{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":7.68,"endTime":11.58,"body":"Foreign Welcome to The"},{"speaker":"Unknown","startTime":7.68,"endTime":11.58,"body":"Real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":11.76,"endTime":15.6,"body":"P, T, T, please follow us and"},{"speaker":"Unknown","startTime":11.76,"endTime":15.6,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":15.6,"endTime":19.74,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":15.6,"endTime":19.74,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":19.74,"endTime":23.36,"body":"themes you'd like the track team"},{"speaker":"Unknown","startTime":19.74,"endTime":23.36,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":23.36,"endTime":26.54,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":23.36,"endTime":26.54,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":26.54,"endTime":30.08,"body":"out of five star review on"},{"speaker":"Unknown","startTime":26.54,"endTime":30.08,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":30.08,"endTime":33.8,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":30.08,"endTime":33.8,"body":"can do more to help you. 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My name is"},{"speaker":"Nick Lincoln","startTime":48.58,"endTime":52.36,"body":"lick minkoln, and joining me, as"},{"speaker":"Nick Lincoln","startTime":52.36,"endTime":56.62,"body":"ever, are the three other"},{"speaker":"Nick Lincoln","startTime":52.36,"endTime":56.62,"body":"Horsemen of the Apocalypse, Alan"},{"speaker":"Nick Lincoln","startTime":56.62,"endTime":62.52,"body":"the storyteller, Smith and the"},{"speaker":"Nick Lincoln","startTime":56.62,"endTime":62.52,"body":"ultra heart and Carl, the voice"},{"speaker":"Nick Lincoln","startTime":62.52,"endTime":66.24,"body":"della voci widgeon, Now"},{"speaker":"Nick Lincoln","startTime":62.52,"endTime":66.24,"body":"gentlemen, we have a show packed"},{"speaker":"Nick Lincoln","startTime":66.24,"endTime":70.44,"body":"full of apps, absolutely"},{"speaker":"Nick Lincoln","startTime":66.24,"endTime":70.44,"body":"nothing. So let's start"},{"speaker":"Nick Lincoln","startTime":70.44,"endTime":73.32,"body":"unpacking it straight away with"},{"speaker":"Nick Lincoln","startTime":70.44,"endTime":73.32,"body":"some more high energy review"},{"speaker":"Nick Lincoln","startTime":73.32,"endTime":76.2,"body":"reads or read, read out by my"},{"speaker":"Nick Lincoln","startTime":73.32,"endTime":76.2,"body":"very good friend, the right"},{"speaker":"Nick Lincoln","startTime":76.2,"endTime":78.96,"body":"honorable Mr. Andrew Usain Hart,"},{"speaker":"Andy Hart","startTime":80.04,"endTime":82.52,"body":"thank you, my friend,"},{"speaker":"Andy Hart","startTime":80.04,"endTime":82.52,"body":"the band's back together. One"},{"speaker":"Andy Hart","startTime":82.52,"endTime":85.22,"body":"review today, we're running a"},{"speaker":"Andy Hart","startTime":82.52,"endTime":85.22,"body":"little bit short, at least it's"},{"speaker":"Andy Hart","startTime":85.22,"endTime":87.62,"body":"a five star, not like the"},{"speaker":"Andy Hart","startTime":85.22,"endTime":87.62,"body":"previous couple of one stars"},{"speaker":"Andy Hart","startTime":87.62,"endTime":92.06,"body":"we've had, but all is good. This"},{"speaker":"Andy Hart","startTime":87.62,"endTime":92.06,"body":"is from Matthew slesel, five"},{"speaker":"Andy Hart","startTime":92.06,"endTime":95.36,"body":"stars entitled team meeting. I"},{"speaker":"Andy Hart","startTime":92.06,"endTime":95.36,"body":"own a small IFA practice in"},{"speaker":"Andy Hart","startTime":95.36,"endTime":98.78,"body":"Carlisle, and this brilliant"},{"speaker":"Andy Hart","startTime":95.36,"endTime":98.78,"body":"podcast helps me keep up to date"},{"speaker":"Andy Hart","startTime":98.78,"endTime":103.06,"body":"on relevant advisory issues and"},{"speaker":"Andy Hart","startTime":98.78,"endTime":103.06,"body":"topical events. Great content."},{"speaker":"Andy Hart","startTime":103.06,"endTime":105.76,"body":"Keep up the good work. Back to"},{"speaker":"Andy Hart","startTime":103.06,"endTime":105.76,"body":"you, boss."},{"speaker":"Nick Lincoln","startTime":106.06,"endTime":107.8,"body":"Great stuff. Thank"},{"speaker":"Nick Lincoln","startTime":106.06,"endTime":107.8,"body":"you. Matthew slice, thank you"},{"speaker":"Nick Lincoln","startTime":107.8,"endTime":110.2,"body":"for giving your name. Thank you"},{"speaker":"Nick Lincoln","startTime":107.8,"endTime":110.2,"body":"for the positive review. We do"},{"speaker":"Nick Lincoln","startTime":110.2,"endTime":112.6,"body":"appreciate them. We don't mind"},{"speaker":"Nick Lincoln","startTime":110.2,"endTime":112.6,"body":"the one star reviews either."},{"speaker":"Nick Lincoln","startTime":112.6,"endTime":115.18,"body":"Well, we don't want a three star"},{"speaker":"Nick Lincoln","startTime":112.6,"endTime":115.18,"body":"reviews. If we start getting a"},{"speaker":"Nick Lincoln","startTime":115.18,"endTime":117.46,"body":"swathe of three star reviews,"},{"speaker":"Nick Lincoln","startTime":115.18,"endTime":117.46,"body":"we're going to can the whole"},{"speaker":"Nick Lincoln","startTime":117.46,"endTime":120.88,"body":"thing. Okay, let's put a topical"},{"speaker":"Nick Lincoln","startTime":117.46,"endTime":120.88,"body":"timestamp on episode 73 by"},{"speaker":"Nick Lincoln","startTime":121.36,"endTime":123.72,"body":"addressing some topical tip,"},{"speaker":"Nick Lincoln","startTime":121.36,"endTime":123.72,"body":"it's quite a bit going on."},{"speaker":"Nick Lincoln","startTime":123.72,"endTime":126.42,"body":"Obviously. Watch wasn't around"},{"speaker":"Nick Lincoln","startTime":123.72,"endTime":126.42,"body":"for the last episode. We had Rob"},{"speaker":"Nick Lincoln","startTime":126.42,"endTime":128.88,"body":"Stephenson in his place, and"},{"speaker":"Nick Lincoln","startTime":126.42,"endTime":128.88,"body":"that was a very well received"},{"speaker":"Nick Lincoln","startTime":129.18,"endTime":131.64,"body":"episode. So watch, the pressure"},{"speaker":"Nick Lincoln","startTime":129.18,"endTime":131.64,"body":"is on, and we have a carry"},{"speaker":"Nick Lincoln","startTime":131.64,"endTime":133.98,"body":"forward item for you from the"},{"speaker":"Nick Lincoln","startTime":131.64,"endTime":133.98,"body":"previous episode, and you're"},{"speaker":"Nick Lincoln","startTime":133.98,"endTime":136.14,"body":"going to start us off with small"},{"speaker":"Nick Lincoln","startTime":133.98,"endTime":136.14,"body":"caps."},{"speaker":"Carl Widger","startTime":136.74,"endTime":139.08,"body":"I am. But first of"},{"speaker":"Carl Widger","startTime":136.74,"endTime":139.08,"body":"all, can I just say thank you"},{"speaker":"Carl Widger","startTime":139.08,"endTime":142.1,"body":"very much to rob. I thought it"},{"speaker":"Carl Widger","startTime":139.08,"endTime":142.1,"body":"was a really good episode, and"},{"speaker":"Carl Widger","startTime":142.4,"endTime":146.84,"body":"lots of people told me, in fact,"},{"speaker":"Carl Widger","startTime":142.4,"endTime":146.84,"body":"it was the best episode ever. So"},{"speaker":"Carl Widger","startTime":146.96,"endTime":149.36,"body":"thanks to everybody who gave me"},{"speaker":"Carl Widger","startTime":146.96,"endTime":149.36,"body":"that feedback. I really"},{"speaker":"Carl Widger","startTime":149.36,"endTime":153.26,"body":"appreciate it. But genuinely,"},{"speaker":"Carl Widger","startTime":149.36,"endTime":153.26,"body":"having someone like Robin who's"},{"speaker":"Carl Widger","startTime":153.26,"endTime":156.86,"body":"just, he just knows his stuff,"},{"speaker":"Carl Widger","startTime":153.26,"endTime":156.86,"body":"it was absolutely brilliant and"},{"speaker":"Carl Widger","startTime":156.86,"endTime":160.54,"body":"great to get an expert and an"},{"speaker":"Carl Widger","startTime":156.86,"endTime":160.54,"body":"expert view. Yeah, so"},{"speaker":"Unknown","startTime":160.539,"endTime":162.399,"body":"this article, as"},{"speaker":"Unknown","startTime":160.539,"endTime":162.399,"body":"opposed to us,"},{"speaker":"Unknown","startTime":163.72,"endTime":165.16,"body":"he said, he said it himself,"},{"speaker":"Andy Hart","startTime":165.52,"endTime":168.7,"body":"was the wedding,"},{"speaker":"Andy Hart","startTime":165.52,"endTime":168.7,"body":"moderate drinking. How was it?"},{"speaker":"Andy Hart","startTime":168.7,"endTime":169.06,"body":"Well,"},{"speaker":"Carl Widger","startTime":169.24,"endTime":172.0,"body":"it was a good call"},{"speaker":"Carl Widger","startTime":169.24,"endTime":172.0,"body":"to give the podcast to skip"},{"speaker":"Carl Widger","startTime":175.66,"endTime":181.14,"body":"moving swiftly along. Yeah. So"},{"speaker":"Carl Widger","startTime":175.66,"endTime":181.14,"body":"this was an article I found. So"},{"speaker":"Carl Widger","startTime":181.5,"endTime":186.12,"body":"look, it can sometimes be"},{"speaker":"Carl Widger","startTime":181.5,"endTime":186.12,"body":"difficult to, I suppose, explain"},{"speaker":"Carl Widger","startTime":186.12,"endTime":189.48,"body":"to clients as to where your"},{"speaker":"Carl Widger","startTime":186.12,"endTime":189.48,"body":"investment philosophy is coming"},{"speaker":"Carl Widger","startTime":189.48,"endTime":193.62,"body":"from. And this article, kind of,"},{"speaker":"Carl Widger","startTime":189.48,"endTime":193.62,"body":"you know, basically, is saying"},{"speaker":"Carl Widger","startTime":193.8,"endTime":197.64,"body":"there are some people arguing"},{"speaker":"Carl Widger","startTime":193.8,"endTime":197.64,"body":"that the small cap tilt should"},{"speaker":"Carl Widger","startTime":197.64,"endTime":201.2,"body":"be ditched all together, and"},{"speaker":"Carl Widger","startTime":197.64,"endTime":201.2,"body":"it's no longer something that's"},{"speaker":"Carl Widger","startTime":201.2,"endTime":204.2,"body":"going to derive value for"},{"speaker":"Carl Widger","startTime":201.2,"endTime":204.2,"body":"clients in the long term. It's a"},{"speaker":"Carl Widger","startTime":204.2,"endTime":207.56,"body":"nice little short article. 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I"},{"speaker":"Carl Widger","startTime":211.46,"endTime":214.46,"body":"thought it was really nice,"},{"speaker":"Carl Widger","startTime":211.46,"endTime":214.46,"body":"really short, good little piece"},{"speaker":"Carl Widger","startTime":214.46,"endTime":217.1,"body":"that you know, if you want just"},{"speaker":"Carl Widger","startTime":214.46,"endTime":217.1,"body":"a couple of points to be saying"},{"speaker":"Carl Widger","startTime":217.1,"endTime":219.32,"body":"to your clients, there's a"},{"speaker":"Carl Widger","startTime":217.1,"endTime":219.32,"body":"couple of interesting things,"},{"speaker":"Carl Widger","startTime":219.32,"endTime":221.68,"body":"like, there's eight years of"},{"speaker":"Carl Widger","startTime":219.32,"endTime":221.68,"body":"under performance. Now, right?"},{"speaker":"Carl Widger","startTime":221.68,"endTime":224.98,"body":"So it's kind of, I think there's"},{"speaker":"Carl Widger","startTime":221.68,"endTime":224.98,"body":"a lot of us sitting in our seats"},{"speaker":"Carl Widger","startTime":224.98,"endTime":228.52,"body":"saying, right, we wouldn't mind"},{"speaker":"Carl Widger","startTime":224.98,"endTime":228.52,"body":"to see a couple of years of out"},{"speaker":"Carl Widger","startTime":228.52,"endTime":233.14,"body":"performance. But the article"},{"speaker":"Carl Widger","startTime":228.52,"endTime":233.14,"body":"does say that between 1989 and"},{"speaker":"Carl Widger","startTime":233.14,"endTime":237.46,"body":"2005 the small caps"},{"speaker":"Carl Widger","startTime":233.14,"endTime":237.46,"body":"underperformed, but then they"},{"speaker":"Carl Widger","startTime":237.46,"endTime":240.36,"body":"came, came good. So look, I"},{"speaker":"Carl Widger","startTime":237.46,"endTime":240.36,"body":"suppose it's the age old"},{"speaker":"Carl Widger","startTime":240.36,"endTime":245.82,"body":"challenge here of explaining to"},{"speaker":"Carl Widger","startTime":240.36,"endTime":245.82,"body":"clients about the nature of long"},{"speaker":"Carl Widger","startTime":245.82,"endTime":249.84,"body":"term investing, and that"},{"speaker":"Carl Widger","startTime":245.82,"endTime":249.84,"body":"difficulty, you know, saying"},{"speaker":"Carl Widger","startTime":249.84,"endTime":252.72,"body":"that you know, long term"},{"speaker":"Carl Widger","startTime":249.84,"endTime":252.72,"body":"investing could be 20, 3040,"},{"speaker":"Carl Widger","startTime":253.14,"endTime":257.04,"body":"years. So it's tricky, but I"},{"speaker":"Carl Widger","startTime":253.14,"endTime":257.04,"body":"just thought nice article to"},{"speaker":"Carl Widger","startTime":257.7,"endTime":259.14,"body":"give you a couple of pointers"},{"speaker":"Nick Lincoln","startTime":259.619,"endTime":262.399,"body":"when it comes,"},{"speaker":"Nick Lincoln","startTime":259.619,"endTime":262.399,"body":"when it if it comes, but when it"},{"speaker":"Nick Lincoln","startTime":262.399,"endTime":264.979,"body":"comes the small cap premium"},{"speaker":"Nick Lincoln","startTime":262.399,"endTime":264.979,"body":"comes in bloody great big waves."},{"speaker":"Nick Lincoln","startTime":265.339,"endTime":268.159,"body":"So you know, it's this there,"},{"speaker":"Nick Lincoln","startTime":265.339,"endTime":268.159,"body":"and that suddenly, then will"},{"speaker":"Nick Lincoln","startTime":268.159,"endTime":271.819,"body":"make the last decade or so look,"},{"speaker":"Nick Lincoln","startTime":268.159,"endTime":271.819,"body":"look, look way better it comes"},{"speaker":"Nick Lincoln","startTime":272.059,"endTime":275.239,"body":"in, has come in massive chunks"},{"speaker":"Nick Lincoln","startTime":272.059,"endTime":275.239,"body":"premium when it has, when it"},{"speaker":"Nick Lincoln","startTime":275.299,"endTime":275.839,"body":"turns up."},{"speaker":"Alan Smith","startTime":276.08,"endTime":278.0,"body":"It's interesting,"},{"speaker":"Alan Smith","startTime":276.08,"endTime":278.0,"body":"though, isn't it? 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And I mean,"},{"speaker":"Alan Smith","startTime":286.24,"endTime":290.8,"body":"here we might have to wait for a"},{"speaker":"Alan Smith","startTime":290.8,"endTime":294.16,"body":"bit longer, if you listen or"},{"speaker":"Alan Smith","startTime":290.8,"endTime":294.16,"body":"watch as I do, I think most of"},{"speaker":"Alan Smith","startTime":294.16,"endTime":296.98,"body":"us do the all in podcasts, all"},{"speaker":"Alan Smith","startTime":294.16,"endTime":296.98,"body":"these kind of technology"},{"speaker":"Alan Smith","startTime":297.04,"endTime":301.2,"body":"billionaires, not anymore, too"},{"speaker":"Alan Smith","startTime":297.04,"endTime":301.2,"body":"political, not for you. Call. I"},{"speaker":"Alan Smith","startTime":301.2,"endTime":305.64,"body":"still, sorry, it has. It has got"},{"speaker":"Alan Smith","startTime":301.2,"endTime":305.64,"body":"a bit political. 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And"},{"speaker":"Andy Hart","startTime":348.82,"endTime":351.16,"body":"they're already ginormous."},{"speaker":"Carl Widger","startTime":351.94,"endTime":353.8,"body":"It's it's"},{"speaker":"Carl Widger","startTime":351.94,"endTime":353.8,"body":"interesting to read some of the"},{"speaker":"Carl Widger","startTime":354.04,"endTime":357.82,"body":"amounts of money that those mega"},{"speaker":"Carl Widger","startTime":354.04,"endTime":357.82,"body":"caps are investing in. Ai, yeah."},{"speaker":"Carl Widger","startTime":358.6,"endTime":363.6,"body":"But also, they're the long lead"},{"speaker":"Carl Widger","startTime":358.6,"endTime":363.6,"body":"in time that they're prepared to"},{"speaker":"Carl Widger","startTime":363.6,"endTime":367.26,"body":"wait, yeah, so they can earn"},{"speaker":"Carl Widger","startTime":363.6,"endTime":367.26,"body":"money for years, hundreds of"},{"speaker":"Carl Widger","startTime":367.26,"endTime":370.68,"body":"millions, to not get left"},{"speaker":"Carl Widger","startTime":367.26,"endTime":370.68,"body":"behind, really understanding"},{"speaker":"Carl Widger","startTime":370.74,"endTime":374.34,"body":"Yeah, and understanding that"},{"speaker":"Carl Widger","startTime":370.74,"endTime":374.34,"body":"this is not going to generate"},{"speaker":"Carl Widger","startTime":374.34,"endTime":378.54,"body":"return for them anytime soon,"},{"speaker":"Carl Widger","startTime":374.34,"endTime":378.54,"body":"but if they don't do it, they'll"},{"speaker":"Carl Widger","startTime":378.54,"endTime":382.94,"body":"be the Kodak, so they have to"},{"speaker":"Carl Widger","startTime":378.54,"endTime":382.94,"body":"do. So that's we totally went"},{"speaker":"Carl Widger","startTime":382.94,"endTime":384.92,"body":"off on a tangent there, as we"},{"speaker":"Carl Widger","startTime":382.94,"endTime":384.92,"body":"tend to do, but we,"},{"speaker":"Nick Lincoln","startTime":384.92,"endTime":388.64,"body":"let's bring it"},{"speaker":"Nick Lincoln","startTime":384.92,"endTime":388.64,"body":"back on site. That's okay, yeah,"},{"speaker":"Nick Lincoln","startTime":388.64,"endTime":393.32,"body":"so we're talking about very"},{"speaker":"Nick Lincoln","startTime":388.64,"endTime":393.32,"body":"successful mega cap. US tech"},{"speaker":"Nick Lincoln","startTime":393.32,"endTime":396.8,"body":"stocks, Smithy, bring us back"},{"speaker":"Nick Lincoln","startTime":393.32,"endTime":396.8,"body":"down to Earth with UK micros"},{"speaker":"Alan Smith","startTime":397.94,"endTime":401.26,"body":"this. Yeah, there's"},{"speaker":"Alan Smith","startTime":397.94,"endTime":401.26,"body":"an article I picked up last"},{"speaker":"Alan Smith","startTime":401.26,"endTime":406.42,"body":"week. And we've actually talked"},{"speaker":"Alan Smith","startTime":401.26,"endTime":406.42,"body":"about this before and predicted"},{"speaker":"Alan Smith","startTime":406.42,"endTime":411.64,"body":"it as it would happen. It was"},{"speaker":"Alan Smith","startTime":406.42,"endTime":411.64,"body":"focused on the aim market and"},{"speaker":"Alan Smith","startTime":411.64,"endTime":414.28,"body":"Carl, think you know that that's"},{"speaker":"Alan Smith","startTime":411.64,"endTime":414.28,"body":"the kind of the more the micro"},{"speaker":"Alan Smith","startTime":414.28,"endTime":417.82,"body":"cap, instead of sits beneath the"},{"speaker":"Alan Smith","startTime":414.28,"endTime":417.82,"body":"FTSE. FTSE 250 effectively,"},{"speaker":"Alan Smith","startTime":417.82,"endTime":421.92,"body":"smaller businesses. And was, you"},{"speaker":"Alan Smith","startTime":417.82,"endTime":421.92,"body":"know, was created years ago to"},{"speaker":"Alan Smith","startTime":421.98,"endTime":425.82,"body":"create opportunity for capital"},{"speaker":"Alan Smith","startTime":421.98,"endTime":425.82,"body":"raising, liquidity, etc, for"},{"speaker":"Alan Smith","startTime":425.82,"endTime":428.1,"body":"smaller businesses that you know"},{"speaker":"Alan Smith","startTime":425.82,"endTime":428.1,"body":"they're not, they're not,"},{"speaker":"Alan Smith","startTime":428.1,"endTime":431.82,"body":"they're not FTSE size. FTSE 100."},{"speaker":"Alan Smith","startTime":428.1,"endTime":431.82,"body":"FTSE 250 size. Yet there"},{"speaker":"Carl Widger","startTime":431.88,"endTime":433.86,"body":"might be soon,"},{"speaker":"Carl Widger","startTime":431.88,"endTime":433.86,"body":"because there'll be nobody left"},{"speaker":"Carl Widger","startTime":433.86,"endTime":439.56,"body":"in the footsie 100 but anyway,"},{"speaker":"Carl Widger","startTime":433.86,"endTime":439.56,"body":"moving to the footsie, 100"},{"speaker":"Unknown","startTime":442.14,"endTime":445.1,"body":"still bigger than the"},{"speaker":"Unknown","startTime":442.14,"endTime":445.1,"body":"Irish stock market. Calm down."},{"speaker":"Unknown","startTime":445.76,"endTime":446.84,"body":"Calm down. Calm"},{"speaker":"Alan Smith","startTime":447.68,"endTime":450.74,"body":"anyway. But of"},{"speaker":"Alan Smith","startTime":447.68,"endTime":450.74,"body":"course, what happened? Of"},{"speaker":"Alan Smith","startTime":450.74,"endTime":454.76,"body":"course, in her wisdom, our"},{"speaker":"Alan Smith","startTime":450.74,"endTime":454.76,"body":"current chancellor, Rachel"},{"speaker":"Alan Smith","startTime":456.56,"endTime":460.24,"body":"halved the tax benefit. You"},{"speaker":"Alan Smith","startTime":456.56,"endTime":460.24,"body":"know, there was a one of the you"},{"speaker":"Alan Smith","startTime":460.24,"endTime":463.96,"body":"know, as we've often said,"},{"speaker":"Alan Smith","startTime":460.24,"endTime":463.96,"body":"incentives drive behavior, as"},{"speaker":"Alan Smith","startTime":463.96,"endTime":467.44,"body":"Charlie Munger has been quoted"},{"speaker":"Alan Smith","startTime":463.96,"endTime":467.44,"body":"saying several times in the"},{"speaker":"Alan Smith","startTime":467.44,"endTime":471.46,"body":"past. And I think one of the"},{"speaker":"Alan Smith","startTime":467.44,"endTime":471.46,"body":"attractions, of course, of a of"},{"speaker":"Alan Smith","startTime":471.46,"endTime":474.1,"body":"investing in these smaller cap"},{"speaker":"Alan Smith","startTime":471.46,"endTime":474.1,"body":"businesses was you got quite a"},{"speaker":"Alan Smith","startTime":474.1,"endTime":477.64,"body":"significant tax break in doing"},{"speaker":"Alan Smith","startTime":474.1,"endTime":477.64,"body":"so, certainly an inheritance tax"},{"speaker":"Alan Smith","startTime":477.64,"endTime":481.2,"body":"break multiple companies, fund"},{"speaker":"Alan Smith","startTime":477.64,"endTime":481.2,"body":"managers, micro cap, stock"},{"speaker":"Alan Smith","startTime":481.2,"endTime":485.58,"body":"manage stock, stock brokers and"},{"speaker":"Alan Smith","startTime":481.2,"endTime":485.58,"body":"portfolio managers created"},{"speaker":"Alan Smith","startTime":485.58,"endTime":489.18,"body":"portfolios predominantly, you"},{"speaker":"Alan Smith","startTime":485.58,"endTime":489.18,"body":"know, letting the tax tail wag"},{"speaker":"Alan Smith","startTime":489.18,"endTime":492.84,"body":"the investment dog in that look."