health and"},{"speaker":"Nick Lincoln","startTime":2788.5989999999997,"endTime":2790.999,"body":"everything else. So I'm going to"},{"speaker":"Nick Lincoln","startTime":2790.999,"endTime":2793.519,"body":"I want a Zoom meeting with him"},{"speaker":"Nick Lincoln","startTime":2790.999,"endTime":2793.519,"body":"tomorrow, which is lovely. So"},{"speaker":"Nick Lincoln","startTime":2793.519,"endTime":2796.279,"body":"just be interested to hear from"},{"speaker":"Nick Lincoln","startTime":2793.519,"endTime":2796.279,"body":"TRAPPIST how they're handling"},{"speaker":"Nick Lincoln","startTime":2796.279,"endTime":2799.359,"body":"this, this sort of disengagement"},{"speaker":"Nick Lincoln","startTime":2796.279,"endTime":2799.359,"body":"from clients who aren't engaged,"},{"speaker":"Nick Lincoln","startTime":2799.659,"endTime":2802.239,"body":"but also just a bigger thing,"},{"speaker":"Nick Lincoln","startTime":2799.659,"endTime":2802.239,"body":"and it is that somehow something"},{"speaker":"Nick Lincoln","startTime":2802.239,"endTime":2804.519,"body":"works, you know, you put"},{"speaker":"Nick Lincoln","startTime":2802.239,"endTime":2804.519,"body":"something out universe, and"},{"speaker":"Nick Lincoln","startTime":2804.519,"endTime":2806.799,"body":"something comes back. I don't, I"},{"speaker":"Nick Lincoln","startTime":2804.519,"endTime":2806.799,"body":"can't quite explain it. It's,"},{"speaker":"Nick Lincoln","startTime":2806.799,"endTime":2809.259,"body":"maybe that's a little crap."},{"speaker":"Nick Lincoln","startTime":2806.799,"endTime":2809.259,"body":"Maybe it's not. But the moment I"},{"speaker":"Nick Lincoln","startTime":2809.259,"endTime":2812.019,"body":"sent this email, he called me"},{"speaker":"Nick Lincoln","startTime":2809.259,"endTime":2812.019,"body":"and said, Nick, I was just about"},{"speaker":"Nick Lincoln","startTime":2812.019,"endTime":2812.919,"body":"to call you because"},{"speaker":"Andy Hart","startTime":2812.92,"endTime":2816.16,"body":"I need to disengage"},{"speaker":"Andy Hart","startTime":2812.92,"endTime":2816.16,"body":"you. Thank God to begin with."},{"speaker":"Andy Hart","startTime":2816.16,"endTime":2816.72,"body":"Yeah,"},{"speaker":"Nick Lincoln","startTime":2816.72,"endTime":2818.64,"body":"exactly. So there"},{"speaker":"Nick Lincoln","startTime":2816.72,"endTime":2818.64,"body":"you go. There's my little"},{"speaker":"Nick Lincoln","startTime":2818.94,"endTime":2821.04,"body":"there's my little story."},{"speaker":"Andy Hart","startTime":2821.4,"endTime":2824.88,"body":"This is an insanely"},{"speaker":"Andy Hart","startTime":2821.4,"endTime":2824.88,"body":"interesting point for various"},{"speaker":"Andy Hart","startTime":2824.88,"endTime":2829.14,"body":"reasons, mainly consumer Duty"},{"speaker":"Andy Hart","startTime":2824.88,"endTime":2829.14,"body":"has bought this massively to the"},{"speaker":"Andy Hart","startTime":2829.14,"endTime":2833.88,"body":"fore. I am a believer, really,"},{"speaker":"Andy Hart","startTime":2829.14,"endTime":2833.88,"body":"anyone paying an ongoing fee"},{"speaker":"Andy Hart","startTime":2834.42,"endTime":2840.02,"body":"should get an official annual"},{"speaker":"Andy Hart","startTime":2834.42,"endTime":2840.02,"body":"planning meeting. I understand"},{"speaker":"Andy Hart","startTime":2840.02,"endTime":2844.4,"body":"sometimes extreme circumstances."},{"speaker":"Andy Hart","startTime":2840.02,"endTime":2844.4,"body":"Usually it's a health issue for"},{"speaker":"Andy Hart","startTime":2844.52,"endTime":2847.2799999999997,"body":"family members very close to"},{"speaker":"Andy Hart","startTime":2844.52,"endTime":2847.2799999999997,"body":"them, and fortunately, there's"},{"speaker":"Andy Hart","startTime":2847.2799999999997,"endTime":2849.92,"body":"nothing that they need to sort"},{"speaker":"Andy Hart","startTime":2847.2799999999997,"endTime":2849.92,"body":"out with their finances. I can"},{"speaker":"Andy Hart","startTime":2849.92,"endTime":2853.8199999999997,"body":"understand a couple slip through"},{"speaker":"Andy Hart","startTime":2849.92,"endTime":2853.8199999999997,"body":"the net, but anyone paying an"},{"speaker":"Andy Hart","startTime":2853.8199999999997,"endTime":2855.8599999999997,"body":"ongoing fee should have an"},{"speaker":"Andy Hart","startTime":2853.8199999999997,"endTime":2855.8599999999997,"body":"annual planning meeting. I"},{"speaker":"Andy Hart","startTime":2855.92,"endTime":2859.06,"body":"appreciate that some will be a"},{"speaker":"Andy Hart","startTime":2855.92,"endTime":2859.06,"body":"bit more light touch than others"},{"speaker":"Andy Hart","startTime":2859.18,"endTime":2861.7,"body":"that have got a lot of moving"},{"speaker":"Andy Hart","startTime":2859.18,"endTime":2861.7,"body":"parts and a lot of things going"},{"speaker":"Andy Hart","startTime":2861.7,"endTime":2866.14,"body":"on, but this is going to then"},{"speaker":"Andy Hart","startTime":2861.7,"endTime":2866.14,"body":"play into there being more"},{"speaker":"Andy Hart","startTime":2866.14,"endTime":2869.56,"body":"orphan clients that can't get"},{"speaker":"Andy Hart","startTime":2866.14,"endTime":2869.56,"body":"looked after by advisors. For"},{"speaker":"Andy Hart","startTime":2869.56,"endTime":2873.8199999999997,"body":"whatever reason, our regulatory"},{"speaker":"Andy Hart","startTime":2869.56,"endTime":2873.8199999999997,"body":"burden just increases, and the"},{"speaker":"Andy Hart","startTime":2873.8199999999997,"endTime":2877.2,"body":"advisor or the in or the out"},{"speaker":"Andy Hart","startTime":2873.8199999999997,"endTime":2877.2,"body":"there in the real world, the"},{"speaker":"Andy Hart","startTime":2877.2,"endTime":2882.0,"body":"wealth gap increases. I"},{"speaker":"Andy Hart","startTime":2877.2,"endTime":2882.0,"body":"understand regulation are sort"},{"speaker":"Andy Hart","startTime":2882.0,"endTime":2884.46,"body":"of caught in a bind where they"},{"speaker":"Andy Hart","startTime":2882.0,"endTime":2884.46,"body":"want to increase the regulation"},{"speaker":"Andy Hart","startTime":2884.46,"endTime":2889.02,"body":"at the same time allowing people"},{"speaker":"Andy Hart","startTime":2884.46,"endTime":2889.02,"body":"to receive advice from more"},{"speaker":"Andy Hart","startTime":2889.02,"endTime":2891.8399999999997,"body":"different sources. I understand"},{"speaker":"Andy Hart","startTime":2889.02,"endTime":2891.8399999999997,"body":"there's a, you know, a couple of"},{"speaker":"Andy Hart","startTime":2891.8399999999997,"endTime":2895.5,"body":"years for things to unravel, and"},{"speaker":"Andy Hart","startTime":2891.8399999999997,"endTime":2895.5,"body":"then they sort of realize that"},{"speaker":"Andy Hart","startTime":2895.5,"endTime":2898.04,"body":"things have not worked, and they"},{"speaker":"Andy Hart","startTime":2895.5,"endTime":2898.04,"body":"try and try and try and, you"},{"speaker":"Andy Hart","startTime":2898.04,"endTime":2900.2599999999998,"body":"know, repeat it back together. I"},{"speaker":"Andy Hart","startTime":2898.04,"endTime":2900.2599999999998,"body":"probably think you're on the"},{"speaker":"Andy Hart","startTime":2900.2599999999998,"endTime":2902.96,"body":"extreme level of it. Nick"},{"speaker":"Andy Hart","startTime":2900.2599999999998,"endTime":2902.96,"body":"knowing how tight you run your"},{"speaker":"Andy Hart","startTime":2902.96,"endTime":2907.3399999999997,"body":"business, and this one"},{"speaker":"Andy Hart","startTime":2902.96,"endTime":2907.3399999999997,"body":"individual has been causing you"},{"speaker":"Andy Hart","startTime":2907.3399999999997,"endTime":2909.74,"body":"a bit of, you know, mental"},{"speaker":"Andy Hart","startTime":2907.3399999999997,"endTime":2909.74,"body":"stress, because you're thinking"},{"speaker":"Andy Hart","startTime":2910.1,"endTime":2912.68,"body":"he has been paying. I haven't"},{"speaker":"Andy Hart","startTime":2910.1,"endTime":2912.68,"body":"been seeing him. I have been"},{"speaker":"Andy Hart","startTime":2912.68,"endTime":2915.8599999999997,"body":"offering. He's been turning me"},{"speaker":"Andy Hart","startTime":2912.68,"endTime":2915.8599999999997,"body":"down. But if, you know,"},{"speaker":"Andy Hart","startTime":2915.98,"endTime":2918.94,"body":"regulator knocks on the door. I"},{"speaker":"Andy Hart","startTime":2915.98,"endTime":2918.94,"body":"don't think that will cut it."},{"speaker":"Andy Hart","startTime":2918.94,"endTime":2922.2999999999997,"body":"These days, fortunately, I don't"},{"speaker":"Andy Hart","startTime":2918.94,"endTime":2922.2999999999997,"body":"have that many clients in that"},{"speaker":"Andy Hart","startTime":2922.2999999999997,"endTime":2925.06,"body":"situation. But over the years,"},{"speaker":"Andy Hart","startTime":2922.2999999999997,"endTime":2925.06,"body":"when things have been happening"},{"speaker":"Andy Hart","startTime":2925.06,"endTime":2928.42,"body":"for a personal situation, I have"},{"speaker":"Andy Hart","startTime":2925.06,"endTime":2928.42,"body":"offered and they said, Andy,"},{"speaker":"Andy Hart","startTime":2928.42,"endTime":2931.0,"body":"things going on at the moment,"},{"speaker":"Andy Hart","startTime":2928.42,"endTime":2931.0,"body":"I've got a kidney transplant"},{"speaker":"Andy Hart","startTime":2931.0,"endTime":2933.04,"body":"going on. I don't want to come"},{"speaker":"Andy Hart","startTime":2931.0,"endTime":2933.04,"body":"and see you. No, you have to"},{"speaker":"Andy Hart","startTime":2933.04,"endTime":2935.2,"body":"come to see me, because my"},{"speaker":"Andy Hart","startTime":2933.04,"endTime":2935.2,"body":"regulator says, If you don't,"},{"speaker":"Andy Hart","startTime":2935.2,"endTime":2937.74,"body":"I'm going to disengage you at"},{"speaker":"Andy Hart","startTime":2935.2,"endTime":2937.74,"body":"the time when you could do"},{"speaker":"Andy Hart","startTime":2937.74,"endTime":2940.62,"body":"without all the stress in your"},{"speaker":"Andy Hart","startTime":2937.74,"endTime":2940.62,"body":"life. Yeah. So it is an"},{"speaker":"Andy Hart","startTime":2940.62,"endTime":2943.5,"body":"important point. Nick and a lot"},{"speaker":"Andy Hart","startTime":2940.62,"endTime":2943.5,"body":"of advisors will be struggling"},{"speaker":"Andy Hart","startTime":2943.5,"endTime":2946.74,"body":"with it. Carl or Alan, I know,"},{"speaker":"Andy Hart","startTime":2943.5,"endTime":2946.74,"body":"yeah, I"},{"speaker":"Carl Widger","startTime":2946.74,"endTime":2949.98,"body":"think it's, I just"},{"speaker":"Carl Widger","startTime":2946.74,"endTime":2949.98,"body":"push back maybe a small bit,"},{"speaker":"Carl Widger","startTime":2949.98,"endTime":2954.2999999999997,"body":"right? So I have a client, one"},{"speaker":"Carl Widger","startTime":2949.98,"endTime":2954.2999999999997,"body":"of our biggest clients, who"},{"speaker":"Carl Widger","startTime":2954.2999999999997,"endTime":2957.2599999999998,"body":"doesn't want to see me. He's,"},{"speaker":"Carl Widger","startTime":2954.2999999999997,"endTime":2957.2599999999998,"body":"he's gone and set up another"},{"speaker":"Carl Widger","startTime":2957.2599999999998,"endTime":2961.64,"body":"business. And he's really,"},{"speaker":"Carl Widger","startTime":2957.2599999999998,"endTime":2961.64,"body":"really busy setting up this"},{"speaker":"Carl Widger","startTime":2961.64,"endTime":2966.3199999999997,"body":"other business. He He's part of"},{"speaker":"Carl Widger","startTime":2961.64,"endTime":2966.3199999999997,"body":"our client advisory panel. He"},{"speaker":"Carl Widger","startTime":2966.3199999999997,"endTime":2970.64,"body":"actually comes along to that"},{"speaker":"Carl Widger","startTime":2966.3199999999997,"endTime":2970.64,"body":"participates fully in it. And"},{"speaker":"Carl Widger","startTime":2970.64,"endTime":2974.18,"body":"then he's just not look it's I"},{"speaker":"Carl Widger","startTime":2970.64,"endTime":2974.18,"body":"trust you, it's fine. I can see"},{"speaker":"Carl Widger","startTime":2974.18,"endTime":2975.2,"body":"it online. And so I've got"},{"speaker":"Andy Hart","startTime":2975.199,"endTime":2978.5789999999997,"body":"all that to push back"},{"speaker":"Andy Hart","startTime":2975.199,"endTime":2978.5789999999997,"body":"in our regulation, consumer"},{"speaker":"Andy Hart","startTime":2978.5789999999997,"endTime":2982.719,"body":"duty, is so hot on all of this"},{"speaker":"Andy Hart","startTime":2978.5789999999997,"endTime":2982.719,"body":"and all the big firms, are you?"},{"speaker":"Andy Hart","startTime":2982.719,"endTime":2983.019,"body":"Yes,"},{"speaker":"Alan Smith","startTime":2983.68,"endTime":2986.7999999999997,"body":"you would, if you're"},{"speaker":"Alan Smith","startTime":2983.68,"endTime":2986.7999999999997,"body":"in the UK, Carl, unless there"},{"speaker":"Alan Smith","startTime":2986.7999999999997,"endTime":2990.2799999999997,"body":"was a process, there's, there's"},{"speaker":"Alan Smith","startTime":2986.7999999999997,"endTime":2990.2799999999997,"body":"several things, but one of which"},{"speaker":"Alan Smith","startTime":2990.2799999999997,"endTime":2994.24,"body":"you are expected to do is to"},{"speaker":"Alan Smith","startTime":2990.2799999999997,"endTime":2994.24,"body":"undertake a suitability,"},{"speaker":"Andy Hart","startTime":2994.239,"endTime":2996.5389999999998,"body":"suitability of"},{"speaker":"Andy Hart","startTime":2994.239,"endTime":2996.5389999999998,"body":"products. Update view is"},{"speaker":"Andy Hart","startTime":2996.5389999999998,"endTime":2997.019,"body":"everything."},{"speaker":"Alan Smith","startTime":2997.56,"endTime":2999.54,"body":"His circumstances"},{"speaker":"Alan Smith","startTime":2997.56,"endTime":2999.54,"body":"may have changed. Stuff, yeah,"},{"speaker":"Alan Smith","startTime":2999.6,"endTime":3003.8599999999997,"body":"and all the things that you set"},{"speaker":"Alan Smith","startTime":2999.6,"endTime":3003.8599999999997,"body":"up, 1355, years ago may no"},{"speaker":"Alan Smith","startTime":3003.8599999999997,"endTime":3006.44,"body":"longer be appropriate unless"},{"speaker":"Alan Smith","startTime":3003.8599999999997,"endTime":3006.44,"body":"there's some sort of engagement."},{"speaker":"Alan Smith","startTime":3006.44,"endTime":3009.5,"body":"Of course, you know, it's not"},{"speaker":"Alan Smith","startTime":3006.44,"endTime":3009.5,"body":"like, hard and fast after a"},{"speaker":"Alan Smith","startTime":3009.5,"endTime":3009.8599999999997,"body":"year,"},{"speaker":"Nick Lincoln","startTime":3010.399,"endTime":3012.799,"body":"but two years"},{"speaker":"Nick Lincoln","startTime":3010.399,"endTime":3012.799,"body":"later, we meet for a pint,"},{"speaker":"Carl Widger","startTime":3012.7999999999997,"endTime":3014.06,"body":"a good bit like,"},{"speaker":"Alan Smith","startTime":3014.06,"endTime":3019.48,"body":"great, but yeah, has"},{"speaker":"Alan Smith","startTime":3014.06,"endTime":3019.48,"body":"anything changed? That's more"},{"speaker":"Alan Smith","startTime":3019.48,"endTime":3019.66,"body":"than"},{"speaker":"Unknown","startTime":3019.96,"endTime":3022.0,"body":"enough. Carl,"},{"speaker":"Unknown","startTime":3019.96,"endTime":3022.0,"body":"seriously, I"},{"speaker":"Carl Widger","startTime":3022.0,"endTime":3024.7,"body":"go, I go to rugby"},{"speaker":"Carl Widger","startTime":3022.0,"endTime":3024.7,"body":"matches with him and his kids"},{"speaker":"Carl Widger","startTime":3024.7,"endTime":3028.6,"body":"and stuff. So but, but it's"},{"speaker":"Carl Widger","startTime":3024.7,"endTime":3028.6,"body":"like, I don't, and then his wife"},{"speaker":"Carl Widger","startTime":3028.6,"endTime":3035.2599999999998,"body":"goes out to his car. Don't be"},{"speaker":"Carl Widger","startTime":3028.6,"endTime":3035.2599999999998,"body":"talking to me about that. So I'm"},{"speaker":"Carl Widger","startTime":3035.2599999999998,"endTime":3037.92,"body":"like, Oh, guys, come on. You"},{"speaker":"Carl Widger","startTime":3035.2599999999998,"endTime":3037.92,"body":"know, if I had this amount of"},{"speaker":"Carl Widger","startTime":3037.92,"endTime":3040.5,"body":"money in there, but sure, this"},{"speaker":"Carl Widger","startTime":3037.92,"endTime":3040.5,"body":"is why we engage you. We trust"},{"speaker":"Carl Widger","startTime":3040.5,"endTime":3040.74,"body":"you,"},{"speaker":"Unknown","startTime":3041.279,"endTime":3043.019,"body":"full delegators. We get"},{"speaker":"Unknown","startTime":3041.279,"endTime":3043.019,"body":"full delegates."},{"speaker":"Carl Widger","startTime":3045.06,"endTime":3048.2999999999997,"body":"All I'm saying is,"},{"speaker":"Carl Widger","startTime":3045.06,"endTime":3048.2999999999997,"body":"you know, there are, I'm a"},{"speaker":"Carl Widger","startTime":3048.2999999999997,"endTime":3050.64,"body":"little bit like, you Nick, I'm"},{"speaker":"Carl Widger","startTime":3048.2999999999997,"endTime":3050.64,"body":"like, a little kind of guys."},{"speaker":"Carl Widger","startTime":3050.64,"endTime":3054.3599999999997,"body":"You've got to get in. But maybe"},{"speaker":"Carl Widger","startTime":3050.64,"endTime":3054.3599999999997,"body":"there's over regulation, not"},{"speaker":"Carl Widger","startTime":3054.3599999999997,"endTime":3056.4,"body":"maybe there's clearly over"},{"speaker":"Carl Widger","startTime":3054.3599999999997,"endTime":3056.4,"body":"regulation."},{"speaker":"Alan Smith","startTime":3057.24,"endTime":3060.2,"body":"It is. It's sledge"},{"speaker":"Alan Smith","startTime":3057.24,"endTime":3060.2,"body":"hammer to cracking up the"},{"speaker":"Alan Smith","startTime":3060.2,"endTime":3062.66,"body":"example that you've given real"},{"speaker":"Alan Smith","startTime":3060.2,"endTime":3062.66,"body":"life example I know that you"},{"speaker":"Alan Smith","startTime":3062.66,"endTime":3065.66,"body":"shared earlier with this Nick."},{"speaker":"Alan Smith","startTime":3062.66,"endTime":3065.66,"body":"We've all got versions of that,"},{"speaker":"Alan Smith","startTime":3065.66,"endTime":3068.24,"body":"unfortunately, as has been"},{"speaker":"Alan Smith","startTime":3065.66,"endTime":3068.24,"body":"demonstrated by the recent"},{"speaker":"Alan Smith","startTime":3068.24,"endTime":3071.24,"body":"regulatory issues and fines by"},{"speaker":"Alan Smith","startTime":3068.24,"endTime":3071.24,"body":"big company, this has been done"},{"speaker":"Alan Smith","startTime":3071.24,"endTime":3074.66,"body":"at an industrial scale where"},{"speaker":"Alan Smith","startTime":3071.24,"endTime":3074.66,"body":"there was zero attempt to get"},{"speaker":"Alan Smith","startTime":3074.66,"endTime":3077.38,"body":"Yes, absolutely. Whilst. Fees"},{"speaker":"Alan Smith","startTime":3074.66,"endTime":3077.38,"body":"were being taken. And, of"},{"speaker":"Alan Smith","startTime":3077.38,"endTime":3080.7999999999997,"body":"course, us, you know, we just"},{"speaker":"Alan Smith","startTime":3077.38,"endTime":3080.7999999999997,"body":"sort of getting on with it. I'm"},{"speaker":"Alan Smith","startTime":3080.7999999999997,"endTime":3084.04,"body":"getting really worried that this"},{"speaker":"Alan Smith","startTime":3080.7999999999997,"endTime":3084.04,"body":"client sort of begged to see"},{"speaker":"Alan Smith","startTime":3084.4,"endTime":3087.1,"body":"multiple occasions just because"},{"speaker":"Alan Smith","startTime":3084.4,"endTime":3087.1,"body":"things get on with their life. I"},{"speaker":"Alan Smith","startTime":3087.1,"endTime":3089.8599999999997,"body":"think, I don't think you get"},{"speaker":"Alan Smith","startTime":3087.1,"endTime":3089.8599999999997,"body":"about to get struck off anytime"},{"speaker":"Alan Smith","startTime":3089.8599999999997,"endTime":3093.16,"body":"soon. Nick, you might only pay"},{"speaker":"Alan Smith","startTime":3089.8599999999997,"endTime":3093.16,"body":"all the fee that you've taken"},{"speaker":"Alan Smith","startTime":3093.16,"endTime":3094.12,"body":"from him. No,"},{"speaker":"Nick Lincoln","startTime":3095.859,"endTime":3098.219,"body":"okay, right?"},{"speaker":"Nick Lincoln","startTime":3095.859,"endTime":3098.219,"body":"Somewhere. Okay, 5050, minutes"},{"speaker":"Nick Lincoln","startTime":3098.219,"endTime":3103.919,"body":"in Track Pack. So I think we"},{"speaker":"Nick Lincoln","startTime":3098.219,"endTime":3103.919,"body":"better move on to the meat and"},{"speaker":"Nick Lincoln","startTime":3103.919,"endTime":3111.299,"body":"potatoes of episode 65 and for"},{"speaker":"Nick Lincoln","startTime":3103.919,"endTime":3111.299,"body":"this meter potatoes, we are"},{"speaker":"Nick Lincoln","startTime":3111.959,"endTime":3115.199,"body":"we've done it in a certain way"},{"speaker":"Nick Lincoln","startTime":3111.959,"endTime":3115.199,"body":"before we looked at this,"},{"speaker":"Nick Lincoln","startTime":3115.199,"endTime":3118.759,"body":"because it is so So, essential"},{"speaker":"Nick Lincoln","startTime":3115.199,"endTime":3118.759,"body":"to both mature businesses, to"},{"speaker":"Nick Lincoln","startTime":3118.759,"endTime":3123.019,"body":"start ups to multi ri firms to"},{"speaker":"Nick Lincoln","startTime":3118.759,"endTime":3123.019,"body":"single advisor firms, it's"},{"speaker":"Nick Lincoln","startTime":3123.019,"endTime":3129.199,"body":"having a firm and fast, firm"},{"speaker":"Nick Lincoln","startTime":3123.019,"endTime":3129.199,"body":"grip on your numbers, knowing"},{"speaker":"Nick Lincoln","startTime":3129.199,"endTime":3133.399,"body":"your ratios, knowing your"},{"speaker":"Nick Lincoln","startTime":3129.199,"endTime":3133.399,"body":"metrics, and reviewing them and"},{"speaker":"Nick Lincoln","startTime":3133.399,"endTime":3137.259,"body":"making sure you where you want"},{"speaker":"Nick Lincoln","startTime":3133.399,"endTime":3137.259,"body":"to be. And Carl voice de la"},{"speaker":"Nick Lincoln","startTime":3137.259,"endTime":3141.879,"body":"Bucha, you were inspired by"},{"speaker":"Nick Lincoln","startTime":3137.259,"endTime":3141.879,"body":"this, by that oz streak of piss."},{"speaker":"Nick Lincoln","startTime":3141.879,"endTime":3145.5989999999997,"body":"Brett Davidoff, is that his"},{"speaker":"Nick Lincoln","startTime":3141.879,"endTime":3145.5989999999997,"body":"name? Tell your story."},{"speaker":"Carl Widger","startTime":3146.679,"endTime":3150.0989999999997,"body":"Yeah, I'm having a"},{"speaker":"Carl Widger","startTime":3146.679,"endTime":3150.0989999999997,"body":"bromance with Brett Davidson at"},{"speaker":"Carl Widger","startTime":3150.0989999999997,"endTime":3153.399,"body":"the moment, even though he"},{"speaker":"Carl Widger","startTime":3150.0989999999997,"endTime":3153.399,"body":"doesn't know, right? But I go"},{"speaker":"Carl Widger","startTime":3153.399,"endTime":3157.679,"body":"through periods where I get"},{"speaker":"Carl Widger","startTime":3153.399,"endTime":3157.679,"body":"infatuated by certain people are"},{"speaker":"Carl Widger","startTime":3157.679,"endTime":3160.199,"body":"pieces of content, and I'm"},{"speaker":"Carl Widger","startTime":3157.679,"endTime":3160.199,"body":"reading Brett stuff, and I'm"},{"speaker":"Carl Widger","startTime":3160.199,"endTime":3163.739,"body":"like, going, this is really,"},{"speaker":"Carl Widger","startTime":3160.199,"endTime":3163.739,"body":"really good. And lo and behold,"},{"speaker":"Carl Widger","startTime":3163.739,"endTime":3166.379,"body":"I mentioned him, I think, in the"},{"speaker":"Carl Widger","startTime":3163.739,"endTime":3166.379,"body":"last episode, or maybe the one"},{"speaker":"Carl Widger","startTime":3166.379,"endTime":3169.259,"body":"before that, I'm not sure, but"},{"speaker":"Carl Widger","startTime":3166.379,"endTime":3169.259,"body":"he then comes out with another"},{"speaker":"Carl Widger","startTime":3169.259,"endTime":3172.1389999999997,"body":"blog, so he reads my mind. Alan"},{"speaker":"Carl Widger","startTime":3169.259,"endTime":3172.1389999999997,"body":"has said this before, right?"},{"speaker":"Carl Widger","startTime":3172.979,"endTime":3176.159,"body":"He's like, managing your"},{"speaker":"Carl Widger","startTime":3172.979,"endTime":3176.159,"body":"numbers, or knowing your"},{"speaker":"Carl Widger","startTime":3176.159,"endTime":3179.659,"body":"numbers, I think it was called,"},{"speaker":"Carl Widger","startTime":3176.159,"endTime":3179.659,"body":"and I was like, Yeah, I have"},{"speaker":"Carl Widger","startTime":3179.659,"endTime":3185.419,"body":"always been literally obsessed"},{"speaker":"Carl Widger","startTime":3179.659,"endTime":3185.419,"body":"with the numbers so I can sit in"},{"speaker":"Carl Widger","startTime":3185.419,"endTime":3188.779,"body":"front and look at the numbers"},{"speaker":"Carl Widger","startTime":3185.419,"endTime":3188.779,"body":"for the business. I've always"},{"speaker":"Carl Widger","startTime":3188.779,"endTime":3192.6189999999997,"body":"been like this. And for me, it's"},{"speaker":"Carl Widger","startTime":3188.779,"endTime":3192.6189999999997,"body":"like to look at the progress, to"},{"speaker":"Carl Widger","startTime":3192.6189999999997,"endTime":3196.659,"body":"try and find trends when there"},{"speaker":"Carl Widger","startTime":3192.6189999999997,"endTime":3196.659,"body":"are no trends at all. But, you"},{"speaker":"Carl Widger","startTime":3196.659,"endTime":3200.019,"body":"know, just to really track"},{"speaker":"Carl Widger","startTime":3196.659,"endTime":3200.019,"body":"everything as best as I possibly"},{"speaker":"Carl Widger","startTime":3200.019,"endTime":3205.0589999999997,"body":"can, and I perhaps into the"},{"speaker":"Carl Widger","startTime":3200.019,"endTime":3205.0589999999997,"body":"nitty gritty, didn't do that"},{"speaker":"Carl Widger","startTime":3205.1189999999997,"endTime":3209.6189999999997,"body":"much in the last few years. And"},{"speaker":"Carl Widger","startTime":3205.1189999999997,"endTime":3209.6189999999997,"body":"I'm kind of going, you know, I"},{"speaker":"Carl Widger","startTime":3209.6189999999997,"endTime":3212.859,"body":"think I'll go back and start"},{"speaker":"Carl Widger","startTime":3209.6189999999997,"endTime":3212.859,"body":"looking doing deep dive stuff."},{"speaker":"Carl Widger","startTime":3212.859,"endTime":3215.979,"body":"So I just thought about, you"},{"speaker":"Carl Widger","startTime":3212.859,"endTime":3215.979,"body":"know, what would I recommend"},{"speaker":"Carl Widger","startTime":3215.979,"endTime":3219.959,"body":"people look at are, are what has"},{"speaker":"Carl Widger","startTime":3215.979,"endTime":3219.959,"body":"worked for me in terms of what I"},{"speaker":"Carl Widger","startTime":3219.959,"endTime":3225.299,"body":"look at and just so I just go"},{"speaker":"Carl Widger","startTime":3219.959,"endTime":3225.299,"body":"through a few and then we'd kind"},{"speaker":"Carl Widger","startTime":3225.359,"endTime":3227.5789999999997,"body":"of, we'll kick this around a"},{"speaker":"Carl Widger","startTime":3225.359,"endTime":3227.5789999999997,"body":"little bit ourselves. But for"},{"speaker":"Carl Widger","startTime":3227.5789999999997,"endTime":3230.699,"body":"me, and I know some people go,"},{"speaker":"Carl Widger","startTime":3227.5789999999997,"endTime":3230.699,"body":"you shouldn't look at your"},{"speaker":"Carl Widger","startTime":3230.699,"endTime":3237.319,"body":"business in terms of a U M every"},{"speaker":"Carl Widger","startTime":3230.699,"endTime":3237.319,"body":"day, I look at the A u m in the"},{"speaker":"Carl Widger","startTime":3237.319,"endTime":3242.779,"body":"business. Every day, everybody"},{"speaker":"Carl Widger","startTime":3237.319,"endTime":3242.779,"body":"in my business looks at the Aum"},{"speaker":"Carl Widger","startTime":3242.779,"endTime":3248.179,"body":"in the business. Every day, each"},{"speaker":"Carl Widger","startTime":3242.779,"endTime":3248.179,"body":"pod looks at the Aum they manage"},{"speaker":"Carl Widger","startTime":3248.239,"endTime":3250.999,"body":"in our business. And it's like"},{"speaker":"Carl Widger","startTime":3248.239,"endTime":3250.999,"body":"looking all together,"},{"speaker":"Andy Hart","startTime":3251.0,"endTime":3253.64,"body":"and there's music in"},{"speaker":"Andy Hart","startTime":3251.0,"endTime":3253.64,"body":"the background, and you just"},{"speaker":"Andy Hart","startTime":3254.24,"endTime":3254.8399999999997,"body":"know you have"},{"speaker":"Carl Widger","startTime":3254.8399999999997,"endTime":3257.08,"body":"to, you have to log"},{"speaker":"Carl Widger","startTime":3254.8399999999997,"endTime":3257.08,"body":"in, right? The first thing you"},{"speaker":"Carl Widger","startTime":3257.08,"endTime":3260.3199999999997,"body":"do when you log in is you open"},{"speaker":"Carl Widger","startTime":3257.08,"endTime":3260.3199999999997,"body":"up what we call tishken twitch."},{"speaker":"Carl Widger","startTime":3260.44,"endTime":3263.2599999999998,"body":"You boys have seen this"},{"speaker":"Carl Widger","startTime":3260.44,"endTime":3263.2599999999998,"body":"beautiful, yeah, very"},{"speaker":"Unknown","startTime":3265.239,"endTime":3266.919,"body":"impressive software,"},{"speaker":"Unknown","startTime":3265.239,"endTime":3266.919,"body":"yeah,"},{"speaker":"Carl Widger","startTime":3267.1,"endTime":3270.46,"body":"and everyone opens"},{"speaker":"Carl Widger","startTime":3267.1,"endTime":3270.46,"body":"that up. And the first big box"},{"speaker":"Carl Widger","startTime":3270.46,"endTime":3274.66,"body":"in the top left hand corner is"},{"speaker":"Carl Widger","startTime":3270.46,"endTime":3274.66,"body":"our assets under management. Now"},{"speaker":"Carl Widger","startTime":3274.7799999999997,"endTime":3279.06,"body":"it is like looking at the"},{"speaker":"Carl Widger","startTime":3274.7799999999997,"endTime":3279.06,"body":"temperature and the weather"},{"speaker":"Carl Widger","startTime":3279.06,"endTime":3282.24,"body":"forecast on your phone, right?"},{"speaker":"Carl Widger","startTime":3279.06,"endTime":3282.24,"body":"It doesn't give you is it"},{"speaker":"Carl Widger","startTime":3282.24,"endTime":3286.98,"body":"raining? Is it, you know? Is it"},{"speaker":"Carl Widger","startTime":3282.24,"endTime":3286.98,"body":"rain coming? Is a windy what is"},{"speaker":"Carl Widger","startTime":3286.98,"endTime":3289.3199999999997,"body":"there? High pressure, low"},{"speaker":"Carl Widger","startTime":3286.98,"endTime":3289.3199999999997,"body":"pressure. So it is just"},{"speaker":"Carl Widger","startTime":3289.3199999999997,"endTime":3293.7599999999998,"body":"literally kind of snapshot in"},{"speaker":"Carl Widger","startTime":3289.3199999999997,"endTime":3293.7599999999998,"body":"time, so, like, it doesn't break"},{"speaker":"Carl Widger","startTime":3293.7599999999998,"endTime":3298.46,"body":"down. Well, what was in the last"},{"speaker":"Carl Widger","startTime":3293.7599999999998,"endTime":3298.46,"body":"12 months? What assets under"},{"speaker":"Carl Widger","startTime":3298.46,"endTime":3301.88,"body":"management did we actually bring"},{"speaker":"Carl Widger","startTime":3298.46,"endTime":3301.88,"body":"in? So what new business did we"},{"speaker":"Carl Widger","startTime":3301.88,"endTime":3305.66,"body":"bring in versus what is the"},{"speaker":"Carl Widger","startTime":3301.88,"endTime":3305.66,"body":"market growth? It just lumps"},{"speaker":"Carl Widger","startTime":3305.66,"endTime":3308.54,"body":"everything in together. So"},{"speaker":"Carl Widger","startTime":3305.66,"endTime":3308.54,"body":"obviously, then when I drill"},{"speaker":"Carl Widger","startTime":3308.54,"endTime":3312.08,"body":"down, Patty O'Halloran is our"},{"speaker":"Carl Widger","startTime":3308.54,"endTime":3312.08,"body":"head of finance. He does a"},{"speaker":"Carl Widger","startTime":3312.08,"endTime":3315.14,"body":"report every month, right in"},{"speaker":"Carl Widger","startTime":3312.08,"endTime":3315.14,"body":"terms of, well, what was our"},{"speaker":"Carl Widger","startTime":3315.14,"endTime":3317.92,"body":"revenue for the month? What was"},{"speaker":"Carl Widger","startTime":3315.14,"endTime":3317.92,"body":"the revenue for the last 12"},{"speaker":"Carl Widger","startTime":3317.92,"endTime":3321.46,"body":"months? What are the overheads"},{"speaker":"Carl Widger","startTime":3317.92,"endTime":3321.46,"body":"for that month, for the last 12"},{"speaker":"Carl Widger","startTime":3321.46,"endTime":3325.96,"body":"months, and what's the salary"},{"speaker":"Carl Widger","startTime":3321.46,"endTime":3325.96,"body":"role, including bonuses, all"},{"speaker":"Carl Widger","startTime":3325.96,"endTime":3329.38,"body":"that kind of stuff. What's our"},{"speaker":"Carl Widger","startTime":3325.96,"endTime":3329.38,"body":"gross profit? What's our net"},{"speaker":"Carl Widger","startTime":3329.38,"endTime":3334.06,"body":"profit? But then we drill into"},{"speaker":"Carl Widger","startTime":3329.38,"endTime":3334.06,"body":"what's the Aum per pod, right?"},{"speaker":"Carl Widger","startTime":3334.06,"endTime":3337.38,"body":"So a pod, if I've said this"},{"speaker":"Carl Widger","startTime":3334.06,"endTime":3337.38,"body":"before, is our private client"},{"speaker":"Carl Widger","startTime":3337.38,"endTime":3339.96,"body":"manager, our financial planner"},{"speaker":"Carl Widger","startTime":3337.38,"endTime":3339.96,"body":"and our client service person."},{"speaker":"Carl Widger","startTime":3339.96,"endTime":3344.58,"body":"So we put three people around"},{"speaker":"Carl Widger","startTime":3339.96,"endTime":3344.58,"body":"every client family. So each pod"},{"speaker":"Carl Widger","startTime":3344.58,"endTime":3347.8199999999997,"body":"manages a certain amount of"},{"speaker":"Carl Widger","startTime":3344.58,"endTime":3347.8199999999997,"body":"assets under management. I know"},{"speaker":"Carl Widger","startTime":3347.8199999999997,"endTime":3350.52,"body":"exactly how much each pod"},{"speaker":"Carl Widger","startTime":3347.8199999999997,"endTime":3350.52,"body":"manages and how many"},{"speaker":"Carl Widger","startTime":3350.52,"endTime":3354.96,"body":"relationships that each pod has."},{"speaker":"Carl Widger","startTime":3350.52,"endTime":3354.96,"body":"I know what's the initial"},{"speaker":"Carl Widger","startTime":3354.96,"endTime":3359.12,"body":"income, what's the recurring"},{"speaker":"Carl Widger","startTime":3354.96,"endTime":3359.12,"body":"income, and what's the fee"},{"speaker":"Carl Widger","startTime":3359.12,"endTime":3363.02,"body":"income for each pod every single"},{"speaker":"Carl Widger","startTime":3359.12,"endTime":3363.02,"body":"month. I know what that number"},{"speaker":"Carl Widger","startTime":3363.02,"endTime":3366.02,"body":"is for the business every single"},{"speaker":"Carl Widger","startTime":3363.02,"endTime":3366.02,"body":"month. I know what the"},{"speaker":"Carl Widger","startTime":3366.02,"endTime":3369.5,"body":"persistency rate is across the"},{"speaker":"Carl Widger","startTime":3366.02,"endTime":3369.5,"body":"business. Now, that's really,"},{"speaker":"Carl Widger","startTime":3369.5,"endTime":3372.68,"body":"really good. And we spoke kind"},{"speaker":"Carl Widger","startTime":3369.5,"endTime":3372.68,"body":"of offline about this. You know,"},{"speaker":"Carl Widger","startTime":3372.68,"endTime":3376.6,"body":"that's one that I'd be really,"},{"speaker":"Carl Widger","startTime":3372.68,"endTime":3376.6,"body":"really tracking for. Very, very"},{"speaker":"Carl Widger","startTime":3376.6,"endTime":3381.8199999999997,"body":"closely, you know, to see, for"},{"speaker":"Carl Widger","startTime":3376.6,"endTime":3381.8199999999997,"body":"example, is one particular pod,"},{"speaker":"Carl Widger","startTime":3381.88,"endTime":3385.0,"body":"you know, having a little bit of"},{"speaker":"Carl Widger","startTime":3381.88,"endTime":3385.0,"body":"a problem or not? Thankfully,"},{"speaker":"Carl Widger","startTime":3385.0,"endTime":3387.7599999999998,"body":"touch wood, we haven't. But I"},{"speaker":"Carl Widger","startTime":3385.0,"endTime":3387.7599999999998,"body":"think that that that's one I"},{"speaker":"Carl Widger","startTime":3387.7599999999998,"endTime":3391.0,"body":"become, keeping a very close eye"},{"speaker":"Carl Widger","startTime":3387.7599999999998,"endTime":3391.0,"body":"on as we grow the business and"},{"speaker":"Carl Widger","startTime":3391.0,"endTime":3392.2,"body":"get bigger and bigger"},{"speaker":"Andy Hart","startTime":3392.739,"endTime":3396.899,"body":"in clients, leaving"},{"speaker":"Andy Hart","startTime":3392.739,"endTime":3396.899,"body":"Cole, yeah, retention rate and"},{"speaker":"Andy Hart","startTime":3396.899,"endTime":3398.159,"body":"stuff, yeah, yeah."},{"speaker":"Carl Widger","startTime":3398.16,"endTime":3401.58,"body":"So who have we"},{"speaker":"Carl Widger","startTime":3398.16,"endTime":3401.58,"body":"lost? And then, so I do, then,"},{"speaker":"Carl Widger","startTime":3401.58,"endTime":3401.8199999999997,"body":"why"},{"speaker":"Andy Hart","startTime":3402.239,"endTime":3404.159,"body":"even big businesses?"},{"speaker":"Andy Hart","startTime":3402.239,"endTime":3404.159,"body":"That's very low in this"},{"speaker":"Andy Hart","startTime":3404.159,"endTime":3407.339,"body":"business, isn't it even? Even"},{"speaker":"Andy Hart","startTime":3404.159,"endTime":3407.339,"body":"bad big, big businesses in this"},{"speaker":"Andy Hart","startTime":3407.339,"endTime":3409.739,"body":"space? But yeah, yeah, it is,"},{"speaker":"Andy Hart","startTime":3407.339,"endTime":3409.739,"body":"but"},{"speaker":"Carl Widger","startTime":3410.0389999999998,"endTime":3412.6189999999997,"body":"there are a few."},{"speaker":"Carl Widger","startTime":3410.0389999999998,"endTime":3412.6189999999997,"body":"And then I try and find out,"},{"speaker":"Carl Widger","startTime":3412.6189999999997,"endTime":3415.379,"body":"well, what are the reasons? So I"},{"speaker":"Carl Widger","startTime":3412.6189999999997,"endTime":3415.379,"body":"take it personally, yeah, no, I"},{"speaker":"Carl Widger","startTime":3415.379,"endTime":3420.6189999999997,"body":"probably shouldn't, but I do,"},{"speaker":"Carl Widger","startTime":3415.379,"endTime":3420.6189999999997,"body":"right? So I Yeah, and look, I"},{"speaker":"Carl Widger","startTime":3420.6189999999997,"endTime":3423.679,"body":"know every, every private client"},{"speaker":"Carl Widger","startTime":3420.6189999999997,"endTime":3423.679,"body":"manager goes as I have to go to"},{"speaker":"Carl Widger","startTime":3423.679,"endTime":3426.5589999999997,"body":"card on this now, even if they"},{"speaker":"Carl Widger","startTime":3423.679,"endTime":3426.5589999999997,"body":"lose a very small client, they"},{"speaker":"Carl Widger","startTime":3426.5589999999997,"endTime":3429.259,"body":"still have to come and do a"},{"speaker":"Carl Widger","startTime":3426.5589999999997,"endTime":3429.259,"body":"report and tell me why, and all"},{"speaker":"Carl Widger","startTime":3429.319,"endTime":3432.859,"body":"that kind of stuff with a"},{"speaker":"Carl Widger","startTime":3429.319,"endTime":3432.859,"body":"pipeline, right then, right? So,"},{"speaker":"Carl Widger","startTime":3432.859,"endTime":3435.6189999999997,"body":"and when you click into the"},{"speaker":"Carl Widger","startTime":3432.859,"endTime":3435.6189999999997,"body":"pipeline, so obviously, on the"},{"speaker":"Carl Widger","startTime":3435.6189999999997,"endTime":3438.0389999999998,"body":"one hand, I have the Aum number,"},{"speaker":"Carl Widger","startTime":3435.6189999999997,"endTime":3438.0389999999998,"body":"and then the other hand, the"},{"speaker":"Carl Widger","startTime":3438.0389999999998,"endTime":3440.6189999999997,"body":"other corner, I have the"},{"speaker":"Carl Widger","startTime":3438.0389999999998,"endTime":3440.6189999999997,"body":"pipeline number, okay, so that"},{"speaker":"Carl Widger","startTime":3440.6189999999997,"endTime":3443.799,"body":"will give me what's the"},{"speaker":"Carl Widger","startTime":3440.6189999999997,"endTime":3443.799,"body":"immediate health of the business"},{"speaker":"Carl Widger","startTime":3443.799,"endTime":3447.159,"body":"looking like when I click into"},{"speaker":"Carl Widger","startTime":3443.799,"endTime":3447.159,"body":"the pipeline. Then I can see"},{"speaker":"Carl Widger","startTime":3447.6389999999997,"endTime":3452.199,"body":"where each case is, and there'll"},{"speaker":"Carl Widger","startTime":3447.6389999999997,"endTime":3452.199,"body":"be like, there's definitely more"},{"speaker":"Carl Widger","startTime":3452.199,"endTime":3455.919,"body":"than 100 in there, right? In"},{"speaker":"Carl Widger","startTime":3452.199,"endTime":3455.919,"body":"terms of, have we met them for"},{"speaker":"Carl Widger","startTime":3455.919,"endTime":3458.879,"body":"coffee? Have we signed a, have"},{"speaker":"Carl Widger","startTime":3455.919,"endTime":3458.879,"body":"we completed a getting to know"},{"speaker":"Carl Widger","startTime":3458.879,"endTime":3461.999,"body":"you questionnaire. Is a"},{"speaker":"Carl Widger","startTime":3458.879,"endTime":3461.999,"body":"recommendation complete? Are we"},{"speaker":"Carl Widger","startTime":3462.1189999999997,"endTime":3464.519,"body":"in post recommendation? Are we"},{"speaker":"Carl Widger","startTime":3462.1189999999997,"endTime":3464.519,"body":"waiting for a decision? Are we"},{"speaker":"Carl Widger","startTime":3464.519,"endTime":3468.779,"body":"in implementation and we put a"},{"speaker":"Carl Widger","startTime":3464.519,"endTime":3468.779,"body":"percentage? What's the likely"},{"speaker":"Carl Widger","startTime":3468.779,"endTime":3472.799,"body":"percentage of closing that"},{"speaker":"Carl Widger","startTime":3468.779,"endTime":3472.799,"body":"business beside that number? So"},{"speaker":"Carl Widger","startTime":3472.799,"endTime":3476.6389999999997,"body":"that I have a real sense of you"},{"speaker":"Carl Widger","startTime":3472.799,"endTime":3476.6389999999997,"body":"know, not people putting in? Oh,"},{"speaker":"Carl Widger","startTime":3476.6389999999997,"endTime":3479.779,"body":"yeah. I met Alan Smith, and he"},{"speaker":"Carl Widger","startTime":3476.6389999999997,"endTime":3479.779,"body":"said he might do 5 million with"},{"speaker":"Carl Widger","startTime":3479.779,"endTime":3483.259,"body":"us next. You know, it's, it's"},{"speaker":"Carl Widger","startTime":3479.779,"endTime":3483.259,"body":"much more accurate than that."},{"speaker":"Carl Widger","startTime":3483.679,"endTime":3487.939,"body":"And then I think, you know, the"},{"speaker":"Carl Widger","startTime":3483.679,"endTime":3487.939,"body":"the one which is a little bit"},{"speaker":"Carl Widger","startTime":3487.939,"endTime":3492.919,"body":"Wolf of Wall Street, I guess,"},{"speaker":"Carl Widger","startTime":3487.939,"endTime":3492.919,"body":"but has been hugely part of our"},{"speaker":"Carl Widger","startTime":3492.919,"endTime":3496.359,"body":"success story, is because we're"},{"speaker":"Carl Widger","startTime":3492.919,"endTime":3496.359,"body":"trying to grow. Alan has seen"},{"speaker":"Carl Widger","startTime":3496.359,"endTime":3499.479,"body":"this in action because he was"},{"speaker":"Carl Widger","startTime":3496.359,"endTime":3499.479,"body":"there when I I was we presented"},{"speaker":"Carl Widger","startTime":3499.479,"endTime":3502.719,"body":"it to the team. Um or not,"},{"speaker":"Carl Widger","startTime":3499.479,"endTime":3502.719,"body":"presented it, but we go through"},{"speaker":"Carl Widger","startTime":3502.719,"endTime":3506.199,"body":"our numbers. So every single we"},{"speaker":"Carl Widger","startTime":3502.719,"endTime":3506.199,"body":"have a big, huge board in the"},{"speaker":"Carl Widger","startTime":3506.199,"endTime":3510.279,"body":"office, and each uh pod is"},{"speaker":"Carl Widger","startTime":3506.199,"endTime":3510.279,"body":"listed. So the private client"},{"speaker":"Carl Widger","startTime":3510.279,"endTime":3514.0589999999997,"body":"manager and their assets under"},{"speaker":"Carl Widger","startTime":3510.279,"endTime":3514.0589999999997,"body":"management for the month and"},{"speaker":"Carl Widger","startTime":3514.0589999999997,"endTime":3517.379,"body":"year to date, and their income"},{"speaker":"Carl Widger","startTime":3514.0589999999997,"endTime":3517.379,"body":"for the month and year to date"},{"speaker":"Carl Widger","startTime":3517.379,"endTime":3523.439,"body":"is there. And that board used to"},{"speaker":"Carl Widger","startTime":3517.379,"endTime":3523.439,"body":"only have two, three of us. Now"},{"speaker":"Carl Widger","startTime":3523.439,"endTime":3527.279,"body":"there's a lot more people on"},{"speaker":"Carl Widger","startTime":3523.439,"endTime":3527.279,"body":"that board. And the the what"},{"speaker":"Carl Widger","startTime":3527.279,"endTime":3530.219,"body":"you're trying to do is get a"},{"speaker":"Carl Widger","startTime":3527.279,"endTime":3530.219,"body":"green so you're either green or"},{"speaker":"Carl Widger","startTime":3530.219,"endTime":3532.6189999999997,"body":"you're red, because you're"},{"speaker":"Carl Widger","startTime":3530.219,"endTime":3532.6189999999997,"body":"either on or above target or"},{"speaker":"Carl Widger","startTime":3532.6189999999997,"endTime":3537.799,"body":"you're below target. And last"},{"speaker":"Carl Widger","startTime":3532.6189999999997,"endTime":3537.799,"body":"year was enormously successful"},{"speaker":"Carl Widger","startTime":3537.799,"endTime":3541.399,"body":"for us, and we had green the"},{"speaker":"Carl Widger","startTime":3537.799,"endTime":3541.399,"body":"whole way across the board,"},{"speaker":"Carl Widger","startTime":3541.399,"endTime":3545.479,"body":"which was sensational. So"},{"speaker":"Carl Widger","startTime":3541.399,"endTime":3545.479,"body":"they're the things that we"},{"speaker":"Carl Widger","startTime":3545.479,"endTime":3552.379,"body":"track. There's obviously there's"},{"speaker":"Carl Widger","startTime":3545.479,"endTime":3552.379,"body":"more, but I think they're good"},{"speaker":"Carl Widger","startTime":3552.379,"endTime":3553.399,"body":"for starters anyway,"},{"speaker":"Andy Hart","startTime":3553.819,"endTime":3556.899,"body":"without getting into"},{"speaker":"Andy Hart","startTime":3553.819,"endTime":3556.899,"body":"too much detail, Carl, do you"},{"speaker":"Andy Hart","startTime":3556.899,"endTime":3560.019,"body":"have a simple bonus structure"},{"speaker":"Andy Hart","startTime":3556.899,"endTime":3560.019,"body":"for the more successful"},{"speaker":"Andy Hart","startTime":3560.019,"endTime":3567.999,"body":"salespeople in your"},{"speaker":"Andy Hart","startTime":3560.019,"endTime":3567.999,"body":"organization? Yeah? Yeah, cool."},{"speaker":"Andy Hart","startTime":3568.0589999999997,"endTime":3570.459,"body":"All right, fine. It's simple."},{"speaker":"Andy Hart","startTime":3568.0589999999997,"endTime":3570.459,"body":"Everyone knows what's going on."},{"speaker":"Andy Hart","startTime":3570.699,"endTime":3574.299,"body":"But here's the marker. Here's"},{"speaker":"Andy Hart","startTime":3570.699,"endTime":3574.299,"body":"the bit above. It's not based on"},{"speaker":"Andy Hart","startTime":3574.299,"endTime":3577.379,"body":"what you three years ago, minus"},{"speaker":"Andy Hart","startTime":3574.299,"endTime":3577.379,"body":"this and you know, back, no, no,"},{"speaker":"Andy Hart","startTime":3577.379,"endTime":3579.359,"body":"no, let me, let me cycles and"},{"speaker":"Andy Hart","startTime":3577.379,"endTime":3579.359,"body":"no,"},{"speaker":"Carl Widger","startTime":3579.6,"endTime":3581.52,"body":"let me, let me"},{"speaker":"Carl Widger","startTime":3579.6,"endTime":3581.52,"body":"know. No. Do you know what?"},{"speaker":"Carl Widger","startTime":3581.52,"endTime":3586.08,"body":"Andy, that is a very fair point."