},{"speaker":"Alan Smith","startTime":489.18,"endTime":492.84,"body":"It is more risky. It's more"},{"speaker":"Alan Smith","startTime":492.84,"endTime":497.1,"body":"volatile. But you, you know, if"},{"speaker":"Alan Smith","startTime":492.84,"endTime":497.1,"body":"you, if you popped your clogs,"},{"speaker":"Alan Smith","startTime":497.52,"endTime":502.04,"body":"they are inheritance tax free"},{"speaker":"Alan Smith","startTime":497.52,"endTime":502.04,"body":"effectively, so that if only, if"},{"speaker":"Alan Smith","startTime":502.04,"endTime":505.64,"body":"only it worked. Yeah, if only it"},{"speaker":"Alan Smith","startTime":502.04,"endTime":505.64,"body":"works. So great, so, but that"},{"speaker":"Alan Smith","startTime":505.64,"endTime":511.16,"body":"has been halved that that"},{"speaker":"Alan Smith","startTime":505.64,"endTime":511.16,"body":"benefit. So a lot of people who"},{"speaker":"Alan Smith","startTime":511.16,"endTime":515.96,"body":"who held investments in that are"},{"speaker":"Alan Smith","startTime":511.16,"endTime":515.96,"body":"looking elsewhere. Some of the"},{"speaker":"Alan Smith","startTime":515.96,"endTime":520.36,"body":"companies that are in aim are"},{"speaker":"Alan Smith","startTime":515.96,"endTime":520.36,"body":"looking to exit aim, either for"},{"speaker":"Alan Smith","startTime":520.36,"endTime":524.68,"body":"a full, full FTSE listing or or"},{"speaker":"Alan Smith","startTime":520.36,"endTime":524.68,"body":"go elsewhere, because they're"},{"speaker":"Alan Smith","startTime":524.92,"endTime":529.24,"body":"some of the capital is, is is"},{"speaker":"Alan Smith","startTime":524.92,"endTime":529.24,"body":"dried up. But the other thing"},{"speaker":"Alan Smith","startTime":529.24,"endTime":531.52,"body":"worth noting on this, despite"},{"speaker":"Alan Smith","startTime":529.24,"endTime":531.52,"body":"all the kind of positive"},{"speaker":"Alan Smith","startTime":531.52,"endTime":535.6,"body":"benefits of it, the the actual"},{"speaker":"Alan Smith","startTime":531.52,"endTime":535.6,"body":"rich and the, you know, I spoken"},{"speaker":"Alan Smith","startTime":535.6,"endTime":538.0,"body":"about this in the past as well,"},{"speaker":"Alan Smith","startTime":535.6,"endTime":538.0,"body":"the actual return covered this"},{"speaker":"Alan Smith","startTime":538.0,"endTime":540.9,"body":"before the return. I mean, yeah,"},{"speaker":"Alan Smith","startTime":538.0,"endTime":540.9,"body":"I mean, there's, like, it just"},{"speaker":"Alan Smith","startTime":540.9,"endTime":543.42,"body":"says there's been a lack of"},{"speaker":"Alan Smith","startTime":540.9,"endTime":543.42,"body":"appetite for some time, some"},{"speaker":"Alan Smith","startTime":543.42,"endTime":547.56,"body":"time now, the investments have"},{"speaker":"Alan Smith","startTime":543.42,"endTime":547.56,"body":"dropped 28.7 of the last three"},{"speaker":"Alan Smith","startTime":547.56,"endTime":548.7,"body":"years. In a"},{"speaker":"Andy Hart","startTime":548.7,"endTime":551.82,"body":"declined by a third"},{"speaker":"Andy Hart","startTime":548.7,"endTime":551.82,"body":"last three years."},{"speaker":"Alan Smith","startTime":552.9,"endTime":555.72,"body":"Backdrop of just,"},{"speaker":"Alan Smith","startTime":552.9,"endTime":555.72,"body":"you know how, you know mega just"},{"speaker":"Alan Smith","startTime":555.72,"endTime":558.48,"body":"kind of related to our previous"},{"speaker":"Alan Smith","startTime":555.72,"endTime":558.48,"body":"point, how mega cap stocks and"},{"speaker":"Alan Smith","startTime":558.48,"endTime":561.5,"body":"even the FTSE 100 has done the"},{"speaker":"Alan Smith","startTime":558.48,"endTime":561.5,"body":"last couple of years has done"},{"speaker":"Alan Smith","startTime":561.5,"endTime":565.52,"body":"pretty well, relatively so the"},{"speaker":"Alan Smith","startTime":561.5,"endTime":565.52,"body":"demand for this market, and"},{"speaker":"Alan Smith","startTime":565.52,"endTime":569.6,"body":"even, you know, the products,"},{"speaker":"Alan Smith","startTime":565.52,"endTime":569.6,"body":"the inheritance tax focused"},{"speaker":"Alan Smith","startTime":569.6,"endTime":572.36,"body":"products, there's likely to be"},{"speaker":"Alan Smith","startTime":569.6,"endTime":572.36,"body":"far less demand from the future."},{"speaker":"Alan Smith","startTime":572.36,"endTime":575.66,"body":"But there is an interesting"},{"speaker":"Alan Smith","startTime":572.36,"endTime":575.66,"body":"article all about this in the"},{"speaker":"Alan Smith","startTime":575.66,"endTime":576.38,"body":"show notes."},{"speaker":"Carl Widger","startTime":577.94,"endTime":580.6,"body":"Okay, it's funny"},{"speaker":"Carl Widger","startTime":577.94,"endTime":580.6,"body":"when I listen to you guys like"},{"speaker":"Carl Widger","startTime":580.6,"endTime":583.6,"body":"inheritance tax. Seems to be"},{"speaker":"Carl Widger","startTime":580.6,"endTime":583.6,"body":"driving an awful lot of stuff at"},{"speaker":"Carl Widger","startTime":583.6,"endTime":588.28,"body":"the moment. Is that a fair"},{"speaker":"Carl Widger","startTime":583.6,"endTime":588.28,"body":"comment? Or Yes, yeah, there's"},{"speaker":"Carl Widger","startTime":588.28,"endTime":588.52,"body":"big"},{"speaker":"Nick Lincoln","startTime":588.52,"endTime":590.62,"body":"changes front it's"},{"speaker":"Nick Lincoln","startTime":588.52,"endTime":590.62,"body":"front and center because these"},{"speaker":"Nick Lincoln","startTime":590.62,"endTime":593.5,"body":"pen the pension pots coming back"},{"speaker":"Nick Lincoln","startTime":590.62,"endTime":593.5,"body":"into the IHT net car. That's"},{"speaker":"Nick Lincoln","startTime":593.5,"endTime":596.5,"body":"really, really Yeah, and that's"},{"speaker":"Nick Lincoln","startTime":593.5,"endTime":596.5,"body":"not yet happened, obviously,"},{"speaker":"Nick Lincoln","startTime":596.5,"endTime":600.6,"body":"until April 2027 it, you know,"},{"speaker":"Nick Lincoln","startTime":596.5,"endTime":600.6,"body":"theoretically it might. Happen?"},{"speaker":"Nick Lincoln","startTime":600.66,"endTime":603.9,"body":"Who knows, but it's, you know,"},{"speaker":"Nick Lincoln","startTime":600.66,"endTime":603.9,"body":"it's going to happen that has"},{"speaker":"Nick Lincoln","startTime":603.9,"endTime":605.52,"body":"raised up, back up the agenda."},{"speaker":"Andy Hart","startTime":605.58,"endTime":607.86,"body":"Can you guys remember"},{"speaker":"Andy Hart","startTime":605.58,"endTime":607.86,"body":"the stats it was mentioned at"},{"speaker":"Andy Hart","startTime":607.86,"endTime":611.22,"body":"the recent Vanguard conference"},{"speaker":"Andy Hart","startTime":607.86,"endTime":611.22,"body":"about, you know, keep it simple,"},{"speaker":"Andy Hart","startTime":611.22,"endTime":613.8,"body":"a couple here gets hit. Assets,"},{"speaker":"Andy Hart","startTime":611.22,"endTime":613.8,"body":"over a million. I think in the"},{"speaker":"Andy Hart","startTime":613.8,"endTime":616.14,"body":"US it's something like 13"},{"speaker":"Andy Hart","startTime":613.8,"endTime":616.14,"body":"million on average,"},{"speaker":"Nick Lincoln","startTime":616.38,"endTime":619.32,"body":"something like 25"},{"speaker":"Nick Lincoln","startTime":616.38,"endTime":619.32,"body":"Yeah, let's call it 20"},{"speaker":"Andy Hart","startTime":619.38,"endTime":622.22,"body":"million for"},{"speaker":"Andy Hart","startTime":619.38,"endTime":622.22,"body":"argument's sake. So here we you"},{"speaker":"Andy Hart","startTime":622.22,"endTime":625.58,"body":"get caught once your assets go"},{"speaker":"Andy Hart","startTime":622.22,"endTime":625.58,"body":"over a million, which these days"},{"speaker":"Andy Hart","startTime":626.24,"endTime":629.9,"body":"with asset inflation, properties"},{"speaker":"Andy Hart","startTime":626.24,"endTime":629.9,"body":"flying, stock market flying,"},{"speaker":"Andy Hart","startTime":629.9,"endTime":632.24,"body":"it's not that hard to breach"},{"speaker":"Andy Hart","startTime":629.9,"endTime":632.24,"body":"that gap. Now, pensions are"},{"speaker":"Andy Hart","startTime":632.24,"endTime":636.14,"body":"caught within it. So yeah, the"},{"speaker":"Andy Hart","startTime":632.24,"endTime":636.14,"body":"US is about 20 million, so some"},{"speaker":"Andy Hart","startTime":636.14,"endTime":639.08,"body":"more and more families just"},{"speaker":"Andy Hart","startTime":636.14,"endTime":639.08,"body":"getting caught up by a car"},{"speaker":"Carl Widger","startTime":640.64,"endTime":646.24,"body":"before before 2027"},{"speaker":"Carl Widger","startTime":640.64,"endTime":646.24,"body":"rules kick in. Um, your pension"},{"speaker":"Carl Widger","startTime":646.24,"endTime":648.52,"body":"fund was just paid tax free, is"},{"speaker":"Carl Widger","startTime":646.24,"endTime":648.52,"body":"it or Yes? So"},{"speaker":"Andy Hart","startTime":648.52,"endTime":651.04,"body":"yeah, you could have"},{"speaker":"Andy Hart","startTime":648.52,"endTime":651.04,"body":"a million pounds house and a 2"},{"speaker":"Andy Hart","startTime":651.04,"endTime":654.22,"body":"million pounds pension pot. The"},{"speaker":"Andy Hart","startTime":651.04,"endTime":654.22,"body":"2 million pounds straight to"},{"speaker":"Andy Hart","startTime":654.28,"endTime":657.52,"body":"whoever you wish doesn't fall"},{"speaker":"Andy Hart","startTime":654.28,"endTime":657.52,"body":"into the Irish team net. Now"},{"speaker":"Andy Hart","startTime":657.52,"endTime":660.12,"body":"that 2 million is added to the"},{"speaker":"Andy Hart","startTime":657.52,"endTime":660.12,"body":"million, you're in 3 million. So"},{"speaker":"Andy Hart","startTime":660.12,"endTime":664.14,"body":"you're in whole heap of tax"},{"speaker":"Andy Hart","startTime":660.12,"endTime":664.14,"body":"mess. So, yeah, huge,"},{"speaker":"Nick Lincoln","startTime":664.8,"endTime":667.5,"body":"and just, just"},{"speaker":"Nick Lincoln","startTime":664.8,"endTime":667.5,"body":"without getting into the wheel."},{"speaker":"Nick Lincoln","startTime":667.5,"endTime":671.52,"body":"So, and they want the way they"},{"speaker":"Nick Lincoln","startTime":667.5,"endTime":671.52,"body":"want the IHT settle is not for"},{"speaker":"Nick Lincoln","startTime":671.52,"endTime":674.82,"body":"the recipients to pay the IHT."},{"speaker":"Nick Lincoln","startTime":671.52,"endTime":674.82,"body":"They want the Life Assurance."},{"speaker":"Nick Lincoln","startTime":674.82,"endTime":678.72,"body":"They want the pension providers,"},{"speaker":"Nick Lincoln","startTime":674.82,"endTime":678.72,"body":"okay, the IHT, so it's gonna be,"},{"speaker":"Nick Lincoln","startTime":679.68,"endTime":682.58,"body":"like, four or five pension pots."},{"speaker":"Nick Lincoln","startTime":679.68,"endTime":682.58,"body":"It's gonna be"},{"speaker":"Carl Widger","startTime":683.6,"endTime":686.12,"body":"interesting. Is"},{"speaker":"Carl Widger","startTime":683.6,"endTime":686.12,"body":"that inter spousal as well as"},{"speaker":"Carl Widger","startTime":686.12,"endTime":687.2,"body":"two kids, are just"},{"speaker":"Nick Lincoln","startTime":687.62,"endTime":689.84,"body":"it's not on first."},{"speaker":"Nick Lincoln","startTime":687.62,"endTime":689.84,"body":"No, you can give it to your"},{"speaker":"Nick Lincoln","startTime":689.84,"endTime":691.7,"body":"spouse free of inheritance, but,"},{"speaker":"Andy Hart","startTime":691.7,"endTime":694.64,"body":"but as that may be"},{"speaker":"Andy Hart","startTime":691.7,"endTime":694.64,"body":"changed,"},{"speaker":"Alan Smith","startTime":695.48,"endTime":698.36,"body":"I bought, I often,"},{"speaker":"Alan Smith","startTime":695.48,"endTime":698.36,"body":"you know, said and experienced."},{"speaker":"Alan Smith","startTime":698.36,"endTime":702.52,"body":"It is the most hated tax of them"},{"speaker":"Alan Smith","startTime":698.36,"endTime":702.52,"body":"all most emotive, because"},{"speaker":"Alan Smith","startTime":702.52,"endTime":704.98,"body":"there's a real sense, you know,"},{"speaker":"Alan Smith","startTime":702.52,"endTime":704.98,"body":"I've got to pay income tax along"},{"speaker":"Alan Smith","startTime":704.98,"endTime":709.06,"body":"the way. I kind of begrudgingly"},{"speaker":"Alan Smith","startTime":704.98,"endTime":709.06,"body":"get capital gains tax on, um,"},{"speaker":"Alan Smith","startTime":709.06,"endTime":712.9,"body":"I've always said capital gains"},{"speaker":"Alan Smith","startTime":709.06,"endTime":712.9,"body":"tax on success, growth, yeah."},{"speaker":"Alan Smith","startTime":713.2,"endTime":716.62,"body":"But hang on, once I paid all"},{"speaker":"Alan Smith","startTime":713.2,"endTime":716.62,"body":"this, I'm a VAT, I'm a fuel"},{"speaker":"Alan Smith","startTime":716.62,"endTime":719.2,"body":"duty. I'm blah, blah, blah,"},{"speaker":"Alan Smith","startTime":716.62,"endTime":719.2,"body":"yeah, and I've managed to"},{"speaker":"Alan Smith","startTime":719.2,"endTime":722.22,"body":"squirrel away a bit, then I'm"},{"speaker":"Alan Smith","startTime":719.2,"endTime":722.22,"body":"taxed again. This is what"},{"speaker":"Alan Smith","startTime":722.22,"endTime":724.14,"body":"clients have told me, you know,"},{"speaker":"Alan Smith","startTime":722.22,"endTime":724.14,"body":"over the years, is"},{"speaker":"Nick Lincoln","startTime":724.14,"endTime":726.36,"body":"they're just, I"},{"speaker":"Nick Lincoln","startTime":724.14,"endTime":726.36,"body":"think, I think what's, what's"},{"speaker":"Nick Lincoln","startTime":726.36,"endTime":728.76,"body":"evil about is the way they've"},{"speaker":"Nick Lincoln","startTime":726.36,"endTime":728.76,"body":"frozen their thresholds that as"},{"speaker":"Nick Lincoln","startTime":728.76,"endTime":731.64,"body":"well. So a million, a million"},{"speaker":"Nick Lincoln","startTime":728.76,"endTime":731.64,"body":"quid estate 10 years ago,"},{"speaker":"Nick Lincoln","startTime":731.64,"endTime":735.0,"body":"actually, no, that's you're"},{"speaker":"Nick Lincoln","startTime":731.64,"endTime":735.0,"body":"doing pretty well now in the"},{"speaker":"Nick Lincoln","startTime":735.0,"endTime":739.32,"body":"South. You know, blast about the"},{"speaker":"Nick Lincoln","startTime":735.0,"endTime":739.32,"body":"southeast, but that's pretty"},{"speaker":"Nick Lincoln","startTime":739.32,"endTime":742.1,"body":"much. Most middle class families"},{"speaker":"Nick Lincoln","startTime":739.32,"endTime":742.1,"body":"will have a property worth a"},{"speaker":"Nick Lincoln","startTime":742.1,"endTime":746.48,"body":"million quid. Yeah, it's better"},{"speaker":"Nick Lincoln","startTime":742.1,"endTime":746.48,"body":"saving spit of investments, and"},{"speaker":"Nick Lincoln","startTime":746.48,"endTime":746.66,"body":"you're"},{"speaker":"Carl Widger","startTime":746.66,"endTime":748.88,"body":"well into the"},{"speaker":"Carl Widger","startTime":746.66,"endTime":748.88,"body":"pensions are are in the"},{"speaker":"Carl Widger","startTime":749.0,"endTime":752.84,"body":"inheritance tax, net, net, here"},{"speaker":"Carl Widger","startTime":749.0,"endTime":752.84,"body":"to to kids. So it's funny, like,"},{"speaker":"Carl Widger","startTime":752.84,"endTime":755.48,"body":"and we don't hear anything about"},{"speaker":"Carl Widger","startTime":752.84,"endTime":755.48,"body":"it, because it's always been"},{"speaker":"Carl Widger","startTime":755.48,"endTime":755.9,"body":"that case"},{"speaker":"Nick Lincoln","startTime":757.04,"endTime":759.62,"body":"when, when George,"},{"speaker":"Nick Lincoln","startTime":757.04,"endTime":759.62,"body":"George Osborne, and they always"},{"speaker":"Nick Lincoln","startTime":759.62,"endTime":761.8,"body":"were haircut till George"},{"speaker":"Nick Lincoln","startTime":759.62,"endTime":761.8,"body":"Osborne, I think about 2015"},{"speaker":"Nick Lincoln","startTime":762.46,"endTime":766.42,"body":"changed the rules and out of the"},{"speaker":"Nick Lincoln","startTime":762.46,"endTime":766.42,"body":"blue, he stood up at the box in"},{"speaker":"Nick Lincoln","startTime":766.48,"endTime":769.9,"body":"the in the in Parliament and"},{"speaker":"Nick Lincoln","startTime":766.48,"endTime":769.9,"body":"said, Oh, by the way, from going"},{"speaker":"Nick Lincoln","startTime":769.9,"endTime":773.92,"body":"forward, pension funds liable to"},{"speaker":"Nick Lincoln","startTime":769.9,"endTime":773.92,"body":"inheritance tax. We went Jesus"},{"speaker":"Nick Lincoln","startTime":773.92,"endTime":777.22,"body":"Christ. And of course, the share"},{"speaker":"Nick Lincoln","startTime":773.92,"endTime":777.22,"body":"companies of insurance companies"},{"speaker":"Nick Lincoln","startTime":777.22,"endTime":779.8,"body":"plummeted, because everyone"},{"speaker":"Nick Lincoln","startTime":777.22,"endTime":779.8,"body":"thought, well, that's the end of"},{"speaker":"Nick Lincoln","startTime":780.1,"endTime":782.8,"body":"annuities every time. So he"},{"speaker":"Nick Lincoln","startTime":780.1,"endTime":782.8,"body":"brought it in, out of the blue."},{"speaker":"Nick Lincoln","startTime":782.8,"endTime":785.34,"body":"But back to what you've had for,"},{"speaker":"Nick Lincoln","startTime":782.8,"endTime":785.34,"body":"for decades and"},{"speaker":"Andy Hart","startTime":785.4,"endTime":787.86,"body":"decades, they were"},{"speaker":"Andy Hart","startTime":785.4,"endTime":787.86,"body":"involved, then they're out. Now"},{"speaker":"Andy Hart","startTime":787.86,"endTime":790.08,"body":"they go back in. Yeah, that's"},{"speaker":"Andy Hart","startTime":787.86,"endTime":790.08,"body":"the mess."},{"speaker":"Nick Lincoln","startTime":791.04,"endTime":794.7,"body":"Okay, watch. Brett"},{"speaker":"Nick Lincoln","startTime":791.04,"endTime":794.7,"body":"Davidson, yeah,"},{"speaker":"Carl Widger","startTime":794.7,"endTime":796.74,"body":"this is"},{"speaker":"Carl Widger","startTime":794.7,"endTime":796.74,"body":"interesting. I'm very interested"},{"speaker":"Carl Widger","startTime":796.74,"endTime":799.5,"body":"to get your views on this, but"},{"speaker":"Carl Widger","startTime":796.74,"endTime":799.5,"body":"especially Alan's because he's"},{"speaker":"Carl Widger","startTime":799.5,"endTime":804.5,"body":"all over this, right? So Brett,"},{"speaker":"Carl Widger","startTime":799.5,"endTime":804.5,"body":"I publicly shouting out, we"},{"speaker":"Carl Widger","startTime":804.5,"endTime":809.9,"body":"should get breath as a guest on"},{"speaker":"Carl Widger","startTime":804.5,"endTime":809.9,"body":"the podcast. For sure, the guy,"},{"speaker":"Carl Widger","startTime":809.96,"endTime":812.96,"body":"the guy just, I've said it"},{"speaker":"Carl Widger","startTime":809.96,"endTime":812.96,"body":"before, I won't repeat myself,"},{"speaker":"Carl Widger","startTime":812.96,"endTime":814.82,"body":"but brilliant stuff. He means he"},{"speaker":"Nick Lincoln","startTime":814.82,"endTime":817.1,"body":"is balking at our"},{"speaker":"Nick Lincoln","startTime":814.82,"endTime":817.1,"body":"appearance fee. But we can, we"},{"speaker":"Nick Lincoln","startTime":817.1,"endTime":818.24,"body":"can haggle with him on that."