},{"speaker":"Carl Widger","startTime":3581.52,"endTime":3586.08,"body":"I used to have, like, like, 10"},{"speaker":"Carl Widger","startTime":3586.08,"endTime":3588.8399999999997,"body":"years ago. And when you get"},{"speaker":"Carl Widger","startTime":3586.08,"endTime":3588.8399999999997,"body":"beyond this now you get that,"},{"speaker":"Carl Widger","startTime":3588.9,"endTime":3593.3399999999997,"body":"when you get and when people"},{"speaker":"Carl Widger","startTime":3588.9,"endTime":3593.3399999999997,"body":"were walking into my office, I"},{"speaker":"Carl Widger","startTime":3593.3399999999997,"endTime":3595.92,"body":"couldn't remember what deals"},{"speaker":"Carl Widger","startTime":3593.3399999999997,"endTime":3595.92,"body":"they were on, right? So they"},{"speaker":"Carl Widger","startTime":3595.92,"endTime":3599.06,"body":"were struggling themselves. So"},{"speaker":"Carl Widger","startTime":3595.92,"endTime":3599.06,"body":"yeah, it's a very fair point I"},{"speaker":"Carl Widger","startTime":3599.06,"endTime":3601.64,"body":"do, and it's the same across the"},{"speaker":"Carl Widger","startTime":3599.06,"endTime":3601.64,"body":"board, I would say."},{"speaker":"Andy Hart","startTime":3601.94,"endTime":3603.68,"body":"But the more"},{"speaker":"Andy Hart","startTime":3601.94,"endTime":3603.68,"body":"successful people earn more"},{"speaker":"Andy Hart","startTime":3604.1,"endTime":3606.68,"body":"money, they're incentivized."},{"speaker":"Andy Hart","startTime":3604.1,"endTime":3606.68,"body":"Clearly, yeah, yeah, good, yeah,"},{"speaker":"Andy Hart","startTime":3606.68,"endTime":3611.54,"body":"exactly. Cool. All right, I'll"},{"speaker":"Andy Hart","startTime":3606.68,"endTime":3611.54,"body":"take the next point as a solo"},{"speaker":"Andy Hart","startTime":3611.6,"endTime":3615.2599999999998,"body":"advisor, I wouldn't say I'm"},{"speaker":"Andy Hart","startTime":3611.6,"endTime":3615.2599999999998,"body":"obsessed with the numbers, but"},{"speaker":"Andy Hart","startTime":3615.2599999999998,"endTime":3618.58,"body":"I've got a pretty good grasp of"},{"speaker":"Andy Hart","startTime":3615.2599999999998,"endTime":3618.58,"body":"this. So in relation to my"},{"speaker":"Andy Hart","startTime":3618.58,"endTime":3620.92,"body":"financial advice wealth"},{"speaker":"Andy Hart","startTime":3618.58,"endTime":3620.92,"body":"management business, I use a"},{"speaker":"Andy Hart","startTime":3620.92,"endTime":3624.52,"body":"spreadsheet, you know, if you"},{"speaker":"Andy Hart","startTime":3620.92,"endTime":3624.52,"body":"know how to use spreadsheets,"},{"speaker":"Andy Hart","startTime":3624.52,"endTime":3627.4,"body":"that can be, you know, amazingly"},{"speaker":"Andy Hart","startTime":3624.52,"endTime":3627.4,"body":"effective. And obviously, Carl"},{"speaker":"Andy Hart","startTime":3627.4,"endTime":3630.7,"body":"has more moving parts and more"},{"speaker":"Andy Hart","startTime":3627.4,"endTime":3630.7,"body":"more people. He uses a great"},{"speaker":"Andy Hart","startTime":3630.7,"endTime":3634.0,"body":"piece of management information"},{"speaker":"Andy Hart","startTime":3630.7,"endTime":3634.0,"body":"software. So anyway, some"},{"speaker":"Andy Hart","startTime":3634.0,"endTime":3637.74,"body":"numbers and things that I track"},{"speaker":"Andy Hart","startTime":3634.0,"endTime":3637.74,"body":"the platform that the client is"},{"speaker":"Andy Hart","startTime":3637.74,"endTime":3640.62,"body":"on. Pretty much most clients"},{"speaker":"Andy Hart","startTime":3637.74,"endTime":3640.62,"body":"from transact. But there's"},{"speaker":"Andy Hart","startTime":3640.62,"endTime":3644.04,"body":"obviously quite a few roads in"},{"speaker":"Andy Hart","startTime":3640.62,"endTime":3644.04,"body":"the mix. The average asset"},{"speaker":"Andy Hart","startTime":3644.04,"endTime":3647.4,"body":"allocation per family"},{"speaker":"Andy Hart","startTime":3644.04,"endTime":3647.4,"body":"represented in the global"},{"speaker":"Andy Hart","startTime":3647.4,"endTime":3652.14,"body":"equities, client family numbers"},{"speaker":"Andy Hart","startTime":3647.4,"endTime":3652.14,"body":"and total clients. So client"},{"speaker":"Andy Hart","startTime":3652.14,"endTime":3654.66,"body":"family number is obviously a"},{"speaker":"Andy Hart","startTime":3652.14,"endTime":3654.66,"body":"smaller number than obviously"},{"speaker":"Andy Hart","startTime":3654.66,"endTime":3657.98,"body":"two individuals are on there,"},{"speaker":"Andy Hart","startTime":3654.66,"endTime":3657.98,"body":"Aum per family, income per"},{"speaker":"Andy Hart","startTime":3657.98,"endTime":3662.18,"body":"family, a circa net worth per"},{"speaker":"Andy Hart","startTime":3657.98,"endTime":3662.18,"body":"family, and then all of these"},{"speaker":"Andy Hart","startTime":3662.18,"endTime":3664.88,"body":"aggregate across so averages"},{"speaker":"Andy Hart","startTime":3662.18,"endTime":3664.88,"body":"across the board the portfolio."},{"speaker":"Andy Hart","startTime":3664.88,"endTime":3669.2599999999998,"body":"I remember a DFA event I was at"},{"speaker":"Andy Hart","startTime":3664.88,"endTime":3669.2599999999998,"body":"where someone said, we try and"},{"speaker":"Andy Hart","startTime":3669.2599999999998,"endTime":3672.02,"body":"not take on any clients that are"},{"speaker":"Andy Hart","startTime":3669.2599999999998,"endTime":3672.02,"body":"not at least above our average."},{"speaker":"Andy Hart","startTime":3672.02,"endTime":3674.48,"body":"You know, if you want to be"},{"speaker":"Andy Hart","startTime":3672.02,"endTime":3674.48,"body":"growing your firm, you know,"},{"speaker":"Andy Hart","startTime":3674.54,"endTime":3677.3199999999997,"body":"constantly in terms of looking."},{"speaker":"Andy Hart","startTime":3674.54,"endTime":3677.3199999999997,"body":"After wealthier and wealthier"},{"speaker":"Andy Hart","startTime":3677.3199999999997,"endTime":3682.06,"body":"clients and bringing in more"},{"speaker":"Andy Hart","startTime":3677.3199999999997,"endTime":3682.06,"body":"income. Transact users. This is"},{"speaker":"Andy Hart","startTime":3682.06,"endTime":3685.24,"body":"a massive note transact produced"},{"speaker":"Andy Hart","startTime":3682.06,"endTime":3685.24,"body":"per firm that's on their"},{"speaker":"Andy Hart","startTime":3685.24,"endTime":3688.24,"body":"platform, something called the"},{"speaker":"Andy Hart","startTime":3685.24,"endTime":3688.24,"body":"transact benchmarking report."},{"speaker":"Andy Hart","startTime":3688.66,"endTime":3691.06,"body":"It's not like the DFA thing."},{"speaker":"Andy Hart","startTime":3688.66,"endTime":3691.06,"body":"It's not like what other"},{"speaker":"Andy Hart","startTime":3691.48,"endTime":3694.2999999999997,"body":"providers do you have to contact"},{"speaker":"Andy Hart","startTime":3691.48,"endTime":3694.2999999999997,"body":"your Business Development"},{"speaker":"Andy Hart","startTime":3694.2999999999997,"endTime":3697.38,"body":"Manager, and they give you a"},{"speaker":"Andy Hart","startTime":3694.2999999999997,"endTime":3697.38,"body":"full breakdown of every single"},{"speaker":"Andy Hart","startTime":3697.38,"endTime":3700.08,"body":"rapper, every single age band,"},{"speaker":"Andy Hart","startTime":3697.38,"endTime":3700.08,"body":"every single income level, every"},{"speaker":"Andy Hart","startTime":3700.08,"endTime":3703.62,"body":"single percentage, Aum, at"},{"speaker":"Andy Hart","startTime":3700.08,"endTime":3703.62,"body":"different age ranges. Insane"},{"speaker":"Andy Hart","startTime":3703.62,"endTime":3706.02,"body":"amount of information, but you"},{"speaker":"Andy Hart","startTime":3703.62,"endTime":3706.02,"body":"need to go out of your way to"},{"speaker":"Andy Hart","startTime":3706.02,"endTime":3708.7799999999997,"body":"speak to your business"},{"speaker":"Andy Hart","startTime":3706.02,"endTime":3708.7799999999997,"body":"development person to get that."},{"speaker":"Andy Hart","startTime":3709.44,"endTime":3713.7599999999998,"body":"I look at average ages. This is"},{"speaker":"Andy Hart","startTime":3709.44,"endTime":3713.7599999999998,"body":"somewhat interesting. So my"},{"speaker":"Andy Hart","startTime":3713.7599999999998,"endTime":3718.7,"body":"average age of an ongoing client"},{"speaker":"Andy Hart","startTime":3713.7599999999998,"endTime":3718.7,"body":"used to be 61 so I intentionally"},{"speaker":"Andy Hart","startTime":3718.7,"endTime":3721.58,"body":"spent four years trying to bring"},{"speaker":"Andy Hart","startTime":3718.7,"endTime":3721.58,"body":"down the average age, taking on"},{"speaker":"Andy Hart","startTime":3721.58,"endTime":3724.58,"body":"younger and younger clients,"},{"speaker":"Andy Hart","startTime":3721.58,"endTime":3724.58,"body":"basically people in their late"},{"speaker":"Andy Hart","startTime":3724.58,"endTime":3727.94,"body":"40s. And then four years after"},{"speaker":"Andy Hart","startTime":3724.58,"endTime":3727.94,"body":"me putting a load of effort into"},{"speaker":"Andy Hart","startTime":3727.94,"endTime":3731.2999999999997,"body":"this, I I looked at what the"},{"speaker":"Andy Hart","startTime":3727.94,"endTime":3731.2999999999997,"body":"numbers were then. And after"},{"speaker":"Andy Hart","startTime":3731.2999999999997,"endTime":3734.7799999999997,"body":"four years of properly trying to"},{"speaker":"Andy Hart","startTime":3731.2999999999997,"endTime":3734.7799999999997,"body":"bring this down, my average"},{"speaker":"Andy Hart","startTime":3734.96,"endTime":3736.4,"body":"ongoing client age now is 59.9"},{"speaker":"Unknown","startTime":3738.859,"endTime":3741.0989999999997,"body":"I brought it down by a"},{"speaker":"Unknown","startTime":3738.859,"endTime":3741.0989999999997,"body":"year. But what happened during"},{"speaker":"Unknown","startTime":3741.0989999999997,"endTime":3743.5589999999997,"body":"those four years is the buggers"},{"speaker":"Unknown","startTime":3741.0989999999997,"endTime":3743.5589999999997,"body":"got older by four years. I"},{"speaker":"Unknown","startTime":3743.5589999999997,"endTime":3746.379,"body":"thought, I'm gonna this. This is"},{"speaker":"Unknown","startTime":3743.5589999999997,"endTime":3746.379,"body":"gonna be something like stop to"},{"speaker":"Unknown","startTime":3746.379,"endTime":3750.6389999999997,"body":"wait for you. Andy. So all my"},{"speaker":"Unknown","startTime":3746.379,"endTime":3750.6389999999997,"body":"clients got older. So the"},{"speaker":"Unknown","startTime":3750.6389999999997,"endTime":3751.179,"body":"average age of"},{"speaker":"Andy Hart","startTime":3751.18,"endTime":3755.38,"body":"ongoing client now,"},{"speaker":"Andy Hart","startTime":3751.18,"endTime":3755.38,"body":"now is 59 point basically 60."},{"speaker":"Andy Hart","startTime":3756.1,"endTime":3758.7,"body":"I'm sure your numbers are quite"},{"speaker":"Andy Hart","startTime":3756.1,"endTime":3758.7,"body":"similar, Nick, but"},{"speaker":"Carl Widger","startTime":3759.719,"endTime":3761.699,"body":"ours are pretty"},{"speaker":"Carl Widger","startTime":3759.719,"endTime":3761.699,"body":"much the same. Andy, actually,"},{"speaker":"Andy Hart","startTime":3761.699,"endTime":3765.479,"body":"yeah, yeah, bang on a"},{"speaker":"Andy Hart","startTime":3761.699,"endTime":3765.479,"body":"couple of other points, because"},{"speaker":"Andy Hart","startTime":3765.479,"endTime":3768.959,"body":"we're talking about numbers. I"},{"speaker":"Andy Hart","startTime":3765.479,"endTime":3768.959,"body":"use Xero, which is accountancy"},{"speaker":"Andy Hart","startTime":3768.959,"endTime":3771.959,"body":"software linked to all of my"},{"speaker":"Andy Hart","startTime":3768.959,"endTime":3771.959,"body":"businesses. So I spend, you"},{"speaker":"Andy Hart","startTime":3771.959,"endTime":3774.839,"body":"know, have a diary item every, I"},{"speaker":"Andy Hart","startTime":3771.959,"endTime":3774.839,"body":"think, two weeks on the Friday"},{"speaker":"Andy Hart","startTime":3774.839,"endTime":3778.819,"body":"morning during your quiet time,"},{"speaker":"Andy Hart","startTime":3774.839,"endTime":3778.819,"body":"Nick, when I go to zero on"},{"speaker":"Andy Hart","startTime":3778.819,"endTime":3782.899,"body":"Monday, that day, I know, I"},{"speaker":"Andy Hart","startTime":3778.819,"endTime":3782.899,"body":"know, just just jesting, and I"},{"speaker":"Andy Hart","startTime":3782.899,"endTime":3786.019,"body":"go on and download a load of"},{"speaker":"Andy Hart","startTime":3782.899,"endTime":3786.019,"body":"detailed reports from Xero."},{"speaker":"Andy Hart","startTime":3786.5589999999997,"endTime":3790.6389999999997,"body":"Also, I use notion, which is, is"},{"speaker":"Andy Hart","startTime":3786.5589999999997,"endTime":3790.6389999999997,"body":"a piece of decent software that"},{"speaker":"Andy Hart","startTime":3790.6389999999997,"endTime":3793.279,"body":"you can configure all you want."},{"speaker":"Andy Hart","startTime":3790.6389999999997,"endTime":3793.279,"body":"I use that for humans under"},{"speaker":"Andy Hart","startTime":3793.279,"endTime":3796.399,"body":"management premium. So a couple"},{"speaker":"Andy Hart","startTime":3793.279,"endTime":3796.399,"body":"of other bits of software that I"},{"speaker":"Andy Hart","startTime":3796.399,"endTime":3799.419,"body":"use, but yeah, I've got a good"},{"speaker":"Andy Hart","startTime":3796.399,"endTime":3799.419,"body":"grasp of the numbers, but it's"},{"speaker":"Andy Hart","startTime":3799.419,"endTime":3802.1189999999997,"body":"not too detailed. Cars is a bit"},{"speaker":"Andy Hart","startTime":3799.419,"endTime":3802.1189999999997,"body":"different. He obviously needs a"},{"speaker":"Andy Hart","startTime":3802.1189999999997,"endTime":3804.519,"body":"little more detail, and it's"},{"speaker":"Andy Hart","startTime":3802.1189999999997,"endTime":3804.519,"body":"also task management, so a"},{"speaker":"Andy Hart","startTime":3804.519,"endTime":3807.699,"body":"couple of things sort of mixed"},{"speaker":"Andy Hart","startTime":3804.519,"endTime":3807.699,"body":"in, but yeah, I do have a good"},{"speaker":"Andy Hart","startTime":3807.759,"endTime":3811.659,"body":"grasp of the numbers that I deem"},{"speaker":"Andy Hart","startTime":3807.759,"endTime":3811.659,"body":"are important for the business."},{"speaker":"Andy Hart","startTime":3811.779,"endTime":3812.859,"body":"Over to you. Alan,"},{"speaker":"Alan Smith","startTime":3814.839,"endTime":3817.259,"body":"yeah, this is, this"},{"speaker":"Alan Smith","startTime":3814.839,"endTime":3817.259,"body":"is, I find this a really"},{"speaker":"Alan Smith","startTime":3817.259,"endTime":3819.959,"body":"interesting subject, actually."},{"speaker":"Alan Smith","startTime":3817.259,"endTime":3819.959,"body":"And I can tell you"},{"speaker":"Nick Lincoln","startTime":3820.14,"endTime":3822.24,"body":"sorry, before you"},{"speaker":"Nick Lincoln","startTime":3820.14,"endTime":3822.24,"body":"get going, I just clarify one"},{"speaker":"Nick Lincoln","startTime":3822.24,"endTime":3824.3399999999997,"body":"one point, because I know that"},{"speaker":"Nick Lincoln","startTime":3822.24,"endTime":3824.3399999999997,"body":"certain TRAPPIST will be"},{"speaker":"Nick Lincoln","startTime":3824.3399999999997,"endTime":3827.22,"body":"confused. Monday for me, is"},{"speaker":"Nick Lincoln","startTime":3824.3399999999997,"endTime":3827.22,"body":"getting stuff done time. Fridays"},{"speaker":"Nick Lincoln","startTime":3827.22,"endTime":3830.16,"body":"is tennis doubles and never the"},{"speaker":"Nick Lincoln","startTime":3827.22,"endTime":3830.16,"body":"train shall meet. But"},{"speaker":"Andy Hart","startTime":3830.16,"endTime":3832.98,"body":"Monday between seven"},{"speaker":"Andy Hart","startTime":3830.16,"endTime":3832.98,"body":"and nine, no client meetings."},{"speaker":"Andy Hart","startTime":3833.3399999999997,"endTime":3837.8599999999997,"body":"Seven, seven. Yeah. 797, and 10."},{"speaker":"Andy Hart","startTime":3833.3399999999997,"endTime":3837.8599999999997,"body":"Yeah, yeah. Seven and 10? Yeah,"},{"speaker":"Alan Smith","startTime":3837.92,"endTime":3841.46,"body":"load of clients are"},{"speaker":"Alan Smith","startTime":3837.92,"endTime":3841.46,"body":"gutted about that Monday morning"},{"speaker":"Alan Smith","startTime":3841.46,"endTime":3842.2999999999997,"body":"meeting they can't"},{"speaker":"Nick Lincoln","startTime":3842.299,"endTime":3845.419,"body":"have. I've got"},{"speaker":"Nick Lincoln","startTime":3842.299,"endTime":3845.419,"body":"three 7am lined up in the next"},{"speaker":"Nick Lincoln","startTime":3845.419,"endTime":3847.0989999999997,"body":"month. You'd like it, you'd"},{"speaker":"Alan Smith","startTime":3847.1,"endTime":3848.9,"body":"like to have a they"},{"speaker":"Alan Smith","startTime":3847.1,"endTime":3848.9,"body":"would like to have a Friday"},{"speaker":"Alan Smith","startTime":3848.9,"endTime":3851.72,"body":"meeting. But tennis doubles"},{"speaker":"Alan Smith","startTime":3848.9,"endTime":3851.72,"body":"comes first."},{"speaker":"Nick Lincoln","startTime":3851.719,"endTime":3855.979,"body":"That's all that's"},{"speaker":"Nick Lincoln","startTime":3851.719,"endTime":3855.979,"body":"already closes"},{"speaker":"Unknown","startTime":3855.98,"endTime":3857.14,"body":"on Wednesday, doesn't"},{"speaker":"Unknown","startTime":3855.98,"endTime":3857.14,"body":"it? Nick"},{"speaker":"Nick Lincoln","startTime":3857.8599999999997,"endTime":3858.22,"body":"right?"},{"speaker":"Alan Smith","startTime":3858.64,"endTime":3862.2999999999997,"body":"Interesting. I've"},{"speaker":"Alan Smith","startTime":3858.64,"endTime":3862.2999999999997,"body":"gone, I've literally gone full"},{"speaker":"Alan Smith","startTime":3862.2999999999997,"endTime":3866.98,"body":"circle about three times on this"},{"speaker":"Alan Smith","startTime":3862.2999999999997,"endTime":3866.98,"body":"number, numbers, data, metrics."},{"speaker":"Alan Smith","startTime":3867.58,"endTime":3870.58,"body":"When I started, I just my metric"},{"speaker":"Alan Smith","startTime":3867.58,"endTime":3870.58,"body":"was money in the bank."},{"speaker":"Alan Smith","startTime":3870.7,"endTime":3873.46,"body":"Literally, I used to look at my"},{"speaker":"Alan Smith","startTime":3870.7,"endTime":3873.46,"body":"cash balance quite regularly"},{"speaker":"Alan Smith","startTime":3873.46,"endTime":3875.8599999999997,"body":"just say we're doing okay or"},{"speaker":"Alan Smith","startTime":3873.46,"endTime":3875.8599999999997,"body":"not, or that's legal. A bit"},{"speaker":"Alan Smith","startTime":3875.8599999999997,"endTime":3876.3399999999997,"body":"light."},{"speaker":"Carl Widger","startTime":3876.879,"endTime":3879.779,"body":"Can I interject on"},{"speaker":"Carl Widger","startTime":3876.879,"endTime":3879.779,"body":"that? Alex, that is such a good"},{"speaker":"Carl Widger","startTime":3879.779,"endTime":3883.499,"body":"point, right? Yeah, when I"},{"speaker":"Carl Widger","startTime":3879.779,"endTime":3883.499,"body":"started off, that was exactly"},{"speaker":"Carl Widger","startTime":3884.279,"endTime":3886.919,"body":"and then, and then the"},{"speaker":"Carl Widger","startTime":3884.279,"endTime":3886.919,"body":"accountant did the the accounts"},{"speaker":"Carl Widger","startTime":3886.919,"endTime":3888.1189999999997,"body":"you made a last I went,"},{"speaker":"Unknown","startTime":3888.12,"endTime":3890.4,"body":"Yeah, no, no, I've got"},{"speaker":"Carl Widger","startTime":3892.08,"endTime":3895.02,"body":"six grand in the"},{"speaker":"Carl Widger","startTime":3892.08,"endTime":3895.02,"body":"bank, and I've had it the other"},{"speaker":"Carl Widger","startTime":3895.02,"endTime":3898.2799999999997,"body":"way around, the way it works."},{"speaker":"Carl Widger","startTime":3895.02,"endTime":3898.2799999999997,"body":"Sorry, you've had"},{"speaker":"Alan Smith","startTime":3898.2799999999997,"endTime":3900.2,"body":"great gains this"},{"speaker":"Alan Smith","startTime":3898.2799999999997,"endTime":3900.2,"body":"year. So you've got huge tax"},{"speaker":"Alan Smith","startTime":3900.2,"endTime":3904.3399999999997,"body":"bill. I said a bank account is"},{"speaker":"Alan Smith","startTime":3900.2,"endTime":3904.3399999999997,"body":"empty. These games gone. That's"},{"speaker":"Alan Smith","startTime":3904.3399999999997,"endTime":3908.18,"body":"a whole other conversation."},{"speaker":"Alan Smith","startTime":3904.3399999999997,"endTime":3908.18,"body":"Accounting versus kind of"},{"speaker":"Alan Smith","startTime":3908.48,"endTime":3911.12,"body":"business owner, what does the"},{"speaker":"Alan Smith","startTime":3908.48,"endTime":3911.12,"body":"bank had an app for the bank"},{"speaker":"Alan Smith","startTime":3911.12,"endTime":3913.52,"body":"account, and just every day I"},{"speaker":"Alan Smith","startTime":3911.12,"endTime":3913.52,"body":"would just check on it. Oh,"},{"speaker":"Alan Smith","startTime":3913.52,"endTime":3916.48,"body":"that's nice. And yeah, anyway,"},{"speaker":"Alan Smith","startTime":3913.52,"endTime":3916.48,"body":"so go from that, sorry. And then"},{"speaker":"Alan Smith","startTime":3916.48,"endTime":3919.6,"body":"I go, like, completely nuts on"},{"speaker":"Alan Smith","startTime":3916.48,"endTime":3919.6,"body":"this. You know, you end up you"},{"speaker":"Alan Smith","startTime":3919.6,"endTime":3922.12,"body":"read this. There's loads of"},{"speaker":"Alan Smith","startTime":3919.6,"endTime":3922.12,"body":"books and things about all this"},{"speaker":"Alan Smith","startTime":3922.12,"endTime":3925.42,"body":"stuff, track your data, your"},{"speaker":"Alan Smith","startTime":3922.12,"endTime":3925.42,"body":"metrics, and the rest of it. And"},{"speaker":"Alan Smith","startTime":3925.42,"endTime":3929.92,"body":"at 1.0 my god, I would drive my"},{"speaker":"Alan Smith","startTime":3925.42,"endTime":3929.92,"body":"team insane, because your system"},{"speaker":"Alan Smith","startTime":3929.92,"endTime":3933.88,"body":"is good car, I can tell you,"},{"speaker":"Alan Smith","startTime":3929.92,"endTime":3933.88,"body":"unless I I've missed or don't"},{"speaker":"Alan Smith","startTime":3933.88,"endTime":3937.98,"body":"understand this. There isn't any"},{"speaker":"Alan Smith","startTime":3933.88,"endTime":3937.98,"body":"really good aggregating software"},{"speaker":"Alan Smith","startTime":3937.98,"endTime":3941.8199999999997,"body":"in the UK, because we've got"},{"speaker":"Alan Smith","startTime":3937.98,"endTime":3941.8199999999997,"body":"multiple sources of data. There"},{"speaker":"Alan Smith","startTime":3941.8199999999997,"endTime":3945.06,"body":"is one emerging which we are"},{"speaker":"Alan Smith","startTime":3941.8199999999997,"endTime":3945.06,"body":"using at the moment, called"},{"speaker":"Alan Smith","startTime":3945.06,"endTime":3948.7799999999997,"body":"woven. It's, I think they will"},{"speaker":"Alan Smith","startTime":3945.06,"endTime":3948.7799999999997,"body":"admit, or Nicky, the founder,"},{"speaker":"Alan Smith","startTime":3948.7799999999997,"endTime":3951.18,"body":"that will admit this quite"},{"speaker":"Alan Smith","startTime":3948.7799999999997,"endTime":3951.18,"body":"there's a way to go in terms of,"},{"speaker":"Alan Smith","startTime":3951.18,"endTime":3953.58,"body":"you know, getting more plugins"},{"speaker":"Alan Smith","startTime":3951.18,"endTime":3953.58,"body":"and more sources of data,"},{"speaker":"Alan Smith","startTime":3953.58,"endTime":3955.74,"body":"because we're all tracking"},{"speaker":"Alan Smith","startTime":3953.58,"endTime":3955.74,"body":"information from multiple"},{"speaker":"Alan Smith","startTime":3955.74,"endTime":3958.04,"body":"sources. Not, you know, Aum is"},{"speaker":"Alan Smith","startTime":3955.74,"endTime":3958.04,"body":"quite straightforward if you"},{"speaker":"Alan Smith","startTime":3958.04,"endTime":3960.38,"body":"look at Platform data, but"},{"speaker":"Alan Smith","startTime":3958.04,"endTime":3960.38,"body":"there's a bunch"},{"speaker":"Andy Hart","startTime":3960.38,"endTime":3962.54,"body":"of things, sorry,"},{"speaker":"Andy Hart","startTime":3960.38,"endTime":3962.54,"body":"don't be agree with you, but"},{"speaker":"Andy Hart","startTime":3962.54,"endTime":3965.3599999999997,"body":"would intellify, push back and"},{"speaker":"Andy Hart","startTime":3962.54,"endTime":3965.3599999999997,"body":"say no, if you put the right"},{"speaker":"Andy Hart","startTime":3965.3599999999997,"endTime":3967.46,"body":"data in. No, we do that."},{"speaker":"Alan Smith","startTime":3967.64,"endTime":3971.72,"body":"No, I and that's"},{"speaker":"Alan Smith","startTime":3967.64,"endTime":3971.72,"body":"again, another big, complex"},{"speaker":"Alan Smith","startTime":3971.72,"endTime":3976.04,"body":"conversation. And without going"},{"speaker":"Alan Smith","startTime":3971.72,"endTime":3976.04,"body":"too much about in teleflow, we."},{"speaker":"Alan Smith","startTime":3976.12,"endTime":3978.7,"body":"Operated amongst their top, I"},{"speaker":"Alan Smith","startTime":3976.12,"endTime":3978.7,"body":"don't mind saying this publicly,"},{"speaker":"Alan Smith","startTime":3978.7,"endTime":3982.66,"body":"top advisors, in terms of"},{"speaker":"Alan Smith","startTime":3978.7,"endTime":3982.66,"body":"quality of our data, and for us"},{"speaker":"Alan Smith","startTime":3982.66,"endTime":3985.24,"body":"getting, still getting access to"},{"speaker":"Alan Smith","startTime":3982.66,"endTime":3985.24,"body":"it, is still a bit of a fact."},{"speaker":"Alan Smith","startTime":3985.24,"endTime":3988.54,"body":"Seriously. Yeah, whole other"},{"speaker":"Alan Smith","startTime":3985.24,"endTime":3988.54,"body":"conversation about the ownership"},{"speaker":"Alan Smith","startTime":3988.54,"endTime":3991.96,"body":"of data. Who owns data, who's"},{"speaker":"Alan Smith","startTime":3988.54,"endTime":3991.96,"body":"got permission to get access to"},{"speaker":"Alan Smith","startTime":3991.96,"endTime":3996.48,"body":"data? Other third parties could"},{"speaker":"Alan Smith","startTime":3991.96,"endTime":3996.48,"body":"use APIs to plug in, but"},{"speaker":"Alan Smith","startTime":3996.48,"endTime":3998.94,"body":"there's, there's a bit of"},{"speaker":"Alan Smith","startTime":3996.48,"endTime":3998.94,"body":"friction about doing that as"},{"speaker":"Alan Smith","startTime":3998.94,"endTime":4001.7,"body":"well, but not just that. There's"},{"speaker":"Alan Smith","startTime":3998.94,"endTime":4001.7,"body":"a lot of other data that isn't"},{"speaker":"Alan Smith","startTime":4001.7,"endTime":4004.52,"body":"anything to do with, like stuff"},{"speaker":"Alan Smith","startTime":4001.7,"endTime":4004.52,"body":"that maybe in teleflow would"},{"speaker":"Alan Smith","startTime":4004.52,"endTime":4008.72,"body":"naturally have. And anyway, so"},{"speaker":"Alan Smith","startTime":4004.52,"endTime":4008.72,"body":"we built this thing, this"},{"speaker":"Alan Smith","startTime":4009.14,"endTime":4013.7599999999998,"body":"absolute monster of effectively,"},{"speaker":"Alan Smith","startTime":4009.14,"endTime":4013.7599999999998,"body":"a mega spreadsheet, which had, I"},{"speaker":"Alan Smith","startTime":4013.7599999999998,"endTime":4018.2599999999998,"body":"think, north of 3035, data"},{"speaker":"Alan Smith","startTime":4013.7599999999998,"endTime":4018.2599999999998,"body":"points and data sources coming"},{"speaker":"Alan Smith","startTime":4018.2599999999998,"endTime":4020.02,"body":"across a multiple different"},{"speaker":"Alan Smith","startTime":4018.2599999999998,"endTime":4020.02,"body":"thing. And it was, it was"},{"speaker":"Alan Smith","startTime":4020.02,"endTime":4023.02,"body":"practically a full time job"},{"speaker":"Alan Smith","startTime":4020.02,"endTime":4023.02,"body":"because it wasn't automated."},{"speaker":"Alan Smith","startTime":4023.02,"endTime":4025.96,"body":"Someone had to manually go and"},{"speaker":"Alan Smith","startTime":4023.02,"endTime":4025.96,"body":"extract data from bunch of other"},{"speaker":"Alan Smith","startTime":4025.96,"endTime":4028.8399999999997,"body":"places and and the reality was,"},{"speaker":"Alan Smith","startTime":4025.96,"endTime":4028.8399999999997,"body":"you looked at it, and a lot of"},{"speaker":"Alan Smith","startTime":4028.9,"endTime":4033.4,"body":"it was kind of so what it's"},{"speaker":"Alan Smith","startTime":4028.9,"endTime":4033.4,"body":"taking, the the the reward"},{"speaker":"Alan Smith","startTime":4033.4,"endTime":4036.52,"body":"relative to the effort of"},{"speaker":"Alan Smith","startTime":4033.4,"endTime":4036.52,"body":"creating, this was just crazy."},{"speaker":"Alan Smith","startTime":4036.52,"endTime":4040.2,"body":"It was nuts. So I got a full,"},{"speaker":"Alan Smith","startTime":4036.52,"endTime":4040.2,"body":"full circle on this, and really"},{"speaker":"Alan Smith","startTime":4040.56,"endTime":4043.08,"body":"trying to just focus on key"},{"speaker":"Alan Smith","startTime":4040.56,"endTime":4043.08,"body":"things that are, you know, we,"},{"speaker":"Alan Smith","startTime":4043.08,"endTime":4045.48,"body":"we've got all this information"},{"speaker":"Alan Smith","startTime":4043.08,"endTime":4045.48,"body":"in our businesses, but things I"},{"speaker":"Alan Smith","startTime":4045.48,"endTime":4048.8399999999997,"body":"want to see and regularly and"},{"speaker":"Alan Smith","startTime":4045.48,"endTime":4048.8399999999997,"body":"track and understanding, the way"},{"speaker":"Alan Smith","startTime":4048.8399999999997,"endTime":4052.3199999999997,"body":"I've sort of summarized it in my"},{"speaker":"Alan Smith","startTime":4048.8399999999997,"endTime":4052.3199999999997,"body":"own head, at least, is two, two"},{"speaker":"Alan Smith","startTime":4052.3199999999997,"endTime":4055.8599999999997,"body":"areas you look at, one is, one"},{"speaker":"Alan Smith","startTime":4052.3199999999997,"endTime":4055.8599999999997,"body":"is lead metrics, and one is lag"},{"speaker":"Alan Smith","startTime":4055.92,"endTime":4060.2,"body":"metrics. Lag is history. You"},{"speaker":"Alan Smith","startTime":4055.92,"endTime":4060.2,"body":"can't do your AUM today or"},{"speaker":"Alan Smith","startTime":4060.2,"endTime":4063.92,"body":"yesterday or that last week is"},{"speaker":"Alan Smith","startTime":4060.2,"endTime":4063.92,"body":"fine. It's good to know, but"},{"speaker":"Alan Smith","startTime":4063.92,"endTime":4066.38,"body":"it's, there's nothing you can do"},{"speaker":"Alan Smith","startTime":4063.92,"endTime":4066.38,"body":"about it. There's no activities"},{"speaker":"Alan Smith","startTime":4066.38,"endTime":4068.66,"body":"that you might do that was going"},{"speaker":"Alan Smith","startTime":4066.38,"endTime":4068.66,"body":"to change that particular"},{"speaker":"Alan Smith","startTime":4068.72,"endTime":4071.0,"body":"metric. And there's a lot of"},{"speaker":"Alan Smith","startTime":4068.72,"endTime":4071.0,"body":"stuff Mo and what I've seen,"},{"speaker":"Alan Smith","startTime":4071.0,"endTime":4074.54,"body":"when I see a lot of stuff being"},{"speaker":"Alan Smith","startTime":4071.0,"endTime":4074.54,"body":"tracked in financial planner"},{"speaker":"Alan Smith","startTime":4074.54,"endTime":4077.8599999999997,"body":"businesses, it's, it's lag"},{"speaker":"Alan Smith","startTime":4074.54,"endTime":4077.8599999999997,"body":"metrics, it stuff has already"},{"speaker":"Alan Smith","startTime":4077.8599999999997,"endTime":4080.7999999999997,"body":"happened. It doesn't make much"},{"speaker":"Alan Smith","startTime":4077.8599999999997,"endTime":4080.7999999999997,"body":"difference. But nevertheless,"},{"speaker":"Alan Smith","startTime":4080.7999999999997,"endTime":4083.98,"body":"it's good to know generally how"},{"speaker":"Alan Smith","startTime":4080.7999999999997,"endTime":4083.98,"body":"you're tracking against various"},{"speaker":"Alan Smith","startTime":4084.04,"endTime":4087.2799999999997,"body":"various things. So got lag"},{"speaker":"Alan Smith","startTime":4084.04,"endTime":4087.2799999999997,"body":"metrics, but the lead metrics,"},{"speaker":"Alan Smith","startTime":4087.2799999999997,"endTime":4090.4,"body":"if you are a growth focused"},{"speaker":"Alan Smith","startTime":4087.2799999999997,"endTime":4090.4,"body":"business, you want to know what"},{"speaker":"Alan Smith","startTime":4090.4,"endTime":4093.58,"body":"activities you're doing that"},{"speaker":"Alan Smith","startTime":4090.4,"endTime":4093.58,"body":"downstream lead to new business,"},{"speaker":"Alan Smith","startTime":4093.58,"endTime":4098.34,"body":"new clients and new revenue. So"},{"speaker":"Alan Smith","startTime":4093.58,"endTime":4098.34,"body":"lead metrics are important. So"},{"speaker":"Alan Smith","startTime":4098.34,"endTime":4102.06,"body":"then that depends upon where"},{"speaker":"Alan Smith","startTime":4098.34,"endTime":4102.06,"body":"your sources of business are. So"},{"speaker":"Alan Smith","startTime":4102.06,"endTime":4105.66,"body":"if you're tracking like website"},{"speaker":"Alan Smith","startTime":4102.06,"endTime":4105.66,"body":"visitors would be one, if we do"},{"speaker":"Alan Smith","startTime":4105.66,"endTime":4109.02,"body":"something and a lot of website"},{"speaker":"Alan Smith","startTime":4105.66,"endTime":4109.02,"body":"visitors arrive, and then people"},{"speaker":"Alan Smith","startTime":4109.02,"endTime":4111.78,"body":"subscribe to various lead"},{"speaker":"Alan Smith","startTime":4109.02,"endTime":4111.78,"body":"magnets and various things, and"},{"speaker":"Alan Smith","startTime":4112.02,"endTime":4115.9800000000005,"body":"it all filters through so and"},{"speaker":"Alan Smith","startTime":4112.02,"endTime":4115.9800000000005,"body":"some of them become inquiries,"},{"speaker":"Alan Smith","startTime":4115.9800000000005,"endTime":4118.08,"body":"and some of them become"},{"speaker":"Alan Smith","startTime":4115.9800000000005,"endTime":4118.08,"body":"prospects, and some of them"},{"speaker":"Alan Smith","startTime":4118.08,"endTime":4120.14,"body":"become meetings. But so become"},{"speaker":"Alan Smith","startTime":4118.08,"endTime":4120.14,"body":"meetings. But it's a pure"},{"speaker":"Alan Smith","startTime":4120.14,"endTime":4123.9800000000005,"body":"numbers game, so we are tracking"},{"speaker":"Alan Smith","startTime":4120.14,"endTime":4123.9800000000005,"body":"that things, that web visitors,"},{"speaker":"Alan Smith","startTime":4123.9800000000005,"endTime":4128.4800000000005,"body":"subscribers to our various"},{"speaker":"Alan Smith","startTime":4123.9800000000005,"endTime":4128.4800000000005,"body":"online tools, even my podcast,"},{"speaker":"Alan Smith","startTime":4128.4800000000005,"endTime":4133.82,"body":"even podcast numbers do have an"},{"speaker":"Alan Smith","startTime":4128.4800000000005,"endTime":4133.82,"body":"impact on that longer term. And"},{"speaker":"Alan Smith","startTime":4133.82,"endTime":4138.76,"body":"then the lead and lag are the"},{"speaker":"Alan Smith","startTime":4133.82,"endTime":4138.76,"body":"two key areas, but then there's"},{"speaker":"Alan Smith","startTime":4138.76,"endTime":4143.08,"body":"two areas. I focus on, one's"},{"speaker":"Alan Smith","startTime":4138.76,"endTime":4143.08,"body":"growth, one's efficiency. So"},{"speaker":"Alan Smith","startTime":4143.08,"endTime":4149.74,"body":"growth is things like, I mean, a"},{"speaker":"Alan Smith","startTime":4143.08,"endTime":4149.74,"body":"a lag metric for growth will be"},{"speaker":"Alan Smith","startTime":4149.74,"endTime":4154.6,"body":"things like, just revenue per"},{"speaker":"Alan Smith","startTime":4149.74,"endTime":4154.6,"body":"period was our revenue over the"},{"speaker":"Alan Smith","startTime":4154.6,"endTime":4158.1,"body":"same month this time last year."},{"speaker":"Alan Smith","startTime":4154.6,"endTime":4158.1,"body":"So that's about growth and but"},{"speaker":"Alan Smith","startTime":4158.1,"endTime":4160.68,"body":"it's, it's, it's a lag metric."},{"speaker":"Alan Smith","startTime":4158.1,"endTime":4160.68,"body":"Can't do anything about it, but"},{"speaker":"Alan Smith","startTime":4160.68,"endTime":4164.76,"body":"how did it compare to last year?"},{"speaker":"Alan Smith","startTime":4160.68,"endTime":4164.76,"body":"So growth is one thing, and"},{"speaker":"Alan Smith","startTime":4164.76,"endTime":4168.36,"body":"efficiency being another, a"},{"speaker":"Alan Smith","startTime":4164.76,"endTime":4168.36,"body":"metric that we do track. And if"},{"speaker":"Alan Smith","startTime":4168.36,"endTime":4171.9000000000005,"body":"you do this, Carl is, I think, I"},{"speaker":"Alan Smith","startTime":4168.36,"endTime":4171.9000000000005,"body":"think Brett talks about this."},{"speaker":"Alan Smith","startTime":4171.9000000000005,"endTime":4175.5,"body":"Certainly Daniel Priestley does,"},{"speaker":"Alan Smith","startTime":4171.9000000000005,"endTime":4175.5,"body":"is revenue per full time"},{"speaker":"Alan Smith","startTime":4175.5,"endTime":4178.4,"body":"employee as a thing, for"},{"speaker":"Alan Smith","startTime":4175.5,"endTime":4178.4,"body":"example. So some people's"},{"speaker":"Alan Smith","startTime":4178.4,"endTime":4182.12,"body":"revenue is flying, but they've"},{"speaker":"Alan Smith","startTime":4178.4,"endTime":4182.12,"body":"hired another 10 people, and"},{"speaker":"Alan Smith","startTime":4182.12,"endTime":4185.0,"body":"actually net, net, you know, by"},{"speaker":"Alan Smith","startTime":4182.12,"endTime":4185.0,"body":"comparison, they're actually"},{"speaker":"Alan Smith","startTime":4185.0,"endTime":4187.64,"body":"worse off. Obviously, it depends"},{"speaker":"Alan Smith","startTime":4185.0,"endTime":4187.64,"body":"on your your you might be a"},{"speaker":"Alan Smith","startTime":4187.64,"endTime":4190.0999999999995,"body":"period of time during which you"},{"speaker":"Alan Smith","startTime":4187.64,"endTime":4190.0999999999995,"body":"need a bunch of extra people,"},{"speaker":"Alan Smith","startTime":4190.0999999999995,"endTime":4192.62,"body":"extra hands on deck, and then"},{"speaker":"Alan Smith","startTime":4190.0999999999995,"endTime":4192.62,"body":"that might level off. But that's"},{"speaker":"Alan Smith","startTime":4192.62,"endTime":4194.78,"body":"deemed to be quite a useful"},{"speaker":"Alan Smith","startTime":4192.62,"endTime":4194.78,"body":"metric to track. Is not"},{"speaker":"Alan Smith","startTime":4194.78,"endTime":4197.3,"body":"necessarily profit, because"},{"speaker":"Alan Smith","startTime":4194.78,"endTime":4197.3,"body":"depends what you're spending"},{"speaker":"Alan Smith","startTime":4197.3,"endTime":4199.12,"body":"your money on, you might be"},{"speaker":"Alan Smith","startTime":4197.3,"endTime":4199.12,"body":"spending your money on. You"},{"speaker":"Alan Smith","startTime":4199.12,"endTime":4201.58,"body":"might be spending a lot of money"},{"speaker":"Alan Smith","startTime":4199.12,"endTime":4201.58,"body":"on marketing or branding or"},{"speaker":"Alan Smith","startTime":4201.58,"endTime":4205.72,"body":"something, but gross revenue per"},{"speaker":"Alan Smith","startTime":4201.58,"endTime":4205.72,"body":"full time employee is a useful"},{"speaker":"Alan Smith","startTime":4205.96,"endTime":4209.68,"body":"metric. And if you have these"},{"speaker":"Alan Smith","startTime":4205.96,"endTime":4209.68,"body":"things, and you sort of distill"},{"speaker":"Alan Smith","startTime":4209.68,"endTime":4214.0599999999995,"body":"them all down to, in my case,"},{"speaker":"Alan Smith","startTime":4209.68,"endTime":4214.0599999999995,"body":"maybe six different metrics that"},{"speaker":"Alan Smith","startTime":4214.0599999999995,"endTime":4216.96,"body":"you track pretty regularly, and"},{"speaker":"Alan Smith","startTime":4214.0599999999995,"endTime":4216.96,"body":"then you, I think you've done"},{"speaker":"Alan Smith","startTime":4216.96,"endTime":4219.9,"body":"this. Yeah, you kind of rag rate"},{"speaker":"Alan Smith","startTime":4216.96,"endTime":4219.9,"body":"them red, amber, green, and"},{"speaker":"Alan Smith","startTime":4219.9,"endTime":4222.36,"body":"really focused on anything"},{"speaker":"Alan Smith","startTime":4219.9,"endTime":4222.36,"body":"that's red is a key thing. Why?"},{"speaker":"Alan Smith","startTime":4222.36,"endTime":4225.36,"body":"Because you have to set yourself"},{"speaker":"Alan Smith","startTime":4222.36,"endTime":4225.36,"body":"expectations. Don't you set"},{"speaker":"Alan Smith","startTime":4225.36,"endTime":4228.5999999999995,"body":"yourself goals going forward and"},{"speaker":"Alan Smith","startTime":4225.36,"endTime":4228.5999999999995,"body":"if, and if they're reasonable"},{"speaker":"Alan Smith","startTime":4229.14,"endTime":4231.66,"body":"expectations, and you're red,"},{"speaker":"Alan Smith","startTime":4229.14,"endTime":4231.66,"body":"you've either got you've either"},{"speaker":"Alan Smith","startTime":4231.66,"endTime":4234.72,"body":"completely misjudged what you"},{"speaker":"Alan Smith","startTime":4231.66,"endTime":4234.72,"body":"were trying to achieve, or"},{"speaker":"Alan Smith","startTime":4234.72,"endTime":4238.5199999999995,"body":"there's something that needs to"},{"speaker":"Alan Smith","startTime":4234.72,"endTime":4238.5199999999995,"body":"be fixed. So ours have much"},{"speaker":"Alan Smith","startTime":4238.5199999999995,"endTime":4242.12,"body":"more, I guess, simpler. Now,"},{"speaker":"Alan Smith","startTime":4238.5199999999995,"endTime":4242.12,"body":"there's a lot of other stuff in"},{"speaker":"Alan Smith","startTime":4242.12,"endTime":4245.3,"body":"the background, but the ones"},{"speaker":"Alan Smith","startTime":4242.12,"endTime":4245.3,"body":"that I sort of spend my time on"},{"speaker":"Alan Smith","startTime":4245.3,"endTime":4248.18,"body":"lead and lag, growth and"},{"speaker":"Alan Smith","startTime":4245.3,"endTime":4248.18,"body":"efficiency, I think the thing"},{"speaker":"Alan Smith","startTime":4248.48,"endTime":4251.84,"body":"and the last thing I'll throw in"},{"speaker":"Alan Smith","startTime":4248.48,"endTime":4251.84,"body":"here, and I think Andy will push"},{"speaker":"Alan Smith","startTime":4251.84,"endTime":4255.86,"body":"back on this, but a useful book"},{"speaker":"Alan Smith","startTime":4251.84,"endTime":4255.86,"body":"about this for financial"},{"speaker":"Alan Smith","startTime":4255.86,"endTime":4258.4,"body":"planners on an individual basis,"},{"speaker":"Alan Smith","startTime":4255.86,"endTime":4258.4,"body":"more than a company or a"},{"speaker":"Alan Smith","startTime":4258.4,"endTime":4262.24,"body":"corporate is Nick Murray. What's"},{"speaker":"Alan Smith","startTime":4258.4,"endTime":4262.24,"body":"his book called something the"},{"speaker":"Alan Smith","startTime":4262.24,"endTime":4264.64,"body":"numbers game of numbers, the"},{"speaker":"Alan Smith","startTime":4262.24,"endTime":4264.64,"body":"game of numbers. And he just"},{"speaker":"Alan Smith","startTime":4264.64,"endTime":4267.28,"body":"talks about prospecting. It's"},{"speaker":"Alan Smith","startTime":4264.64,"endTime":4267.28,"body":"just a pure numbers game. And I"},{"speaker":"Alan Smith","startTime":4267.28,"endTime":4269.92,"body":"can't remember exactly what he"},{"speaker":"Alan Smith","startTime":4267.28,"endTime":4269.92,"body":"says. I read it a few years ago,"},{"speaker":"Alan Smith","startTime":4269.92,"endTime":4272.5599999999995,"body":"but I remember thinking, this is"},{"speaker":"Alan Smith","startTime":4269.92,"endTime":4272.5599999999995,"body":"useful. It was about the number"},{"speaker":"Alan Smith","startTime":4272.5599999999995,"endTime":4274.96,"body":"of calls you made, the number of"},{"speaker":"Alan Smith","startTime":4272.5599999999995,"endTime":4274.96,"body":"outbound inquiries, and if you"},{"speaker":"Alan Smith","startTime":4274.96,"endTime":4278.34,"body":"did, you know whatever it was."},{"speaker":"Alan Smith","startTime":4274.96,"endTime":4278.34,"body":"10 a week, and five were a phone"},{"speaker":"Alan Smith","startTime":4278.34,"endTime":4281.22,"body":"call, and one converted to a"},{"speaker":"Alan Smith","startTime":4278.34,"endTime":4281.22,"body":"client. He was just very focused"},{"speaker":"Alan Smith","startTime":4281.22,"endTime":4284.76,"body":"on in typical Nick Murray, you"},{"speaker":"Alan Smith","startTime":4281.22,"endTime":4284.76,"body":"know, excellent, but really,"},{"speaker":"Alan Smith","startTime":4284.76,"endTime":4288.0,"body":"really simple. That's worth"},{"speaker":"Alan Smith","startTime":4284.76,"endTime":4288.0,"body":"trying to find that book. Game"},{"speaker":"Alan Smith","startTime":4288.0,"endTime":4290.22,"body":"of numbers, that's all I've got"},{"speaker":"Alan Smith","startTime":4288.0,"endTime":4290.22,"body":"to say right now. The"},{"speaker":"Andy Hart","startTime":4290.219,"endTime":4292.379,"body":"principle is hugely"},{"speaker":"Andy Hart","startTime":4290.219,"endTime":4292.379,"body":"Correct. Yeah, I can't remember,"},{"speaker":"Andy Hart","startTime":4292.379,"endTime":4294.719,"body":"actually, what he actually calls"},{"speaker":"Andy Hart","startTime":4292.379,"endTime":4294.719,"body":"it in the book, Nick, can you"},{"speaker":"Andy Hart","startTime":4294.719,"endTime":4297.979,"body":"remember in terms of advisors,"},{"speaker":"Andy Hart","startTime":4294.719,"endTime":4297.979,"body":"you know, brushing up on their"},{"speaker":"Andy Hart","startTime":4297.979,"endTime":4300.499,"body":"business card. You know,"},{"speaker":"Andy Hart","startTime":4297.979,"endTime":4300.499,"body":"updating the website. None of"},{"speaker":"Andy Hart","startTime":4300.499,"endTime":4303.739,"body":"this procrastination, clients"},{"speaker":"Andy Hart","startTime":4300.499,"endTime":4303.739,"body":"procrastination. But he calls it"},{"speaker":"Andy Hart","startTime":4303.739,"endTime":4306.079,"body":"something like the journey, when"},{"speaker":"Andy Hart","startTime":4303.739,"endTime":4306.079,"body":"he's always trying to, you know,"},{"speaker":"Andy Hart","startTime":4306.079,"endTime":4308.599,"body":"get a new shiny business card,"},{"speaker":"Andy Hart","startTime":4306.079,"endTime":4308.599,"body":"talk to people. Do you know your"},{"speaker":"Andy Hart","startTime":4308.599,"endTime":4310.459,"body":"retirement number? Have you"},{"speaker":"Andy Hart","startTime":4308.599,"endTime":4310.459,"body":"thought about, you know,"},{"speaker":"Andy Hart","startTime":4310.639,"endTime":4310.999,"body":"whatever"},{"speaker":"Nick Lincoln","startTime":4311.0599999999995,"endTime":4312.92,"body":"thing is,"},{"speaker":"Nick Lincoln","startTime":4311.0599999999995,"endTime":4312.92,"body":"Perfection is the enemy, and"},{"speaker":"Nick Lincoln","startTime":4312.92,"endTime":4315.8,"body":"just, just crack on. It's that."