},{"speaker":"Carl Widger","startTime":819.32,"endTime":822.04,"body":"He wrote in his"},{"speaker":"Carl Widger","startTime":819.32,"endTime":822.04,"body":"latest news newsletter. Well,"},{"speaker":"Carl Widger","startTime":822.1,"endTime":825.7,"body":"the last one I read, so it's one"},{"speaker":"Carl Widger","startTime":822.1,"endTime":825.7,"body":"of the very recent ones. If you"},{"speaker":"Carl Widger","startTime":825.7,"endTime":829.9,"body":"haven't subscribed FP advance,"},{"speaker":"Carl Widger","startTime":825.7,"endTime":829.9,"body":"go and subscribe to the"},{"speaker":"Carl Widger","startTime":829.9,"endTime":833.74,"body":"newsletter. It's brilliant. He's"},{"speaker":"Carl Widger","startTime":829.9,"endTime":833.74,"body":"arguing about, you know, tech"},{"speaker":"Carl Widger","startTime":833.74,"endTime":840.52,"body":"and AI, and putting bringing"},{"speaker":"Carl Widger","startTime":833.74,"endTime":840.52,"body":"loads of different programs"},{"speaker":"Carl Widger","startTime":840.52,"endTime":845.94,"body":"software together in your"},{"speaker":"Carl Widger","startTime":840.52,"endTime":845.94,"body":"practice, and those different"},{"speaker":"Carl Widger","startTime":845.94,"endTime":850.38,"body":"software programs not talking to"},{"speaker":"Carl Widger","startTime":845.94,"endTime":850.38,"body":"each other, and that becoming"},{"speaker":"Carl Widger","startTime":850.44,"endTime":855.3,"body":"very, very difficult to scale,"},{"speaker":"Carl Widger","startTime":850.44,"endTime":855.3,"body":"or even in a smaller firm. It"},{"speaker":"Carl Widger","startTime":855.3,"endTime":858.06,"body":"becoming very difficult when"},{"speaker":"Carl Widger","startTime":855.3,"endTime":858.06,"body":"you've got, if you've got so"},{"speaker":"Carl Widger","startTime":858.06,"endTime":861.98,"body":"many different things on the go,"},{"speaker":"Carl Widger","startTime":858.06,"endTime":861.98,"body":"and I know Alan, you, you've"},{"speaker":"Carl Widger","startTime":861.98,"endTime":866.06,"body":"like, sent through some stuff,"},{"speaker":"Carl Widger","startTime":861.98,"endTime":866.06,"body":"which, frankly, is mind boggling"},{"speaker":"Carl Widger","startTime":866.06,"endTime":868.34,"body":"to me. When you send it through,"},{"speaker":"Carl Widger","startTime":866.06,"endTime":868.34,"body":"it is awesome. Like, some of the"},{"speaker":"Carl Widger","startTime":868.34,"endTime":870.74,"body":"stuff you sent through, it's"},{"speaker":"Carl Widger","startTime":868.34,"endTime":870.74,"body":"like you sent through a thing"},{"speaker":"Carl Widger","startTime":870.74,"endTime":873.68,"body":"recently about summarize this"},{"speaker":"Carl Widger","startTime":870.74,"endTime":873.68,"body":"article for me, and I'm like, Oh"},{"speaker":"Carl Widger","startTime":873.68,"endTime":877.34,"body":"my God, I've just like, this is"},{"speaker":"Carl Widger","startTime":873.68,"endTime":877.34,"body":"incredible stuff. But I suppose"},{"speaker":"Carl Widger","startTime":877.34,"endTime":882.64,"body":"my fear is, if we start bringing"},{"speaker":"Carl Widger","startTime":877.34,"endTime":882.64,"body":"these things in piecemeal, okay,"},{"speaker":"Carl Widger","startTime":882.7,"endTime":886.84,"body":"as opposed to having some kind"},{"speaker":"Carl Widger","startTime":882.7,"endTime":886.84,"body":"of a joined up thinking, Are you"},{"speaker":"Carl Widger","startTime":886.84,"endTime":890.74,"body":"just going to run your firm"},{"speaker":"Carl Widger","startTime":886.84,"endTime":890.74,"body":"into, like, do the opposite of"},{"speaker":"Carl Widger","startTime":890.74,"endTime":893.68,"body":"what you're trying to do, which"},{"speaker":"Carl Widger","startTime":890.74,"endTime":893.68,"body":"is, you know, make it more"},{"speaker":"Carl Widger","startTime":893.68,"endTime":896.86,"body":"efficient, streamline processes,"},{"speaker":"Carl Widger","startTime":893.68,"endTime":896.86,"body":"etc. And then I suppose, if"},{"speaker":"Carl Widger","startTime":896.86,"endTime":901.44,"body":"that's the case, is there,"},{"speaker":"Carl Widger","startTime":896.86,"endTime":901.44,"body":"because. Yeah. Certainly, as far"},{"speaker":"Carl Widger","startTime":901.44,"endTime":904.86,"body":"as I'm aware, in Ireland,"},{"speaker":"Carl Widger","startTime":901.44,"endTime":904.86,"body":"there's nobody you know trying"},{"speaker":"Carl Widger","startTime":904.86,"endTime":909.06,"body":"to put together the the ideal"},{"speaker":"Carl Widger","startTime":904.86,"endTime":909.06,"body":"Jigsaw for a financial planning"},{"speaker":"Carl Widger","startTime":909.06,"endTime":913.32,"body":"firm. So are there firms doing"},{"speaker":"Carl Widger","startTime":909.06,"endTime":913.32,"body":"it? What are your thoughts on"},{"speaker":"Carl Widger","startTime":913.32,"endTime":915.96,"body":"this? Should we just be"},{"speaker":"Carl Widger","startTime":913.32,"endTime":915.96,"body":"embracing the tech? And if you"},{"speaker":"Carl Widger","startTime":915.96,"endTime":918.78,"body":"see something cool, just bring"},{"speaker":"Carl Widger","startTime":915.96,"endTime":918.78,"body":"it into your into your firm?"},{"speaker":"Carl Widger","startTime":919.68,"endTime":921.32,"body":"It's I don't think so."},{"speaker":"Andy Hart","startTime":921.62,"endTime":923.12,"body":"If anyone has"},{"speaker":"Unknown","startTime":924.56,"endTime":927.2,"body":"heard our conversation"},{"speaker":"Unknown","startTime":924.56,"endTime":927.2,"body":"before you hit record"},{"speaker":"Unknown","startTime":929.48,"endTime":931.76,"body":"holes and wires ever will hear"},{"speaker":"Unknown","startTime":929.48,"endTime":931.76,"body":"about Yeah,"},{"speaker":"Andy Hart","startTime":932.06,"endTime":934.58,"body":"oh my god, this is"},{"speaker":"Andy Hart","startTime":932.06,"endTime":934.58,"body":"why the box I put into my child"},{"speaker":"Andy Hart","startTime":934.58,"endTime":936.8,"body":"print to my laptop charger."},{"speaker":"Andy Hart","startTime":934.58,"endTime":936.8,"body":"Alan, yeah,"},{"speaker":"Alan Smith","startTime":936.8,"endTime":940.24,"body":"that's it. Yeah,"},{"speaker":"Alan Smith","startTime":936.8,"endTime":940.24,"body":"it's, I haven't read that yet."},{"speaker":"Alan Smith","startTime":940.24,"endTime":944.44,"body":"Carl, but I, I sort of, I"},{"speaker":"Alan Smith","startTime":940.24,"endTime":944.44,"body":"endorse your comments about"},{"speaker":"Alan Smith","startTime":944.44,"endTime":947.32,"body":"Brett. Every time I read his"},{"speaker":"Alan Smith","startTime":944.44,"endTime":947.32,"body":"newsletters, I think he's, he's"},{"speaker":"Alan Smith","startTime":947.32,"endTime":950.98,"body":"read my mind. He's he really"},{"speaker":"Alan Smith","startTime":947.32,"endTime":950.98,"body":"understands his market, and he's"},{"speaker":"Alan Smith","startTime":950.98,"endTime":953.8,"body":"on the pace about what's, what's"},{"speaker":"Alan Smith","startTime":950.98,"endTime":953.8,"body":"going on, issues, challenges and"},{"speaker":"Alan Smith","startTime":953.8,"endTime":957.52,"body":"opportunities in our sector. So"},{"speaker":"Alan Smith","startTime":953.8,"endTime":957.52,"body":"I'll certainly read the article."},{"speaker":"Alan Smith","startTime":957.94,"endTime":963.06,"body":"Yeah, it's, it is a an"},{"speaker":"Alan Smith","startTime":957.94,"endTime":963.06,"body":"interesting one in that this the"},{"speaker":"Alan Smith","startTime":963.18,"endTime":966.6,"body":"speed at which, I mean, I've"},{"speaker":"Alan Smith","startTime":963.18,"endTime":966.6,"body":"been going 21 years. I've always"},{"speaker":"Alan Smith","startTime":966.6,"endTime":969.48,"body":"tried to adopt the latest sort"},{"speaker":"Alan Smith","startTime":966.6,"endTime":969.48,"body":"of ideas and some of these new"},{"speaker":"Alan Smith","startTime":969.48,"endTime":973.14,"body":"innovations. And it's been very"},{"speaker":"Alan Smith","startTime":969.48,"endTime":973.14,"body":"it's it's moved at a kind of"},{"speaker":"Alan Smith","startTime":973.14,"endTime":976.86,"body":"glacial pace up until now. It's"},{"speaker":"Alan Smith","startTime":973.14,"endTime":976.86,"body":"very, very slow and bit by bit."},{"speaker":"Alan Smith","startTime":976.86,"endTime":980.06,"body":"But things are moving and"},{"speaker":"Alan Smith","startTime":976.86,"endTime":980.06,"body":"changing really quickly. The"},{"speaker":"Alan Smith","startTime":980.06,"endTime":984.08,"body":"audience, the experiences in my"},{"speaker":"Alan Smith","startTime":980.06,"endTime":984.08,"body":"firm, we've kind of gone full"},{"speaker":"Alan Smith","startTime":984.08,"endTime":987.08,"body":"cycle when it comes some of"},{"speaker":"Alan Smith","startTime":984.08,"endTime":987.08,"body":"these new tools started"},{"speaker":"Alan Smith","startTime":987.08,"endTime":990.98,"body":"appearing on the scene, you"},{"speaker":"Alan Smith","startTime":987.08,"endTime":990.98,"body":"know, 18 months ago, when we"},{"speaker":"Alan Smith","startTime":991.1,"endTime":994.76,"body":"were all over them, you know,"},{"speaker":"Alan Smith","startTime":991.1,"endTime":994.76,"body":"adopting this trialing, this"},{"speaker":"Alan Smith","startTime":994.76,"endTime":997.94,"body":"trialing, that, and we end up"},{"speaker":"Alan Smith","startTime":994.76,"endTime":997.94,"body":"seriously. We ended up with"},{"speaker":"Alan Smith","startTime":997.94,"endTime":1001.38,"body":"about 12 different pieces of"},{"speaker":"Alan Smith","startTime":997.94,"endTime":1001.38,"body":"tech, some of which talked to"},{"speaker":"Alan Smith","startTime":1001.38,"endTime":1004.32,"body":"each other, some which"},{"speaker":"Alan Smith","startTime":1001.38,"endTime":1004.32,"body":"definitely didn't, and it was a"},{"speaker":"Alan Smith","startTime":1004.32,"endTime":1007.86,"body":"mess, really. So we have kind of"},{"speaker":"Alan Smith","startTime":1004.32,"endTime":1007.86,"body":"consolidated, we've distilled it"},{"speaker":"Alan Smith","startTime":1007.86,"endTime":1011.22,"body":"down. I'm not too bothered about"},{"speaker":"Alan Smith","startTime":1007.86,"endTime":1011.22,"body":"that. Sometimes you do have to"},{"speaker":"Alan Smith","startTime":1011.22,"endTime":1013.62,"body":"trial things. And some things"},{"speaker":"Alan Smith","startTime":1011.22,"endTime":1013.62,"body":"which might be great, some"},{"speaker":"Alan Smith","startTime":1013.62,"endTime":1016.68,"body":"technology might not, hundreds"},{"speaker":"Alan Smith","startTime":1013.62,"endTime":1016.68,"body":"it might be great for one firm,"},{"speaker":"Alan Smith","startTime":1016.68,"endTime":1019.08,"body":"and I saw some really good"},{"speaker":"Alan Smith","startTime":1016.68,"endTime":1019.08,"body":"technology, but in terms of the"},{"speaker":"Alan Smith","startTime":1019.08,"endTime":1021.66,"body":"way we operate, our sort of"},{"speaker":"Alan Smith","startTime":1019.08,"endTime":1021.66,"body":"client experience and all that"},{"speaker":"Alan Smith","startTime":1021.66,"endTime":1024.86,"body":"is not quite right for us. Right"},{"speaker":"Alan Smith","startTime":1021.66,"endTime":1024.86,"body":"for us. So you sort of trial it"},{"speaker":"Alan Smith","startTime":1024.86,"endTime":1027.32,"body":"a few others, and we really sort"},{"speaker":"Alan Smith","startTime":1024.86,"endTime":1027.32,"body":"of distill it all down. We kind"},{"speaker":"Alan Smith","startTime":1027.32,"endTime":1031.28,"body":"of use three pieces of"},{"speaker":"Alan Smith","startTime":1027.32,"endTime":1031.28,"body":"technology now, three core"},{"speaker":"Alan Smith","startTime":1031.34,"endTime":1034.76,"body":"pieces. And one of the reasons"},{"speaker":"Alan Smith","startTime":1031.34,"endTime":1034.76,"body":"that we even use three because,"},{"speaker":"Alan Smith","startTime":1034.76,"endTime":1038.54,"body":"in theory, you could just use"},{"speaker":"Alan Smith","startTime":1034.76,"endTime":1038.54,"body":"one as a kind of CRM system"},{"speaker":"Alan Smith","startTime":1038.54,"endTime":1041.92,"body":"backbone all the things that"},{"speaker":"Alan Smith","startTime":1038.54,"endTime":1041.92,"body":"you're trying to do. But I'm all"},{"speaker":"Alan Smith","startTime":1041.92,"endTime":1045.82,"body":"about trying to have best of"},{"speaker":"Alan Smith","startTime":1041.92,"endTime":1045.82,"body":"breed. So if you try to have"},{"speaker":"Alan Smith","startTime":1045.82,"endTime":1049.12,"body":"something that offers just"},{"speaker":"Alan Smith","startTime":1045.82,"endTime":1049.12,"body":"everything, end to end,"},{"speaker":"Alan Smith","startTime":1049.12,"endTime":1051.94,"body":"onboarding clients, supporting"},{"speaker":"Alan Smith","startTime":1049.12,"endTime":1051.94,"body":"clients, communications with"},{"speaker":"Alan Smith","startTime":1052.06,"endTime":1056.38,"body":"clients, etc, then you are it's"},{"speaker":"Alan Smith","startTime":1052.06,"endTime":1056.38,"body":"never going to be. Each one of"},{"speaker":"Alan Smith","startTime":1056.38,"endTime":1059.14,"body":"those is not going to be the"},{"speaker":"Alan Smith","startTime":1056.38,"endTime":1059.14,"body":"best of breed. You understand,"},{"speaker":"Alan Smith","startTime":1059.14,"endTime":1062.46,"body":"not at the moment, kind of more"},{"speaker":"Alan Smith","startTime":1059.14,"endTime":1062.46,"body":"generalist rather than"},{"speaker":"Alan Smith","startTime":1062.46,"endTime":1064.2,"body":"specialist. So"},{"speaker":"Unknown","startTime":1065.579,"endTime":1068.639,"body":"that's why we've got"},{"speaker":"Unknown","startTime":1065.579,"endTime":1068.639,"body":"three, but we don't have 13. And"},{"speaker":"Unknown","startTime":1068.639,"endTime":1071.639,"body":"I actually did a, did a post on"},{"speaker":"Unknown","startTime":1068.639,"endTime":1071.639,"body":"LinkedIn roughly about this last"},{"speaker":"Unknown","startTime":1071.639,"endTime":1074.399,"body":"week, unrelated, but it's spot"},{"speaker":"Unknown","startTime":1071.639,"endTime":1074.399,"body":"on in terms of your last point"},{"speaker":"Unknown","startTime":1074.399,"endTime":1079.439,"body":"there, Carl, in that I would"},{"speaker":"Unknown","startTime":1074.399,"endTime":1079.439,"body":"just make. I just read that Uber"},{"speaker":"Unknown","startTime":1079.439,"endTime":1082.219,"body":"are rolling out the trialing,"},{"speaker":"Unknown","startTime":1079.439,"endTime":1082.219,"body":"self driving cars, self driving"},{"speaker":"Unknown","startTime":1082.279,"endTime":1088.039,"body":"cabs, taxis in London, Q, q1 I"},{"speaker":"Unknown","startTime":1082.279,"endTime":1088.039,"body":"think, or q2 next year. So there"},{"speaker":"Unknown","startTime":1088.039,"endTime":1091.759,"body":"you go. An industry that's been"},{"speaker":"Unknown","startTime":1088.039,"endTime":1091.759,"body":"around for 100 years. I e taxi"},{"speaker":"Unknown","startTime":1091.759,"endTime":1094.819,"body":"drivers is significantly under"},{"speaker":"Unknown","startTime":1091.759,"endTime":1094.819,"body":"threat over the next few years."},{"speaker":"Unknown","startTime":1094.819,"endTime":1097.279,"body":"And Hey, isn't this likely to"},{"speaker":"Unknown","startTime":1094.819,"endTime":1097.279,"body":"happen to all of us? Well, we"},{"speaker":"Unknown","startTime":1097.279,"endTime":1101.079,"body":"know it is to some to one degree"},{"speaker":"Unknown","startTime":1097.279,"endTime":1101.079,"body":"or another. And and I made the"},{"speaker":"Unknown","startTime":1101.079,"endTime":1106.239,"body":"point that what we lack, there's"},{"speaker":"Unknown","startTime":1101.079,"endTime":1106.239,"body":"a real opportunity now in that,"},{"speaker":"Unknown","startTime":1106.359,"endTime":1108.639,"body":"who's the expert on all these"},{"speaker":"Unknown","startTime":1106.359,"endTime":1108.639,"body":"things, who's going to come in"},{"speaker":"Unknown","startTime":1108.639,"endTime":1111.699,"body":"and sort of you effectively act"},{"speaker":"Unknown","startTime":1108.639,"endTime":1111.699,"body":"as a change manager, someone"},{"speaker":"Unknown","startTime":1111.699,"endTime":1114.099,"body":"who's going to come in and say,"},{"speaker":"Unknown","startTime":1111.699,"endTime":1114.099,"body":"right? Carl, what's going on in"},{"speaker":"Unknown","startTime":1114.099,"endTime":1116.139,"body":"your business? How do you you"},{"speaker":"Unknown","startTime":1114.099,"endTime":1116.139,"body":"know what? How do you serve as"},{"speaker":"Unknown","startTime":1116.139,"endTime":1119.079,"body":"clients? Right? I am an expert"},{"speaker":"Unknown","startTime":1116.139,"endTime":1119.079,"body":"on my team's an expert on all"},{"speaker":"Unknown","startTime":1119.079,"endTime":1122.099,"body":"the tools and technology, and"},{"speaker":"Unknown","startTime":1119.079,"endTime":1122.099,"body":"we're going to build you bespoke"},{"speaker":"Unknown","startTime":1122.279,"endTime":1124.979,"body":"tech stack, as they say,"},{"speaker":"Unknown","startTime":1122.279,"endTime":1124.979,"body":"relevant to you. Because"},{"speaker":"Unknown","startTime":1124.979,"endTime":1127.259,"body":"otherwise, you know we're doing"},{"speaker":"Unknown","startTime":1124.979,"endTime":1127.259,"body":"what I'm doing. Luckily, I've"},{"speaker":"Unknown","startTime":1127.259,"endTime":1130.199,"body":"got a fantastic team who's able"},{"speaker":"Unknown","startTime":1127.259,"endTime":1130.199,"body":"to sort of do, do the research"},{"speaker":"Unknown","startTime":1130.319,"endTime":1133.259,"body":"and what have you. But having"},{"speaker":"Unknown","startTime":1130.319,"endTime":1133.259,"body":"some sort of independent"},{"speaker":"Unknown","startTime":1133.259,"endTime":1136.379,"body":"consultant, I'm not, I'm not"},{"speaker":"Unknown","startTime":1133.259,"endTime":1136.379,"body":"aware of any out there. I'm sure"},{"speaker":"Unknown","startTime":1136.559,"endTime":1137.279,"body":"we might get caught."},{"speaker":"Carl Widger","startTime":1137.76,"endTime":1140.64,"body":"Like, Uber, is"},{"speaker":"Carl Widger","startTime":1137.76,"endTime":1140.64,"body":"there? No, it's a fair point"},{"speaker":"Carl Widger","startTime":1140.64,"endTime":1143.66,"body":"about Uber. I totally get the"},{"speaker":"Carl Widger","startTime":1140.64,"endTime":1143.66,"body":"point. Like, is there a"},{"speaker":"Carl Widger","startTime":1143.66,"endTime":1147.32,"body":"platform, you know, designing"},{"speaker":"Carl Widger","startTime":1143.66,"endTime":1147.32,"body":"the technology to coordinate all"},{"speaker":"Carl Widger","startTime":1147.32,"endTime":1150.14,"body":"these activities together? Like,"},{"speaker":"Carl Widger","startTime":1147.32,"endTime":1150.14,"body":"that's"},{"speaker":"Alan Smith","startTime":1151.46,"endTime":1154.22,"body":"what they're all"},{"speaker":"Alan Smith","startTime":1151.46,"endTime":1154.22,"body":"there are sort of tech"},{"speaker":"Alan Smith","startTime":1154.22,"endTime":1159.56,"body":"consultants, but there aren't"},{"speaker":"Alan Smith","startTime":1154.22,"endTime":1159.56,"body":"what? Well, I mean, I'm gonna be"},{"speaker":"Alan Smith","startTime":1159.56,"endTime":1162.7,"body":"careful. I say there are, I"},{"speaker":"Alan Smith","startTime":1159.56,"endTime":1162.7,"body":"suppose some people around"},{"speaker":"Alan Smith","startTime":1162.7,"endTime":1165.46,"body":"there, there's, there's a this,"},{"speaker":"Alan Smith","startTime":1162.7,"endTime":1165.46,"body":"AI kind of and technology"},{"speaker":"Alan Smith","startTime":1165.46,"endTime":1168.4,"body":"consultants for the generic they"},{"speaker":"Alan Smith","startTime":1165.46,"endTime":1168.4,"body":"don't, they wouldn't understand"},{"speaker":"Alan Smith","startTime":1168.4,"endTime":1171.1,"body":"some of the very bespoke tools"},{"speaker":"Alan Smith","startTime":1168.4,"endTime":1171.1,"body":"that exist. And"},{"speaker":"Andy Hart","startTime":1171.099,"endTime":1173.139,"body":"they're a bit chasing"},{"speaker":"Andy Hart","startTime":1171.099,"endTime":1173.139,"body":"their tail at the moment as"},{"speaker":"Andy Hart","startTime":1173.139,"endTime":1174.819,"body":"well. It's still, still, so"},{"speaker":"Carl Widger","startTime":1175.0,"endTime":1176.92,"body":"my point, like, is,"},{"speaker":"Carl Widger","startTime":1175.0,"endTime":1176.92,"body":"there, is there not a huge"},{"speaker":"Carl Widger","startTime":1176.92,"endTime":1182.4,"body":"opportunity? Because surely this"},{"speaker":"Carl Widger","startTime":1176.92,"endTime":1182.4,"body":"is a massive industry worldwide."},{"speaker":"Carl Widger","startTime":1182.46,"endTime":1186.18,"body":"And if you're running a wealth"},{"speaker":"Carl Widger","startTime":1182.46,"endTime":1186.18,"body":"management, financial planning"},{"speaker":"Carl Widger","startTime":1186.24,"endTime":1189.96,"body":"business, it's the same, okay,"},{"speaker":"Carl Widger","startTime":1186.24,"endTime":1189.96,"body":"the rules and regulations so"},{"speaker":"Carl Widger","startTime":1189.96,"endTime":1191.04,"body":"that the voyant piece"},{"speaker":"Nick Lincoln","startTime":1191.04,"endTime":1192.78,"body":"breaks down. Car,"},{"speaker":"Nick Lincoln","startTime":1191.04,"endTime":1192.78,"body":"that's where it breaks down."},{"speaker":"Nick Lincoln","startTime":1192.78,"endTime":1195.72,"body":"Because if you want to, if you"},{"speaker":"Nick Lincoln","startTime":1192.78,"endTime":1195.72,"body":"want a one stop tech stack,"},{"speaker":"Unknown","startTime":1196.44,"endTime":1197.52,"body":"but yes, you're."},{"speaker":"Nick Lincoln","startTime":1200.0,"endTime":1201.74,"body":"Compliance needs"},{"speaker":"Nick Lincoln","startTime":1200.0,"endTime":1201.74,"body":"is anything, then it's"},{"speaker":"Nick Lincoln","startTime":1201.74,"endTime":1204.38,"body":"completely different software"},{"speaker":"Nick Lincoln","startTime":1201.74,"endTime":1204.38,"body":"from in the US than here. I mean"},{"speaker":"Nick Lincoln","startTime":1204.38,"endTime":1205.52,"body":"completely different bit."},{"speaker":"Carl Widger","startTime":1205.52,"endTime":1207.08,"body":"So you might as"},{"speaker":"Carl Widger","startTime":1205.52,"endTime":1207.08,"body":"well just read, yeah, but say"},{"speaker":"Carl Widger","startTime":1207.08,"endTime":1209.54,"body":"no, no taking like Brett makes."