},{"speaker":"Nick Lincoln","startTime":4312.92,"endTime":4315.8,"body":"It's that thing that that"},{"speaker":"Nick Lincoln","startTime":4315.8,"endTime":4319.9,"body":"writer, who he admires greatly,"},{"speaker":"Nick Lincoln","startTime":4315.8,"endTime":4319.9,"body":"says, you know that the there's"},{"speaker":"Nick Lincoln","startTime":4319.9,"endTime":4322.36,"body":"this voice in your show always"},{"speaker":"Nick Lincoln","startTime":4319.9,"endTime":4322.36,"body":"finding, yeah, Stephen Creston,"},{"speaker":"Nick Lincoln","startTime":4322.36,"endTime":4324.46,"body":"resistant. Resistance is the"},{"speaker":"Nick Lincoln","startTime":4322.36,"endTime":4324.46,"body":"enemy kind of"},{"speaker":"Alan Smith","startTime":4325.599,"endTime":4328.899,"body":"thing. He talks in"},{"speaker":"Alan Smith","startTime":4325.599,"endTime":4328.899,"body":"that book about somebody who was"},{"speaker":"Alan Smith","startTime":4329.019,"endTime":4331.419,"body":"when he started off as a"},{"speaker":"Alan Smith","startTime":4329.019,"endTime":4331.419,"body":"financial advisor, Nick married,"},{"speaker":"Alan Smith","startTime":4331.419,"endTime":4334.3589999999995,"body":"and this other guy was doing the"},{"speaker":"Alan Smith","startTime":4331.419,"endTime":4334.3589999999995,"body":"same. And Nick Murray would just"},{"speaker":"Alan Smith","startTime":4334.3589999999995,"endTime":4336.959,"body":"pick up the phone or send"},{"speaker":"Alan Smith","startTime":4334.3589999999995,"endTime":4336.959,"body":"letters or emails or whatever it"},{"speaker":"Alan Smith","startTime":4336.959,"endTime":4339.3589999999995,"body":"was at the time, and and the"},{"speaker":"Alan Smith","startTime":4336.959,"endTime":4339.3589999999995,"body":"other guy would say, I will do"},{"speaker":"Alan Smith","startTime":4339.3589999999995,"endTime":4341.879,"body":"that. I just need to get one"},{"speaker":"Alan Smith","startTime":4339.3589999999995,"endTime":4341.879,"body":"more qualification. I just need"},{"speaker":"Alan Smith","startTime":4341.879,"endTime":4344.459,"body":"to get one more can we go out"},{"speaker":"Alan Smith","startTime":4341.879,"endTime":4344.459,"body":"and get another qualification?"},{"speaker":"Alan Smith","startTime":4344.459,"endTime":4347.219,"body":"Another qualification? Yes, next"},{"speaker":"Alan Smith","startTime":4344.459,"endTime":4347.219,"body":"year. I'm just want to get my"},{"speaker":"Alan Smith","startTime":4347.219,"endTime":4350.579,"body":"CFP when I get my and he said"},{"speaker":"Alan Smith","startTime":4347.219,"endTime":4350.579,"body":"Nick Martin in a very kind of"},{"speaker":"Alan Smith","startTime":4350.879,"endTime":4353.459,"body":"put down way, you know,"},{"speaker":"Alan Smith","startTime":4350.879,"endTime":4353.459,"body":"professional, but big put down."},{"speaker":"Alan Smith","startTime":4353.699,"endTime":4356.659,"body":"Last I heard from him, he was"},{"speaker":"Alan Smith","startTime":4353.699,"endTime":4356.659,"body":"teaching financial planning at a"},{"speaker":"Alan Smith","startTime":4356.659,"endTime":4360.919,"body":"community college in upstate New"},{"speaker":"Alan Smith","startTime":4356.659,"endTime":4360.919,"body":"Jersey. He never won a client at"},{"speaker":"Alan Smith","startTime":4360.919,"endTime":4363.199,"body":"all. He was teaching about"},{"speaker":"Alan Smith","startTime":4360.919,"endTime":4363.199,"body":"financial planning because he"},{"speaker":"Alan Smith","startTime":4363.199,"endTime":4364.879,"body":"was super well qualified. But,"},{"speaker":"Alan Smith","startTime":4363.199,"endTime":4364.879,"body":"yeah,"},{"speaker":"Carl Widger","startTime":4366.14,"endTime":4367.94,"body":"meet people. Yeah,"},{"speaker":"Carl Widger","startTime":4366.14,"endTime":4367.94,"body":"track"},{"speaker":"Alan Smith","startTime":4368.36,"endTime":4370.64,"body":"it. You know, if I"},{"speaker":"Alan Smith","startTime":4368.36,"endTime":4370.64,"body":"make 10 phone calls or 10"},{"speaker":"Alan Smith","startTime":4370.64,"endTime":4374.0,"body":"whatever it is, that's a whole"},{"speaker":"Alan Smith","startTime":4370.64,"endTime":4374.0,"body":"other thing to do. Just if you"},{"speaker":"Alan Smith","startTime":4374.0,"endTime":4377.8,"body":"make 10 outbound a day a week or"},{"speaker":"Alan Smith","startTime":4374.0,"endTime":4377.8,"body":"whatever it is, and then see"},{"speaker":"Alan Smith","startTime":4378.0999999999995,"endTime":4381.16,"body":"your success rate. So then"},{"speaker":"Alan Smith","startTime":4378.0999999999995,"endTime":4381.16,"body":"increase them or decrease them."},{"speaker":"Carl Widger","startTime":4381.16,"endTime":4383.86,"body":"I had a boss in new"},{"speaker":"Carl Widger","startTime":4381.16,"endTime":4383.86,"body":"Ireland when I started off as a"},{"speaker":"Carl Widger","startTime":4383.86,"endTime":4387.0999999999995,"body":"broker consultant at the ripe"},{"speaker":"Carl Widger","startTime":4383.86,"endTime":4387.0999999999995,"body":"old age of 22 and he said, If"},{"speaker":"Carl Widger","startTime":4387.0999999999995,"endTime":4390.88,"body":"you can do 10 meetings a week,"},{"speaker":"Carl Widger","startTime":4387.0999999999995,"endTime":4390.88,"body":"Carl, you'll be a huge success."},{"speaker":"Carl Widger","startTime":4391.3,"endTime":4393.76,"body":"And I didn't know any"},{"speaker":"Carl Widger","startTime":4391.3,"endTime":4393.76,"body":"difference. So I went, right,"},{"speaker":"Carl Widger","startTime":4393.76,"endTime":4397.98,"body":"that's what I'll do. See. So"},{"speaker":"Carl Widger","startTime":4393.76,"endTime":4397.98,"body":"piss 10. So, so I did it every"},{"speaker":"Carl Widger","startTime":4397.98,"endTime":4402.24,"body":"single week for months and"},{"speaker":"Carl Widger","startTime":4397.98,"endTime":4402.24,"body":"months and months, and all of a"},{"speaker":"Carl Widger","startTime":4402.24,"endTime":4406.0199999999995,"body":"sudden things started clicking."},{"speaker":"Carl Widger","startTime":4402.24,"endTime":4406.0199999999995,"body":"And whilst it worked as a BC,"},{"speaker":"Carl Widger","startTime":4406.0199999999995,"endTime":4409.0199999999995,"body":"because you're going out calling"},{"speaker":"Carl Widger","startTime":4406.0199999999995,"endTime":4409.0199999999995,"body":"around to more financial"},{"speaker":"Carl Widger","startTime":4409.0199999999995,"endTime":4413.76,"body":"advisors, when I brought that"},{"speaker":"Carl Widger","startTime":4409.0199999999995,"endTime":4413.76,"body":"into my IFA world or financial"},{"speaker":"Carl Widger","startTime":4413.76,"endTime":4418.82,"body":"advisor world myself, it just, I"},{"speaker":"Carl Widger","startTime":4413.76,"endTime":4418.82,"body":"just smashed everything out of"},{"speaker":"Carl Widger","startTime":4418.82,"endTime":4421.34,"body":"the park because people, nobody"},{"speaker":"Carl Widger","startTime":4418.82,"endTime":4421.34,"body":"else was doing it. And for me,"},{"speaker":"Carl Widger","startTime":4421.34,"endTime":4424.5199999999995,"body":"it was just, this is normal."},{"speaker":"Carl Widger","startTime":4421.34,"endTime":4424.5199999999995,"body":"This is natural. And I've always"},{"speaker":"Carl Widger","startTime":4424.5199999999995,"endTime":4428.0599999999995,"body":"said it to everybody who comes"},{"speaker":"Carl Widger","startTime":4424.5199999999995,"endTime":4428.0599999999995,"body":"on board met us. You can do 10"},{"speaker":"Carl Widger","startTime":4428.0599999999995,"endTime":4431.54,"body":"meetings a week, whether that's"},{"speaker":"Carl Widger","startTime":4428.0599999999995,"endTime":4431.54,"body":"with existing clients or new"},{"speaker":"Carl Widger","startTime":4431.54,"endTime":4435.26,"body":"prospects or whatever, but do 10"},{"speaker":"Carl Widger","startTime":4431.54,"endTime":4435.26,"body":"sit downs talk to people every"},{"speaker":"Carl Widger","startTime":4435.26,"endTime":4440.26,"body":"week. There is no target you"},{"speaker":"Carl Widger","startTime":4435.26,"endTime":4440.26,"body":"cannot do, no target you cannot"},{"speaker":"Carl Widger","startTime":4440.26,"endTime":4440.5,"body":"do."},{"speaker":"Andy Hart","startTime":4441.46,"endTime":4444.04,"body":"I don't know if it's"},{"speaker":"Andy Hart","startTime":4441.46,"endTime":4444.04,"body":"the Nick Murray isn't, but he"},{"speaker":"Andy Hart","startTime":4444.04,"endTime":4446.38,"body":"says, Yeah, you don't learn your"},{"speaker":"Andy Hart","startTime":4444.04,"endTime":4446.38,"body":"way to the top. In this"},{"speaker":"Andy Hart","startTime":4446.38,"endTime":4448.96,"body":"business, you behave your way to"},{"speaker":"Andy Hart","startTime":4446.38,"endTime":4448.96,"body":"the top. And that's a classic"},{"speaker":"Andy Hart","startTime":4448.96,"endTime":4450.82,"body":"example. Just get out there and"},{"speaker":"Andy Hart","startTime":4448.96,"endTime":4450.82,"body":"see people."},{"speaker":"Carl Widger","startTime":4451.72,"endTime":4453.58,"body":"Yep, Nick Murray"},{"speaker":"Carl Widger","startTime":4451.72,"endTime":4453.58,"body":"gets the credit for it now,"},{"speaker":"Carl Widger","startTime":4453.58,"endTime":4454.54,"body":"right? Even though I said it"},{"speaker":"Nick Lincoln","startTime":4458.439,"endTime":4461.879,"body":"so, I think I'll"},{"speaker":"Nick Lincoln","startTime":4458.439,"endTime":4461.879,"body":"wrap up on this. And we're 7073,"},{"speaker":"Nick Lincoln","startTime":4462.479,"endTime":4465.479,"body":"minutes in. So I will keep it"},{"speaker":"Nick Lincoln","startTime":4462.479,"endTime":4465.479,"body":"brief. So numbers, numbers are"},{"speaker":"Nick Lincoln","startTime":4465.479,"endTime":4470.639,"body":"important. I don't obviously,"},{"speaker":"Nick Lincoln","startTime":4465.479,"endTime":4470.639,"body":"Andy and I are solo advice"},{"speaker":"Nick Lincoln","startTime":4470.639,"endTime":4475.559,"body":"firms, unlike Alan and Carl's,"},{"speaker":"Nick Lincoln","startTime":4470.639,"endTime":4475.559,"body":"which, which, obviously you need"},{"speaker":"Nick Lincoln","startTime":4475.559,"endTime":4478.159,"body":"to be on top of the metrics, and"},{"speaker":"Nick Lincoln","startTime":4475.559,"endTime":4478.159,"body":"you need to, you need to know"},{"speaker":"Nick Lincoln","startTime":4478.399,"endTime":4482.419,"body":"where you are at any moment in"},{"speaker":"Nick Lincoln","startTime":4478.399,"endTime":4482.419,"body":"time. I do not keep track,"},{"speaker":"Nick Lincoln","startTime":4482.419,"endTime":4484.999,"body":"really of any metrics. I've got"},{"speaker":"Nick Lincoln","startTime":4482.419,"endTime":4484.999,"body":"a very high profit margin. I"},{"speaker":"Nick Lincoln","startTime":4484.999,"endTime":4489.019,"body":"couldn't tell you what it is."},{"speaker":"Nick Lincoln","startTime":4484.999,"endTime":4489.019,"body":"It's about 80% 85% before I paid"},{"speaker":"Nick Lincoln","startTime":4489.019,"endTime":4492.439,"body":"myself. I use Andy, uses Xero, I"},{"speaker":"Nick Lincoln","startTime":4489.019,"endTime":4492.439,"body":"use free agent, which I love,"},{"speaker":"Nick Lincoln","startTime":4492.439,"endTime":4495.739,"body":"this online banking thing. I do"},{"speaker":"Nick Lincoln","startTime":4492.439,"endTime":4495.739,"body":"keep an eye on that. For me, the"},{"speaker":"Nick Lincoln","startTime":4495.919,"endTime":4498.579,"body":"numbers started when I started"},{"speaker":"Nick Lincoln","startTime":4495.919,"endTime":4498.579,"body":"when I started the business and"},{"speaker":"Nick Lincoln","startTime":4498.579,"endTime":4500.8589999999995,"body":"I gone about this, but this is,"},{"speaker":"Nick Lincoln","startTime":4498.579,"endTime":4500.8589999999995,"body":"this is because it's the truth"},{"speaker":"Nick Lincoln","startTime":4500.8589999999995,"endTime":4503.259,"body":"for me, it's my truth that you"},{"speaker":"Nick Lincoln","startTime":4500.8589999999995,"endTime":4503.259,"body":"begin with the end in mind when"},{"speaker":"Nick Lincoln","startTime":4503.259,"endTime":4508.599,"body":"I set up my business in the late"},{"speaker":"Nick Lincoln","startTime":4503.259,"endTime":4508.599,"body":"2008 I work back, okay, I've got"},{"speaker":"Nick Lincoln","startTime":4508.599,"endTime":4511.179,"body":"lifestyle cost of X. I'm just"},{"speaker":"Nick Lincoln","startTime":4508.599,"endTime":4511.179,"body":"picking these numbers out and"},{"speaker":"Nick Lincoln","startTime":4511.179,"endTime":4513.8189999999995,"body":"say your lifestyle cost is"},{"speaker":"Nick Lincoln","startTime":4511.179,"endTime":4513.8189999999995,"body":"80,000 pounds a year net. You"},{"speaker":"Nick Lincoln","startTime":4513.999,"endTime":4516.599,"body":"because people don't live off"},{"speaker":"Nick Lincoln","startTime":4513.999,"endTime":4516.599,"body":"gross, they live off net, right?"},{"speaker":"Nick Lincoln","startTime":4516.899,"endTime":4520.559,"body":"I need 80k a year, net to live"},{"speaker":"Nick Lincoln","startTime":4516.899,"endTime":4520.559,"body":"off. Okay, what do I need to"},{"speaker":"Nick Lincoln","startTime":4520.559,"endTime":4525.179,"body":"earn to get 80k a year? Let's"},{"speaker":"Nick Lincoln","startTime":4520.559,"endTime":4525.179,"body":"say 140k before tax, okay, 140k"},{"speaker":"Nick Lincoln","startTime":4526.019,"endTime":4528.7789999999995,"body":"before tax, then you got a"},{"speaker":"Nick Lincoln","startTime":4526.019,"endTime":4528.7789999999995,"body":"factor, incorporation tax. Okay?"},{"speaker":"Nick Lincoln","startTime":4528.7789999999995,"endTime":4534.3589999999995,"body":"So I need to be, I need to sort"},{"speaker":"Nick Lincoln","startTime":4528.7789999999995,"endTime":4534.3589999999995,"body":"of have any gross turnover for"},{"speaker":"Nick Lincoln","startTime":4534.3589999999995,"endTime":4538.939,"body":"my business to generate 140 of"},{"speaker":"Nick Lincoln","startTime":4534.3589999999995,"endTime":4538.939,"body":"gross income plus 40, as it was"},{"speaker":"Nick Lincoln","startTime":4538.939,"endTime":4542.059,"body":"then, 40k pension contribution."},{"speaker":"Nick Lincoln","startTime":4538.939,"endTime":4542.059,"body":"Now, 60k I need to be turning"},{"speaker":"Nick Lincoln","startTime":4542.059,"endTime":4546.199,"body":"over about 300k a year. Okay, so"},{"speaker":"Nick Lincoln","startTime":4542.059,"endTime":4546.199,"body":"how many families can I handle"},{"speaker":"Nick Lincoln","startTime":4546.199,"endTime":4550.219,"body":"to generate 300k to eventually"},{"speaker":"Nick Lincoln","startTime":4546.199,"endTime":4550.219,"body":"net me 80k a year from the"},{"speaker":"Nick Lincoln","startTime":4550.219,"endTime":4553.2789999999995,"body":"business I could probably handle"},{"speaker":"Nick Lincoln","startTime":4550.219,"endTime":4553.2789999999995,"body":"about 75 Okay, so my minimum fee"},{"speaker":"Nick Lincoln","startTime":4553.2789999999995,"endTime":4556.419,"body":"per family is four grand, or,"},{"speaker":"Nick Lincoln","startTime":4553.2789999999995,"endTime":4556.419,"body":"you know, whatever it is. Just"},{"speaker":"Nick Lincoln","startTime":4556.419,"endTime":4558.699,"body":"do the numbers and then work"},{"speaker":"Nick Lincoln","startTime":4556.419,"endTime":4558.699,"body":"back from that. And that's"},{"speaker":"Nick Lincoln","startTime":4558.699,"endTime":4561.579,"body":"that's how I set up values,"},{"speaker":"Nick Lincoln","startTime":4558.699,"endTime":4561.579,"body":"division in 2008 things have"},{"speaker":"Nick Lincoln","startTime":4561.579,"endTime":4564.159,"body":"moved on since then in terms of"},{"speaker":"Nick Lincoln","startTime":4561.579,"endTime":4564.159,"body":"my metrics. But I don't that's"},{"speaker":"Nick Lincoln","startTime":4564.159,"endTime":4567.579,"body":"all that. That's have a plan at"},{"speaker":"Nick Lincoln","startTime":4564.159,"endTime":4567.579,"body":"the outset. Have a goal to go"},{"speaker":"Nick Lincoln","startTime":4567.579,"endTime":4570.399,"body":"for in terms of what you need to"},{"speaker":"Nick Lincoln","startTime":4567.579,"endTime":4570.399,"body":"turn over and whether you do it"},{"speaker":"Nick Lincoln","startTime":4570.399,"endTime":4573.219,"body":"by the flat fee. I don't give a"},{"speaker":"Nick Lincoln","startTime":4570.399,"endTime":4573.219,"body":"monkey's whether you do it for"},{"speaker":"Nick Lincoln","startTime":4573.459,"endTime":4576.3589999999995,"body":"the per diem basis. That's"},{"speaker":"Nick Lincoln","startTime":4573.459,"endTime":4576.3589999999995,"body":"percentage in Latin. For you,"},{"speaker":"Nick Lincoln","startTime":4576.3589999999995,"endTime":4579.599,"body":"Andrew, it doesn't really"},{"speaker":"Nick Lincoln","startTime":4576.3589999999995,"endTime":4579.599,"body":"matter, but make sure you know"},{"speaker":"Nick Lincoln","startTime":4579.599,"endTime":4583.799,"body":"your numbers at outset. And then"},{"speaker":"Nick Lincoln","startTime":4579.599,"endTime":4583.799,"body":"as a solo it's so easy to say"},{"speaker":"Nick Lincoln","startTime":4583.799,"endTime":4586.139,"body":"that I don't have to worry about"},{"speaker":"Nick Lincoln","startTime":4583.799,"endTime":4586.139,"body":"whether my pods are doing X, Y,"},{"speaker":"Nick Lincoln","startTime":4586.139,"endTime":4588.479,"body":"Z, or what their attention is"},{"speaker":"Nick Lincoln","startTime":4586.139,"endTime":4588.479,"body":"with that particular advisor,"},{"speaker":"Nick Lincoln","startTime":4588.479,"endTime":4591.059,"body":"because it's all me, and that's"},{"speaker":"Nick Lincoln","startTime":4588.479,"endTime":4591.059,"body":"one of the joys of being a solo"},{"speaker":"Nick Lincoln","startTime":4591.059,"endTime":4593.579,"body":"advisor. I just focused on"},{"speaker":"Nick Lincoln","startTime":4591.059,"endTime":4593.579,"body":"having a really clear business"},{"speaker":"Nick Lincoln","startTime":4593.579,"endTime":4595.8589999999995,"body":"plan and just saying, right,"},{"speaker":"Nick Lincoln","startTime":4593.579,"endTime":4595.8589999999995,"body":"I've got to get X number of"},{"speaker":"Nick Lincoln","startTime":4595.8589999999995,"endTime":4598.699,"body":"clients, and I've got to be"},{"speaker":"Nick Lincoln","startTime":4595.8589999999995,"endTime":4598.699,"body":"charging them a minimum of that."},{"speaker":"Nick Lincoln","startTime":4598.699,"endTime":4601.099,"body":"I don't care where that minimum"},{"speaker":"Nick Lincoln","startTime":4598.699,"endTime":4601.099,"body":"comes from, whether it's assets"},{"speaker":"Nick Lincoln","startTime":4601.099,"endTime":4603.379,"body":"under management, it's a"},{"speaker":"Nick Lincoln","startTime":4601.099,"endTime":4603.379,"body":"standing order, it's charging"},{"speaker":"Nick Lincoln","startTime":4603.379,"endTime":4605.659,"body":"for a financial plan. They're"},{"speaker":"Nick Lincoln","startTime":4603.379,"endTime":4605.659,"body":"not doing that off a number of"},{"speaker":"Nick Lincoln","startTime":4605.659,"endTime":4608.239,"body":"years, because I've got the"},{"speaker":"Nick Lincoln","startTime":4605.659,"endTime":4608.239,"body":"assets under management have"},{"speaker":"Nick Lincoln","startTime":4608.299,"endTime":4611.839,"body":"work backwards, work backwards,"},{"speaker":"Nick Lincoln","startTime":4608.299,"endTime":4611.839,"body":"and then you'll find out what"},{"speaker":"Nick Lincoln","startTime":4611.839,"endTime":4614.3589999999995,"body":"your number is in terms of"},{"speaker":"Nick Lincoln","startTime":4611.839,"endTime":4614.3589999999995,"body":"turnover, and then you can, then"},{"speaker":"Nick Lincoln","startTime":4614.3589999999995,"endTime":4616.839,"body":"you can start building your"},{"speaker":"Nick Lincoln","startTime":4614.3589999999995,"endTime":4616.839,"body":"business. And that's all I"},{"speaker":"Nick Lincoln","startTime":4616.839,"endTime":4617.499,"body":"really look at."},{"speaker":"Alan Smith","startTime":4618.76,"endTime":4620.68,"body":"But now you're"},{"speaker":"Alan Smith","startTime":4618.76,"endTime":4620.68,"body":"through, but then you don't"},{"speaker":"Alan Smith","startTime":4620.68,"endTime":4623.62,"body":"track that. Now, do you need?"},{"speaker":"Alan Smith","startTime":4620.68,"endTime":4623.62,"body":"You've kind of, you largely"},{"speaker":"Alan Smith","startTime":4623.62,"endTime":4627.34,"body":"there. So you don't do you"},{"speaker":"Alan Smith","startTime":4623.62,"endTime":4627.34,"body":"tracked. You give yourself any"},{"speaker":"Alan Smith","startTime":4627.34,"endTime":4630.28,"body":"sort of goal target. This year,"},{"speaker":"Alan Smith","startTime":4627.34,"endTime":4630.28,"body":"like to pick up five new"},{"speaker":"Alan Smith","startTime":4630.28,"endTime":4631.78,"body":"clients, seven. You know, it"},{"speaker":"Alan Smith","startTime":4630.28,"endTime":4631.78,"body":"just no"},{"speaker":"Nick Lincoln","startTime":4631.78,"endTime":4633.46,"body":"it happens"},{"speaker":"Nick Lincoln","startTime":4631.78,"endTime":4633.46,"body":"organically. It's a really good"},{"speaker":"Nick Lincoln","startTime":4633.46,"endTime":4637.2,"body":"question. I generally pick up"},{"speaker":"Nick Lincoln","startTime":4633.46,"endTime":4637.2,"body":"more more clients through the"},{"speaker":"Nick Lincoln","startTime":4637.2,"endTime":4639.3,"body":"year than I lose through"},{"speaker":"Nick Lincoln","startTime":4637.2,"endTime":4639.3,"body":"attrition. That's mainly people"},{"speaker":"Nick Lincoln","startTime":4639.3,"endTime":4641.64,"body":"just, I just, I don't lose"},{"speaker":"Nick Lincoln","startTime":4639.3,"endTime":4641.64,"body":"clients. But obviously people"},{"speaker":"Nick Lincoln","startTime":4641.64,"endTime":4643.74,"body":"die and pass away. But I"},{"speaker":"Nick Lincoln","startTime":4641.64,"endTime":4643.74,"body":"generally, each year, I'm"},{"speaker":"Nick Lincoln","startTime":4643.74,"endTime":4646.38,"body":"slightly higher in my number of"},{"speaker":"Nick Lincoln","startTime":4643.74,"endTime":4646.38,"body":"founders I'm looking after, but"},{"speaker":"Nick Lincoln","startTime":4646.38,"endTime":4648.96,"body":"I've got, I could lose half of"},{"speaker":"Nick Lincoln","startTime":4646.38,"endTime":4648.96,"body":"them now, and I would still hit"},{"speaker":"Nick Lincoln","startTime":4648.96,"endTime":4652.0199999999995,"body":"my bedrock turnover target to"},{"speaker":"Nick Lincoln","startTime":4648.96,"endTime":4652.0199999999995,"body":"give me the income I need, and"},{"speaker":"Nick Lincoln","startTime":4652.0199999999995,"endTime":4655.5,"body":"the 60k company pension"},{"speaker":"Nick Lincoln","startTime":4652.0199999999995,"endTime":4655.5,"body":"contribution. And being blunt"},{"speaker":"Nick Lincoln","startTime":4655.5,"endTime":4657.98,"body":"about it, just not thinking of"},{"speaker":"Nick Lincoln","startTime":4655.5,"endTime":4657.98,"body":"these people as human beings."},{"speaker":"Nick Lincoln","startTime":4657.98,"endTime":4661.0999999999995,"body":"That's, that's all that matters."