},{"speaker":"Carl Widger","startTime":1207.08,"endTime":1209.54,"body":"If you read the article, Brett"},{"speaker":"Carl Widger","startTime":1209.54,"endTime":1212.72,"body":"makes the point that he knows a"},{"speaker":"Carl Widger","startTime":1209.54,"endTime":1212.72,"body":"firm who are trying to"},{"speaker":"Carl Widger","startTime":1212.72,"endTime":1215.9,"body":"coordinate some of these things"},{"speaker":"Carl Widger","startTime":1212.72,"endTime":1215.9,"body":"that are talking to each other"},{"speaker":"Carl Widger","startTime":1215.9,"endTime":1218.96,"body":"and on their own. These pieces"},{"speaker":"Carl Widger","startTime":1215.9,"endTime":1218.96,"body":"of kit are not best in class. So"},{"speaker":"Carl Widger","startTime":1218.96,"endTime":1222.04,"body":"they're not the best note taker."},{"speaker":"Carl Widger","startTime":1218.96,"endTime":1222.04,"body":"They're not, yeah, exactly. But"},{"speaker":"Carl Widger","startTime":1222.04,"endTime":1225.58,"body":"the point is, this is an this is"},{"speaker":"Carl Widger","startTime":1222.04,"endTime":1225.58,"body":"optimal for this firm, because"},{"speaker":"Carl Widger","startTime":1225.58,"endTime":1229.78,"body":"they all talk to each other. So,"},{"speaker":"Carl Widger","startTime":1225.58,"endTime":1229.78,"body":"so look, it's just, it's very"},{"speaker":"Carl Widger","startTime":1229.78,"endTime":1234.04,"body":"interesting, and I'd love to"},{"speaker":"Carl Widger","startTime":1229.78,"endTime":1234.04,"body":"hear if there was firms out"},{"speaker":"Carl Widger","startTime":1234.04,"endTime":1238.3,"body":"there are software developers"},{"speaker":"Carl Widger","startTime":1234.04,"endTime":1238.3,"body":"out there trying to coordinate a"},{"speaker":"Carl Widger","startTime":1238.3,"endTime":1241.62,"body":"full, you know, like, how much"},{"speaker":"Carl Widger","startTime":1238.3,"endTime":1241.62,"body":"would you pay for"},{"speaker":"Unknown","startTime":1241.739,"endTime":1242.399,"body":"that? I would"},{"speaker":"Alan Smith","startTime":1243.119,"endTime":1245.759,"body":"also say that this"},{"speaker":"Alan Smith","startTime":1243.119,"endTime":1245.759,"body":"is happening, and because it's"},{"speaker":"Alan Smith","startTime":1245.759,"endTime":1249.299,"body":"happening fast, because you've"},{"speaker":"Alan Smith","startTime":1245.759,"endTime":1249.299,"body":"got these things, I don't even"},{"speaker":"Alan Smith","startTime":1249.299,"endTime":1251.399,"body":"know what they are, but I've"},{"speaker":"Alan Smith","startTime":1249.299,"endTime":1251.399,"body":"heard it. Just let things that"},{"speaker":"Alan Smith","startTime":1251.399,"endTime":1254.039,"body":"jointly speak to each other,"},{"speaker":"Alan Smith","startTime":1251.399,"endTime":1254.039,"body":"APIs, you've heard, you've heard"},{"speaker":"Alan Smith","startTime":1254.219,"endTime":1257.939,"body":"of APIs, and that allows you,"},{"speaker":"Alan Smith","startTime":1254.219,"endTime":1257.939,"body":"you could have your best best of"},{"speaker":"Alan Smith","startTime":1257.939,"endTime":1260.599,"body":"breed, whatever it is, cash flow"},{"speaker":"Alan Smith","startTime":1257.939,"endTime":1260.599,"body":"model and your best of breed,"},{"speaker":"Alan Smith","startTime":1260.599,"endTime":1263.299,"body":"CRM, your best of breed, if it's"},{"speaker":"Alan Smith","startTime":1260.599,"endTime":1263.299,"body":"a, you know, an AI meeting"},{"speaker":"Alan Smith","startTime":1263.299,"endTime":1266.539,"body":"recording tool, and it's all"},{"speaker":"Alan Smith","startTime":1263.299,"endTime":1266.539,"body":"been a bit disjointed. And"},{"speaker":"Alan Smith","startTime":1266.539,"endTime":1270.259,"body":"again, as you know, I'm no"},{"speaker":"Alan Smith","startTime":1266.539,"endTime":1270.259,"body":"expert, and I hear people"},{"speaker":"Alan Smith","startTime":1270.259,"endTime":1272.959,"body":"saying, yes, I've got an API,"},{"speaker":"Alan Smith","startTime":1270.259,"endTime":1272.959,"body":"but it's not really an API. It"},{"speaker":"Alan Smith","startTime":1272.959,"endTime":1277.579,"body":"doesn't really work. You want"},{"speaker":"Alan Smith","startTime":1272.959,"endTime":1277.579,"body":"this just seamless flow of data"},{"speaker":"Alan Smith","startTime":1277.579,"endTime":1280.359,"body":"from the very first time you"},{"speaker":"Alan Smith","startTime":1277.579,"endTime":1280.359,"body":"speak with a prospective client,"},{"speaker":"Alan Smith","startTime":1280.359,"endTime":1284.619,"body":"and every engagement, every"},{"speaker":"Alan Smith","startTime":1280.359,"endTime":1284.619,"body":"aspect that you do. But what the"},{"speaker":"Alan Smith","startTime":1284.619,"endTime":1287.079,"body":"feedback I've had, literally, in"},{"speaker":"Alan Smith","startTime":1284.619,"endTime":1287.079,"body":"the last couple of weeks is,"},{"speaker":"Alan Smith","startTime":1287.079,"endTime":1289.839,"body":"yes, they are that's improved"},{"speaker":"Alan Smith","startTime":1287.079,"endTime":1289.839,"body":"quite a lot, and you can have"},{"speaker":"Alan Smith","startTime":1290.139,"endTime":1293.379,"body":"things speaking to each other,"},{"speaker":"Alan Smith","startTime":1290.139,"endTime":1293.379,"body":"they're all the most important"},{"speaker":"Alan Smith","startTime":1293.379,"endTime":1296.199,"body":"thing here, and what a lot of"},{"speaker":"Alan Smith","startTime":1293.379,"endTime":1296.199,"body":"advisors in my experience, don't"},{"speaker":"Alan Smith","startTime":1296.199,"endTime":1298.779,"body":"do. And a hands up, we haven't"},{"speaker":"Alan Smith","startTime":1296.199,"endTime":1298.779,"body":"done this in the past, but we do"},{"speaker":"Alan Smith","startTime":1298.779,"endTime":1301.499,"body":"do it now. It's to say, What the"},{"speaker":"Alan Smith","startTime":1298.779,"endTime":1301.499,"body":"hell are we trying to achieve?"},{"speaker":"Alan Smith","startTime":1301.619,"endTime":1305.219,"body":"Instead of looking at the latest"},{"speaker":"Alan Smith","startTime":1301.619,"endTime":1305.219,"body":"shiny new object or this new AI"},{"speaker":"Alan Smith","startTime":1305.219,"endTime":1308.939,"body":"thing has started, let's buy"},{"speaker":"Alan Smith","startTime":1305.219,"endTime":1308.939,"body":"that in. Let's have, let's trial"},{"speaker":"Alan Smith","startTime":1308.939,"endTime":1311.279,"body":"that. Let's say, Well, get a"},{"speaker":"Alan Smith","startTime":1308.939,"endTime":1311.279,"body":"blank piece of paper. What are"},{"speaker":"Alan Smith","startTime":1311.279,"endTime":1314.339,"body":"we trying to achieve, and what"},{"speaker":"Alan Smith","startTime":1311.279,"endTime":1314.339,"body":"are we currently using? And then"},{"speaker":"Alan Smith","startTime":1314.339,"endTime":1317.099,"body":"sort of build out the kind of"},{"speaker":"Alan Smith","startTime":1314.339,"endTime":1317.099,"body":"roadmap and the model for on a"},{"speaker":"Alan Smith","startTime":1317.099,"endTime":1320.899,"body":"bespoke basis for your firm. You"},{"speaker":"Alan Smith","startTime":1317.099,"endTime":1320.899,"body":"need a tech strategy first of"},{"speaker":"Alan Smith","startTime":1320.899,"endTime":1322.399,"body":"all, then sort of reverse"},{"speaker":"Alan Smith","startTime":1320.899,"endTime":1322.399,"body":"engineer. The"},{"speaker":"Carl Widger","startTime":1322.64,"endTime":1325.34,"body":"two our strategy is"},{"speaker":"Carl Widger","startTime":1322.64,"endTime":1325.34,"body":"to, is to wait for about a year"},{"speaker":"Carl Widger","startTime":1325.34,"endTime":1328.16,"body":"after you've tested it, Alan,"},{"speaker":"Carl Widger","startTime":1325.34,"endTime":1328.16,"body":"and then you'll tell me what"},{"speaker":"Carl Widger","startTime":1328.16,"endTime":1332.0,"body":"ones to bring in and what. And I"},{"speaker":"Carl Widger","startTime":1328.16,"endTime":1332.0,"body":"just, but I kind of don't, I"},{"speaker":"Carl Widger","startTime":1332.0,"endTime":1334.52,"body":"kind of don't. Can I just make"},{"speaker":"Carl Widger","startTime":1332.0,"endTime":1334.52,"body":"one point on the Uber thing,"},{"speaker":"Carl Widger","startTime":1334.52,"endTime":1337.4,"body":"right? So you know about jobs"},{"speaker":"Carl Widger","startTime":1334.52,"endTime":1337.4,"body":"being killed that have been"},{"speaker":"Carl Widger","startTime":1337.4,"endTime":1341.14,"body":"around for 100 years or"},{"speaker":"Carl Widger","startTime":1337.4,"endTime":1341.14,"body":"whatever, right? So, so the taxi"},{"speaker":"Carl Widger","startTime":1341.14,"endTime":1346.48,"body":"driver who knows that this is"},{"speaker":"Carl Widger","startTime":1341.14,"endTime":1346.48,"body":"coming right now has the pass"},{"speaker":"Carl Widger","startTime":1346.48,"endTime":1350.62,"body":"endless possibilities about to"},{"speaker":"Carl Widger","startTime":1346.48,"endTime":1350.62,"body":"how to enhance his or her"},{"speaker":"Carl Widger","startTime":1350.62,"endTime":1354.76,"body":"service, right? The taxi driver"},{"speaker":"Carl Widger","startTime":1350.62,"endTime":1354.76,"body":"who's sitting back and going, my"},{"speaker":"Carl Widger","startTime":1354.76,"endTime":1359.26,"body":"job is dead, is dead, right?"},{"speaker":"Carl Widger","startTime":1354.76,"endTime":1359.26,"body":"He's no more, or she's no more."},{"speaker":"Carl Widger","startTime":1359.44,"endTime":1363.48,"body":"So this is the same for every"},{"speaker":"Carl Widger","startTime":1359.44,"endTime":1363.48,"body":"single job. It's just going to"},{"speaker":"Carl Widger","startTime":1363.48,"endTime":1368.58,"body":"allow you bring a much, much"},{"speaker":"Carl Widger","startTime":1363.48,"endTime":1368.58,"body":"better experience to your end"},{"speaker":"Carl Widger","startTime":1368.64,"endTime":1372.54,"body":"user that goes for every single"},{"speaker":"Carl Widger","startTime":1368.64,"endTime":1372.54,"body":"job and every single one"},{"speaker":"Alan Smith","startTime":1372.54,"endTime":1376.08,"body":"you're so right? I"},{"speaker":"Alan Smith","startTime":1372.54,"endTime":1376.08,"body":"mean, when, when Uber first came"},{"speaker":"Alan Smith","startTime":1376.2,"endTime":1379.74,"body":"to the UK and London a few years"},{"speaker":"Alan Smith","startTime":1376.2,"endTime":1379.74,"body":"ago, I remember, well, the"},{"speaker":"Alan Smith","startTime":1380.34,"endTime":1383.12,"body":"London taxi driver Association."},{"speaker":"Alan Smith","startTime":1380.34,"endTime":1383.12,"body":"And I'm a big fan of them, good"},{"speaker":"Alan Smith","startTime":1383.12,"endTime":1384.38,"body":"old, you know, London cabbie"},{"speaker":"Nick Lincoln","startTime":1385.1,"endTime":1387.02,"body":"sorry to be sorry"},{"speaker":"Nick Lincoln","startTime":1385.1,"endTime":1387.02,"body":"to be a pain. What's this got to"},{"speaker":"Nick Lincoln","startTime":1387.02,"endTime":1389.96,"body":"do with financial services,"},{"speaker":"Nick Lincoln","startTime":1387.02,"endTime":1389.96,"body":"technology, technology Nick,"},{"speaker":"Nick Lincoln","startTime":1390.44,"endTime":1394.7,"body":"creative Schumpeter and creative"},{"speaker":"Nick Lincoln","startTime":1390.44,"endTime":1394.7,"body":"capitalism? That's fine."},{"speaker":"Unknown","startTime":1394.7,"endTime":1398.84,"body":"I'm just following up"},{"speaker":"Unknown","startTime":1394.7,"endTime":1398.84,"body":"on Carl's point. The London taxi"},{"speaker":"Unknown","startTime":1398.84,"endTime":1401.62,"body":"drivers Association blockaded"},{"speaker":"Unknown","startTime":1398.84,"endTime":1401.62,"body":"City Hall. So just went there"},{"speaker":"Unknown","startTime":1401.62,"endTime":1404.26,"body":"and said, do not bring Uber in."},{"speaker":"Unknown","startTime":1401.62,"endTime":1404.26,"body":"And so they're just, by getting"},{"speaker":"Unknown","startTime":1404.26,"endTime":1407.44,"body":"away, getting in the way of"},{"speaker":"Unknown","startTime":1404.26,"endTime":1407.44,"body":"innovation. And what you can do"},{"speaker":"Unknown","startTime":1407.44,"endTime":1410.2,"body":"is say there will always be"},{"speaker":"Unknown","startTime":1407.44,"endTime":1410.2,"body":"people who prefer a human"},{"speaker":"Unknown","startTime":1410.2,"endTime":1412.36,"body":"driver. I'm going to make my my"},{"speaker":"Unknown","startTime":1410.2,"endTime":1412.36,"body":"car the"},{"speaker":"Andy Hart","startTime":1413.619,"endTime":1416.559,"body":"best human just, just"},{"speaker":"Andy Hart","startTime":1413.619,"endTime":1416.559,"body":"just to have my home, the Uber"},{"speaker":"Andy Hart","startTime":1416.559,"endTime":1420.119,"body":"thing. The black taxi drivers"},{"speaker":"Andy Hart","startTime":1416.559,"endTime":1420.119,"body":"protested for this coming in"},{"speaker":"Andy Hart","startTime":1420.119,"endTime":1423.419,"body":"thing coming into London. They"},{"speaker":"Andy Hart","startTime":1420.119,"endTime":1423.419,"body":"wanted to stop. And everyone"},{"speaker":"Andy Hart","startTime":1423.419,"endTime":1425.999,"body":"said, Well, what is it? They"},{"speaker":"Andy Hart","startTime":1423.419,"endTime":1425.999,"body":"said, it's Uber. It's faster,"},{"speaker":"Andy Hart","startTime":1425.999,"endTime":1429.359,"body":"cheaper, safer, you know, you"},{"speaker":"Andy Hart","startTime":1425.999,"endTime":1429.359,"body":"get around the city in, you"},{"speaker":"Andy Hart","startTime":1429.359,"endTime":1432.899,"body":"know, two seconds. They"},{"speaker":"Andy Hart","startTime":1429.359,"endTime":1432.899,"body":"basically highlighted all of the"},{"speaker":"Andy Hart","startTime":1432.899,"endTime":1435.059,"body":"benefits of this new thing"},{"speaker":"Andy Hart","startTime":1432.899,"endTime":1435.059,"body":"coming in that's going to"},{"speaker":"Andy Hart","startTime":1435.059,"endTime":1437.039,"body":"basically put black cabs out of"},{"speaker":"Andy Hart","startTime":1435.059,"endTime":1437.039,"body":"a job."},{"speaker":"Alan Smith","startTime":1438.72,"endTime":1442.76,"body":"But their own"},{"speaker":"Alan Smith","startTime":1438.72,"endTime":1442.76,"body":"device. Point is spot on."},{"speaker":"Alan Smith","startTime":1442.82,"endTime":1446.06,"body":"Knowing this will happen. It's"},{"speaker":"Alan Smith","startTime":1442.82,"endTime":1446.06,"body":"innovation and it's for it's"},{"speaker":"Alan Smith","startTime":1446.06,"endTime":1448.16,"body":"inevitable, absolutely"},{"speaker":"Alan Smith","startTime":1446.06,"endTime":1448.16,"body":"inevitable. There's an"},{"speaker":"Alan Smith","startTime":1448.16,"endTime":1450.98,"body":"opportunity to just carve out a"},{"speaker":"Alan Smith","startTime":1448.16,"endTime":1450.98,"body":"different type of be, because it"},{"speaker":"Andy Hart","startTime":1451.1,"endTime":1452.96,"body":"it's going to impact"},{"speaker":"Andy Hart","startTime":1451.1,"endTime":1452.96,"body":"everyone. It's going"},{"speaker":"Carl Widger","startTime":1452.96,"endTime":1455.12,"body":"to impact everyone."},{"speaker":"Carl Widger","startTime":1452.96,"endTime":1455.12,"body":"Where is this coming from? Nick,"},{"speaker":"Carl Widger","startTime":1455.12,"endTime":1457.22,"body":"just because I see you're"},{"speaker":"Carl Widger","startTime":1455.12,"endTime":1457.22,"body":"getting very frustrated, I'm"},{"speaker":"Carl Widger","startTime":1457.22,"endTime":1459.68,"body":"developing a point that was"},{"speaker":"Carl Widger","startTime":1457.22,"endTime":1459.68,"body":"brought up on trap live and was"},{"speaker":"Carl Widger","startTime":1459.68,"endTime":1461.92,"body":"talked about about in the in the"},{"speaker":"Carl Widger","startTime":1459.68,"endTime":1461.92,"body":"Q, a whereby, you know, always"},{"speaker":"Carl Widger","startTime":1462.94,"endTime":1466.36,"body":"power planning is gonna, no,"},{"speaker":"Carl Widger","startTime":1462.94,"endTime":1466.36,"body":"it's just you're gonna, but you"},{"speaker":"Carl Widger","startTime":1466.36,"endTime":1469.48,"body":"gotta be clued in here, and you"},{"speaker":"Carl Widger","startTime":1466.36,"endTime":1469.48,"body":"gotta see it coming. If you, if"},{"speaker":"Carl Widger","startTime":1469.48,"endTime":1472.06,"body":"you sit back and go, Oh, Jesus,"},{"speaker":"Carl Widger","startTime":1469.48,"endTime":1472.06,"body":"that happened after it's"},{"speaker":"Carl Widger","startTime":1472.06,"endTime":1474.64,"body":"happened, well then that's on"},{"speaker":"Carl Widger","startTime":1472.06,"endTime":1474.64,"body":"you. I'm afraid."},{"speaker":"Nick Lincoln","startTime":1474.7,"endTime":1476.32,"body":"And I get that. I"},{"speaker":"Nick Lincoln","startTime":1474.7,"endTime":1476.32,"body":"tend to get that. But the"},{"speaker":"Nick Lincoln","startTime":1476.32,"endTime":1478.66,"body":"discussion point I thought, was"},{"speaker":"Nick Lincoln","startTime":1476.32,"endTime":1478.66,"body":"around whether you have one tech"},{"speaker":"Nick Lincoln","startTime":1478.66,"endTime":1480.88,"body":"stack or a series of tech"},{"speaker":"Nick Lincoln","startTime":1478.66,"endTime":1480.88,"body":"stacks. Now we morphed into"},{"speaker":"Carl Widger","startTime":1510.98,"endTime":1512.68,"body":"taxi services."},{"speaker":"Carl Widger","startTime":1510.98,"endTime":1512.68,"body":"Yeah, we did, because that's"},{"speaker":"Carl Widger","startTime":1512.68,"endTime":1513.94,"body":"what we do. That's how we roll"},{"speaker":"Unknown","startTime":1516.399,"endTime":1517.4189999999999,"body":"conversation."},{"speaker":"Nick Lincoln","startTime":1518.68,"endTime":1520.84,"body":"It was orgasmic."},{"speaker":"Nick Lincoln","startTime":1518.68,"endTime":1520.84,"body":"It was great. I just couldn't"},{"speaker":"Nick Lincoln","startTime":1520.84,"endTime":1522.34,"body":"enjoy it"},{"speaker":"Unknown","startTime":1523.96,"endTime":1525.7,"body":"quickly. Five"},{"speaker":"Nick Lincoln","startTime":1526.899,"endTime":1529.059,"body":"minutes. No, no,"},{"speaker":"Nick Lincoln","startTime":1526.899,"endTime":1529.059,"body":"it's not PR say corner. Thanks."},{"speaker":"Nick Lincoln","startTime":1529.059,"endTime":1533.9389999999999,"body":"No, Jason, for. 525, minutes in,"},{"speaker":"Nick Lincoln","startTime":1529.059,"endTime":1533.9389999999999,"body":"and we done four points, right?"},{"speaker":"Nick Lincoln","startTime":1534.059,"endTime":1536.819,"body":"I'll be very quick with this."},{"speaker":"Nick Lincoln","startTime":1534.059,"endTime":1536.819,"body":"Jason, no, this is my being, my"},{"speaker":"Nick Lincoln","startTime":1536.819,"endTime":1540.059,"body":"body. This thing about funds to"},{"speaker":"Nick Lincoln","startTime":1536.819,"endTime":1540.059,"body":"pile into it here and in the"},{"speaker":"Nick Lincoln","startTime":1540.059,"endTime":1543.119,"body":"USA. Jason spike, at this"},{"speaker":"Nick Lincoln","startTime":1540.059,"endTime":1543.119,"body":"article, you're right. You're"},{"speaker":"Nick Lincoln","startTime":1543.119,"endTime":1543.359,"body":"right."},{"speaker":"Alan Smith","startTime":1544.98,"endTime":1547.86,"body":"Regular update of"},{"speaker":"Alan Smith","startTime":1544.98,"endTime":1547.86,"body":"his new boyfriend from Wall"},{"speaker":"Alan Smith","startTime":1547.86,"endTime":1550.58,"body":"Street Journal. Jason, Jason, z"},{"speaker":"Alan Smith","startTime":1547.86,"endTime":1550.58,"body":"this,"},{"speaker":"Nick Lincoln","startTime":1550.58,"endTime":1552.98,"body":"this fund called"},{"speaker":"Nick Lincoln","startTime":1550.58,"endTime":1552.98,"body":"the Hamilton Lane fund, so it"},{"speaker":"Nick Lincoln","startTime":1552.98,"endTime":1557.0,"body":"says it buys private assets,"},{"speaker":"Nick Lincoln","startTime":1552.98,"endTime":1557.0,"body":"buys them at a deep discount,"},{"speaker":"Nick Lincoln","startTime":1557.0,"endTime":1559.6399999999999,"body":"then marks up the net asset"},{"speaker":"Nick Lincoln","startTime":1557.0,"endTime":1559.6399999999999,"body":"value and records that markup"},{"speaker":"Nick Lincoln","startTime":1559.6399999999999,"endTime":1562.76,"body":"immediately in its performance"},{"speaker":"Nick Lincoln","startTime":1559.6399999999999,"endTime":1562.76,"body":"figures, which to me, is"},{"speaker":"Nick Lincoln","startTime":1562.76,"endTime":1566.96,"body":"outstanding, sometimes resulting"},{"speaker":"Nick Lincoln","startTime":1562.76,"endTime":1566.96,"body":"in the gains of 1,000% a day. It"},{"speaker":"Nick Lincoln","startTime":1566.96,"endTime":1570.82,"body":"also then levies its ongoing"},{"speaker":"Nick Lincoln","startTime":1566.96,"endTime":1570.82,"body":"fees on this marked up net asset"},{"speaker":"Nick Lincoln","startTime":1570.82,"endTime":1573.04,"body":"value. Now, as I said before,"},{"speaker":"Nick Lincoln","startTime":1570.82,"endTime":1573.04,"body":"Jason, because I might have"},{"speaker":"Nick Lincoln","startTime":1573.04,"endTime":1576.1,"body":"mentioned this before, Jason"},{"speaker":"Nick Lincoln","startTime":1573.04,"endTime":1576.1,"body":"spy, he's very careful in what"},{"speaker":"Nick Lincoln","startTime":1576.1,"endTime":1578.74,"body":"he says, But he says such"},{"speaker":"Nick Lincoln","startTime":1576.1,"endTime":1578.74,"body":"maneuvers are legal, but if you"},{"speaker":"Nick Lincoln","startTime":1578.74,"endTime":1581.08,"body":"don't think they smell a little"},{"speaker":"Nick Lincoln","startTime":1578.74,"endTime":1581.08,"body":"fishy, I suggest you make an"},{"speaker":"Nick Lincoln","startTime":1581.08,"endTime":1583.72,"body":"urgent appointment with an ear,"},{"speaker":"Nick Lincoln","startTime":1581.08,"endTime":1583.72,"body":"nose and throat doctor. If this,"},{"speaker":"Nick Lincoln","startTime":1583.72,"endTime":1586.36,"body":"I'm calling it now, but maybe I"},{"speaker":"Nick Lincoln","startTime":1583.72,"endTime":1586.36,"body":"won't mention it ever again. I'm"},{"speaker":"Nick Lincoln","startTime":1586.36,"endTime":1588.94,"body":"calling it now. If this comes to"},{"speaker":"Nick Lincoln","startTime":1586.36,"endTime":1588.94,"body":"the UK, if it comes to the USA,"},{"speaker":"Nick Lincoln","startTime":1588.94,"endTime":1591.34,"body":"this will blow up, and this will"},{"speaker":"Nick Lincoln","startTime":1588.94,"endTime":1591.34,"body":"blow up in retail investors"},{"speaker":"Nick Lincoln","startTime":1591.34,"endTime":1593.52,"body":"faces, and there will be an"},{"speaker":"Nick Lincoln","startTime":1591.34,"endTime":1593.52,"body":"absolute cloud. Places, and"},{"speaker":"Nick Lincoln","startTime":1593.94,"endTime":1594.12,"body":"there"},{"speaker":"Alan Smith","startTime":1594.299,"endTime":1597.239,"body":"will be an absolute"},{"speaker":"Alan Smith","startTime":1594.299,"endTime":1597.239,"body":"cluster Nick on that. I posted"},{"speaker":"Alan Smith","startTime":1597.239,"endTime":1601.979,"body":"about that today, because State"},{"speaker":"Alan Smith","startTime":1597.239,"endTime":1601.979,"body":"Street, if you've heard of State"},{"speaker":"Alan Smith","startTime":1601.979,"endTime":1604.379,"body":"Street, they want, you know, the"},{"speaker":"Alan Smith","startTime":1601.979,"endTime":1604.379,"body":"largest asset management"},{"speaker":"Alan Smith","startTime":1604.379,"endTime":1607.6789999999999,"body":"company, massive the world. They"},{"speaker":"Alan Smith","startTime":1604.379,"endTime":1607.6789999999999,"body":"publish their custodial they"},{"speaker":"Alan Smith","startTime":1607.859,"endTime":1611.539,"body":"publish their data on private"},{"speaker":"Alan Smith","startTime":1607.859,"endTime":1611.539,"body":"equity returns versus, you know,"},{"speaker":"Alan Smith","startTime":1611.539,"endTime":1615.199,"body":"public markets, s p5 100, etc."