},{"speaker":"Nick Lincoln","startTime":4657.98,"endTime":4661.0999999999995,"body":"I've got quite a corporate the"},{"speaker":"Nick Lincoln","startTime":4661.0999999999995,"endTime":4665.78,"body":"markets could tumble by 70% and"},{"speaker":"Nick Lincoln","startTime":4661.0999999999995,"endTime":4665.78,"body":"I'd still have my bedrock income"},{"speaker":"Nick Lincoln","startTime":4665.78,"endTime":4669.86,"body":"coming in to fund. That's all"},{"speaker":"Nick Lincoln","startTime":4665.78,"endTime":4669.86,"body":"you know. So that's as deep into"},{"speaker":"Nick Lincoln","startTime":4669.86,"endTime":4673.4,"body":"it as I get it. But, but sorry,"},{"speaker":"Nick Lincoln","startTime":4669.86,"endTime":4673.4,"body":"final thing as and when and if I"},{"speaker":"Nick Lincoln","startTime":4673.4,"endTime":4675.98,"body":"ever sell, I will use, I will"},{"speaker":"Nick Lincoln","startTime":4673.4,"endTime":4675.98,"body":"get that thinking, transact that"},{"speaker":"Nick Lincoln","startTime":4675.98,"endTime":4678.7,"body":"you've got, and I'll use that's"},{"speaker":"Nick Lincoln","startTime":4675.98,"endTime":4678.7,"body":"going to help people purchase my"},{"speaker":"Nick Lincoln","startTime":4678.7,"endTime":4681.5199999999995,"body":"business. Look at the metrics,"},{"speaker":"Nick Lincoln","startTime":4678.7,"endTime":4681.5199999999995,"body":"you know, income by age and that"},{"speaker":"Nick Lincoln","startTime":4681.5199999999995,"endTime":4684.28,"body":"kind of income by tax wrapper, I"},{"speaker":"Nick Lincoln","startTime":4681.5199999999995,"endTime":4684.28,"body":"haven't got a clue really about"},{"speaker":"Nick Lincoln","startTime":4684.28,"endTime":4686.86,"body":"that. I just, I don't care. It"},{"speaker":"Nick Lincoln","startTime":4684.28,"endTime":4686.86,"body":"does"},{"speaker":"Andy Hart","startTime":4686.86,"endTime":4689.92,"body":"surprise me. Nick,"},{"speaker":"Andy Hart","startTime":4686.86,"endTime":4689.92,"body":"first of all, you've got through"},{"speaker":"Andy Hart","startTime":4689.92,"endTime":4694.54,"body":"the survival stage stroke, you"},{"speaker":"Andy Hart","startTime":4689.92,"endTime":4694.54,"body":"know, surviving versus thriving,"},{"speaker":"Andy Hart","startTime":4694.78,"endTime":4699.36,"body":"and now you've made a success of"},{"speaker":"Andy Hart","startTime":4694.78,"endTime":4699.36,"body":"it, God knows how. So you still"},{"speaker":"Andy Hart","startTime":4699.42,"endTime":4702.48,"body":"now don't look at these numbers,"},{"speaker":"Andy Hart","startTime":4699.42,"endTime":4702.48,"body":"as you've mentioned, because"},{"speaker":"Andy Hart","startTime":4702.48,"endTime":4705.18,"body":"you're looking at free agent,"},{"speaker":"Andy Hart","startTime":4702.48,"endTime":4705.18,"body":"which is revenue coming in per"},{"speaker":"Andy Hart","startTime":4705.18,"endTime":4707.88,"body":"month. You're looking at cost,"},{"speaker":"Andy Hart","startTime":4705.18,"endTime":4707.88,"body":"looking at not net, net profit"},{"speaker":"Andy Hart","startTime":4707.88,"endTime":4711.24,"body":"per month. So you have got a"},{"speaker":"Andy Hart","startTime":4707.88,"endTime":4711.24,"body":"somewhat grasp of this, and you"},{"speaker":"Andy Hart","startTime":4711.24,"endTime":4714.9,"body":"seem like someone who can be"},{"speaker":"Andy Hart","startTime":4711.24,"endTime":4714.9,"body":"very analytical when you choose"},{"speaker":"Andy Hart","startTime":4714.9,"endTime":4718.04,"body":"to be, but you've chosen to not"},{"speaker":"Andy Hart","startTime":4714.9,"endTime":4718.04,"body":"focus on too much of these"},{"speaker":"Andy Hart","startTime":4718.04,"endTime":4719.36,"body":"numbers. I know I do love"},{"speaker":"Andy Hart","startTime":4718.04,"endTime":4719.36,"body":"looking at"},{"speaker":"Nick Lincoln","startTime":4719.36,"endTime":4721.04,"body":"the balance sheet"},{"speaker":"Nick Lincoln","startTime":4719.36,"endTime":4721.04,"body":"and the profit loss. I do"},{"speaker":"Nick Lincoln","startTime":4721.04,"endTime":4723.38,"body":"because this is because I'm a"},{"speaker":"Nick Lincoln","startTime":4721.04,"endTime":4723.38,"body":"business owner, and that's not"},{"speaker":"Nick Lincoln","startTime":4723.38,"endTime":4725.84,"body":"but I don't, I don't know how"},{"speaker":"Nick Lincoln","startTime":4723.38,"endTime":4725.84,"body":"the income is derived, in terms"},{"speaker":"Nick Lincoln","startTime":4725.84,"endTime":4728.42,"body":"of what strata or age of client"},{"speaker":"Nick Lincoln","startTime":4725.84,"endTime":4728.42,"body":"generating, what that kind of"},{"speaker":"Nick Lincoln","startTime":4728.42,"endTime":4729.14,"body":"stuff, okay,"},{"speaker":"Andy Hart","startTime":4729.2,"endTime":4731.84,"body":"all right, but you've"},{"speaker":"Andy Hart","startTime":4729.2,"endTime":4731.84,"body":"got a rough idea of average"},{"speaker":"Andy Hart","startTime":4731.84,"endTime":4733.76,"body":"income per client that you look"},{"speaker":"Andy Hart","startTime":4731.84,"endTime":4733.76,"body":"after."},{"speaker":"Nick Lincoln","startTime":4733.88,"endTime":4735.68,"body":"No, not really,"},{"speaker":"Nick Lincoln","startTime":4733.88,"endTime":4735.68,"body":"okay,"},{"speaker":"Unknown","startTime":4736.16,"endTime":4737.08,"body":"all right? Like, I"},{"speaker":"Carl Widger","startTime":4737.08,"endTime":4739.96,"body":"find this"},{"speaker":"Carl Widger","startTime":4737.08,"endTime":4739.96,"body":"fascinating. And this is just,"},{"speaker":"Carl Widger","startTime":4739.96,"endTime":4743.14,"body":"this is beautiful, because this"},{"speaker":"Carl Widger","startTime":4739.96,"endTime":4743.14,"body":"proves there is no right way of"},{"speaker":"Carl Widger","startTime":4743.14,"endTime":4746.5,"body":"doing this. These things, right?"},{"speaker":"Carl Widger","startTime":4743.14,"endTime":4746.5,"body":"It's, it's do whatever works for"},{"speaker":"Carl Widger","startTime":4746.5,"endTime":4751.72,"body":"you. I could not possibly set"},{"speaker":"Carl Widger","startTime":4746.5,"endTime":4751.72,"body":"out in a year without a goal."},{"speaker":"Carl Widger","startTime":4751.9,"endTime":4755.08,"body":"Like I had, not only have goals,"},{"speaker":"Carl Widger","startTime":4751.9,"endTime":4755.08,"body":"I have bee hags for everybody in"},{"speaker":"Carl Widger","startTime":4755.08,"endTime":4757.32,"body":"the business, right, including"},{"speaker":"Carl Widger","startTime":4755.08,"endTime":4757.32,"body":"myself, right? Play"},{"speaker":"Unknown","startTime":4757.32,"endTime":4759.9,"body":"the sound. Nick play"},{"speaker":"Unknown","startTime":4757.32,"endTime":4759.9,"body":"the sound, and it's got a B hag"},{"speaker":"Unknown","startTime":4759.9,"endTime":4760.32,"body":"sound."},{"speaker":"Unknown","startTime":4764.7,"endTime":4770.04,"body":"Who don't know what a B hag is"},{"speaker":"Unknown","startTime":4764.7,"endTime":4770.04,"body":"big. We'll"},{"speaker":"Unknown","startTime":4776.46,"endTime":4781.64,"body":"stop in about five seconds. Two,"},{"speaker":"Unknown","startTime":4776.46,"endTime":4781.64,"body":"one,"},{"speaker":"Carl Widger","startTime":4783.019,"endTime":4787.459,"body":"yeah, but I'd love"},{"speaker":"Carl Widger","startTime":4783.019,"endTime":4787.459,"body":"to be as sanguine as you seem to"},{"speaker":"Carl Widger","startTime":4787.459,"endTime":4791.599,"body":"be about the whole thing. But"},{"speaker":"Carl Widger","startTime":4787.459,"endTime":4791.599,"body":"hey, that's, that's why we're"},{"speaker":"Carl Widger","startTime":4791.599,"endTime":4794.959,"body":"all we're all different. It's"},{"speaker":"Carl Widger","startTime":4791.599,"endTime":4794.959,"body":"like, it's really cool to hear"},{"speaker":"Carl Widger","startTime":4794.959,"endTime":4798.999,"body":"that really, really cool. Thank"},{"speaker":"Carl Widger","startTime":4794.959,"endTime":4798.999,"body":"you. I started off exactly the"},{"speaker":"Carl Widger","startTime":4798.999,"endTime":4802.3589999999995,"body":"same as you. I know I had four"},{"speaker":"Carl Widger","startTime":4798.999,"endTime":4802.3589999999995,"body":"kids, and I needed eight grand a"},{"speaker":"Carl Widger","startTime":4802.3589999999995,"endTime":4807.219,"body":"month to survive, and by Christ,"},{"speaker":"Carl Widger","startTime":4802.3589999999995,"endTime":4807.219,"body":"that that's some motivation to"},{"speaker":"Carl Widger","startTime":4807.219,"endTime":4810.399,"body":"make sure that you do not fail"},{"speaker":"Carl Widger","startTime":4807.219,"endTime":4810.399,"body":"in the in the first six or 12"},{"speaker":"Carl Widger","startTime":4810.399,"endTime":4810.699,"body":"months."},{"speaker":"Nick Lincoln","startTime":4810.7,"endTime":4812.5,"body":"Yeah. I mean, that"},{"speaker":"Nick Lincoln","startTime":4810.7,"endTime":4812.5,"body":"doesn't mean I'm not driven. I"},{"speaker":"Nick Lincoln","startTime":4812.5,"endTime":4815.08,"body":"absolutely am driven, but I'm"},{"speaker":"Nick Lincoln","startTime":4812.5,"endTime":4815.08,"body":"just in the situation now where"},{"speaker":"Nick Lincoln","startTime":4815.08,"endTime":4817.5599999999995,"body":"I know I'm feeding enough into"},{"speaker":"Nick Lincoln","startTime":4815.08,"endTime":4817.5599999999995,"body":"the furnace for myself now and"},{"speaker":"Nick Lincoln","startTime":4817.5599999999995,"endTime":4820.08,"body":"my future self, and if I can"},{"speaker":"Nick Lincoln","startTime":4817.5599999999995,"endTime":4820.08,"body":"build up a bigger business and"},{"speaker":"Nick Lincoln","startTime":4820.08,"endTime":4823.44,"body":"bigger pots, you know, for my"},{"speaker":"Nick Lincoln","startTime":4820.08,"endTime":4823.44,"body":"son or what have you all, the"},{"speaker":"Nick Lincoln","startTime":4823.44,"endTime":4826.26,"body":"better. But I'm not gonna, I'm"},{"speaker":"Nick Lincoln","startTime":4823.44,"endTime":4826.26,"body":"not gonna drive myself into an"},{"speaker":"Nick Lincoln","startTime":4826.26,"endTime":4831.24,"body":"early grave in just just"},{"speaker":"Nick Lincoln","startTime":4826.26,"endTime":4831.24,"body":"acquiring extra assets under"},{"speaker":"Nick Lincoln","startTime":4831.24,"endTime":4833.82,"body":"management. Then I'm not"},{"speaker":"Nick Lincoln","startTime":4831.24,"endTime":4833.82,"body":"denigrating it's not dig at your"},{"speaker":"Nick Lincoln","startTime":4833.82,"endTime":4836.72,"body":"tool card, because I know you're"},{"speaker":"Nick Lincoln","startTime":4833.82,"endTime":4836.72,"body":"very conscious of your health"},{"speaker":"Nick Lincoln","startTime":4836.72,"endTime":4840.38,"body":"and everything else and mental"},{"speaker":"Nick Lincoln","startTime":4836.72,"endTime":4840.38,"body":"health. So, so, yeah, so that's"},{"speaker":"Nick Lincoln","startTime":4840.38,"endTime":4841.7,"body":"where I'm at, the wolf a"},{"speaker":"Carl Widger","startTime":4841.7,"endTime":4845.24,"body":"little bit. Rick,"},{"speaker":"Carl Widger","startTime":4841.7,"endTime":4845.24,"body":"yeah, it's, it's, yeah, I tell"},{"speaker":"Carl Widger","startTime":4845.24,"endTime":4848.3,"body":"you, My ambition is to be Nick"},{"speaker":"Carl Widger","startTime":4845.24,"endTime":4848.3,"body":"Lincoln. I never thought"},{"speaker":"Alan Smith","startTime":4853.04,"endTime":4854.78,"body":"you too could be"},{"speaker":"Alan Smith","startTime":4853.04,"endTime":4854.78,"body":"Nick. You"},{"speaker":"Unknown","startTime":4854.78,"endTime":4855.92,"body":"too. Nick Lincoln,"},{"speaker":"Nick Lincoln","startTime":4857.84,"endTime":4859.72,"body":"okay, Listen,"},{"speaker":"Nick Lincoln","startTime":4857.84,"endTime":4859.72,"body":"guys, that's a thrashing. That's"},{"speaker":"Nick Lincoln","startTime":4859.72,"endTime":4862.3,"body":"a really good meat of potatoes,"},{"speaker":"Nick Lincoln","startTime":4859.72,"endTime":4862.3,"body":"actually. And that was your idea"},{"speaker":"Nick Lincoln","startTime":4862.3,"endTime":4864.46,"body":"car. So thank you for thank you"},{"speaker":"Nick Lincoln","startTime":4862.3,"endTime":4864.46,"body":"for throwing that into the"},{"speaker":"Nick Lincoln","startTime":4864.46,"endTime":4866.68,"body":"hopper. Okay, let's move on to"},{"speaker":"Nick Lincoln","startTime":4864.46,"endTime":4866.68,"body":"the next section of the show."},{"speaker":"Nick Lincoln","startTime":4866.68,"endTime":4870.76,"body":"Because I can see at the front"},{"speaker":"Nick Lincoln","startTime":4866.68,"endTime":4870.76,"body":"doorbell, there's poster horn in"},{"speaker":"Nick Lincoln","startTime":4870.76,"endTime":4874.72,"body":"the bulging sack of TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4870.76,"endTime":4874.72,"body":"questions up my driveway. And of"},{"speaker":"Nick Lincoln","startTime":4874.72,"endTime":4877.5599999999995,"body":"course, TRAPPIST, you can see."},{"speaker":"Nick Lincoln","startTime":4874.72,"endTime":4877.5599999999995,"body":"Submit questions to us the Track"},{"speaker":"Nick Lincoln","startTime":4877.5599999999995,"endTime":4880.5,"body":"Pack. We'll answer them in due"},{"speaker":"Nick Lincoln","startTime":4877.5599999999995,"endTime":4880.5,"body":"course. Just click on the link"},{"speaker":"Nick Lincoln","startTime":4880.68,"endTime":4884.46,"body":"in the so called show notes and"},{"speaker":"Nick Lincoln","startTime":4880.68,"endTime":4884.46,"body":"or click on the X in tweet, or"},{"speaker":"Nick Lincoln","startTime":4884.46,"endTime":4886.92,"body":"click on the tweet in X, which"},{"speaker":"Nick Lincoln","startTime":4884.46,"endTime":4886.92,"body":"everyone do submit your"},{"speaker":"Nick Lincoln","startTime":4886.92,"endTime":4890.22,"body":"question. It goes into a hopper"},{"speaker":"Nick Lincoln","startTime":4886.92,"endTime":4890.22,"body":"that's in my back garden. I go"},{"speaker":"Nick Lincoln","startTime":4890.22,"endTime":4892.32,"body":"out there now and again, I look"},{"speaker":"Nick Lincoln","startTime":4890.22,"endTime":4892.32,"body":"at it, and I liaise with the"},{"speaker":"Nick Lincoln","startTime":4892.32,"endTime":4894.72,"body":"post office, and it's all a bit"},{"speaker":"Nick Lincoln","startTime":4892.32,"endTime":4894.72,"body":"of a mess. But we will get to"},{"speaker":"Nick Lincoln","startTime":4894.72,"endTime":4898.22,"body":"you where I think we're from."},{"speaker":"Nick Lincoln","startTime":4894.72,"endTime":4898.22,"body":"September last year. We're going"},{"speaker":"Nick Lincoln","startTime":4898.22,"endTime":4901.0999999999995,"body":"through the questions and this"},{"speaker":"Nick Lincoln","startTime":4898.22,"endTime":4901.0999999999995,"body":"first question, let's have a"},{"speaker":"Nick Lincoln","startTime":4901.0999999999995,"endTime":4903.74,"body":"look and see who this one's from"},{"speaker":"Nick Lincoln","startTime":4901.0999999999995,"endTime":4903.74,"body":"opening up with my letter on"},{"speaker":"Nick Lincoln","startTime":4904.28,"endTime":4908.72,"body":"letter opener. This is from Tom"},{"speaker":"Nick Lincoln","startTime":4904.28,"endTime":4908.72,"body":"Brooks, who's on LinkedIn, and"},{"speaker":"Nick Lincoln","startTime":4908.72,"endTime":4911.78,"body":"we'll put a link to his social"},{"speaker":"Nick Lincoln","startTime":4908.72,"endTime":4911.78,"body":"bio in the so called show notes."},{"speaker":"Nick Lincoln","startTime":4912.0199999999995,"endTime":4915.5,"body":"Excuse me, I've got a bit of a"},{"speaker":"Nick Lincoln","startTime":4912.0199999999995,"endTime":4915.5,"body":"cold Trappist. I do apologize,"},{"speaker":"Nick Lincoln","startTime":4915.5,"endTime":4917.54,"body":"right guys, thank you so much"},{"speaker":"Nick Lincoln","startTime":4915.5,"endTime":4917.54,"body":"for putting this podcast"},{"speaker":"Nick Lincoln","startTime":4917.54,"endTime":4919.78,"body":"together. I've learned more from"},{"speaker":"Nick Lincoln","startTime":4917.54,"endTime":4919.78,"body":"this than from this than I have"},{"speaker":"Nick Lincoln","startTime":4919.78,"endTime":4922.5999999999995,"body":"from years of advising. Just an"},{"speaker":"Nick Lincoln","startTime":4919.78,"endTime":4922.5999999999995,"body":"aside that's just amazing. We're"},{"speaker":"Nick Lincoln","startTime":4922.5999999999995,"endTime":4925.3,"body":"getting so many of those kind of"},{"speaker":"Nick Lincoln","startTime":4922.5999999999995,"endTime":4925.3,"body":"comments, which is lovely and"},{"speaker":"Nick Lincoln","startTime":4925.3,"endTime":4928.36,"body":"just thank you, right? I'll try"},{"speaker":"Nick Lincoln","startTime":4925.3,"endTime":4928.36,"body":"to keep this brief so I don't"},{"speaker":"Nick Lincoln","startTime":4928.36,"endTime":4931.3,"body":"suffer from Nick's usual"},{"speaker":"Nick Lincoln","startTime":4928.36,"endTime":4931.3,"body":"interjection about the length of"},{"speaker":"Nick Lincoln","startTime":4931.3,"endTime":4935.5,"body":"my two sorry Nick questions. Dom"},{"speaker":"Nick Lincoln","startTime":4931.3,"endTime":4935.5,"body":"thin ice, already. First one,"},{"speaker":"Nick Lincoln","startTime":4935.5,"endTime":4938.04,"body":"ultra important. No, that's not"},{"speaker":"Nick Lincoln","startTime":4935.5,"endTime":4938.04,"body":"you. Andrew. He means ultra"},{"speaker":"Nick Lincoln","startTime":4938.04,"endTime":4940.68,"body":"important this point. Can"},{"speaker":"Nick Lincoln","startTime":4938.04,"endTime":4940.68,"body":"someone please explain what the"},{"speaker":"Nick Lincoln","startTime":4940.68,"endTime":4945.0,"body":"F, U, C, K, the Metis Norway"},{"speaker":"Nick Lincoln","startTime":4940.68,"endTime":4945.0,"body":"joke is about? Pretty certain."},{"speaker":"Nick Lincoln","startTime":4945.0,"endTime":4948.48,"body":"Nobody has ever explained that"},{"speaker":"Nick Lincoln","startTime":4945.0,"endTime":4948.48,"body":"one. So ponder that as we go"},{"speaker":"Nick Lincoln","startTime":4948.48,"endTime":4951.0599999999995,"body":"through our memory banks, I'll"},{"speaker":"Nick Lincoln","startTime":4948.48,"endTime":4951.0599999999995,"body":"go into question two key for you"},{"speaker":"Nick Lincoln","startTime":4951.0599999999995,"endTime":4953.58,"body":"guys to delve into, the mumbo"},{"speaker":"Nick Lincoln","startTime":4951.0599999999995,"endTime":4953.58,"body":"jumbo questionnaires, a bit more"},{"speaker":"Nick Lincoln","startTime":4953.76,"endTime":4957.38,"body":"recurring theme. Do any of you"},{"speaker":"Nick Lincoln","startTime":4953.76,"endTime":4957.38,"body":"still use them for compliance,"},{"speaker":"Nick Lincoln","startTime":4957.44,"endTime":4959.9,"body":"even if you then follow a"},{"speaker":"Nick Lincoln","startTime":4957.44,"endTime":4959.9,"body":"discussion with the client."},{"speaker":"Nick Lincoln","startTime":4959.9,"endTime":4962.42,"body":"Understand that Andy has made"},{"speaker":"Nick Lincoln","startTime":4959.9,"endTime":4962.42,"body":"his own question there on his"},{"speaker":"Nick Lincoln","startTime":4962.42,"endTime":4965.5999999999995,"body":"website. What do you use to show"},{"speaker":"Nick Lincoln","startTime":4962.42,"endTime":4965.5999999999995,"body":"different maximum drawdowns of"},{"speaker":"Nick Lincoln","startTime":4965.5999999999995,"endTime":4968.78,"body":"your various portfolios might be"},{"speaker":"Nick Lincoln","startTime":4965.5999999999995,"endTime":4968.78,"body":"one for full meat and potatoes,"},{"speaker":"Nick Lincoln","startTime":4968.78,"endTime":4972.0199999999995,"body":"since I think a lot of advisors"},{"speaker":"Nick Lincoln","startTime":4968.78,"endTime":4972.0199999999995,"body":"agree that they're crap, but"},{"speaker":"Nick Lincoln","startTime":4972.0199999999995,"endTime":4975.14,"body":"need guidance on how to get rid"},{"speaker":"Nick Lincoln","startTime":4972.0199999999995,"endTime":4975.14,"body":"of them. So much. Keeping it"},{"speaker":"Nick Lincoln","startTime":4975.14,"endTime":4977.68,"body":"brief, indeed, Tom, but"},{"speaker":"Nick Lincoln","startTime":4975.14,"endTime":4977.68,"body":"nevertheless, thank you for your"},{"speaker":"Nick Lincoln","startTime":4977.68,"endTime":4980.0199999999995,"body":"input and your two questions"},{"speaker":"Nick Lincoln","startTime":4977.68,"endTime":4980.0199999999995,"body":"there. Who wants to have first"},{"speaker":"Nick Lincoln","startTime":4980.0199999999995,"endTime":4981.76,"body":"stab at that? Happy while you"},{"speaker":"Nick Lincoln","startTime":4980.0199999999995,"endTime":4981.76,"body":"while"},{"speaker":"Alan Smith","startTime":4981.759,"endTime":4983.679,"body":"you guys have a"},{"speaker":"Alan Smith","startTime":4981.759,"endTime":4983.679,"body":"think about that, because I'm"},{"speaker":"Alan Smith","startTime":4983.679,"endTime":4987.339,"body":"looking at mainly Nick and Andy"},{"speaker":"Alan Smith","startTime":4983.679,"endTime":4987.339,"body":"to answer that in detail,"},{"speaker":"Alan Smith","startTime":4987.339,"endTime":4989.919,"body":"because I know you've got very"},{"speaker":"Alan Smith","startTime":4987.339,"endTime":4989.919,"body":"strong opinions. I'm going to"},{"speaker":"Alan Smith","startTime":4989.919,"endTime":4995.8589999999995,"body":"reflect but on Metis Norway and"},{"speaker":"Alan Smith","startTime":4989.919,"endTime":4995.8589999999995,"body":"I remember the conversation that"},{"speaker":"Alan Smith","startTime":4995.8589999999995,"endTime":4998.879,"body":"we had. I think it was me who"},{"speaker":"Alan Smith","startTime":4995.8589999999995,"endTime":4998.879,"body":"said, when I was getting to know"},{"speaker":"Alan Smith","startTime":4998.879,"endTime":5002.7789999999995,"body":"Carl and what's the name of your"},{"speaker":"Alan Smith","startTime":4998.879,"endTime":5002.7789999999995,"body":"firm, Metis Ireland, I said,"},{"speaker":"Alan Smith","startTime":5002.7789999999995,"endTime":5008.659,"body":"what have you, why? What's the"},{"speaker":"Alan Smith","startTime":5002.7789999999995,"endTime":5008.659,"body":"Ireland? Watch out branch in"},{"speaker":"Alan Smith","startTime":5008.659,"endTime":5012.8589999999995,"body":"Germany, Norway, Switzerland."},{"speaker":"Alan Smith","startTime":5008.659,"endTime":5012.8589999999995,"body":"And this is just to be clear,"},{"speaker":"Alan Smith","startTime":5013.2789999999995,"endTime":5014.659,"body":"this is the mettis Ireland."},{"speaker":"Carl Widger","startTime":5015.08,"endTime":5017.08,"body":"And they'll also,"},{"speaker":"Carl Widger","startTime":5015.08,"endTime":5017.08,"body":"they'll also see that I was"},{"speaker":"Carl Widger","startTime":5017.08,"endTime":5020.0199999999995,"body":"deeply uncomfortable with the"},{"speaker":"Carl Widger","startTime":5017.08,"endTime":5020.0199999999995,"body":"content of some of today's"},{"speaker":"Carl Widger","startTime":5020.14,"endTime":5025.78,"body":"podcast. Still do the Irish"},{"speaker":"Carl Widger","startTime":5020.14,"endTime":5025.78,"body":"versus UK cultural differences."},{"speaker":"Alan Smith","startTime":5034.599,"endTime":5036.599,"body":"That's that was all"},{"speaker":"Alan Smith","startTime":5034.599,"endTime":5036.599,"body":"it was, wasn't it? It was a bit"},{"speaker":"Alan Smith","startTime":5036.659,"endTime":5038.219,"body":"of obviously superfluous"},{"speaker":"Carl Widger","startTime":5039.479,"endTime":5041.339,"body":"one country, yeah."},{"speaker":"Carl Widger","startTime":5039.479,"endTime":5041.339,"body":"But there's a reason we're"},{"speaker":"Carl Widger","startTime":5041.339,"endTime":5045.119,"body":"called matters Ireland. So this"},{"speaker":"Carl Widger","startTime":5041.339,"endTime":5045.119,"body":"is like, you know, when you go,"},{"speaker":"Carl Widger","startTime":5045.179,"endTime":5049.199,"body":"when you go into a business"},{"speaker":"Carl Widger","startTime":5045.179,"endTime":5049.199,"body":"journey, there's lots of kind of"},{"speaker":"Carl Widger","startTime":5049.199,"endTime":5052.379,"body":"interesting things that happen"},{"speaker":"Carl Widger","startTime":5049.199,"endTime":5052.379,"body":"along the way. So we were"},{"speaker":"Carl Widger","startTime":5052.379,"endTime":5055.739,"body":"called, well, first of all, the"},{"speaker":"Carl Widger","startTime":5052.379,"endTime":5055.739,"body":"company was called wager,"},{"speaker":"Carl Widger","startTime":5055.739,"endTime":5062.659,"body":"financial planning. So off the"},{"speaker":"Carl Widger","startTime":5055.739,"endTime":5062.659,"body":"who. So then I went, right,"},{"speaker":"Carl Widger","startTime":5062.719,"endTime":5069.019,"body":"that's fucking terrible. So"},{"speaker":"Carl Widger","startTime":5062.719,"endTime":5069.019,"body":"meres is the Greek goddess of"},{"speaker":"Carl Widger","startTime":5069.259,"endTime":5072.919,"body":"good, counsel and wisdom. So I"},{"speaker":"Carl Widger","startTime":5069.259,"endTime":5072.919,"body":"went, that is right. And then"},{"speaker":"Carl Widger","startTime":5072.919,"endTime":5076.719,"body":"we'll call it Life met us life,"},{"speaker":"Carl Widger","startTime":5072.919,"endTime":5076.719,"body":"right? So we went, Yeah, right."},{"speaker":"Carl Widger","startTime":5076.719,"endTime":5080.499,"body":"That's it. We're calling it"},{"speaker":"Carl Widger","startTime":5076.719,"endTime":5080.499,"body":"Metis life, and we progress"},{"speaker":"Carl Widger","startTime":5080.499,"endTime":5083.139,"body":"then, for how many years, and"},{"speaker":"Carl Widger","startTime":5080.499,"endTime":5083.139,"body":"everyone started known as as met"},{"speaker":"Carl Widger","startTime":5083.139,"endTime":5086.8589999999995,"body":"us life. And then I started"},{"speaker":"Carl Widger","startTime":5083.139,"endTime":5086.8589999999995,"body":"getting these emails, which I"},{"speaker":"Carl Widger","startTime":5086.8589999999995,"endTime":5091.239,"body":"thought were spam, so I was"},{"speaker":"Carl Widger","startTime":5086.8589999999995,"endTime":5091.239,"body":"deleting we're going to sue you"},{"speaker":"Carl Widger","startTime":5091.239,"endTime":5093.699,"body":"for using our name. And I was"},{"speaker":"Carl Widger","startTime":5091.239,"endTime":5093.699,"body":"like, Yeah, whatever, right. So"},{"speaker":"Carl Widger","startTime":5093.699,"endTime":5096.839,"body":"I was deleting them. So then I"},{"speaker":"Carl Widger","startTime":5093.699,"endTime":5096.839,"body":"got this registered post letter"},{"speaker":"Carl Widger","startTime":5097.079,"endTime":5100.379,"body":"to our company solicitor who I"},{"speaker":"Carl Widger","startTime":5097.079,"endTime":5100.379,"body":"didn't even really know. I just"},{"speaker":"Carl Widger","startTime":5100.379,"endTime":5103.559,"body":"kind of put them in there."},{"speaker":"Carl Widger","startTime":5100.379,"endTime":5103.559,"body":"You're being brought to the High"},{"speaker":"Carl Widger","startTime":5103.559,"endTime":5109.259,"body":"Court by met in New York for for"},{"speaker":"Carl Widger","startTime":5103.559,"endTime":5109.259,"body":"using their name. I was like,"},{"speaker":"Carl Widger","startTime":5110.759,"endTime":5114.119,"body":"No, immediately I went, that's"},{"speaker":"Carl Widger","startTime":5110.759,"endTime":5114.119,"body":"that's a disgrace. That's a"},{"speaker":"Carl Widger","startTime":5114.119,"endTime":5123.259,"body":"joke. We'll take them on. You."},{"speaker":"Carl Widger","startTime":5114.119,"endTime":5123.259,"body":"Did you think that, you know,"},{"speaker":"Carl Widger","startTime":5123.3189999999995,"endTime":5127.999,"body":"Met Life, met his life, where"},{"speaker":"Carl Widger","startTime":5123.3189999999995,"endTime":5127.999,"body":"they I was like, maybe Okay, and"},{"speaker":"Carl Widger","startTime":5127.999,"endTime":5130.8189999999995,"body":"he went and, by the way, they'll"},{"speaker":"Carl Widger","startTime":5127.999,"endTime":5130.8189999999995,"body":"go all the way. So you're"},{"speaker":"Carl Widger","startTime":5130.8189999999995,"endTime":5134.299,"body":"talking about Supreme Courts"},{"speaker":"Carl Widger","startTime":5130.8189999999995,"endTime":5134.299,"body":"here, if you want to, to take"},{"speaker":"Carl Widger","startTime":5134.299,"endTime":5138.639,"body":"them on, so they'll win. So then"},{"speaker":"Carl Widger","startTime":5134.299,"endTime":5138.639,"body":"we had to call it something"},{"speaker":"Carl Widger","startTime":5138.639,"endTime":5142.719,"body":"else. So then we called it I"},{"speaker":"Carl Widger","startTime":5138.639,"endTime":5142.719,"body":"was, like, at this stage,"},{"speaker":"Carl Widger","startTime":5142.719,"endTime":5145.239,"body":"probably quite busy in work and"},{"speaker":"Carl Widger","startTime":5142.719,"endTime":5145.239,"body":"lots of things going on, and"},{"speaker":"Carl Widger","startTime":5145.239,"endTime":5147.399,"body":"this is, like, just a pain in"},{"speaker":"Carl Widger","startTime":5145.239,"endTime":5147.399,"body":"the ass. I mean, I'll just call"},{"speaker":"Carl Widger","startTime":5147.399,"endTime":5150.879,"body":"it matters Ireland. So there you"},{"speaker":"Carl Widger","startTime":5147.399,"endTime":5150.879,"body":"go. There's the story about me"},{"speaker":"Carl Widger","startTime":5150.879,"endTime":5154.899,"body":"as Ireland started slagging me."},{"speaker":"Carl Widger","startTime":5150.879,"endTime":5154.899,"body":"But matters Norway. Hearing"},{"speaker":"Andy Hart","startTime":5154.899,"endTime":5156.899,"body":"that story is"},{"speaker":"Andy Hart","startTime":5154.899,"endTime":5156.899,"body":"probably the best compromise."},{"speaker":"Andy Hart","startTime":5157.019,"endTime":5159.3589999999995,"body":"That was a long chapter and"},{"speaker":"Andy Hart","startTime":5157.019,"endTime":5159.3589999999995,"body":"verse for Tom Brooks, but I"},{"speaker":"Andy Hart","startTime":5159.3589999999995,"endTime":5161.519,"body":"think probably the best"},{"speaker":"Andy Hart","startTime":5159.3589999999995,"endTime":5161.519,"body":"compromise, I think it was"},{"speaker":"Andy Hart","startTime":5161.519,"endTime":5164.159,"body":"unique that probably carried the"},{"speaker":"Andy Hart","startTime":5161.519,"endTime":5164.159,"body":"joke on. Sounds like a"},{"speaker":"Nick Lincoln","startTime":5164.22,"endTime":5167.0999999999995,"body":"Yeah, what I think"},{"speaker":"Nick Lincoln","startTime":5164.22,"endTime":5167.0999999999995,"body":"Norway was on our mind, because"},{"speaker":"Nick Lincoln","startTime":5167.0999999999995,"endTime":5171.18,"body":"that might have been talking"},{"speaker":"Nick Lincoln","startTime":5167.0999999999995,"endTime":5171.18,"body":"about something back then, or I"},{"speaker":"Nick Lincoln","startTime":5171.18,"endTime":5171.54,"body":"can't"},{"speaker":"Alan Smith","startTime":5172.0199999999995,"endTime":5174.9,"body":"show somebody I"},{"speaker":"Alan Smith","startTime":5172.0199999999995,"endTime":5174.9,"body":"can't remember was in Norway."},{"speaker":"Unknown","startTime":5175.08,"endTime":5178.04,"body":"It was you. Alan, you"},{"speaker":"Unknown","startTime":5175.08,"endTime":5178.04,"body":"were doing the bloody Yeah,"},{"speaker":"Alan Smith","startTime":5178.64,"endTime":5182.5999999999995,"body":"yeah. Somebody me,"},{"speaker":"Alan Smith","startTime":5178.64,"endTime":5182.5999999999995,"body":"yeah, I did. And there was this"},{"speaker":"Alan Smith","startTime":5183.0199999999995,"endTime":5188.12,"body":"big sign in Norway, but messes,"},{"speaker":"Alan Smith","startTime":5183.0199999999995,"endTime":5188.12,"body":"there is a message Norway, they"},{"speaker":"Alan Smith","startTime":5188.12,"endTime":5189.38,"body":"might be suing you next."},{"speaker":"Carl Widger","startTime":5193.64,"endTime":5195.62,"body":"There's a guy came"},{"speaker":"Carl Widger","startTime":5193.64,"endTime":5195.62,"body":"to trap life and he went"},{"speaker":"Carl Widger","startTime":5195.92,"endTime":5198.16,"body":"Whereabouts is your"},{"speaker":"Alan Smith","startTime":5198.5199999999995,"endTime":5199.5999999999995,"body":"guy who's and"},{"speaker":"Carl Widger","startTime":5201.88,"endTime":5206.98,"body":"he's like, what? Oh"},{"speaker":"Carl Widger","startTime":5201.88,"endTime":5206.98,"body":"my god. Like, I'm actually so"},{"speaker":"Carl Widger","startTime":5206.98,"endTime":5209.38,"body":"embarrassed. Chaotic answer to"},{"speaker":"Carl Widger","startTime":5206.98,"endTime":5209.38,"body":"your"},{"speaker":"Unknown","startTime":5209.92,"endTime":5212.26,"body":"question, hopefully"},{"speaker":"Unknown","startTime":5209.92,"endTime":5212.26,"body":"being given more succinct"},{"speaker":"Unknown","startTime":5212.26,"endTime":5213.0999999999995,"body":"answer, well,"},{"speaker":"Nick Lincoln","startTime":5214.66,"endTime":5217.84,"body":"we've given my"},{"speaker":"Nick Lincoln","startTime":5214.66,"endTime":5217.84,"body":"jumper question as a pretty good"},{"speaker":"Nick Lincoln","startTime":5217.84,"endTime":5220.62,"body":"flashing earlier on in the show."},{"speaker":"Nick Lincoln","startTime":5217.84,"endTime":5220.62,"body":"I on in the show, actually,"},{"speaker":"Nick Lincoln","startTime":5220.62,"endTime":5223.86,"body":"didn't we a piece from"},{"speaker":"Nick Lincoln","startTime":5220.62,"endTime":5223.86,"body":"everything else. So Andy, Andy's"},{"speaker":"Nick Lincoln","startTime":5223.86,"endTime":5226.8,"body":"got one. I've got one. I know"},{"speaker":"Nick Lincoln","startTime":5223.86,"endTime":5226.8,"body":"Carl will use one. I know Alan."},{"speaker":"Nick Lincoln","startTime":5226.8,"endTime":5229.14,"body":"We use one in different I think"},{"speaker":"Nick Lincoln","startTime":5226.8,"endTime":5229.14,"body":"Andy and I use them, or"},{"speaker":"Nick Lincoln","startTime":5229.14,"endTime":5231.54,"body":"certainly I use mine, just to"},{"speaker":"Nick Lincoln","startTime":5229.14,"endTime":5231.54,"body":"weed out the weirdos, make sure"},{"speaker":"Nick Lincoln","startTime":5231.54,"endTime":5234.12,"body":"they're not sort of financially"},{"speaker":"Nick Lincoln","startTime":5231.54,"endTime":5234.12,"body":"enumerate they want impossible"},{"speaker":"Nick Lincoln","startTime":5234.12,"endTime":5237.2,"body":"things. I don't want anybody on"},{"speaker":"Nick Lincoln","startTime":5234.12,"endTime":5237.2,"body":"my five questions, and one of"},{"speaker":"Nick Lincoln","startTime":5237.2,"endTime":5239.66,"body":"them says, Do you want above I'm"},{"speaker":"Nick Lincoln","startTime":5237.2,"endTime":5239.66,"body":"paraphrasing here, do you want"},{"speaker":"Nick Lincoln","startTime":5239.66,"endTime":5242.54,"body":"above average returns with no"},{"speaker":"Nick Lincoln","startTime":5239.66,"endTime":5242.54,"body":"volatility? It's not quite that"},{"speaker":"Nick Lincoln","startTime":5242.54,"endTime":5244.7,"body":"blunt, but it's like that. If"},{"speaker":"Nick Lincoln","startTime":5242.54,"endTime":5244.7,"body":"they say yes, you know you're"},{"speaker":"Nick Lincoln","startTime":5244.7,"endTime":5246.8,"body":"dealing with a window liquor,"},{"speaker":"Nick Lincoln","startTime":5244.7,"endTime":5246.8,"body":"right? That Yeah. And so we"},{"speaker":"Nick Lincoln","startTime":5246.8,"endTime":5248.9,"body":"just, Okay, well, we need to"},{"speaker":"Nick Lincoln","startTime":5246.8,"endTime":5248.9,"body":"have a chat. We're just not"},{"speaker":"Nick Lincoln","startTime":5248.9,"endTime":5251.9,"body":"going to come on board full"},{"speaker":"Nick Lincoln","startTime":5248.9,"endTime":5251.9,"body":"stop. So that's what I use it"},{"speaker":"Nick Lincoln","startTime":5251.9,"endTime":5254.3,"body":"for, just, just to, just to make"},{"speaker":"Nick Lincoln","startTime":5251.9,"endTime":5254.3,"body":"sure I'm not dealing with nut"},{"speaker":"Nick Lincoln","startTime":5254.3,"endTime":5254.54,"body":"jobs"},{"speaker":"Andy Hart","startTime":5255.74,"endTime":5260.2,"body":"Ultra follow Yeah, on"},{"speaker":"Andy Hart","startTime":5255.74,"endTime":5260.2,"body":"the onboarding process, I do an"},{"speaker":"Andy Hart","startTime":5260.2,"endTime":5263.32,"body":"investor profile which covers"},{"speaker":"Andy Hart","startTime":5260.2,"endTime":5263.32,"body":"off everything I need to do from"},{"speaker":"Andy Hart","startTime":5263.32,"endTime":5266.74,"body":"a compliance point of view. And"},{"speaker":"Andy Hart","startTime":5263.32,"endTime":5266.74,"body":"every year we revisit it and"},{"speaker":"Andy Hart","startTime":5266.74,"endTime":5271.18,"body":"update it. But yeah, I try and"},{"speaker":"Andy Hart","startTime":5266.74,"endTime":5271.18,"body":"keep it as frictionless and"},{"speaker":"Andy Hart","startTime":5271.18,"endTime":5275.8,"body":"painless as possible for all"},{"speaker":"Andy Hart","startTime":5271.18,"endTime":5275.8,"body":"sentient human beings that we"},{"speaker":"Andy Hart","startTime":5275.8,"endTime":5278.94,"body":"look after as possible. But,"},{"speaker":"Andy Hart","startTime":5275.8,"endTime":5278.94,"body":"yeah, that's, that's what I do."},{"speaker":"Andy Hart","startTime":5278.94,"endTime":5281.28,"body":"But again, we could talk about"},{"speaker":"Andy Hart","startTime":5278.94,"endTime":5281.28,"body":"it a lot. Is quite boring. Now"},{"speaker":"Andy Hart","startTime":5281.28,"endTime":5283.92,"body":"let's just move on. They end up"},{"speaker":"Andy Hart","startTime":5281.28,"endTime":5283.92,"body":"with a portfolio. They stick"},{"speaker":"Andy Hart","startTime":5283.92,"endTime":5287.28,"body":"with it. They get great returns."},{"speaker":"Andy Hart","startTime":5283.92,"endTime":5287.28,"body":"Financial Planning LED. The"},{"speaker":"Alan Smith","startTime":5287.28,"endTime":5293.04,"body":"point is, and to"},{"speaker":"Alan Smith","startTime":5287.28,"endTime":5293.04,"body":"also point. And I think this is"},{"speaker":"Alan Smith","startTime":5293.34,"endTime":5296.04,"body":"we kind of, I think we do take"},{"speaker":"Alan Smith","startTime":5293.34,"endTime":5296.04,"body":"it for granted that we sort of,"},{"speaker":"Alan Smith","startTime":5296.0999999999995,"endTime":5299.12,"body":"you know, begrudgingly, go"},{"speaker":"Alan Smith","startTime":5296.0999999999995,"endTime":5299.12,"body":"through this and all the points"},{"speaker":"Alan Smith","startTime":5299.18,"endTime":5303.5599999999995,"body":"that Nick said, I gotta tell"},{"speaker":"Alan Smith","startTime":5299.18,"endTime":5303.5599999999995,"body":"you, there is a significant part"},{"speaker":"Alan Smith","startTime":5303.5599999999995,"endTime":5306.44,"body":"of the advisory population, and"},{"speaker":"Alan Smith","startTime":5303.5599999999995,"endTime":5306.44,"body":"it's probably more driven"},{"speaker":"Alan Smith","startTime":5306.44,"endTime":5309.0199999999995,"body":"through compliance than anything"},{"speaker":"Alan Smith","startTime":5306.44,"endTime":5309.0199999999995,"body":"else, which says, you get the"},{"speaker":"Alan Smith","startTime":5309.0199999999995,"endTime":5312.62,"body":"client to tick this, you tick"},{"speaker":"Alan Smith","startTime":5309.0199999999995,"endTime":5312.62,"body":"the box, it leads to an asset"},{"speaker":"Alan Smith","startTime":5312.74,"endTime":5316.4,"body":"allocation, a 6040, and that's"},{"speaker":"Alan Smith","startTime":5312.74,"endTime":5316.4,"body":"what you've got to and if you"},{"speaker":"Alan Smith","startTime":5316.4,"endTime":5319.18,"body":"want to disagree with that, you"},{"speaker":"Alan Smith","startTime":5316.4,"endTime":5319.18,"body":"got to fight take on compliance."},{"speaker":"Alan Smith","startTime":5319.18,"endTime":5321.58,"body":"And people got, you know, I"},{"speaker":"Alan Smith","startTime":5319.18,"endTime":5321.58,"body":"can't be asked. I'll just run"},{"speaker":"Alan Smith","startTime":5321.58,"endTime":5322.24,"body":"with it where"},{"speaker":"Andy Hart","startTime":5322.72,"endTime":5324.58,"body":"and then and then"},{"speaker":"Andy Hart","startTime":5322.72,"endTime":5324.58,"body":"down the corridor. Consumer"},{"speaker":"Andy Hart","startTime":5324.58,"endTime":5327.94,"body":"duty. All about better client"},{"speaker":"Andy Hart","startTime":5324.58,"endTime":5327.94,"body":"outcomes. Yeah, it's worse"},{"speaker":"Andy Hart","startTime":5327.94,"endTime":5328.66,"body":"client outcomes."},{"speaker":"Nick Lincoln","startTime":5328.66,"endTime":5330.34,"body":"Yeah, never the"},{"speaker":"Nick Lincoln","startTime":5328.66,"endTime":5330.34,"body":"train show me with that"},{"speaker":"Nick Lincoln","startTime":5330.34,"endTime":5333.22,"body":"approach. Electronic plates"},{"speaker":"Nick Lincoln","startTime":5330.34,"endTime":5333.22,"body":"crashing into each other. But we"},{"speaker":"Nick Lincoln","startTime":5333.22,"endTime":5335.98,"body":"won't talk about it because"},{"speaker":"Nick Lincoln","startTime":5333.22,"endTime":5335.98,"body":"compliance will, yeah. Long"},{"speaker":"Nick Lincoln","startTime":5335.98,"endTime":5338.88,"body":"story short, Tom, the plan"},{"speaker":"Nick Lincoln","startTime":5335.98,"endTime":5338.88,"body":"determines the portfolio. Okay,"},{"speaker":"Nick Lincoln","startTime":5338.94,"endTime":5341.7,"body":"and most clients need a return"},{"speaker":"Nick Lincoln","startTime":5338.94,"endTime":5341.7,"body":"over and above inflation of,"},{"speaker":"Nick Lincoln","startTime":5341.7,"endTime":5345.42,"body":"say, three to 4% probably in the"},{"speaker":"Nick Lincoln","startTime":5341.7,"endTime":5345.42,"body":"round I'm throwing out figures"},{"speaker":"Nick Lincoln","startTime":5345.42,"endTime":5347.94,"body":"here, you ain't gonna get that"},{"speaker":"Nick Lincoln","startTime":5345.42,"endTime":5347.94,"body":"unless you got a portfolio chock"},{"speaker":"Nick Lincoln","startTime":5347.94,"endTime":5350.22,"body":"full of the great cups of the"},{"speaker":"Nick Lincoln","startTime":5347.94,"endTime":5350.22,"body":"world. And I don't give a damn"},{"speaker":"Nick Lincoln","startTime":5350.22,"endTime":5352.44,"body":"what your risk assessment"},{"speaker":"Nick Lincoln","startTime":5350.22,"endTime":5352.44,"body":"question then, mumbo jumbo"},{"speaker":"Nick Lincoln","startTime":5352.44,"endTime":5354.54,"body":"question there says, really?"},{"speaker":"Nick Lincoln","startTime":5352.44,"endTime":5354.54,"body":"Carl, anything to"},{"speaker":"Andy Hart","startTime":5354.599,"endTime":5357.499,"body":"add? We do have to"},{"speaker":"Andy Hart","startTime":5354.599,"endTime":5357.499,"body":"take somewhat of a professional"},{"speaker":"Andy Hart","startTime":5357.499,"endTime":5362.299,"body":"risk in this space, and that is"},{"speaker":"Andy Hart","startTime":5357.499,"endTime":5362.299,"body":"the game the people that are"},{"speaker":"Andy Hart","startTime":5362.299,"endTime":5364.639,"body":"often full fat financial"},{"speaker":"Andy Hart","startTime":5362.299,"endTime":5364.639,"body":"planning are signed up for. So"},{"speaker":"Andy Hart","startTime":5364.639,"endTime":5367.159,"body":"there is always going to be a"},{"speaker":"Andy Hart","startTime":5364.639,"endTime":5367.159,"body":"discrepancy between what your"},{"speaker":"Andy Hart","startTime":5367.159,"endTime":5369.619,"body":"compliance function wants you to"},{"speaker":"Andy Hart","startTime":5367.159,"endTime":5369.619,"body":"do and what you know is the"},{"speaker":"Andy Hart","startTime":5369.619,"endTime":5372.199,"body":"right thing to do via the"},{"speaker":"Andy Hart","startTime":5369.619,"endTime":5372.199,"body":"client. So we are taking a bit"},{"speaker":"Andy Hart","startTime":5372.199,"endTime":5373.879,"body":"of a professional in this space."},{"speaker":"Alan Smith","startTime":5374.0599999999995,"endTime":5376.9,"body":"There is, let's face"},{"speaker":"Alan Smith","startTime":5374.0599999999995,"endTime":5376.9,"body":"it, there's an extra layer of"},{"speaker":"Alan Smith","startTime":5376.9,"endTime":5380.68,"body":"I'll call it friction, because"},{"speaker":"Alan Smith","startTime":5376.9,"endTime":5380.68,"body":"it there's a nice, seamless tick"},{"speaker":"Alan Smith","startTime":5380.68,"endTime":5383.86,"body":"that box, fill that portfolio"},{"speaker":"Alan Smith","startTime":5380.68,"endTime":5383.86,"body":"tick everything file is"},{"speaker":"Alan Smith","startTime":5383.86,"endTime":5387.76,"body":"compliant, simply easier legal"},{"speaker":"Alan Smith","startTime":5383.86,"endTime":5387.76,"body":"and compliant fired. So the"},{"speaker":"Alan Smith","startTime":5387.76,"endTime":5391.0,"body":"friction you're going to self"},{"speaker":"Alan Smith","startTime":5387.76,"endTime":5391.0,"body":"create, because you want good"},{"speaker":"Alan Smith","startTime":5391.0,"endTime":5393.7,"body":"client outcomes is, hang on, Mr."},{"speaker":"Alan Smith","startTime":5391.0,"endTime":5393.7,"body":"Client, I know you've ticked"},{"speaker":"Alan Smith","startTime":5393.7,"endTime":5397.2,"body":"this. However, if we go down"},{"speaker":"Alan Smith","startTime":5393.7,"endTime":5397.2,"body":"that route, this is the eventual"},{"speaker":"Alan Smith","startTime":5397.2,"endTime":5399.54,"body":"outcome you're not going to"},{"speaker":"Alan Smith","startTime":5397.2,"endTime":5399.54,"body":"achieve all the things you want"},{"speaker":"Alan Smith","startTime":5399.54,"endTime":5402.0,"body":"to achieve. You're not going to"},{"speaker":"Alan Smith","startTime":5399.54,"endTime":5402.0,"body":"achieve financial freedom and"},{"speaker":"Alan Smith","startTime":5402.0,"endTime":5404.46,"body":"independence. Therefore, can we"},{"speaker":"Alan Smith","startTime":5402.0,"endTime":5404.46,"body":"have a further dialog? Can we"},{"speaker":"Alan Smith","startTime":5404.46,"endTime":5406.92,"body":"kick this around? Can we have a"},{"speaker":"Alan Smith","startTime":5404.46,"endTime":5406.92,"body":"human to human, adult to adult"},{"speaker":"Alan Smith","startTime":5406.92,"endTime":5409.62,"body":"conversation, and blah, blah,"},{"speaker":"Alan Smith","startTime":5406.92,"endTime":5409.62,"body":"blah and all that stuff. Keep"},{"speaker":"Alan Smith","startTime":5409.62,"endTime":5413.22,"body":"going back to that's the art"},{"speaker":"Alan Smith","startTime":5409.62,"endTime":5413.22,"body":"science we've identified. Tick"},{"speaker":"Alan Smith","startTime":5413.22,"endTime":5416.48,"body":"that box, but no one really"},{"speaker":"Alan Smith","startTime":5413.22,"endTime":5416.48,"body":"understands it. Back to Eric's"},{"speaker":"Alan Smith","startTime":5416.48,"endTime":5419.0599999999995,"body":"point and his LinkedIn or"},{"speaker":"Alan Smith","startTime":5416.48,"endTime":5419.0599999999995,"body":"Twitter post that he made,"},{"speaker":"Alan Smith","startTime":5419.0599999999995,"endTime":5423.5,"body":"clients don't really understand"},{"speaker":"Alan Smith","startTime":5419.0599999999995,"endTime":5423.5,"body":"it. So you are intentionally"},{"speaker":"Alan Smith","startTime":5423.5,"endTime":5426.8,"body":"creating another layer of, if"},{"speaker":"Alan Smith","startTime":5423.5,"endTime":5426.8,"body":"you like, complexity, friction,"},{"speaker":"Alan Smith","startTime":5426.8,"endTime":5429.8,"body":"conversation. But my God, are"},{"speaker":"Alan Smith","startTime":5426.8,"endTime":5429.8,"body":"you adding much more value?"},{"speaker":"Nick Lincoln","startTime":5430.16,"endTime":5432.26,"body":"It's worthwhile."},{"speaker":"Nick Lincoln","startTime":5430.16,"endTime":5432.26,"body":"Can I just quickly, just tie a"},{"speaker":"Nick Lincoln","startTime":5432.26,"endTime":5434.48,"body":"bow on this? Because I think"},{"speaker":"Nick Lincoln","startTime":5432.26,"endTime":5434.48,"body":"it's really important how you"},{"speaker":"Nick Lincoln","startTime":5434.48,"endTime":5436.96,"body":"where you've introduced the"},{"speaker":"Nick Lincoln","startTime":5434.48,"endTime":5436.96,"body":"mumbo jumbo question in the in"},{"speaker":"Nick Lincoln","startTime":5436.96,"endTime":5440.86,"body":"the onboarding chain. I always"},{"speaker":"Nick Lincoln","startTime":5436.96,"endTime":5440.86,"body":"do it after doing the cash flow,"},{"speaker":"Nick Lincoln","startTime":5440.98,"endTime":5444.22,"body":"after talking about the dangers"},{"speaker":"Nick Lincoln","startTime":5440.98,"endTime":5444.22,"body":"of inflation, how cash is the"},{"speaker":"Nick Lincoln","startTime":5444.22,"endTime":5447.22,"body":"silent killer, how real risk is"},{"speaker":"Nick Lincoln","startTime":5444.22,"endTime":5447.22,"body":"running out of money. And then I"},{"speaker":"Nick Lincoln","startTime":5447.22,"endTime":5449.5,"body":"get, I'm kind of leaving it with"},{"speaker":"Nick Lincoln","startTime":5447.22,"endTime":5449.5,"body":"this questionnaire then, so"},{"speaker":"Nick Lincoln","startTime":5449.5,"endTime":5451.66,"body":"then, oh well, Nick's just okay."