},{"speaker":"Alan Smith","startTime":1611.539,"endTime":1615.199,"body":"So this is the first time for a"},{"speaker":"Alan Smith","startTime":1615.199,"endTime":1619.639,"body":"while, but s p5 100, and I know"},{"speaker":"Alan Smith","startTime":1615.199,"endTime":1619.639,"body":"it's not a fair example, but as"},{"speaker":"Alan Smith","startTime":1619.639,"endTime":1625.279,"body":"a benchmark, s p5 100 versus the"},{"speaker":"Alan Smith","startTime":1619.639,"endTime":1625.279,"body":"State Street private equity"},{"speaker":"Alan Smith","startTime":1625.459,"endTime":1628.339,"body":"index, which is the mix of"},{"speaker":"Alan Smith","startTime":1625.459,"endTime":1628.339,"body":"private equity, venture capital,"},{"speaker":"Alan Smith","startTime":1628.579,"endTime":1632.859,"body":"private private credit, etc. So"},{"speaker":"Alan Smith","startTime":1628.579,"endTime":1632.859,"body":"s p5 100 has outperformed it"},{"speaker":"Alan Smith","startTime":1632.859,"endTime":1636.1589999999999,"body":"over three months, one year,"},{"speaker":"Alan Smith","startTime":1632.859,"endTime":1636.1589999999999,"body":"three years, five years and 10"},{"speaker":"Alan Smith","startTime":1636.1589999999999,"endTime":1640.239,"body":"years. So normal public equity"},{"speaker":"Alan Smith","startTime":1636.1589999999999,"endTime":1640.239,"body":"markets, albeit in a period of"},{"speaker":"Alan Smith","startTime":1640.299,"endTime":1643.719,"body":"significant, very liquid, very"},{"speaker":"Alan Smith","startTime":1640.299,"endTime":1643.719,"body":"cheap, very liquid, very"},{"speaker":"Alan Smith","startTime":1643.719,"endTime":1647.9189999999999,"body":"accessible to everyone,"},{"speaker":"Alan Smith","startTime":1643.719,"endTime":1647.9189999999999,"body":"outperformed all these private"},{"speaker":"Alan Smith","startTime":1647.979,"endTime":1651.359,"body":"equity operations over the last"},{"speaker":"Alan Smith","startTime":1647.979,"endTime":1651.359,"body":"decade and every period in"},{"speaker":"Alan Smith","startTime":1651.359,"endTime":1655.019,"body":"between you are. And the other"},{"speaker":"Alan Smith","startTime":1651.359,"endTime":1655.019,"body":"thing that we have mentioned on"},{"speaker":"Alan Smith","startTime":1655.019,"endTime":1657.839,"body":"this in the past, not only do we"},{"speaker":"Alan Smith","startTime":1655.019,"endTime":1657.839,"body":"have these private market"},{"speaker":"Alan Smith","startTime":1657.839,"endTime":1662.219,"body":"companies and become more"},{"speaker":"Alan Smith","startTime":1657.839,"endTime":1662.219,"body":"available, we have our the"},{"speaker":"Alan Smith","startTime":1662.219,"endTime":1666.839,"body":"aforementioned Chancellor,"},{"speaker":"Alan Smith","startTime":1662.219,"endTime":1666.839,"body":"Rachel Reeves effectively"},{"speaker":"Alan Smith","startTime":1667.019,"endTime":1669.839,"body":"shoehorning telling companies"},{"speaker":"Alan Smith","startTime":1667.019,"endTime":1669.839,"body":"and pension companies and"},{"speaker":"Alan Smith","startTime":1669.839,"endTime":1673.399,"body":"workplace pensions in the UK"},{"speaker":"Alan Smith","startTime":1669.839,"endTime":1673.399,"body":"that they must allocate. I think"},{"speaker":"Alan Smith","startTime":1673.399,"endTime":1678.979,"body":"the target is 10, 10% 10% of"},{"speaker":"Alan Smith","startTime":1673.399,"endTime":1678.979,"body":"their allocation. And the other"},{"speaker":"Alan Smith","startTime":1678.979,"endTime":1682.399,"body":"thing I've said is all the this,"},{"speaker":"Alan Smith","startTime":1678.979,"endTime":1682.399,"body":"this growth, this out"},{"speaker":"Alan Smith","startTime":1682.399,"endTime":1684.9189999999999,"body":"performance by the public"},{"speaker":"Alan Smith","startTime":1682.399,"endTime":1684.9189999999999,"body":"markets, has been against the"},{"speaker":"Alan Smith","startTime":1684.9189999999999,"endTime":1688.579,"body":"backdrop of zero interest rate"},{"speaker":"Alan Smith","startTime":1684.9189999999999,"endTime":1688.579,"body":"policy, the zero era. You know,"},{"speaker":"Alan Smith","startTime":1688.639,"endTime":1690.6789999999999,"body":"you could borrow money for"},{"speaker":"Alan Smith","startTime":1688.639,"endTime":1690.6789999999999,"body":"nothing, and then, you know,"},{"speaker":"Alan Smith","startTime":1690.6789999999999,"endTime":1693.459,"body":"invest, which is where the VC"},{"speaker":"Alan Smith","startTime":1690.6789999999999,"endTime":1693.459,"body":"markets make most of their"},{"speaker":"Alan Smith","startTime":1693.459,"endTime":1696.999,"body":"money, supposedly leveraged,"},{"speaker":"Alan Smith","startTime":1693.459,"endTime":1696.999,"body":"leveraged equity and leveraged"},{"speaker":"Alan Smith","startTime":1696.999,"endTime":1701.499,"body":"debt. So it is the classic rear"},{"speaker":"Alan Smith","startTime":1696.999,"endTime":1701.499,"body":"view mirror investing right now,"},{"speaker":"Alan Smith","startTime":1701.499,"endTime":1705.399,"body":"but done kind of on a national"},{"speaker":"Alan Smith","startTime":1701.499,"endTime":1705.399,"body":"level. And even, you know, there"},{"speaker":"Alan Smith","startTime":1705.399,"endTime":1709.299,"body":"are some major institutional"},{"speaker":"Alan Smith","startTime":1705.399,"endTime":1709.299,"body":"fund managers about to launch,"},{"speaker":"Alan Smith","startTime":1709.299,"endTime":1712.199,"body":"or have launched, private equity"},{"speaker":"Alan Smith","startTime":1709.299,"endTime":1712.199,"body":"funds."},{"speaker":"Andy Hart","startTime":1712.2,"endTime":1714.8999999999999,"body":"I was going to say,"},{"speaker":"Andy Hart","startTime":1712.2,"endTime":1714.8999999999999,"body":"pretty much every single"},{"speaker":"Andy Hart","startTime":1714.8999999999999,"endTime":1718.86,"body":"investment house is going to"},{"speaker":"Andy Hart","startTime":1714.8999999999999,"endTime":1718.86,"body":"launch a private equity fund. If"},{"speaker":"Andy Hart","startTime":1718.86,"endTime":1721.56,"body":"they've not already this brewing"},{"speaker":"Andy Hart","startTime":1718.86,"endTime":1721.56,"body":"at the moment, every"},{"speaker":"Unknown","startTime":1722.82,"endTime":1726.18,"body":"single demand they'll"},{"speaker":"Unknown","startTime":1722.82,"endTime":1726.18,"body":"create the demand Carl,"},{"speaker":"Andy Hart","startTime":1726.24,"endTime":1729.06,"body":"because they're"},{"speaker":"Andy Hart","startTime":1726.24,"endTime":1729.06,"body":"marketing companies, not finance"},{"speaker":"Andy Hart","startTime":1729.06,"endTime":1730.02,"body":"companies, we are"},{"speaker":"Carl Widger","startTime":1730.56,"endTime":1733.8799999999999,"body":"being uh, so said,"},{"speaker":"Carl Widger","startTime":1730.56,"endTime":1733.8799999999999,"body":"I'm sure you guys are the same."},{"speaker":"Carl Widger","startTime":1734.06,"endTime":1735.68,"body":"Clients are asking, well,"},{"speaker":"Alan Smith","startTime":1736.22,"endTime":1738.86,"body":"just check, check"},{"speaker":"Alan Smith","startTime":1736.22,"endTime":1738.86,"body":"State Street report. I know past"},{"speaker":"Alan Smith","startTime":1738.92,"endTime":1741.3799999999999,"body":"performance, no guarantee of"},{"speaker":"Alan Smith","startTime":1738.92,"endTime":1741.3799999999999,"body":"future performance. But hey,"},{"speaker":"Alan Smith","startTime":1741.62,"endTime":1744.62,"body":"it's an indication, if you can't"},{"speaker":"Alan Smith","startTime":1741.62,"endTime":1744.62,"body":"outperform public markets during"},{"speaker":"Alan Smith","startTime":1744.62,"endTime":1748.58,"body":"the best era for investing in"},{"speaker":"Alan Smith","startTime":1744.62,"endTime":1748.58,"body":"private equity and debt, then"},{"speaker":"Alan Smith","startTime":1748.58,"endTime":1751.48,"body":"God help you the next 10 years."},{"speaker":"Alan Smith","startTime":1748.58,"endTime":1751.48,"body":"But we are just publicly stating"},{"speaker":"Alan Smith","startTime":1751.48,"endTime":1754.48,"body":"this right now on this date, and"},{"speaker":"Alan Smith","startTime":1751.48,"endTime":1754.48,"body":"let's, let's all sort of revisit"},{"speaker":"Alan Smith","startTime":1754.48,"endTime":1757.3,"body":"this in a year or two years. I"},{"speaker":"Carl Widger","startTime":1757.3,"endTime":1759.46,"body":"just like, I say my"},{"speaker":"Carl Widger","startTime":1757.3,"endTime":1759.46,"body":"sister works for State Street,"},{"speaker":"Carl Widger","startTime":1759.46,"endTime":1761.74,"body":"so I'd like to just distance"},{"speaker":"Carl Widger","startTime":1759.46,"endTime":1761.74,"body":"myself."},{"speaker":"Alan Smith","startTime":1762.34,"endTime":1765.22,"body":"Put out the"},{"speaker":"Alan Smith","startTime":1762.34,"endTime":1765.22,"body":"independent research. They're"},{"speaker":"Alan Smith","startTime":1765.22,"endTime":1766.06,"body":"great. They're good."},{"speaker":"Andy Hart","startTime":1767.02,"endTime":1769.0,"body":"I've met your sister"},{"speaker":"Andy Hart","startTime":1767.02,"endTime":1769.0,"body":"who works for State Street."},{"speaker":"Unknown","startTime":1769.0,"endTime":1772.62,"body":"Carl, you have, yeah,"},{"speaker":"Unknown","startTime":1769.0,"endTime":1772.62,"body":"what's next? Okay,"},{"speaker":"Nick Lincoln","startTime":1772.619,"endTime":1774.899,"body":"cool stuff. Well,"},{"speaker":"Nick Lincoln","startTime":1772.619,"endTime":1774.899,"body":"Monday, maybe one day Irish"},{"speaker":"Nick Lincoln","startTime":1774.899,"endTime":1778.739,"body":"pension funds will be allowed to"},{"speaker":"Nick Lincoln","startTime":1774.899,"endTime":1778.739,"body":"invest in private equity. Will"},{"speaker":"Nick Lincoln","startTime":1778.739,"endTime":1780.839,"body":"there be a case? Will there be"},{"speaker":"Nick Lincoln","startTime":1778.739,"endTime":1780.839,"body":"something in that area? Carl,"},{"speaker":"Nick Lincoln","startTime":1780.839,"endTime":1782.879,"body":"maybe that's the next point you"},{"speaker":"Nick Lincoln","startTime":1780.839,"endTime":1782.879,"body":"want to talk"},{"speaker":"Carl Widger","startTime":1784.379,"endTime":1786.479,"body":"about. Or not, is"},{"speaker":"Carl Widger","startTime":1784.379,"endTime":1786.479,"body":"this prsa corner?"},{"speaker":"Nick Lincoln","startTime":1786.899,"endTime":1789.4189999999999,"body":"Brilliant? Maybe"},{"speaker":"Nick Lincoln","startTime":1786.899,"endTime":1789.4189999999999,"body":"you read through the evidence"},{"speaker":"Nick Lincoln","startTime":1789.4189999999999,"endTime":1791.239,"body":"there and pulled out a very good"},{"speaker":"Nick Lincoln","startTime":1789.4189999999999,"endTime":1791.239,"body":"conclusion."},{"speaker":"Carl Widger","startTime":1792.44,"endTime":1794.6599999999999,"body":"Well, I was hoping"},{"speaker":"Carl Widger","startTime":1792.44,"endTime":1794.6599999999999,"body":"for the little song, but anyway,"},{"speaker":"Carl Widger","startTime":1794.6599999999999,"endTime":1797.42,"body":"and the absence of the little"},{"speaker":"Carl Widger","startTime":1794.6599999999999,"endTime":1797.42,"body":"song, so this is"},{"speaker":"Nick Lincoln","startTime":1799.639,"endTime":1801.379,"body":"e r s a corner."},{"speaker":"Unknown","startTime":1812.96,"endTime":1814.42,"body":"Oh, my word."},{"speaker":"Nick Lincoln","startTime":1816.399,"endTime":1818.799,"body":"There are a"},{"speaker":"Nick Lincoln","startTime":1816.399,"endTime":1818.799,"body":"million cats screaming around"},{"speaker":"Nick Lincoln","startTime":1818.799,"endTime":1819.9389999999999,"body":"the country. Now listen to that."},{"speaker":"Andy Hart","startTime":1820.06,"endTime":1821.8,"body":"So everyone was"},{"speaker":"Andy Hart","startTime":1820.06,"endTime":1821.8,"body":"having a barbecue at the"},{"speaker":"Andy Hart","startTime":1821.8,"endTime":1823.96,"body":"weekend. Nick linker was in his"},{"speaker":"Andy Hart","startTime":1821.8,"endTime":1823.96,"body":"uh, boiling studio"},{"speaker":"Carl Widger","startTime":1824.44,"endTime":1829.6,"body":"singing of a beer."},{"speaker":"Carl Widger","startTime":1824.44,"endTime":1829.6,"body":"Azeez, nobody would believe that"},{"speaker":"Carl Widger","startTime":1829.6,"endTime":1834.24,"body":"wood guy. Got a little song for"},{"speaker":"Carl Widger","startTime":1829.6,"endTime":1834.24,"body":"PSA corner. Anyway. This is from"},{"speaker":"Carl Widger","startTime":1834.24,"endTime":1840.12,"body":"the Central Statistics Office."},{"speaker":"Carl Widger","startTime":1834.24,"endTime":1840.12,"body":"Yeah, the amount of money in"},{"speaker":"Carl Widger","startTime":1840.12,"endTime":1847.08,"body":"prses at the end of 2024 was 18"},{"speaker":"Carl Widger","startTime":1840.12,"endTime":1847.08,"body":"point 3 billion, which was up"},{"speaker":"Carl Widger","startTime":1847.2,"endTime":1854.96,"body":"53.8% over 2023 which is mahus"},{"speaker":"Carl Widger","startTime":1847.2,"endTime":1854.96,"body":"of and the reason was that they"},{"speaker":"Carl Widger","startTime":1854.96,"endTime":1858.56,"body":"took away those limits that I've"},{"speaker":"Carl Widger","startTime":1854.96,"endTime":1858.56,"body":"spoken about. Anyway, I think"},{"speaker":"Carl Widger","startTime":1858.98,"endTime":1861.8,"body":"that report is really good,"},{"speaker":"Carl Widger","startTime":1858.98,"endTime":1861.8,"body":"actually, and it's done really"},{"speaker":"Carl Widger","startTime":1861.8,"endTime":1865.94,"body":"well. And it's from the CSO, so"},{"speaker":"Carl Widger","startTime":1861.8,"endTime":1865.94,"body":"it's like facts and figures. Do"},{"speaker":"Carl Widger","startTime":1865.94,"endTime":1868.58,"body":"you know the one thing that I"},{"speaker":"Carl Widger","startTime":1865.94,"endTime":1868.58,"body":"think about this? I think this"},{"speaker":"Carl Widger","startTime":1868.58,"endTime":1875.1399999999999,"body":"is fabulous, because most of"},{"speaker":"Carl Widger","startTime":1868.58,"endTime":1875.1399999999999,"body":"this is from private companies,"},{"speaker":"Carl Widger","startTime":1875.2,"endTime":1880.54,"body":"individuals, that kind of stuff."},{"speaker":"Carl Widger","startTime":1875.2,"endTime":1880.54,"body":"Yeah, I have bemoaned the fact"},{"speaker":"Carl Widger","startTime":1880.54,"endTime":1885.94,"body":"that we weren't a nation of"},{"speaker":"Carl Widger","startTime":1880.54,"endTime":1885.94,"body":"investors. I think PR says"},{"speaker":"Carl Widger","startTime":1886.12,"endTime":1889.84,"body":"perhaps could change this"},{"speaker":"Carl Widger","startTime":1886.12,"endTime":1889.84,"body":"dynamic, and we won't see the"},{"speaker":"Carl Widger","startTime":1889.84,"endTime":1895.92,"body":"benefits, maybe for 1015, 2025,"},{"speaker":"Carl Widger","startTime":1889.84,"endTime":1895.92,"body":"30 years. But please,"},{"speaker":"Carl Widger","startTime":1895.98,"endTime":1900.6599999999999,"body":"government, please don't take"},{"speaker":"Carl Widger","startTime":1895.98,"endTime":1900.6599999999999,"body":"meddling with something that's"},{"speaker":"Carl Widger","startTime":1900.6599999999999,"endTime":1904.68,"body":"clearly working, because if we"},{"speaker":"Carl Widger","startTime":1900.6599999999999,"endTime":1904.68,"body":"become a nation of investors and"},{"speaker":"Carl Widger","startTime":1904.68,"endTime":1908.6399999999999,"body":"we create this wealth, it just"},{"speaker":"Carl Widger","startTime":1904.68,"endTime":1908.6399999999999,"body":"makes it better for everybody."},{"speaker":"Carl Widger","startTime":1908.7,"endTime":1911.6599999999999,"body":"And we'll also it's looking"},{"speaker":"Carl Widger","startTime":1908.7,"endTime":1911.6599999999999,"body":"after ourselves. We've been so"},{"speaker":"Carl Widger","startTime":1911.6599999999999,"endTime":1914.6599999999999,"body":"focused on looking after the"},{"speaker":"Carl Widger","startTime":1911.6599999999999,"endTime":1914.6599999999999,"body":"multinationals. This is a little"},{"speaker":"Carl Widger","startTime":1914.6599999999999,"endTime":1918.1399999999999,"body":"bit for the mom and pops who"},{"speaker":"Carl Widger","startTime":1914.6599999999999,"endTime":1918.1399999999999,"body":"started their business. Just"},{"speaker":"Carl Widger","startTime":1918.1399999999999,"endTime":1921.08,"body":"leave it alone. Let us create a"},{"speaker":"Carl Widger","startTime":1918.1399999999999,"endTime":1921.08,"body":"little bit of family wealth,"},{"speaker":"Carl Widger","startTime":1921.08,"endTime":1924.68,"body":"please. It's doing its thing for"},{"speaker":"Carl Widger","startTime":1921.08,"endTime":1924.68,"body":"sure. If you create an"},{"speaker":"Carl Widger","startTime":1924.68,"endTime":1929.0,"body":"opportunity that's fair and"},{"speaker":"Carl Widger","startTime":1924.68,"endTime":1929.0,"body":"reasonable, this isn't unfair."},{"speaker":"Carl Widger","startTime":1929.0,"endTime":1932.62,"body":"This is not unreasonable. This"},{"speaker":"Carl Widger","startTime":1929.0,"endTime":1932.62,"body":"is not tax avoidance. This is"},{"speaker":"Carl Widger","startTime":1932.62,"endTime":1935.5,"body":"allowing people who have taken"},{"speaker":"Carl Widger","startTime":1932.62,"endTime":1935.5,"body":"the risk all their lives to"},{"speaker":"Carl Widger","startTime":1935.5,"endTime":1938.68,"body":"create some wealth for"},{"speaker":"Carl Widger","startTime":1935.5,"endTime":1938.68,"body":"themselves and their families."},{"speaker":"Carl Widger","startTime":1939.04,"endTime":1942.1,"body":"Leave it alone. We as a nation"},{"speaker":"Carl Widger","startTime":1939.04,"endTime":1942.1,"body":"will benefit if you leave it"},{"speaker":"Carl Widger","startTime":1942.1,"endTime":1942.34,"body":"alone."},{"speaker":"Andy Hart","startTime":1942.52,"endTime":1944.1399999999999,"body":"I'm sure they're"},{"speaker":"Andy Hart","startTime":1942.52,"endTime":1944.1399999999999,"body":"listening. Carl, I'm sure"},{"speaker":"Andy Hart","startTime":1944.1399999999999,"endTime":1945.46,"body":"they're listening. Well, it'd be"},{"speaker":"Nick Lincoln","startTime":1945.46,"endTime":1947.26,"body":"loud if they"},{"speaker":"Nick Lincoln","startTime":1945.46,"endTime":1947.26,"body":"would, but I think, yeah, that's"},{"speaker":"Nick Lincoln","startTime":1947.3799999999999,"endTime":1950.58,"body":"politicians, man, politicians"},{"speaker":"Nick Lincoln","startTime":1947.3799999999999,"endTime":1950.58,"body":"and other people's money. It's,"},{"speaker":"Nick Lincoln","startTime":1950.8799999999999,"endTime":1951.42,"body":"it's a heavy"},{"speaker":"Unknown","startTime":1951.42,"endTime":1953.1,"body":"surprised who's"},{"speaker":"Unknown","startTime":1951.42,"endTime":1953.1,"body":"listening to this, by the way."},{"speaker":"Unknown","startTime":1953.1,"endTime":1955.68,"body":"Andy, thank"},{"speaker":"Nick Lincoln","startTime":1957.119,"endTime":1959.099,"body":"you for that"},{"speaker":"Nick Lincoln","startTime":1957.119,"endTime":1959.099,"body":"latest PR I say corner update."