},{"speaker":"Nick Lincoln","startTime":5449.5,"endTime":5451.66,"body":"You know what I mean, it was if"},{"speaker":"Nick Lincoln","startTime":5451.66,"endTime":5454.24,"body":"you gave him the risk assessment"},{"speaker":"Nick Lincoln","startTime":5451.66,"endTime":5454.24,"body":"questionnaire out of the blue at"},{"speaker":"Nick Lincoln","startTime":5454.24,"endTime":5456.36,"body":"the very first thing, and"},{"speaker":"Nick Lincoln","startTime":5454.24,"endTime":5456.36,"body":"they're going to go shit. I"},{"speaker":"Nick Lincoln","startTime":5456.36,"endTime":5459.12,"body":"don't want any risk, because"},{"speaker":"Nick Lincoln","startTime":5456.36,"endTime":5459.12,"body":"risk is losing money, which we"},{"speaker":"Nick Lincoln","startTime":5459.12,"endTime":5461.5199999999995,"body":"know is impossible in the"},{"speaker":"Nick Lincoln","startTime":5459.12,"endTime":5461.5199999999995,"body":"Versailles portfolio, but until"},{"speaker":"Nick Lincoln","startTime":5461.5199999999995,"endTime":5463.68,"body":"they've had that education"},{"speaker":"Nick Lincoln","startTime":5461.5199999999995,"endTime":5463.68,"body":"process with you and had the"},{"speaker":"Nick Lincoln","startTime":5463.68,"endTime":5465.72,"body":"cash flow and the financial"},{"speaker":"Nick Lincoln","startTime":5463.68,"endTime":5465.72,"body":"plan,"},{"speaker":"Andy Hart","startTime":5465.9,"endTime":5468.36,"body":"they're somewhat"},{"speaker":"Andy Hart","startTime":5465.9,"endTime":5468.36,"body":"informed, but"},{"speaker":"Alan Smith","startTime":5469.26,"endTime":5472.14,"body":"that's I know you"},{"speaker":"Alan Smith","startTime":5469.26,"endTime":5472.14,"body":"want to be on a wrap up now, but"},{"speaker":"Alan Smith","startTime":5472.2,"endTime":5475.68,"body":"that's really interesting, what"},{"speaker":"Alan Smith","startTime":5472.2,"endTime":5475.68,"body":"you have said there, because we"},{"speaker":"Alan Smith","startTime":5475.68,"endTime":5477.98,"body":"don't. Now that you just said"},{"speaker":"Alan Smith","startTime":5475.68,"endTime":5477.98,"body":"it, I think that's worthwhile,"},{"speaker":"Alan Smith","startTime":5477.98,"endTime":5480.38,"body":"considering we're asked, we're"},{"speaker":"Alan Smith","startTime":5477.98,"endTime":5480.38,"body":"doing a risk profiling"},{"speaker":"Alan Smith","startTime":5480.38,"endTime":5483.0199999999995,"body":"questionnaire relatively early"},{"speaker":"Alan Smith","startTime":5480.38,"endTime":5483.0199999999995,"body":"on, and our thought process part"},{"speaker":"Alan Smith","startTime":5483.0199999999995,"endTime":5485.5999999999995,"body":"was almost like an engagement."},{"speaker":"Alan Smith","startTime":5483.0199999999995,"endTime":5485.5999999999995,"body":"It's a bit of glue earlier on so"},{"speaker":"Alan Smith","startTime":5485.5999999999995,"endTime":5487.88,"body":"we can get to know us, and then"},{"speaker":"Alan Smith","startTime":5485.5999999999995,"endTime":5487.88,"body":"we'll have the conversation"},{"speaker":"Alan Smith","startTime":5487.88,"endTime":5490.46,"body":"afterwards. You're doing the"},{"speaker":"Alan Smith","startTime":5487.88,"endTime":5490.46,"body":"other way around. You're having"},{"speaker":"Alan Smith","startTime":5490.46,"endTime":5492.74,"body":"the conversation building a"},{"speaker":"Alan Smith","startTime":5490.46,"endTime":5492.74,"body":"model, building a plan, and"},{"speaker":"Alan Smith","startTime":5492.74,"endTime":5495.38,"body":"saying, Oh, by the way, can we"},{"speaker":"Alan Smith","startTime":5492.74,"endTime":5495.38,"body":"just sense test it with this"},{"speaker":"Alan Smith","startTime":5495.38,"endTime":5498.28,"body":"questionnaire out there? More"},{"speaker":"Alan Smith","startTime":5495.38,"endTime":5498.28,"body":"educated, more informed, but"},{"speaker":"Nick Lincoln","startTime":5498.28,"endTime":5499.9,"body":"I don't send them"},{"speaker":"Nick Lincoln","startTime":5498.28,"endTime":5499.9,"body":"the risk and actually, they've"},{"speaker":"Nick Lincoln","startTime":5499.9,"endTime":5502.21,"body":"agreed to go ahead, they've"},{"speaker":"Nick Lincoln","startTime":5499.9,"endTime":5502.21,"body":"agreed to the fees, and they've"},{"speaker":"Nick Lincoln","startTime":5502.21,"endTime":5503.92,"body":"agreed to go ahead. That's when"},{"speaker":"Nick Lincoln","startTime":5502.21,"endTime":5503.92,"body":"we get the risk assessment"},{"speaker":"Nick Lincoln","startTime":5503.92,"endTime":5505.8099999999995,"body":"questionnaire. Well, you've"},{"speaker":"Nick Lincoln","startTime":5503.92,"endTime":5505.8099999999995,"body":"built,"},{"speaker":"Alan Smith","startTime":5505.8099999999995,"endTime":5508.33,"body":"you've built the"},{"speaker":"Alan Smith","startTime":5505.8099999999995,"endTime":5508.33,"body":"investment proposition, sort of,"},{"speaker":"Alan Smith","startTime":5508.54,"endTime":5510.73,"body":"yeah, you've kind of reverse"},{"speaker":"Alan Smith","startTime":5508.54,"endTime":5510.73,"body":"engineered it. In order to"},{"speaker":"Alan Smith","startTime":5510.73,"endTime":5513.04,"body":"achieve the things you need to"},{"speaker":"Alan Smith","startTime":5510.73,"endTime":5513.04,"body":"achieve, you need to get 3%"},{"speaker":"Alan Smith","startTime":5513.25,"endTime":5515.0199999999995,"body":"above inflation. This is the"},{"speaker":"Alan Smith","startTime":5513.25,"endTime":5515.0199999999995,"body":"optimum portfolio"},{"speaker":"Nick Lincoln","startTime":5515.379,"endTime":5516.479,"body":"if they're going"},{"speaker":"Nick Lincoln","startTime":5515.379,"endTime":5516.479,"body":"to come if they've been through"},{"speaker":"Nick Lincoln","startTime":5516.479,"endTime":5519.179,"body":"the financial plan, they haven't"},{"speaker":"Nick Lincoln","startTime":5516.479,"endTime":5519.179,"body":"sort of run away from me as a"},{"speaker":"Nick Lincoln","startTime":5519.179,"endTime":5521.159,"body":"complete weirdo, and they're"},{"speaker":"Nick Lincoln","startTime":5519.179,"endTime":5521.159,"body":"happy with my fees. I know"},{"speaker":"Nick Lincoln","startTime":5521.159,"endTime":5523.079,"body":"they're going to be great."},{"speaker":"Nick Lincoln","startTime":5521.159,"endTime":5523.079,"body":"They're going to ask the right"},{"speaker":"Nick Lincoln","startTime":5523.079,"endTime":5525.539,"body":"questions, the risk assessment"},{"speaker":"Nick Lincoln","startTime":5523.079,"endTime":5525.539,"body":"questionnaire, and they're going"},{"speaker":"Nick Lincoln","startTime":5525.539,"endTime":5527.399,"body":"to be comfortable with a"},{"speaker":"Nick Lincoln","startTime":5525.539,"endTime":5527.399,"body":"portfolio. That's"},{"speaker":"Andy Hart","startTime":5527.4,"endTime":5529.62,"body":"the definition of a"},{"speaker":"Andy Hart","startTime":5527.4,"endTime":5529.62,"body":"questionnaire. Nick is but five"},{"speaker":"Andy Hart","startTime":5529.62,"endTime":5532.38,"body":"questions is on the line. I know"},{"speaker":"Nick Lincoln","startTime":5533.82,"endTime":5535.32,"body":"I can't I can't go"},{"speaker":"Nick Lincoln","startTime":5533.82,"endTime":5535.32,"body":"down to one yet."},{"speaker":"Unknown","startTime":5536.34,"endTime":5539.84,"body":"Right fill in my ribs."},{"speaker":"Unknown","startTime":5536.34,"endTime":5539.84,"body":"Profile question, Nick, let's"},{"speaker":"Unknown","startTime":5540.5599999999995,"endTime":5543.74,"body":"move to another page. Let's move"},{"speaker":"Unknown","startTime":5540.5599999999995,"endTime":5543.74,"body":"on christate culture corner, and"},{"speaker":"Nick Lincoln","startTime":5545.599,"endTime":5547.339,"body":"I'll be quick on"},{"speaker":"Nick Lincoln","startTime":5545.599,"endTime":5547.339,"body":"this one. It's me off the mark."},{"speaker":"Nick Lincoln","startTime":5547.339,"endTime":5550.699,"body":"It's Lincoln in lane. One off to"},{"speaker":"Nick Lincoln","startTime":5547.339,"endTime":5550.699,"body":"a good head. It is the latest."},{"speaker":"Nick Lincoln","startTime":5550.699,"endTime":5553.099,"body":"Roby Sutherland, he hasn't got a"},{"speaker":"Nick Lincoln","startTime":5550.699,"endTime":5553.099,"body":"book, actually, so I don't know"},{"speaker":"Nick Lincoln","startTime":5553.099,"endTime":5556.039,"body":"why he's did one, but he's done"},{"speaker":"Nick Lincoln","startTime":5553.099,"endTime":5556.039,"body":"one on the modern wisdom podcast"},{"speaker":"Nick Lincoln","startTime":5556.039,"endTime":5558.999,"body":"with Chris Williamson. It's over"},{"speaker":"Nick Lincoln","startTime":5556.039,"endTime":5558.999,"body":"two hours. Rory can sometimes be"},{"speaker":"Nick Lincoln","startTime":5558.999,"endTime":5561.639,"body":"a loose cannon and go off on"},{"speaker":"Nick Lincoln","startTime":5558.999,"endTime":5561.639,"body":"just tangents, and doesn't"},{"speaker":"Nick Lincoln","startTime":5561.639,"endTime":5564.159,"body":"always come back that quickly."},{"speaker":"Nick Lincoln","startTime":5561.639,"endTime":5564.159,"body":"But here in this one is really"},{"speaker":"Nick Lincoln","startTime":5564.159,"endTime":5567.999,"body":"on point through it the two"},{"speaker":"Nick Lincoln","startTime":5564.159,"endTime":5567.999,"body":"hours races by. So the most one"},{"speaker":"Nick Lincoln","startTime":5567.999,"endTime":5570.939,"body":"of the most recent modern wisdom"},{"speaker":"Nick Lincoln","startTime":5567.999,"endTime":5570.939,"body":"podcast, Rory Sutherland,"},{"speaker":"Nick Lincoln","startTime":5571.119,"endTime":5573.939,"body":"corralled very well by Chris"},{"speaker":"Nick Lincoln","startTime":5571.119,"endTime":5573.939,"body":"Williamson, who just about keeps"},{"speaker":"Nick Lincoln","startTime":5573.939,"endTime":5574.839,"body":"him in line. That's mine."},{"speaker":"Alan Smith","startTime":5576.7,"endTime":5579.36,"body":"Yes, he was. I think"},{"speaker":"Alan Smith","startTime":5576.7,"endTime":5579.36,"body":"that's the seventh conversation"},{"speaker":"Alan Smith","startTime":5579.36,"endTime":5582.42,"body":"that Chris Williams has had with"},{"speaker":"Alan Smith","startTime":5579.36,"endTime":5582.42,"body":"Rory. I think he's finally"},{"speaker":"Alan Smith","startTime":5582.42,"endTime":5587.82,"body":"learned to manage him. No, it's"},{"speaker":"Alan Smith","startTime":5582.42,"endTime":5587.82,"body":"very It's very good. My"},{"speaker":"Alan Smith","startTime":5587.82,"endTime":5592.5,"body":"contribution this week in the"},{"speaker":"Alan Smith","startTime":5587.82,"endTime":5592.5,"body":"world of like, two hour podcasts"},{"speaker":"Alan Smith","startTime":5592.5,"endTime":5596.72,"body":"and Joe Rogan, three four hour"},{"speaker":"Alan Smith","startTime":5592.5,"endTime":5596.72,"body":"podcasts. Who's a guy. Lex"},{"speaker":"Alan Smith","startTime":5596.72,"endTime":5601.34,"body":"Friedman, five hour podcast is"},{"speaker":"Alan Smith","startTime":5596.72,"endTime":5601.34,"body":"insane. I'm quite attracted to"},{"speaker":"Alan Smith","startTime":5601.34,"endTime":5605.72,"body":"10 minute podcasts. There is a"},{"speaker":"Alan Smith","startTime":5601.34,"endTime":5605.72,"body":"new podcast come out a guy, a"},{"speaker":"Alan Smith","startTime":5605.72,"endTime":5610.46,"body":"guy who I know mainly through"},{"speaker":"Alan Smith","startTime":5605.72,"endTime":5610.46,"body":"through LinkedIn. Jeremy"},{"speaker":"Alan Smith","startTime":5610.46,"endTime":5615.44,"body":"Connell, wait Is his name, and"},{"speaker":"Alan Smith","startTime":5610.46,"endTime":5615.44,"body":"he he's all about, did it do"},{"speaker":"Alan Smith","startTime":5615.44,"endTime":5619.0,"body":"storytelling? And he has a"},{"speaker":"Alan Smith","startTime":5615.44,"endTime":5619.0,"body":"podcast which is 10 minutes long"},{"speaker":"Alan Smith","startTime":5619.0,"endTime":5621.28,"body":"each one, but it's about the"},{"speaker":"Alan Smith","startTime":5619.0,"endTime":5621.28,"body":"kind of the art and science of"},{"speaker":"Alan Smith","startTime":5621.28,"endTime":5624.7,"body":"storytelling in order to support"},{"speaker":"Alan Smith","startTime":5621.28,"endTime":5624.7,"body":"persuasion and a bunch of other"},{"speaker":"Alan Smith","startTime":5624.7,"endTime":5626.62,"body":"things. At the end of the day,"},{"speaker":"Alan Smith","startTime":5624.7,"endTime":5626.62,"body":"we're all we're still in the"},{"speaker":"Alan Smith","startTime":5626.62,"endTime":5630.88,"body":"persuasion game, whatever you"},{"speaker":"Alan Smith","startTime":5626.62,"endTime":5630.88,"body":"might, whatever it might be, and"},{"speaker":"Alan Smith","startTime":5630.94,"endTime":5633.7,"body":"it's just brand new podcast."},{"speaker":"Alan Smith","startTime":5630.94,"endTime":5633.7,"body":"He's done a handful of episodes"},{"speaker":"Alan Smith","startTime":5633.7,"endTime":5637.5599999999995,"body":"so far, but keeps it short and"},{"speaker":"Alan Smith","startTime":5633.7,"endTime":5637.5599999999995,"body":"sweet, 10 minutes long. He talks"},{"speaker":"Alan Smith","startTime":5637.5599999999995,"endTime":5641.04,"body":"about the episodes I heard Steve"},{"speaker":"Alan Smith","startTime":5637.5599999999995,"endTime":5641.04,"body":"Jobs. And Steve Jobs did this"},{"speaker":"Alan Smith","startTime":5641.04,"endTime":5643.8,"body":"commencement speech at Stanford,"},{"speaker":"Alan Smith","startTime":5641.04,"endTime":5643.8,"body":"which is considered to be the"},{"speaker":"Alan Smith","startTime":5643.8,"endTime":5647.04,"body":"best commencement speech ever."},{"speaker":"Alan Smith","startTime":5643.8,"endTime":5647.04,"body":"Jobs had never done, one ever"},{"speaker":"Alan Smith","startTime":5647.04,"endTime":5650.34,"body":"before, and this was the first"},{"speaker":"Alan Smith","startTime":5647.04,"endTime":5650.34,"body":"and only one he ever did, you"},{"speaker":"Alan Smith","startTime":5650.34,"endTime":5652.38,"body":"know. And the thought process"},{"speaker":"Alan Smith","startTime":5650.34,"endTime":5652.38,"body":"behind that, what he went"},{"speaker":"Alan Smith","startTime":5652.38,"endTime":5654.84,"body":"through, how he created it, and"},{"speaker":"Alan Smith","startTime":5652.38,"endTime":5654.84,"body":"it was all about storytelling."},{"speaker":"Alan Smith","startTime":5654.96,"endTime":5658.22,"body":"And he talks about another guy"},{"speaker":"Alan Smith","startTime":5654.96,"endTime":5658.22,"body":"who who has been given the"},{"speaker":"Alan Smith","startTime":5658.22,"endTime":5661.4,"body":"longest standing ovation of all"},{"speaker":"Alan Smith","startTime":5658.22,"endTime":5661.4,"body":"TED talks that have ever been"},{"speaker":"Alan Smith","startTime":5661.4,"endTime":5664.7,"body":"given in public. He's been long,"},{"speaker":"Alan Smith","startTime":5661.4,"endTime":5664.7,"body":"and he was all about persuasion."},{"speaker":"Alan Smith","startTime":5664.7,"endTime":5667.04,"body":"So what did he do? How did he"},{"speaker":"Alan Smith","startTime":5664.7,"endTime":5667.04,"body":"arrive at how did he frame the"},{"speaker":"Alan Smith","startTime":5667.04,"endTime":5670.7,"body":"conversation? Stuff? 10 Minute"},{"speaker":"Alan Smith","startTime":5667.04,"endTime":5670.7,"body":"sound bites worth checking out"},{"speaker":"Alan Smith","startTime":5670.7,"endTime":5676.04,"body":"is called Truth in 10. Truth in"},{"speaker":"Alan Smith","startTime":5670.7,"endTime":5676.04,"body":"10 by Jeremy Connell, wait."},{"speaker":"Alan Smith","startTime":5676.46,"endTime":5678.34,"body":"Looks good. Looks good. Thanks."},{"speaker":"Alan Smith","startTime":5676.46,"endTime":5678.34,"body":"Helen, okay,"},{"speaker":"Carl Widger","startTime":5678.34,"endTime":5680.98,"body":"that sounds"},{"speaker":"Carl Widger","startTime":5678.34,"endTime":5680.98,"body":"brilliant. Love the idea of"},{"speaker":"Carl Widger","startTime":5680.98,"endTime":5685.48,"body":"short form in this era of yeah,"},{"speaker":"Carl Widger","startTime":5680.98,"endTime":5685.48,"body":"very, very, very long, we're"},{"speaker":"Carl Widger","startTime":5685.48,"endTime":5688.3,"body":"probably going on way too long"},{"speaker":"Carl Widger","startTime":5685.48,"endTime":5688.3,"body":"today the entrepreneur"},{"speaker":"Carl Widger","startTime":5688.3,"endTime":5694.24,"body":"experiment. Gary Fox has 400"},{"speaker":"Carl Widger","startTime":5688.3,"endTime":5694.24,"body":"episodes, I think done. He's"},{"speaker":"Carl Widger","startTime":5694.66,"endTime":5698.76,"body":"always one, two or three in"},{"speaker":"Carl Widger","startTime":5694.66,"endTime":5698.76,"body":"terms of business podcasts in"},{"speaker":"Carl Widger","startTime":5698.76,"endTime":5702.96,"body":"Ireland, absolutely brilliant"},{"speaker":"Carl Widger","startTime":5698.76,"endTime":5702.96,"body":"interview with a girl called Amy"},{"speaker":"Carl Widger","startTime":5702.96,"endTime":5706.8,"body":"Connolly, who's sculpted by Amy"},{"speaker":"Carl Widger","startTime":5702.96,"endTime":5706.8,"body":"is her business. And I just"},{"speaker":"Carl Widger","startTime":5706.8,"endTime":5710.5199999999995,"body":"think, just an entrepreneur"},{"speaker":"Carl Widger","startTime":5706.8,"endTime":5710.5199999999995,"body":"story that has just built on,"},{"speaker":"Carl Widger","startTime":5710.94,"endTime":5715.14,"body":"you know, graft from an early"},{"speaker":"Carl Widger","startTime":5710.94,"endTime":5715.14,"body":"age, and just just sensational"},{"speaker":"Carl Widger","startTime":5715.14,"endTime":5718.46,"body":"stuff and how, you know, through"},{"speaker":"Carl Widger","startTime":5715.14,"endTime":5718.46,"body":"really, really hard work, but"},{"speaker":"Carl Widger","startTime":5718.46,"endTime":5721.7,"body":"obviously very, very, very"},{"speaker":"Carl Widger","startTime":5718.46,"endTime":5721.7,"body":"clever person as well that she's"},{"speaker":"Carl Widger","startTime":5721.7,"endTime":5724.94,"body":"built a brilliant, brilliant"},{"speaker":"Carl Widger","startTime":5721.7,"endTime":5724.94,"body":"business, very interesting"},{"speaker":"Carl Widger","startTime":5724.94,"endTime":5728.48,"body":"conversation and a little bit"},{"speaker":"Carl Widger","startTime":5724.94,"endTime":5728.48,"body":"like what I was saying earlier"},{"speaker":"Carl Widger","startTime":5728.48,"endTime":5731.54,"body":"on, I've started to listen to a"},{"speaker":"Carl Widger","startTime":5728.48,"endTime":5731.54,"body":"lot of Gary's podcasts. The last"},{"speaker":"Carl Widger","startTime":5731.54,"endTime":5735.5,"body":"file, some really, really good"},{"speaker":"Carl Widger","startTime":5731.54,"endTime":5735.5,"body":"stuff in there. I would highly"},{"speaker":"Carl Widger","startTime":5735.5,"endTime":5736.0999999999995,"body":"recommend it."},{"speaker":"Andy Hart","startTime":5737.599,"endTime":5740.619,"body":"Final one from me is"},{"speaker":"Andy Hart","startTime":5737.599,"endTime":5740.619,"body":"a book recommendation called"},{"speaker":"Andy Hart","startTime":5740.619,"endTime":5746.8589999999995,"body":"weapons of math destruction, M,"},{"speaker":"Andy Hart","startTime":5740.619,"endTime":5746.8589999999995,"body":"A, T, H, awesome book by Kathy"},{"speaker":"Andy Hart","startTime":5746.8589999999995,"endTime":5752.379,"body":"O'Neill, the world of AI, the"},{"speaker":"Andy Hart","startTime":5746.8589999999995,"endTime":5752.379,"body":"world of mathematical models,"},{"speaker":"Andy Hart","startTime":5753.579,"endTime":5757.079,"body":"organizations, governments,"},{"speaker":"Andy Hart","startTime":5753.579,"endTime":5757.079,"body":"plugging in some algorithm to"},{"speaker":"Andy Hart","startTime":5757.079,"endTime":5760.139,"body":"pop out a number, and then, you"},{"speaker":"Andy Hart","startTime":5757.079,"endTime":5760.139,"body":"know, the top 50 teachers get"},{"speaker":"Andy Hart","startTime":5760.139,"endTime":5763.8589999999995,"body":"fired in New York because the"},{"speaker":"Andy Hart","startTime":5760.139,"endTime":5763.8589999999995,"body":"spreadsheet says it. It's a"},{"speaker":"Andy Hart","startTime":5763.8589999999995,"endTime":5767.579,"body":"really decent book, weapons of"},{"speaker":"Andy Hart","startTime":5763.8589999999995,"endTime":5767.579,"body":"math destruction, insanely"},{"speaker":"Andy Hart","startTime":5767.579,"endTime":5770.939,"body":"higher recommendations on"},{"speaker":"Andy Hart","startTime":5767.579,"endTime":5770.939,"body":"Amazon. Have you heard face?"},{"speaker":"Andy Hart","startTime":5770.939,"endTime":5771.3589999999995,"body":"Nick"},{"speaker":"Nick Lincoln","startTime":5772.38,"endTime":5774.66,"body":"No, nothing. I"},{"speaker":"Nick Lincoln","startTime":5772.38,"endTime":5774.66,"body":"just, um, well, the title"},{"speaker":"Nick Lincoln","startTime":5774.66,"endTime":5778.22,"body":"weapons of math destruction, i."},{"speaker":"Nick Lincoln","startTime":5774.66,"endTime":5778.22,"body":"Um, your, your, your link goes"},{"speaker":"Nick Lincoln","startTime":5778.22,"endTime":5780.62,"body":"over three bullet points. Is"},{"speaker":"Nick Lincoln","startTime":5778.22,"endTime":5780.62,"body":"that just an error in the show"},{"speaker":"Nick Lincoln","startTime":5780.62,"endTime":5782.72,"body":"notes? It's not a second culture"},{"speaker":"Nick Lincoln","startTime":5780.62,"endTime":5782.72,"body":"corner."},{"speaker":"Andy Hart","startTime":5783.26,"endTime":5785.84,"body":"Yeah, I did see it"},{"speaker":"Andy Hart","startTime":5783.26,"endTime":5785.84,"body":"was quite a long link. Nick, is"},{"speaker":"Andy Hart","startTime":5785.84,"endTime":5786.5599999999995,"body":"that okay? Well,"},{"speaker":"Nick Lincoln","startTime":5786.679,"endTime":5788.659,"body":"no, you got a base"},{"speaker":"Nick Lincoln","startTime":5786.679,"endTime":5788.659,"body":"paste together, mate? You got"},{"speaker":"Nick Lincoln","startTime":5789.139,"endTime":5789.799,"body":"I'm not, I didn't"},{"speaker":"Unknown","startTime":5789.8,"endTime":5790.5199999999995,"body":"do that. Yeah,"},{"speaker":"Carl Widger","startTime":5791.3589999999995,"endTime":5793.339,"body":"right. Very"},{"speaker":"Carl Widger","startTime":5791.3589999999995,"endTime":5793.339,"body":"interesting stuff."},{"speaker":"Nick Lincoln","startTime":5793.4,"endTime":5795.62,"body":"Yeah, yeah. Well,"},{"speaker":"Nick Lincoln","startTime":5793.4,"endTime":5795.62,"body":"luckily, oh no, we haven't,"},{"speaker":"Nick Lincoln","startTime":5795.62,"endTime":5797.98,"body":"because we're still going"},{"speaker":"Nick Lincoln","startTime":5795.62,"endTime":5797.98,"body":"TRAPPIST, and thank you, dear"},{"speaker":"Nick Lincoln","startTime":5798.0999999999995,"endTime":5801.28,"body":"Jackson, for bearing with us."},{"speaker":"Nick Lincoln","startTime":5798.0999999999995,"endTime":5801.28,"body":"There we go as episode 65 comes"},{"speaker":"Nick Lincoln","startTime":5801.28,"endTime":5804.94,"body":"to a close, and another pile of"},{"speaker":"Nick Lincoln","startTime":5801.28,"endTime":5804.94,"body":"trap slides down to you bend as"},{"speaker":"Nick Lincoln","startTime":5804.94,"endTime":5807.94,"body":"far the time. Thank you, dear"},{"speaker":"Nick Lincoln","startTime":5804.94,"endTime":5807.94,"body":"TRAPPIST, as ever for your time"},{"speaker":"Nick Lincoln","startTime":5808.42,"endTime":5810.88,"body":"and input on the show. Do leave"},{"speaker":"Nick Lincoln","startTime":5808.42,"endTime":5810.88,"body":"a review. Six out of five stars"},{"speaker":"Nick Lincoln","startTime":5810.88,"endTime":5814.54,"body":"is mandatory. Trap live is"},{"speaker":"Nick Lincoln","startTime":5810.88,"endTime":5814.54,"body":"happening. May the 14th. Have"},{"speaker":"Nick Lincoln","startTime":5814.54,"endTime":5818.28,"body":"faith with us. It will happen,"},{"speaker":"Nick Lincoln","startTime":5814.54,"endTime":5818.28,"body":"but until the next episode."},{"speaker":"Nick Lincoln","startTime":5818.64,"endTime":5821.82,"body":"Trappist is adios from the trap"},{"speaker":"Nick Lincoln","startTime":5818.64,"endTime":5821.82,"body":"pack. Take care of there, and we"},{"speaker":"Nick Lincoln","startTime":5821.82,"endTime":5826.26,"body":"will see you on the other side."},{"speaker":"Nick Lincoln","startTime":5821.82,"endTime":5826.26,"body":"Goodbye. Bye, bye. Goodbye,"},{"speaker":"Unknown","startTime":5826.86,"endTime":5827.5199999999995,"body":"Julio. How"},{"speaker":"Alan Smith","startTime":5833.34,"endTime":5833.88,"body":"long was that?"}]}