},{"speaker":"Nick Lincoln","startTime":1959.099,"endTime":1961.739,"body":"Complicia, that okay, city"},{"speaker":"Nick Lincoln","startTime":1959.099,"endTime":1961.739,"body":"regulators"},{"speaker":"Andy Hart","startTime":1963.24,"endTime":1965.8799999999999,"body":"the couple of links"},{"speaker":"Andy Hart","startTime":1963.24,"endTime":1965.8799999999999,"body":"in the show notes, ones the"},{"speaker":"Andy Hart","startTime":1965.8799999999999,"endTime":1968.8799999999999,"body":"times, which is a paywall, the"},{"speaker":"Andy Hart","startTime":1965.8799999999999,"endTime":1968.8799999999999,"body":"other one is a non pay wall. So"},{"speaker":"Andy Hart","startTime":1968.8799999999999,"endTime":1973.04,"body":"city regulators savaged by their"},{"speaker":"Andy Hart","startTime":1968.8799999999999,"endTime":1973.04,"body":"peers. For companies compliance"},{"speaker":"Andy Hart","startTime":1973.04,"endTime":1976.6399999999999,"body":"costs and the boss of nationwide"},{"speaker":"Andy Hart","startTime":1973.04,"endTime":1976.6399999999999,"body":"spoke out about the red tape and"},{"speaker":"Andy Hart","startTime":1976.6399999999999,"endTime":1980.84,"body":"compliance burdens the regulator"},{"speaker":"Andy Hart","startTime":1976.6399999999999,"endTime":1980.84,"body":"sent nationwide that is one of"},{"speaker":"Andy Hart","startTime":1980.84,"endTime":1987.1399999999999,"body":"our biggest lenders, biggest"},{"speaker":"Andy Hart","startTime":1980.84,"endTime":1987.1399999999999,"body":"banks, 4519 letters, and I'm"},{"speaker":"Andy Hart","startTime":1987.1399999999999,"endTime":1989.54,"body":"pretty sure they were letters,"},{"speaker":"Andy Hart","startTime":1987.1399999999999,"endTime":1989.54,"body":"not emails, attachments."},{"speaker":"Andy Hart","startTime":1991.58,"endTime":1995.68,"body":"Nationwide was summoned,"},{"speaker":"Andy Hart","startTime":1991.58,"endTime":1995.68,"body":"summoned. We get the wording"},{"speaker":"Andy Hart","startTime":1995.68,"endTime":2002.6399999999999,"body":"there to 488 meetings. Bloody"},{"speaker":"Andy Hart","startTime":1995.68,"endTime":2002.6399999999999,"body":"ridiculous. And there's been a"},{"speaker":"Andy Hart","startTime":2002.6399999999999,"endTime":2006.72,"body":"report that's come out by the"},{"speaker":"Andy Hart","startTime":2002.6399999999999,"endTime":2006.72,"body":"House of Lords, I believe, 141"},{"speaker":"Andy Hart","startTime":2007.2,"endTime":2012.62,"body":"page report basically saying how"},{"speaker":"Andy Hart","startTime":2007.2,"endTime":2012.62,"body":"the regulators are, they're, you"},{"speaker":"Andy Hart","startTime":2012.62,"endTime":2017.6,"body":"know, lambasting the regulators"},{"speaker":"Andy Hart","startTime":2012.62,"endTime":2017.6,"body":"for the inundated, inundating or"},{"speaker":"Andy Hart","startTime":2017.6,"endTime":2020.72,"body":"authorized firms with"},{"speaker":"Andy Hart","startTime":2017.6,"endTime":2020.72,"body":"information requests. And they"},{"speaker":"Andy Hart","startTime":2020.72,"endTime":2024.98,"body":"called they said that they were"},{"speaker":"Andy Hart","startTime":2020.72,"endTime":2024.98,"body":"guilty of mission creep. There's"},{"speaker":"Andy Hart","startTime":2024.98,"endTime":2027.86,"body":"a whole other load of stuff that"},{"speaker":"Andy Hart","startTime":2024.98,"endTime":2027.86,"body":"it goes into. But, I mean,"},{"speaker":"Andy Hart","startTime":2027.86,"endTime":2030.76,"body":"imagine getting four and a half"},{"speaker":"Andy Hart","startTime":2027.86,"endTime":2030.76,"body":"1000 there'd be so much"},{"speaker":"Andy Hart","startTime":2030.76,"endTime":2033.22,"body":"duplicate information, they'd"},{"speaker":"Andy Hart","startTime":2030.76,"endTime":2033.22,"body":"have to go online. They'd have"},{"speaker":"Andy Hart","startTime":2033.22,"endTime":2036.46,"body":"to put in their nationwide"},{"speaker":"Andy Hart","startTime":2033.22,"endTime":2036.46,"body":"regulated name, their nationwide"},{"speaker":"Andy Hart","startTime":2036.46,"endTime":2039.1599999999999,"body":"regulated number, all the same,"},{"speaker":"Andy Hart","startTime":2036.46,"endTime":2039.1599999999999,"body":"questions, again, rinse and"},{"speaker":"Andy Hart","startTime":2039.1599999999999,"endTime":2042.3999999999999,"body":"repeat. You know, only because I"},{"speaker":"Andy Hart","startTime":2039.1599999999999,"endTime":2042.3999999999999,"body":"get it from my tiny, little"},{"speaker":"Andy Hart","startTime":2042.3999999999999,"endTime":2045.1599999999999,"body":"firm. I got to, you know, I"},{"speaker":"Andy Hart","startTime":2042.3999999999999,"endTime":2045.1599999999999,"body":"dread to think what it's like"},{"speaker":"Andy Hart","startTime":2045.1599999999999,"endTime":2050.56,"body":"for for these super large"},{"speaker":"Andy Hart","startTime":2045.1599999999999,"endTime":2050.56,"body":"organizations. Any questions or"},{"speaker":"Andy Hart","startTime":2050.56,"endTime":2051.36,"body":"comments on that,"},{"speaker":"Nick Lincoln","startTime":2053.2200000000003,"endTime":2055.8,"body":"not really aside"},{"speaker":"Nick Lincoln","startTime":2053.2200000000003,"endTime":2055.8,"body":"from, I think the regulator is"},{"speaker":"Nick Lincoln","startTime":2055.8,"endTime":2059.1,"body":"going to get a bit of a shoe in,"},{"speaker":"Nick Lincoln","startTime":2055.8,"endTime":2059.1,"body":"in this, in this, in this"},{"speaker":"Nick Lincoln","startTime":2059.94,"endTime":2061.8,"body":"episode there was, there was a"},{"speaker":"Alan Smith","startTime":2062.28,"endTime":2066.1800000000003,"body":"part of a talk given"},{"speaker":"Alan Smith","startTime":2062.28,"endTime":2066.1800000000003,"body":"by a politician, I think was a"},{"speaker":"Alan Smith","startTime":2066.1800000000003,"endTime":2069.1800000000003,"body":"conservative politician couple"},{"speaker":"Alan Smith","startTime":2066.1800000000003,"endTime":2069.1800000000003,"body":"of weeks ago, but he just laying"},{"speaker":"Alan Smith","startTime":2069.1800000000003,"endTime":2071.58,"body":"out, obviously, was talking"},{"speaker":"Alan Smith","startTime":2069.1800000000003,"endTime":2071.58,"body":"politically against the current"},{"speaker":"Alan Smith","startTime":2071.58,"endTime":2074.0,"body":"government, but he laying out a"},{"speaker":"Alan Smith","startTime":2071.58,"endTime":2074.0,"body":"whole he laying out a whole just"},{"speaker":"Alan Smith","startTime":2074.0,"endTime":2076.58,"body":"the kind of anti business"},{"speaker":"Alan Smith","startTime":2074.0,"endTime":2076.58,"body":"sentiment. And I can't remember"},{"speaker":"Alan Smith","startTime":2076.58,"endTime":2079.16,"body":"what the numbers were, but I"},{"speaker":"Alan Smith","startTime":2076.58,"endTime":2079.16,"body":"think I shared it with you guys,"},{"speaker":"Alan Smith","startTime":2079.16,"endTime":2081.98,"body":"just the number of regulations"},{"speaker":"Alan Smith","startTime":2079.16,"endTime":2081.98,"body":"that do exist, the sort of"},{"speaker":"Alan Smith","startTime":2081.98,"endTime":2086.3,"body":"number of regulators, oh, yeah,"},{"speaker":"Alan Smith","startTime":2081.98,"endTime":2086.3,"body":"of regulated people. It's gone"},{"speaker":"Alan Smith","startTime":2086.3,"endTime":2090.74,"body":"from, I can't remember, like one"},{"speaker":"Alan Smith","startTime":2086.3,"endTime":2090.74,"body":"in 30,000 to one in 700 don't"},{"speaker":"Alan Smith","startTime":2090.74,"endTime":2096.22,"body":"quote me on that so far. That."},{"speaker":"Alan Smith","startTime":2090.74,"endTime":2096.22,"body":"Regulators hired to look after"},{"speaker":"Alan Smith","startTime":2096.22,"endTime":2098.5,"body":"a, you know, the ratio, it's not"},{"speaker":"Alan Smith","startTime":2096.22,"endTime":2098.5,"body":"obviously, I guess the financial"},{"speaker":"Alan Smith","startTime":2098.74,"endTime":2102.4,"body":"services industry has grown over"},{"speaker":"Alan Smith","startTime":2098.74,"endTime":2102.4,"body":"the years, but on a pro rata"},{"speaker":"Alan Smith","startTime":2102.4,"endTime":2105.22,"body":"basis, number of regulators"},{"speaker":"Alan Smith","startTime":2102.4,"endTime":2105.22,"body":"versus number of people they're"},{"speaker":"Alan Smith","startTime":2105.22,"endTime":2108.7,"body":"regulating has just, you know,"},{"speaker":"Alan Smith","startTime":2105.22,"endTime":2108.7,"body":"10x over the last few years,"},{"speaker":"Alan Smith","startTime":2108.7599999999998,"endTime":2111.18,"body":"which is fine. We want to work"},{"speaker":"Alan Smith","startTime":2108.7599999999998,"endTime":2111.18,"body":"in a proper, regulated"},{"speaker":"Alan Smith","startTime":2111.18,"endTime":2113.88,"body":"environment that attracts"},{"speaker":"Alan Smith","startTime":2111.18,"endTime":2113.88,"body":"investment and customers and"},{"speaker":"Alan Smith","startTime":2113.88,"endTime":2117.06,"body":"clients. But my God, we're doing"},{"speaker":"Alan Smith","startTime":2113.88,"endTime":2117.06,"body":"everything we can. It seems to"},{"speaker":"Alan Smith","startTime":2118.44,"endTime":2121.68,"body":"to regulate ourselves to death,"},{"speaker":"Alan Smith","startTime":2118.44,"endTime":2121.68,"body":"but there"},{"speaker":"Andy Hart","startTime":2121.68,"endTime":2124.2,"body":"we go. Just, just,"},{"speaker":"Andy Hart","startTime":2121.68,"endTime":2124.2,"body":"just on that following point."},{"speaker":"Andy Hart","startTime":2124.2,"endTime":2126.9,"body":"Nick, do you want to talk about"},{"speaker":"Andy Hart","startTime":2124.2,"endTime":2126.9,"body":"your point now? Because it sort"},{"speaker":"Andy Hart","startTime":2126.9,"endTime":2127.8,"body":"of is connected."},{"speaker":"Nick Lincoln","startTime":2128.34,"endTime":2130.2799999999997,"body":"Yeah, thanks. I"},{"speaker":"Nick Lincoln","startTime":2128.34,"endTime":2130.2799999999997,"body":"think last week. The week"},{"speaker":"Nick Lincoln","startTime":2130.2799999999997,"endTime":2134.3,"body":"before, unbeknownst to us, we"},{"speaker":"Nick Lincoln","startTime":2130.2799999999997,"endTime":2134.3,"body":"all got an email from the FCA"},{"speaker":"Nick Lincoln","startTime":2134.3,"endTime":2137.42,"body":"saying they're going to send out"},{"speaker":"Nick Lincoln","startTime":2134.3,"endTime":2137.42,"body":"a survey. My date is the 30th of"},{"speaker":"Nick Lincoln","startTime":2137.42,"endTime":2140.6,"body":"June. All the ifas that were"},{"speaker":"Nick Lincoln","startTime":2137.42,"endTime":2140.6,"body":"kind of friendly with this."},{"speaker":"Nick Lincoln","startTime":2140.6,"endTime":2146.66,"body":"What's happening? Have you got"},{"speaker":"Nick Lincoln","startTime":2140.6,"endTime":2146.66,"body":"this email? Yeah, all 5000 all"},{"speaker":"Nick Lincoln","startTime":2146.66,"endTime":2150.58,"body":"5000 advice firms in the UK are"},{"speaker":"Nick Lincoln","startTime":2146.66,"endTime":2150.58,"body":"going to get this email where"},{"speaker":"Nick Lincoln","startTime":2150.58,"endTime":2154.7799999999997,"body":"the FCA wants is going to probe"},{"speaker":"Nick Lincoln","startTime":2150.58,"endTime":2154.7799999999997,"body":"deeper into our businesses and"},{"speaker":"Nick Lincoln","startTime":2154.7799999999997,"endTime":2160.48,"body":"ask for yet more information."},{"speaker":"Nick Lincoln","startTime":2154.7799999999997,"endTime":2160.48,"body":"Now. So my ones the 30th of"},{"speaker":"Nick Lincoln","startTime":2160.7799999999997,"endTime":2164.62,"body":"June, on the 30th of June,"},{"speaker":"Nick Lincoln","startTime":2160.7799999999997,"endTime":2164.62,"body":"that's my company year end on"},{"speaker":"Nick Lincoln","startTime":2164.62,"endTime":2167.44,"body":"the 30th of June, I've got my"},{"speaker":"Nick Lincoln","startTime":2164.62,"endTime":2167.44,"body":"compliance audit to make sure"},{"speaker":"Nick Lincoln","startTime":2167.44,"endTime":2170.02,"body":"that I'm complying with the FCA"},{"speaker":"Nick Lincoln","startTime":2167.44,"endTime":2170.02,"body":"regulations. On the same day,"},{"speaker":"Nick Lincoln","startTime":2170.02,"endTime":2173.4,"body":"I'm going to get this survey"},{"speaker":"Nick Lincoln","startTime":2170.02,"endTime":2173.4,"body":"from them the next day. My RMA,"},{"speaker":"Nick Lincoln","startTime":2173.46,"endTime":2179.04,"body":"our year end. Yeah, the actress"},{"speaker":"Nick Lincoln","startTime":2173.46,"endTime":2179.04,"body":"for me, known as Gabriel, that"},{"speaker":"Nick Lincoln","startTime":2179.04,"endTime":2183.0,"body":"is due, and I don't know, man,"},{"speaker":"Nick Lincoln","startTime":2179.04,"endTime":2183.0,"body":"the FCA sends is sending out"},{"speaker":"Nick Lincoln","startTime":2183.0,"endTime":2185.22,"body":"these mixed messages saying we"},{"speaker":"Nick Lincoln","startTime":2183.0,"endTime":2185.22,"body":"want to be lighter touch. We're"},{"speaker":"Nick Lincoln","startTime":2185.22,"endTime":2187.38,"body":"going to be more kind of, what's"},{"speaker":"Nick Lincoln","startTime":2185.22,"endTime":2187.38,"body":"it rules based, I can't"},{"speaker":"Nick Lincoln","startTime":2187.38,"endTime":2189.72,"body":"remember, whatever they're going"},{"speaker":"Nick Lincoln","startTime":2187.38,"endTime":2189.72,"body":"to they're going to lay back on"},{"speaker":"Nick Lincoln","startTime":2189.72,"endTime":2191.7599999999998,"body":"what the impression they're"},{"speaker":"Nick Lincoln","startTime":2189.72,"endTime":2191.7599999999998,"body":"asking for. And of course, in"},{"speaker":"Nick Lincoln","startTime":2191.7599999999998,"endTime":2194.12,"body":"the meantime, I'll probably get"},{"speaker":"Nick Lincoln","startTime":2191.7599999999998,"endTime":2194.12,"body":"a I'll probably get a baseline"},{"speaker":"Nick Lincoln","startTime":2194.12,"endTime":2196.88,"body":"resource email about my"},{"speaker":"Nick Lincoln","startTime":2194.12,"endTime":2196.88,"body":"finances, because, God forbid,"},{"speaker":"Nick Lincoln","startTime":2196.88,"endTime":2199.16,"body":"values division goes to the"},{"speaker":"Nick Lincoln","startTime":2196.88,"endTime":2199.16,"body":"wall. It'll just be another 2007"},{"speaker":"Nick Lincoln","startTime":2199.88,"endTime":2203.54,"body":"to nine, won't it in this part"},{"speaker":"Nick Lincoln","startTime":2199.88,"endTime":2203.54,"body":"of the world? So yeah, if you've"},{"speaker":"Nick Lincoln","startTime":2203.54,"endTime":2206.24,"body":"got this email and you're"},{"speaker":"Nick Lincoln","startTime":2203.54,"endTime":2206.24,"body":"thinking they're targeting you,"},{"speaker":"Nick Lincoln","startTime":2206.54,"endTime":2209.36,"body":"they're not every poor sod is"},{"speaker":"Nick Lincoln","startTime":2206.54,"endTime":2209.36,"body":"going to get these emails, and"},{"speaker":"Nick Lincoln","startTime":2209.36,"endTime":2211.24,"body":"then they're gonna do targeted"},{"speaker":"Nick Lincoln","startTime":2209.36,"endTime":2211.24,"body":"follow ups depending on the"},{"speaker":"Nick Lincoln","startTime":2211.24,"endTime":2214.96,"body":"responses. So stick in the"},{"speaker":"Nick Lincoln","startTime":2211.24,"endTime":2214.96,"body":"middle, right? Don't, don't go"},{"speaker":"Nick Lincoln","startTime":2214.96,"endTime":2215.86,"body":"too fast. I go too slow."},{"speaker":"Andy Hart","startTime":2215.92,"endTime":2218.62,"body":"We did see an example"},{"speaker":"Andy Hart","startTime":2215.92,"endTime":2218.62,"body":"spreadsheet by another financial"},{"speaker":"Andy Hart","startTime":2218.62,"endTime":2221.44,"body":"advisor who shared something"},{"speaker":"Andy Hart","startTime":2218.62,"endTime":2221.44,"body":"that he thought is the most"},{"speaker":"Andy Hart","startTime":2221.44,"endTime":2224.8,"body":"likely things that they're going"},{"speaker":"Andy Hart","startTime":2221.44,"endTime":2224.8,"body":"to ask. It's a lot of detail,"},{"speaker":"Andy Hart","startTime":2224.8,"endTime":2228.52,"body":"but if you're you know, on top"},{"speaker":"Andy Hart","startTime":2224.8,"endTime":2228.52,"body":"of your business, on top of your"},{"speaker":"Andy Hart","startTime":2228.52,"endTime":2231.24,"body":"numbers, on top of your MI,"},{"speaker":"Andy Hart","startTime":2228.52,"endTime":2231.24,"body":"you've got 12 weeks to fill it"},{"speaker":"Andy Hart","startTime":2231.24,"endTime":2234.0,"body":"in. I'm hoping me and unit can"},{"speaker":"Andy Hart","startTime":2231.24,"endTime":2234.0,"body":"do this very quickly. If I'm"},{"speaker":"Andy Hart","startTime":2234.0,"endTime":2234.54,"body":"tiny first,"},{"speaker":"Nick Lincoln","startTime":2235.8,"endTime":2237.48,"body":"we're doing an"},{"speaker":"Nick Lincoln","startTime":2235.8,"endTime":2237.48,"body":"hour of getting it, you know,"},{"speaker":"Nick Lincoln","startTime":2238.08,"endTime":2239.16,"body":"RM, ar, and"},{"speaker":"Andy Hart","startTime":2240.54,"endTime":2243.72,"body":"no grasp of their of"},{"speaker":"Andy Hart","startTime":2240.54,"endTime":2243.72,"body":"their data. Am I got all these"},{"speaker":"Andy Hart","startTime":2243.72,"endTime":2244.14,"body":"different"},{"speaker":"Nick Lincoln","startTime":2244.38,"endTime":2246.48,"body":"people. Point is a"},{"speaker":"Nick Lincoln","startTime":2244.38,"endTime":2246.48,"body":"why do they need this"},{"speaker":"Nick Lincoln","startTime":2246.48,"endTime":2249.18,"body":"information? They probably got a"},{"speaker":"Nick Lincoln","startTime":2246.48,"endTime":2249.18,"body":"lot of it anyway, through,"},{"speaker":"Nick Lincoln","startTime":2249.24,"endTime":2252.5,"body":"through our reg data"},{"speaker":"Nick Lincoln","startTime":2249.24,"endTime":2252.5,"body":"duplication, they won't even"},{"speaker":"Nick Lincoln","startTime":2252.5,"endTime":2255.56,"body":"look at it, you know, and still"},{"speaker":"Nick Lincoln","startTime":2252.5,"endTime":2255.56,"body":"see the crooks will still be"},{"speaker":"Nick Lincoln","startTime":2255.56,"endTime":2255.86,"body":"doing"},{"speaker":"Unknown","startTime":2256.58,"endTime":2257.36,"body":"their shit."},{"speaker":"Nick Lincoln","startTime":2257.48,"endTime":2259.4,"body":"Yeah, this is"},{"speaker":"Alan Smith","startTime":2260.0,"endTime":2262.34,"body":"anyway Shereen and"},{"speaker":"Alan Smith","startTime":2260.0,"endTime":2262.34,"body":"my team about this. Have you"},{"speaker":"Alan Smith","startTime":2262.34,"endTime":2265.94,"body":"received it? Yeah, we've got it."},{"speaker":"Alan Smith","startTime":2262.34,"endTime":2265.94,"body":"She said that we'll do it,"},{"speaker":"Alan Smith","startTime":2265.94,"endTime":2268.46,"body":"obviously. But she said, The"},{"speaker":"Alan Smith","startTime":2265.94,"endTime":2268.46,"body":"frustrating thing is, we already"},{"speaker":"Alan Smith","startTime":2268.46,"endTime":2271.18,"body":"supply a lot of this loop to the"},{"speaker":"Alan Smith","startTime":2268.46,"endTime":2271.18,"body":"spreadsheet. We already supply."},{"speaker":"Alan Smith","startTime":2271.18,"endTime":2272.08,"body":"A lot of this is"},{"speaker":"Andy Hart","startTime":2272.08,"endTime":2275.14,"body":"in the rmar, 85% of"},{"speaker":"Andy Hart","startTime":2272.08,"endTime":2275.14,"body":"it. 85"},{"speaker":"Unknown","startTime":2275.5,"endTime":2278.2,"body":"no one minds providing."},{"speaker":"Unknown","startTime":2275.5,"endTime":2278.2,"body":"But you always wonder, what"},{"speaker":"Unknown","startTime":2278.2,"endTime":2282.52,"body":"happens to the data that goes"},{"speaker":"Unknown","startTime":2278.2,"endTime":2282.52,"body":"into the RMR return, because if"},{"speaker":"Unknown","startTime":2282.52,"endTime":2284.74,"body":"they've already got that and"},{"speaker":"Unknown","startTime":2282.52,"endTime":2284.74,"body":"they're asking for it again"},{"speaker":"Unknown","startTime":2284.74,"endTime":2287.5,"body":"through a different medium, it"},{"speaker":"Unknown","startTime":2284.74,"endTime":2287.5,"body":"does. It's frustrating anyway."},{"speaker":"Unknown","startTime":2287.5,"endTime":2287.98,"body":"But and"},{"speaker":"Andy Hart","startTime":2288.64,"endTime":2290.58,"body":"then they introduced"},{"speaker":"Andy Hart","startTime":2288.64,"endTime":2290.58,"body":"that other one that other one"},{"speaker":"Andy Hart","startTime":2290.58,"endTime":2292.86,"body":"that was just a temporary thing"},{"speaker":"Andy Hart","startTime":2290.58,"endTime":2292.86,"body":"during COVID that we all"},{"speaker":"Andy Hart","startTime":2292.86,"endTime":2295.68,"body":"complied with, and then they've"},{"speaker":"Andy Hart","startTime":2292.86,"endTime":2295.68,"body":"continued to do it. It's all"},{"speaker":"Andy Hart","startTime":2296.1,"endTime":2298.74,"body":"multiplication. This is what"},{"speaker":"Andy Hart","startTime":2296.1,"endTime":2298.74,"body":"Debbie Crosby is the chief"},{"speaker":"Andy Hart","startTime":2298.74,"endTime":2301.62,"body":"executive of nationwide. You"},{"speaker":"Andy Hart","startTime":2298.74,"endTime":2301.62,"body":"know, she said the things that"},{"speaker":"Andy Hart","startTime":2301.62,"endTime":2305.46,"body":"they asked for extremely"},{"speaker":"Andy Hart","startTime":2301.62,"endTime":2305.46,"body":"resource intensive. And there's"},{"speaker":"Andy Hart","startTime":2305.46,"endTime":2309.9,"body":"no optionality with this. This"},{"speaker":"Andy Hart","startTime":2305.46,"endTime":2309.9,"body":"is we need this by next Friday,"},{"speaker":"Andy Hart","startTime":2309.9,"endTime":2312.08,"body":"we need this by the end of May,"},{"speaker":"Andy Hart","startTime":2309.9,"endTime":2312.08,"body":"we need this by the end of"},{"speaker":"Andy Hart","startTime":2312.08,"endTime":2313.58,"body":"October. It's just, remember,"},{"speaker":"Andy Hart","startTime":2312.08,"endTime":2313.58,"body":"Carl,"},{"speaker":"Alan Smith","startTime":2313.58,"endTime":2317.36,"body":"what I told you"},{"speaker":"Alan Smith","startTime":2313.58,"endTime":2317.36,"body":"years ago about compliance. You"},{"speaker":"Alan Smith","startTime":2317.36,"endTime":2320.66,"body":"know, it's always going to come"},{"speaker":"Alan Smith","startTime":2317.36,"endTime":2320.66,"body":"at us. And you can use it as a"},{"speaker":"Alan Smith","startTime":2320.66,"endTime":2324.44,"body":"positive, because the good"},{"speaker":"Alan Smith","startTime":2320.66,"endTime":2324.44,"body":"firms, like all of us, we just,"},{"speaker":"Alan Smith","startTime":2324.5,"endTime":2327.5,"body":"we just through gritted teeth,"},{"speaker":"Alan Smith","startTime":2324.5,"endTime":2327.5,"body":"we deliver on it. Course. We"},{"speaker":"Alan Smith","startTime":2327.62,"endTime":2330.52,"body":"give it to them as soon as they"},{"speaker":"Alan Smith","startTime":2327.62,"endTime":2330.52,"body":"want it, and others might"},{"speaker":"Alan Smith","startTime":2330.52,"endTime":2333.46,"body":"struggle. You know, it's just"},{"speaker":"Alan Smith","startTime":2330.52,"endTime":2333.46,"body":"you use it as a potential"},{"speaker":"Alan Smith","startTime":2333.46,"endTime":2336.22,"body":"benefit. It's the only way I can"},{"speaker":"Alan Smith","startTime":2333.46,"endTime":2336.22,"body":"get my head around it and look"},{"speaker":"Alan Smith","startTime":2336.22,"endTime":2337.6,"body":"at as a positive thing. It's"},{"speaker":"Nick Lincoln","startTime":2338.8,"endTime":2339.58,"body":"without crying."},{"speaker":"Andy Hart","startTime":2340.12,"endTime":2342.52,"body":"Yeah, it's well"},{"speaker":"Andy Hart","startTime":2340.12,"endTime":2342.52,"body":"framed, but it still doesn't"},{"speaker":"Andy Hart","startTime":2342.52,"endTime":2343.9,"body":"change the situation. Okay,"},{"speaker":"Nick Lincoln","startTime":2343.96,"endTime":2346.06,"body":"right? So, okay,"},{"speaker":"Nick Lincoln","startTime":2343.96,"endTime":2346.06,"body":"right. Let's move on. So,"},{"speaker":"Nick Lincoln","startTime":2346.06,"endTime":2349.72,"body":"Smithy, back to your well, now"},{"speaker":"Nick Lincoln","startTime":2346.06,"endTime":2349.72,"body":"we've got your latest we've got"},{"speaker":"Alan Smith","startTime":2350.02,"endTime":2353.94,"body":"crypto corner? No, I"},{"speaker":"Alan Smith","startTime":2350.02,"endTime":2353.94,"body":"think this is relevant to all"},{"speaker":"Alan Smith","startTime":2353.94,"endTime":2357.6,"body":"the devices out there, the"},{"speaker":"Alan Smith","startTime":2353.94,"endTime":2357.6,"body":"latest, you know, the kind of"},{"speaker":"Alan Smith","startTime":2357.6,"endTime":2361.5,"body":"the emerging asset class, which"},{"speaker":"Alan Smith","startTime":2357.6,"endTime":2361.5,"body":"would generically call me, I"},{"speaker":"Alan Smith","startTime":2361.5,"endTime":2365.4,"body":"know that Carl's going to get"},{"speaker":"Alan Smith","startTime":2361.5,"endTime":2365.4,"body":"excited on this crypto call, but"},{"speaker":"Alan Smith","startTime":2365.4,"endTime":2368.2799999999997,"body":"call it, call it crypto"},{"speaker":"Alan Smith","startTime":2365.4,"endTime":2368.2799999999997,"body":"investment, particularly around"},{"speaker":"Alan Smith","startTime":2368.2799999999997,"endTime":2371.54,"body":"Bitcoin. It, you know, as I've"},{"speaker":"Alan Smith","startTime":2368.2799999999997,"endTime":2371.54,"body":"said when we had a whole episode"},{"speaker":"Alan Smith","startTime":2371.54,"endTime":2375.08,"body":"on it's a $2 trillion asset"},{"speaker":"Alan Smith","startTime":2371.54,"endTime":2375.08,"body":"classes growing at a major pace."},{"speaker":"Alan Smith","startTime":2375.44,"endTime":2378.92,"body":"Looks like it's becoming more"},{"speaker":"Alan Smith","startTime":2375.44,"endTime":2378.92,"body":"mainstream, being taken up by,"},{"speaker":"Alan Smith","startTime":2379.1,"endTime":2381.86,"body":"you know, sovereign nations now,"},{"speaker":"Alan Smith","startTime":2379.1,"endTime":2381.86,"body":"as well as you know, huge you"},{"speaker":"Alan Smith","startTime":2381.86,"endTime":2387.62,"body":"know, wealth funds, etc. But and"},{"speaker":"Alan Smith","startTime":2381.86,"endTime":2387.62,"body":"the UK has been dragging its"},{"speaker":"Alan Smith","startTime":2387.62,"endTime":2394.06,"body":"heels somewhat, but breaking"},{"speaker":"Alan Smith","startTime":2387.62,"endTime":2394.06,"body":"news last Friday, or the Friday"},{"speaker":"Alan Smith","startTime":2394.06,"endTime":2398.92,"body":"before the FCA announced that"},{"speaker":"Alan Smith","startTime":2394.06,"endTime":2398.92,"body":"they're beginning a consultation"},{"speaker":"Alan Smith","startTime":2398.92,"endTime":2403.72,"body":"period to in theory to allow"},{"speaker":"Alan Smith","startTime":2398.92,"endTime":2403.72,"body":"retail investors access to what"},{"speaker":"Alan Smith","startTime":2403.72,"endTime":2408.4,"body":"they're calling crypto et ends."},{"speaker":"Alan Smith","startTime":2403.72,"endTime":2408.4,"body":"I didn't even know what an Etn"},{"speaker":"Alan Smith","startTime":2408.4,"endTime":2413.16,"body":"was, yeah, but, okay, what is"},{"speaker":"Alan Smith","startTime":2408.4,"endTime":2413.16,"body":"it? Yes, what is, what is an"},{"speaker":"Alan Smith","startTime":2413.16,"endTime":2415.02,"body":"exchange traded note quicks that"},{"speaker":"Andy Hart","startTime":2415.86,"endTime":2419.34,"body":"what is similar to an"},{"speaker":"Andy Hart","startTime":2415.86,"endTime":2419.34,"body":"ETF, but you can hold completely"},{"speaker":"Andy Hart","startTime":2419.34,"endTime":2424.2,"body":"random stuff in it. You know,"},{"speaker":"Andy Hart","startTime":2419.34,"endTime":2424.2,"body":"you can make you can wine and"},{"speaker":"Andy Hart","startTime":2424.2,"endTime":2424.5,"body":"you can"},{"speaker":"Alan Smith","startTime":2424.5,"endTime":2427.74,"body":"add oil in it,"},{"speaker":"Alan Smith","startTime":2424.5,"endTime":2427.74,"body":"except that you don't actually"},{"speaker":"Alan Smith","startTime":2427.74,"endTime":2429.96,"body":"have to own the underlying"},{"speaker":"Alan Smith","startTime":2427.74,"endTime":2429.96,"body":"asset, but that's so."},{"speaker":"Andy Hart","startTime":2430.04,"endTime":2432.74,"body":"So was so anyway,"},{"speaker":"Andy Hart","startTime":2430.04,"endTime":2432.74,"body":"yeah,"},{"speaker":"Unknown","startTime":2433.1,"endTime":2434.0,"body":"also, it's like a low,"},{"speaker":"Unknown","startTime":2434.0,"endTime":2436.4,"body":"no, no, don't think so. I think"},{"speaker":"Nick Lincoln","startTime":2438.5,"endTime":2439.52,"body":"it"},{"speaker":"Unknown","startTime":2441.68,"endTime":2449.42,"body":"just because, again,"},{"speaker":"Unknown","startTime":2441.68,"endTime":2449.42,"body":"I'm no compliance regulatory"},{"speaker":"Unknown","startTime":2449.42,"endTime":2452.92,"body":"expert, but the assumption is"},{"speaker":"Unknown","startTime":2449.42,"endTime":2452.92,"body":"that will get signed off and"},{"speaker":"Unknown","startTime":2452.92,"endTime":2456.4,"body":"approved as being potentially"},{"speaker":"Unknown","startTime":2452.92,"endTime":2456.4,"body":"viable for retail investors,"},{"speaker":"Unknown","startTime":2456.4,"endTime":2458.98,"body":"right? So I see this as a couple"},{"speaker":"Unknown","startTime":2456.4,"endTime":2458.98,"body":"of points, regardless of your"},{"speaker":"Unknown","startTime":2458.98,"endTime":2461.2,"body":"view. Doesn't matter what your"},{"speaker":"Unknown","startTime":2458.98,"endTime":2461.2,"body":"view is. There's a couple of"},{"speaker":"Unknown","startTime":2461.2,"endTime":2463.84,"body":"things. One that allows your"},{"speaker":"Unknown","startTime":2461.2,"endTime":2463.84,"body":"clients, potentially or future"},{"speaker":"Unknown","startTime":2463.84,"endTime":2466.18,"body":"prospective clients, to go and"},{"speaker":"Unknown","startTime":2463.84,"endTime":2466.18,"body":"buy it. If they say, I know,"},{"speaker":"Unknown","startTime":2466.18,"endTime":2468.46,"body":"Carl, you're not interested. I"},{"speaker":"Unknown","startTime":2466.18,"endTime":2468.46,"body":"quite like the idea of this,"},{"speaker":"Unknown","startTime":2468.46,"endTime":2471.54,"body":"this this thing, I'm going to go"},{"speaker":"Unknown","startTime":2468.46,"endTime":2471.54,"body":"and buy it, and they could end"},{"speaker":"Unknown","startTime":2471.54,"endTime":2473.94,"body":"up blowing themselves up,"},{"speaker":"Unknown","startTime":2471.54,"endTime":2473.94,"body":"because there's good, bad and"},{"speaker":"Unknown","startTime":2473.94,"endTime":2476.52,"body":"indifferent across in that"},{"speaker":"Unknown","startTime":2473.94,"endTime":2476.52,"body":"space,"},{"speaker":"Unknown","startTime":2477.48,"endTime":2479.52,"body":"financially blown themselves up."},{"speaker":"Unknown","startTime":2480.36,"endTime":2484.44,"body":"So not knowing, not you know,"},{"speaker":"Unknown","startTime":2480.36,"endTime":2484.44,"body":"again, just washing your hands"},{"speaker":"Unknown","startTime":2484.44,"endTime":2487.02,"body":"to say, I know, I know nothing"},{"speaker":"Unknown","startTime":2484.44,"endTime":2487.02,"body":"about it, not interested in it"},{"speaker":"Unknown","startTime":2487.02,"endTime":2490.52,"body":"is a is a risk. But the other"},{"speaker":"Unknown","startTime":2487.02,"endTime":2490.52,"body":"thing is, in the UK, as you"},{"speaker":"Unknown","startTime":2490.52,"endTime":2495.2,"body":"know, we are expected. We are"},{"speaker":"Unknown","startTime":2490.52,"endTime":2495.2,"body":"the three of us are independent"},{"speaker":"Unknown","startTime":2495.2,"endTime":2499.46,"body":"whole of market in terms of the"},{"speaker":"Unknown","startTime":2495.2,"endTime":2499.46,"body":"regulatory status, you know. So"},{"speaker":"Unknown","startTime":2499.46,"endTime":2502.7,"body":"we are expected to review and"},{"speaker":"Unknown","startTime":2499.46,"endTime":2502.7,"body":"analyze this. We will expect it"},{"speaker":"Unknown","startTime":2502.7,"endTime":2505.52,"body":"to consider exactly the same way"},{"speaker":"Unknown","startTime":2502.7,"endTime":2505.52,"body":"as we review and consider"},{"speaker":"Unknown","startTime":2505.52,"endTime":2507.98,"body":"structured notes. They're not"},{"speaker":"Unknown","startTime":2505.52,"endTime":2507.98,"body":"everything in theory. But in"},{"speaker":"Unknown","startTime":2507.98,"endTime":2509.96,"body":"other words, you're going to"},{"speaker":"Unknown","startTime":2507.98,"endTime":2509.96,"body":"have the in theory if you're"},{"speaker":"Unknown","startTime":2509.96,"endTime":2514.54,"body":"going to document VCT, the"},{"speaker":"Unknown","startTime":2509.96,"endTime":2514.54,"body":"reason why you don't,"},{"speaker":"Nick Lincoln","startTime":2515.68,"endTime":2518.44,"body":"well, we"},{"speaker":"Nick Lincoln","startTime":2515.68,"endTime":2518.44,"body":"apparently are obliged to"},{"speaker":"Nick Lincoln","startTime":2518.44,"endTime":2521.56,"body":"consider structured products and"},{"speaker":"Nick Lincoln","startTime":2518.44,"endTime":2521.56,"body":"then obviously disregard them"},{"speaker":"Nick Lincoln","startTime":2521.56,"endTime":2525.2799999999997,"body":"because they stink structured"},{"speaker":"Nick Lincoln","startTime":2521.56,"endTime":2525.2799999999997,"body":"notes. Et ends, are they not in"},{"speaker":"Nick Lincoln","startTime":2525.4,"endTime":2527.8,"body":"and I'm just showing ignorance"},{"speaker":"Nick Lincoln","startTime":2525.4,"endTime":2527.8,"body":"here. Are they classified as"},{"speaker":"Nick Lincoln","startTime":2527.8,"endTime":2530.44,"body":"pooled funds? Because, to me,"},{"speaker":"Nick Lincoln","startTime":2527.8,"endTime":2530.44,"body":"they smack of individual"},{"speaker":"Nick Lincoln","startTime":2530.44,"endTime":2532.86,"body":"securities, and we definitely"},{"speaker":"Nick Lincoln","startTime":2530.44,"endTime":2532.86,"body":"can't touch those."},{"speaker":"Unknown","startTime":2533.04,"endTime":2535.74,"body":"Don't know, but this is"},{"speaker":"Unknown","startTime":2533.04,"endTime":2535.74,"body":"the point being. This is not"},{"speaker":"Unknown","startTime":2535.98,"endTime":2539.1,"body":"quite individually, it's not"},{"speaker":"Unknown","startTime":2535.98,"endTime":2539.1,"body":"individual, it's collectives"},{"speaker":"Unknown","startTime":2539.1,"endTime":2541.08,"body":"it's poor. Well, the point, the"},{"speaker":"Unknown","startTime":2539.1,"endTime":2541.08,"body":"point being here, Nick, they"},{"speaker":"Unknown","startTime":2541.08,"endTime":2543.06,"body":"will be available for retail"},{"speaker":"Unknown","startTime":2541.08,"endTime":2543.06,"body":"Well, assuming it's a"},{"speaker":"Unknown","startTime":2543.06,"endTime":2545.88,"body":"consultation, but it's, it's a,"},{"speaker":"Unknown","startTime":2543.06,"endTime":2545.88,"body":"it's a quick consultation,"},{"speaker":"Unknown","startTime":2546.0,"endTime":2549.9,"body":"because it will close by July,"},{"speaker":"Unknown","startTime":2546.0,"endTime":2549.9,"body":"and the chances are they will"},{"speaker":"Unknown","startTime":2549.9,"endTime":2552.2599999999998,"body":"roll these things are, and"},{"speaker":"Unknown","startTime":2549.9,"endTime":2552.2599999999998,"body":"that's a precursor to eventually"},{"speaker":"Unknown","startTime":2552.2599999999998,"endTime":2555.38,"body":"creating ETFs. And align the"},{"speaker":"Unknown","startTime":2552.2599999999998,"endTime":2555.38,"body":"likes of Black Rock and others"},{"speaker":"Unknown","startTime":2555.68,"endTime":2558.68,"body":"to watch ETFs. I know for sure,"},{"speaker":"Unknown","startTime":2555.68,"endTime":2558.68,"body":"and some of you on this call"},{"speaker":"Unknown","startTime":2558.68,"endTime":2561.38,"body":"also do that. There's a pent up"},{"speaker":"Unknown","startTime":2558.68,"endTime":2561.38,"body":"demand for access to some of"},{"speaker":"Unknown","startTime":2561.38,"endTime":2564.2599999999998,"body":"these asset classes within your"},{"speaker":"Unknown","startTime":2561.38,"endTime":2564.2599999999998,"body":"pension fund, your ISA and"},{"speaker":"Unknown","startTime":2564.2599999999998,"endTime":2568.16,"body":"everything else, which you can't"},{"speaker":"Unknown","startTime":2564.2599999999998,"endTime":2568.16,"body":"at the moment. So I've said it"},{"speaker":"Unknown","startTime":2568.16,"endTime":2571.36,"body":"before, and I'll say it again."},{"speaker":"Unknown","startTime":2568.16,"endTime":2571.36,"body":"As you know, we at Capital, we"},{"speaker":"Unknown","startTime":2571.36,"endTime":2574.0,"body":"ran or Dan Parkinson, which"},{"speaker":"Unknown","startTime":2571.36,"endTime":2574.0,"body":"spoke about for ran a Bitcoin"},{"speaker":"Unknown","startTime":2574.0,"endTime":2577.12,"body":"workshop. He's still offering"},{"speaker":"Unknown","startTime":2574.0,"endTime":2577.12,"body":"them, and I think we can't"},{"speaker":"Unknown","startTime":2577.12,"endTime":2580.84,"body":"ignore it. And it's absolutely"},{"speaker":"Unknown","startTime":2577.12,"endTime":2580.84,"body":"fine to say, not for us, not"},{"speaker":"Unknown","startTime":2580.84,"endTime":2583.96,"body":"interested. It's a lot of shows."},{"speaker":"Unknown","startTime":2580.84,"endTime":2583.96,"body":"It's wizards and clouds,"},{"speaker":"Unknown","startTime":2584.2,"endTime":2587.74,"body":"whatever you however you want to"},{"speaker":"Unknown","startTime":2584.2,"endTime":2587.74,"body":"describe it, but you're, we're"},{"speaker":"Unknown","startTime":2587.74,"endTime":2591.66,"body":"all running out of of excuses to"},{"speaker":"Unknown","startTime":2587.74,"endTime":2591.66,"body":"say it's not regulated, so don't"},{"speaker":"Unknown","startTime":2591.66,"endTime":2592.56,"body":"know anything about it."},{"speaker":"Nick Lincoln","startTime":2593.22,"endTime":2594.0,"body":"Yeah, I got that."},{"speaker":"Carl Widger","startTime":2594.0,"endTime":2597.9,"body":"Okay, can I just"},{"speaker":"Carl Widger","startTime":2594.0,"endTime":2597.9,"body":"make a point in that? Right? I"},{"speaker":"Carl Widger","startTime":2597.9,"endTime":2602.46,"body":"hear you loud and clear, right?"},{"speaker":"Carl Widger","startTime":2597.9,"endTime":2602.46,"body":"And I have clients asking us. We"},{"speaker":"Carl Widger","startTime":2602.46,"endTime":2606.12,"body":"have clients asking us as to how"},{"speaker":"Carl Widger","startTime":2602.46,"endTime":2606.12,"body":"we would go about doing it. So"},{"speaker":"Carl Widger","startTime":2606.48,"endTime":2611.84,"body":"100% there's a demand for it out"},{"speaker":"Carl Widger","startTime":2606.48,"endTime":2611.84,"body":"there, right? What? One of the"},{"speaker":"Carl Widger","startTime":2611.84,"endTime":2615.02,"body":"I've said this privately in our"},{"speaker":"Carl Widger","startTime":2611.84,"endTime":2615.02,"body":"group right now, if they, if"},{"speaker":"Carl Widger","startTime":2615.02,"endTime":2619.22,"body":"they make these into ETFs,"},{"speaker":"Carl Widger","startTime":2615.02,"endTime":2619.22,"body":"right? That that advisors can"},{"speaker":"Carl Widger","startTime":2619.22,"endTime":2624.74,"body":"basically go and Flog. Watch"},{"speaker":"Carl Widger","startTime":2619.22,"endTime":2624.74,"body":"them all. Not sorry, watch some"},{"speaker":"Carl Widger","startTime":2624.74,"endTime":2628.58,"body":"of them, the bad actors, ditch"},{"speaker":"Carl Widger","startTime":2624.74,"endTime":2628.58,"body":"their investment philosophies"},{"speaker":"Carl Widger","startTime":2628.7,"endTime":2632.5,"body":"overnight, because they chase"},{"speaker":"Carl Widger","startTime":2628.7,"endTime":2632.5,"body":"the money. And I have a serious"},{"speaker":"Carl Widger","startTime":2632.5,"endTime":2635.98,"body":"problem with that. Like, do I"},{"speaker":"Carl Widger","startTime":2632.5,"endTime":2635.98,"body":"have a problem with the client"},{"speaker":"Carl Widger","startTime":2635.98,"endTime":2639.4,"body":"coming and saying in my playpen,"},{"speaker":"Carl Widger","startTime":2635.98,"endTime":2639.4,"body":"I would like to purchase some"},{"speaker":"Carl Widger","startTime":2639.4,"endTime":2642.7,"body":"bitcoin? Can you facilitate or"},{"speaker":"Carl Widger","startTime":2639.4,"endTime":2642.7,"body":"can you tell me how I would do"},{"speaker":"Carl Widger","startTime":2642.7,"endTime":2647.2,"body":"that? That's fair. Yeah. No"},{"speaker":"Carl Widger","startTime":2642.7,"endTime":2647.2,"body":"problem whatsoever. But I just"},{"speaker":"Carl Widger","startTime":2647.2,"endTime":2653.64,"body":"think that this is going to open"},{"speaker":"Carl Widger","startTime":2647.2,"endTime":2653.64,"body":"up a whole world of people just"},{"speaker":"Carl Widger","startTime":2653.64,"endTime":2656.04,"body":"chasing all your pension into"},{"speaker":"Alan Smith","startTime":2656.52,"endTime":2659.58,"body":"and there's always a"},{"speaker":"Alan Smith","startTime":2656.52,"endTime":2659.58,"body":"there's always a bandwagon and a"},{"speaker":"Alan Smith","startTime":2659.58,"endTime":2662.4,"body":"theme extreme in it. Yeah,"},{"speaker":"Alan Smith","startTime":2659.58,"endTime":2662.4,"body":"you're right."},{"speaker":"Nick Lincoln","startTime":2664.2,"endTime":2667.08,"body":"I'd be, hopefully"},{"speaker":"Nick Lincoln","startTime":2664.2,"endTime":2667.08,"body":"it wouldn't be. It's a massive"},{"speaker":"Nick Lincoln","startTime":2667.08,"endTime":2669.54,"body":"shift to go from the total we"},{"speaker":"Nick Lincoln","startTime":2667.08,"endTime":2669.54,"body":"are the totally evidence based"},{"speaker":"Nick Lincoln","startTime":2669.54,"endTime":2672.08,"body":"kind of approach, where we've,"},{"speaker":"Nick Lincoln","startTime":2669.54,"endTime":2672.08,"body":"like, methodically looked at"},{"speaker":"Nick Lincoln","startTime":2672.08,"endTime":2674.9,"body":"investments over the last 20"},{"speaker":"Nick Lincoln","startTime":2672.08,"endTime":2674.9,"body":"years and then just but I can"},{"speaker":"Nick Lincoln","startTime":2674.9,"endTime":2678.8,"body":"see, like, the act, you know,"},{"speaker":"Nick Lincoln","startTime":2674.9,"endTime":2678.8,"body":"I'm not shitting on these"},{"speaker":"Nick Lincoln","startTime":2678.8,"endTime":2682.22,"body":"people, but maybe they were the"},{"speaker":"Nick Lincoln","startTime":2678.8,"endTime":2682.22,"body":"more active fund picking kind of"},{"speaker":"Nick Lincoln","startTime":2682.22,"endTime":2685.04,"body":"ifas, I can see them kind of"},{"speaker":"Nick Lincoln","startTime":2682.22,"endTime":2685.04,"body":"becoming more bandwagon. I'd be"},{"speaker":"Nick Lincoln","startTime":2685.04,"endTime":2686.0,"body":"amazed if an EBI,"},{"speaker":"Carl Widger","startTime":2687.2599999999998,"endTime":2689.36,"body":"frankly, Nick"},{"speaker":"Carl Widger","startTime":2687.2599999999998,"endTime":2689.36,"body":"younger folks coming through,"},{"speaker":"Carl Widger","startTime":2689.36,"endTime":2691.48,"body":"you know, they think we're"},{"speaker":"Carl Widger","startTime":2689.36,"endTime":2691.48,"body":"dinosaurs. They think I'm a"},{"speaker":"Carl Widger","startTime":2691.48,"endTime":2694.42,"body":"dinosaur for sure, because some"},{"speaker":"Carl Widger","startTime":2691.48,"endTime":2694.42,"body":"of them said it to me, right?"},{"speaker":"Carl Widger","startTime":2694.66,"endTime":2697.36,"body":"But, you know, and they just"},{"speaker":"Carl Widger","startTime":2694.66,"endTime":2697.36,"body":"think it should be, it's Bitcoin"},{"speaker":"Carl Widger","startTime":2697.36,"endTime":2701.2,"body":"all the way, and that's it. And"},{"speaker":"Carl Widger","startTime":2697.36,"endTime":2701.2,"body":"I'm like, that's, you know, on"},{"speaker":"Carl Widger","startTime":2701.2,"endTime":2704.02,"body":"you, on you, my friend, you know"},{"speaker":"Carl Widger","startTime":2701.2,"endTime":2704.02,"body":"what has always worked will"},{"speaker":"Carl Widger","startTime":2704.02,"endTime":2707.02,"body":"continue to work. And okay, pens"},{"speaker":"Carl Widger","startTime":2704.02,"endTime":2707.02,"body":"are fine. The"},{"speaker":"Andy Hart","startTime":2707.32,"endTime":2709.7799999999997,"body":"devil is in the"},{"speaker":"Andy Hart","startTime":2707.32,"endTime":2709.7799999999997,"body":"detail. But I mean, the article"},{"speaker":"Andy Hart","startTime":2709.7799999999997,"endTime":2714.3,"body":"title FCA lift span on crypto"},{"speaker":"Andy Hart","startTime":2709.7799999999997,"endTime":2714.3,"body":"trackers in growth push, and"},{"speaker":"Andy Hart","startTime":2714.3,"endTime":2719.4,"body":"then in the first line is poised"},{"speaker":"Andy Hart","startTime":2714.3,"endTime":2719.4,"body":"to lift. So obviously, they're"},{"speaker":"Andy Hart","startTime":2719.4,"endTime":2722.7599999999998,"body":"just making an assumption. We"},{"speaker":"Andy Hart","startTime":2719.4,"endTime":2722.7599999999998,"body":"don't know exactly what crypto"},{"speaker":"Andy Hart","startTime":2722.7599999999998,"endTime":2726.0,"body":"assets they're going to allow. I"},{"speaker":"Andy Hart","startTime":2722.7599999999998,"endTime":2726.0,"body":"mean, the obvious one that"},{"speaker":"Andy Hart","startTime":2726.0,"endTime":2728.16,"body":"they're going to allow is the"},{"speaker":"Andy Hart","startTime":2726.0,"endTime":2728.16,"body":"first one they're going to allow"},{"speaker":"Andy Hart","startTime":2728.16,"endTime":2730.7,"body":"is Bitcoin. Bitcoin needs ETM,"},{"speaker":"Andy Hart","startTime":2728.16,"endTime":2730.7,"body":"and they're. After that. Who"},{"speaker":"Andy Hart","startTime":2730.7,"endTime":2733.7599999999998,"body":"knows whether they're gonna"},{"speaker":"Andy Hart","startTime":2730.7,"endTime":2733.7599999999998,"body":"stable coin or something like"},{"speaker":"Carl Widger","startTime":2734.12,"endTime":2737.12,"body":"that. So look, the"},{"speaker":"Carl Widger","startTime":2734.12,"endTime":2737.12,"body":"point, the point is, this"},{"speaker":"Carl Widger","startTime":2737.12,"endTime":2742.46,"body":"article is, if the ban isn't"},{"speaker":"Carl Widger","startTime":2737.12,"endTime":2742.46,"body":"lifted, now, that's coming,"},{"speaker":"Carl Widger","startTime":2788.6,"endTime":2791.96,"body":"exact driverless taxes, it's"},{"speaker":"Carl Widger","startTime":2788.6,"endTime":2791.96,"body":"just coming. It will come. So"},{"speaker":"Carl Widger","startTime":2791.96,"endTime":2794.9,"body":"agree, like, if you're, you"},{"speaker":"Carl Widger","startTime":2791.96,"endTime":2794.9,"body":"know, get ready for that too."},{"speaker":"Carl Widger","startTime":2794.9,"endTime":2795.08,"body":"But"},{"speaker":"Andy Hart","startTime":2795.08,"endTime":2797.44,"body":"there is still, there"},{"speaker":"Andy Hart","startTime":2795.08,"endTime":2797.44,"body":"is a shed load of way you can"},{"speaker":"Andy Hart","startTime":2797.44,"endTime":2800.68,"body":"access crypto and Bitcoin assets"},{"speaker":"Andy Hart","startTime":2797.44,"endTime":2800.68,"body":"in the in the UK, at the moment,"},{"speaker":"Andy Hart","startTime":2800.68,"endTime":2802.96,"body":"various different platforms do."},{"speaker":"Andy Hart","startTime":2800.68,"endTime":2802.96,"body":"Yeah? So if you're that"},{"speaker":"Andy Hart","startTime":2802.96,"endTime":2805.72,"body":"motivated to have exposure to"},{"speaker":"Andy Hart","startTime":2802.96,"endTime":2805.72,"body":"it, you'd already have exposure."},{"speaker":"Andy Hart","startTime":2805.7799999999997,"endTime":2809.14,"body":"This is the mass market offering"},{"speaker":"Andy Hart","startTime":2805.7799999999997,"endTime":2809.14,"body":"now, yeah, all right, gents,"},{"speaker":"Nick Lincoln","startTime":2809.14,"endTime":2811.48,"body":"right. We're 45"},{"speaker":"Nick Lincoln","startTime":2809.14,"endTime":2811.48,"body":"minutes, and we still got four"},{"speaker":"Nick Lincoln","startTime":2811.48,"endTime":2815.08,"body":"or five points to go. So watch"},{"speaker":"Nick Lincoln","startTime":2811.48,"endTime":2815.08,"body":"solar 21 yeah, I'd"},{"speaker":"Carl Widger","startTime":2815.08,"endTime":2817.5,"body":"fly through this."},{"speaker":"Carl Widger","startTime":2815.08,"endTime":2817.5,"body":"So this is this. We had a laugh"},{"speaker":"Carl Widger","startTime":2817.5,"endTime":2820.2599999999998,"body":"about this. The the I call it a"},{"speaker":"Carl Widger","startTime":2817.5,"endTime":2820.2599999999998,"body":"Solar Wind Fire. But you know"},{"speaker":"Carl Widger","startTime":2820.2599999999998,"endTime":2823.2599999999998,"body":"what I mean, it was this solar"},{"speaker":"Carl Widger","startTime":2820.2599999999998,"endTime":2823.2599999999998,"body":"investment that was going pear"},{"speaker":"Carl Widger","startTime":2823.2599999999998,"endTime":2825.66,"body":"shaped. And there's various"},{"speaker":"Carl Widger","startTime":2823.2599999999998,"endTime":2825.66,"body":"branches in this and this"},{"speaker":"Carl Widger","startTime":2825.66,"endTime":2831.0,"body":"article, I do remember way back"},{"speaker":"Carl Widger","startTime":2825.66,"endTime":2831.0,"body":"the promoters of this thing were"},{"speaker":"Carl Widger","startTime":2831.0,"endTime":2834.24,"body":"saying, oh, stick with us, and"},{"speaker":"Carl Widger","startTime":2831.0,"endTime":2834.24,"body":"we'll, we'll figure it out. And"},{"speaker":"Carl Widger","startTime":2834.24,"endTime":2837.7999999999997,"body":"blah, blah, blah, well, they've"},{"speaker":"Carl Widger","startTime":2834.24,"endTime":2837.7999999999997,"body":"just announced that certainly"},{"speaker":"Carl Widger","startTime":2837.7999999999997,"endTime":2842.24,"body":"one part of it, or one plant"},{"speaker":"Carl Widger","startTime":2837.7999999999997,"endTime":2842.24,"body":"that they had, which is actually"},{"speaker":"Carl Widger","startTime":2842.24,"endTime":2845.06,"body":"in the UK, went on fire, and"},{"speaker":"Carl Widger","startTime":2842.24,"endTime":2845.06,"body":"unfortunately, it's going to"},{"speaker":"Carl Widger","startTime":2845.06,"endTime":2848.66,"body":"have to be sold on an insolvent"},{"speaker":"Carl Widger","startTime":2845.06,"endTime":2848.66,"body":"basis. Now the article headline"},{"speaker":"Carl Widger","startTime":2848.66,"endTime":2851.96,"body":"says that it's the older pension"},{"speaker":"Carl Widger","startTime":2848.66,"endTime":2851.96,"body":"investors are going to be mostly"},{"speaker":"Carl Widger","startTime":2851.96,"endTime":2855.56,"body":"affected. I don't know why they"},{"speaker":"Carl Widger","startTime":2851.96,"endTime":2855.56,"body":"said that, other than that's"},{"speaker":"Carl Widger","startTime":2855.56,"endTime":2858.52,"body":"probably just grabbing headlines"},{"speaker":"Carl Widger","startTime":2855.56,"endTime":2858.52,"body":"and making it a little bit"},{"speaker":"Carl Widger","startTime":2858.52,"endTime":2861.94,"body":"sensational. But the point here"},{"speaker":"Carl Widger","startTime":2858.52,"endTime":2861.94,"body":"is, I had said at the time,"},{"speaker":"Carl Widger","startTime":2862.2999999999997,"endTime":2865.42,"body":"these things, when they've gone"},{"speaker":"Carl Widger","startTime":2862.2999999999997,"endTime":2865.42,"body":"pear shaped, you know, they're"},{"speaker":"Carl Widger","startTime":2865.42,"endTime":2867.64,"body":"you're not getting your money"},{"speaker":"Carl Widger","startTime":2865.42,"endTime":2867.64,"body":"back, or you're going to get"},{"speaker":"Carl Widger","startTime":2867.64,"endTime":2870.88,"body":"very little back. It seems that"},{"speaker":"Carl Widger","startTime":2867.64,"endTime":2870.88,"body":"this might be now playing out"},{"speaker":"Carl Widger","startTime":2872.02,"endTime":2876.54,"body":"unregulated investments like"},{"speaker":"Carl Widger","startTime":2872.02,"endTime":2876.54,"body":"this. You know, just be very"},{"speaker":"Carl Widger","startTime":2876.54,"endTime":2877.7999999999997,"body":"wary of what you're getting"},{"speaker":"Carl Widger","startTime":2876.54,"endTime":2877.7999999999997,"body":"into."},{"speaker":"Nick Lincoln","startTime":2878.2799999999997,"endTime":2880.44,"body":"It's always a"},{"speaker":"Nick Lincoln","startTime":2878.2799999999997,"endTime":2880.44,"body":"recurring theme, isn't it? It's"},{"speaker":"Nick Lincoln","startTime":2880.44,"endTime":2883.3199999999997,"body":"a recurring theme. Thank you,"},{"speaker":"Nick Lincoln","startTime":2880.44,"endTime":2883.3199999999997,"body":"Carl for updating us on that"},{"speaker":"Nick Lincoln","startTime":2883.3199999999997,"endTime":2886.08,"body":"one. Ultra mortgage rules."},{"speaker":"Andy Hart","startTime":2887.22,"endTime":2889.92,"body":"Yeah, this one is, I"},{"speaker":"Andy Hart","startTime":2887.22,"endTime":2889.92,"body":"think, quite interesting."},{"speaker":"Andy Hart","startTime":2889.92,"endTime":2892.56,"body":"Obviously, debt is a huge thing"},{"speaker":"Andy Hart","startTime":2889.92,"endTime":2892.56,"body":"for lots of people buying"},{"speaker":"Andy Hart","startTime":2892.56,"endTime":2895.98,"body":"houses, trading up, etc. The FCA"},{"speaker":"Andy Hart","startTime":2892.56,"endTime":2895.98,"body":"proposed a couple of changes in"},{"speaker":"Andy Hart","startTime":2895.98,"endTime":2899.54,"body":"relation to this. Three points"},{"speaker":"Andy Hart","startTime":2895.98,"endTime":2899.54,"body":"to this, how they want to make"},{"speaker":"Andy Hart","startTime":2899.9,"endTime":2905.18,"body":"sorry, profound, profound. They"},{"speaker":"Andy Hart","startTime":2899.9,"endTime":2905.18,"body":"want to make remortgaging to a"},{"speaker":"Andy Hart","startTime":2905.18,"endTime":2909.02,"body":"new lender easier. So currently,"},{"speaker":"Andy Hart","startTime":2905.18,"endTime":2909.02,"body":"lenders undertake a full"},{"speaker":"Andy Hart","startTime":2909.02,"endTime":2912.14,"body":"affordability assessment when"},{"speaker":"Andy Hart","startTime":2909.02,"endTime":2912.14,"body":"taking on a new customer. Our"},{"speaker":"Andy Hart","startTime":2912.14,"endTime":2915.38,"body":"proposal, our proposals will"},{"speaker":"Andy Hart","startTime":2912.14,"endTime":2915.38,"body":"allow them to do a lighter touch"},{"speaker":"Andy Hart","startTime":2915.38,"endTime":2917.92,"body":"assessment if the mortgage"},{"speaker":"Andy Hart","startTime":2915.38,"endTime":2917.92,"body":"offered is cheaper than what"},{"speaker":"Andy Hart","startTime":2917.92,"endTime":2920.62,"body":"they're currently paying. So if"},{"speaker":"Andy Hart","startTime":2917.92,"endTime":2920.62,"body":"I'm paying 1000 at the moment,"},{"speaker":"Andy Hart","startTime":2920.62,"endTime":2923.3199999999997,"body":"I'm going to go for another"},{"speaker":"Andy Hart","startTime":2920.62,"endTime":2923.3199999999997,"body":"lender is 900 they'll do a"},{"speaker":"Andy Hart","startTime":2923.3199999999997,"endTime":2925.54,"body":"seamless way for me to do a"},{"speaker":"Andy Hart","startTime":2923.3199999999997,"endTime":2925.54,"body":"remortgage, just checking my"},{"speaker":"Andy Hart","startTime":2925.54,"endTime":2928.18,"body":"credit score and then switching"},{"speaker":"Andy Hart","startTime":2925.54,"endTime":2928.18,"body":"me over, which will add a lot of"},{"speaker":"Andy Hart","startTime":2928.18,"endTime":2930.7,"body":"innovation to the mortgage"},{"speaker":"Andy Hart","startTime":2928.18,"endTime":2930.7,"body":"market. They also want to make"},{"speaker":"Andy Hart","startTime":2930.7,"endTime":2933.3399999999997,"body":"it easier for you to reduce the"},{"speaker":"Andy Hart","startTime":2930.7,"endTime":2933.3399999999997,"body":"amount that you totally pay"},{"speaker":"Andy Hart","startTime":2933.3399999999997,"endTime":2935.92,"body":"back, where you can reduce your"},{"speaker":"Andy Hart","startTime":2933.3399999999997,"endTime":2935.92,"body":"term. Currently, if you if"},{"speaker":"Andy Hart","startTime":2935.92,"endTime":2938.22,"body":"you've got a term of 20 years"},{"speaker":"Andy Hart","startTime":2935.92,"endTime":2938.22,"body":"left, and you say, Look, I've"},{"speaker":"Andy Hart","startTime":2938.22,"endTime":2941.58,"body":"worked out I can pay over 18"},{"speaker":"Andy Hart","startTime":2938.22,"endTime":2941.58,"body":"years. They do a full"},{"speaker":"Andy Hart","startTime":2941.58,"endTime":2944.2799999999997,"body":"assessment, full hard credit"},{"speaker":"Andy Hart","startTime":2941.58,"endTime":2944.2799999999997,"body":"check. It's a freaking"},{"speaker":"Andy Hart","startTime":2944.2799999999997,"endTime":2948.06,"body":"nightmare. So they're going to"},{"speaker":"Andy Hart","startTime":2944.2799999999997,"endTime":2948.06,"body":"introduce that to basically make"},{"speaker":"Andy Hart","startTime":2948.06,"endTime":2951.24,"body":"that lighter touch. So they're"},{"speaker":"Andy Hart","startTime":2948.06,"endTime":2951.24,"body":"just introducing things which"},{"speaker":"Andy Hart","startTime":2951.24,"endTime":2957.56,"body":"make common sense in a heavily"},{"speaker":"Andy Hart","startTime":2951.24,"endTime":2957.56,"body":"regulated market. So yeah. So"},{"speaker":"Andy Hart","startTime":2957.56,"endTime":2959.7799999999997,"body":"some good innovation coming down"},{"speaker":"Andy Hart","startTime":2957.56,"endTime":2959.7799999999997,"body":"the line in relation to"},{"speaker":"Andy Hart","startTime":2960.3199999999997,"endTime":2964.1,"body":"lightening up some of the"},{"speaker":"Andy Hart","startTime":2960.3199999999997,"endTime":2964.1,"body":"mortgage rules. Lickolus"},{"speaker":"Nick Lincoln","startTime":2964.1,"endTime":2966.08,"body":"Nickolas has a"},{"speaker":"Nick Lincoln","startTime":2964.1,"endTime":2966.08,"body":"quick anecdote around anecdote"},{"speaker":"Nick Lincoln","startTime":2966.08,"endTime":2968.72,"body":"around property. I was speaking"},{"speaker":"Nick Lincoln","startTime":2966.08,"endTime":2968.72,"body":"to a client this morning who's"},{"speaker":"Nick Lincoln","startTime":2968.72,"endTime":2971.18,"body":"got his second property on the"},{"speaker":"Nick Lincoln","startTime":2968.72,"endTime":2971.18,"body":"Isle of Wight, and they're going"},{"speaker":"Nick Lincoln","startTime":2971.18,"endTime":2974.06,"body":"to bump up council tax on second"},{"speaker":"Nick Lincoln","startTime":2971.18,"endTime":2974.06,"body":"properties. Is"},{"speaker":"Andy Hart","startTime":2974.06,"endTime":2977.2599999999998,"body":"it a massive amount,"},{"speaker":"Andy Hart","startTime":2974.06,"endTime":2977.2599999999998,"body":"100% or not. I don't know the"},{"speaker":"Andy Hart","startTime":2977.2599999999998,"endTime":2977.62,"body":"ins and"},{"speaker":"Nick Lincoln","startTime":2977.62,"endTime":2979.96,"body":"outs, but it's"},{"speaker":"Nick Lincoln","startTime":2977.62,"endTime":2979.96,"body":"more money. But he was saying,"},{"speaker":"Nick Lincoln","startTime":2979.96,"endTime":2982.72,"body":"if you put your property on the"},{"speaker":"Nick Lincoln","startTime":2979.96,"endTime":2982.72,"body":"market, your second property on"},{"speaker":"Nick Lincoln","startTime":2982.72,"endTime":2986.5,"body":"the market, that doesn't apply,"},{"speaker":"Nick Lincoln","startTime":2982.72,"endTime":2986.5,"body":"there's a massive bit of there's"},{"speaker":"Nick Lincoln","startTime":2986.5,"endTime":2989.14,"body":"some games to be played there."},{"speaker":"Nick Lincoln","startTime":2986.5,"endTime":2989.14,"body":"There's some money to be made"},{"speaker":"Nick Lincoln","startTime":2989.14,"endTime":2991.0,"body":"there. What a ridiculous"},{"speaker":"Nick Lincoln","startTime":2989.14,"endTime":2991.0,"body":"loophole"},{"speaker":"Unknown","startTime":2993.88,"endTime":2994.9,"body":"in the market."},{"speaker":"Andy Hart","startTime":2997.66,"endTime":2998.58,"body":"Yeah, okay,"},{"speaker":"Nick Lincoln","startTime":3001.3399999999997,"endTime":3002.42,"body":"stuff. You know,"},{"speaker":"Andy Hart","startTime":3003.98,"endTime":3005.8399999999997,"body":"half the Isle of"},{"speaker":"Andy Hart","startTime":3003.98,"endTime":3005.8399999999997,"body":"Wight is gonna be on the market"},{"speaker":"Andy Hart","startTime":3005.8399999999997,"endTime":3008.42,"body":"all time. It's like rock"},{"speaker":"Andy Hart","startTime":3005.8399999999997,"endTime":3008.42,"body":"Sullivan's dream,"},{"speaker":"Nick Lincoln","startTime":3010.16,"endTime":3014.2999999999997,"body":"47,000 people. I"},{"speaker":"Nick Lincoln","startTime":3010.16,"endTime":3014.2999999999997,"body":"think he saw properties or"},{"speaker":"Nick Lincoln","startTime":3014.2999999999997,"endTime":3017.3599999999997,"body":"people on the Isle of Wight."},{"speaker":"Nick Lincoln","startTime":3014.2999999999997,"endTime":3017.3599999999997,"body":"There are 106 properties listed"},{"speaker":"Nick Lincoln","startTime":3017.3599999999997,"endTime":3019.2999999999997,"body":"at more than a million quid on"},{"speaker":"Nick Lincoln","startTime":3017.3599999999997,"endTime":3019.2999999999997,"body":"the Isle of Wight. On the Isle"},{"speaker":"Nick Lincoln","startTime":3019.2999999999997,"endTime":3021.58,"body":"of Wight. So they're just"},{"speaker":"Nick Lincoln","startTime":3019.2999999999997,"endTime":3021.58,"body":"listing and obviously putting"},{"speaker":"Nick Lincoln","startTime":3021.58,"endTime":3023.5,"body":"out prices, and they'll just be"},{"speaker":"Nick Lincoln","startTime":3021.58,"endTime":3023.5,"body":"listed for years"},{"speaker":"Carl Widger","startTime":3024.16,"endTime":3025.96,"body":"to come. There's an"},{"speaker":"Carl Widger","startTime":3024.16,"endTime":3025.96,"body":"estate agent in the Isle of"},{"speaker":"Carl Widger","startTime":3025.96,"endTime":3030.52,"body":"Wight. Was never a lovely"},{"speaker":"Carl Widger","startTime":3025.96,"endTime":3030.52,"body":"website,"},{"speaker":"Nick Lincoln","startTime":3032.62,"endTime":3035.68,"body":"mortgage mark"},{"speaker":"Alan Smith","startTime":3036.88,"endTime":3040.08,"body":"and all that. That's"},{"speaker":"Alan Smith","startTime":3036.88,"endTime":3040.08,"body":"a whole other conversation. We"},{"speaker":"Alan Smith","startTime":3040.08,"endTime":3043.5,"body":"don't do a lot of it, but, you"},{"speaker":"Alan Smith","startTime":3040.08,"endTime":3043.5,"body":"know, the Help to Buy scheme you"},{"speaker":"Alan Smith","startTime":3043.5,"endTime":3044.2799999999997,"body":"only thought you"},{"speaker":"Andy Hart","startTime":3045.3599999999997,"endTime":3048.54,"body":"Oh, yeah, figure out."},{"speaker":"Andy Hart","startTime":3045.3599999999997,"endTime":3048.54,"body":"Bring it back to"},{"speaker":"Unknown","startTime":3049.98,"endTime":3052.44,"body":"people recently"},{"speaker":"Unknown","startTime":3049.98,"endTime":3052.44,"body":"shouldn't be called Help to Buy,"},{"speaker":"Unknown","startTime":3052.62,"endTime":3055.14,"body":"called help to sell, because all"},{"speaker":"Unknown","startTime":3052.62,"endTime":3055.14,"body":"the developers and they built"},{"speaker":"Unknown","startTime":3055.14,"endTime":3058.14,"body":"all these incredible houses. I"},{"speaker":"Unknown","startTime":3055.14,"endTime":3058.14,"body":"just, I was speaking to someone"},{"speaker":"Unknown","startTime":3058.14,"endTime":3060.62,"body":"the other day who was just was"},{"speaker":"Unknown","startTime":3058.14,"endTime":3060.62,"body":"just looking to sell his"},{"speaker":"Unknown","startTime":3060.62,"endTime":3062.9,"body":"property in, you know, you know,"},{"speaker":"Unknown","startTime":3060.62,"endTime":3062.9,"body":"there's a lot of these"},{"speaker":"Unknown","startTime":3062.9,"endTime":3065.42,"body":"developments down at Canary"},{"speaker":"Unknown","startTime":3062.9,"endTime":3065.42,"body":"Wharf, all these, you know,"},{"speaker":"Unknown","startTime":3065.42,"endTime":3068.72,"body":"fancy penthouse apartments and"},{"speaker":"Unknown","startTime":3065.42,"endTime":3068.72,"body":"so on, yeah. And then we built a"},{"speaker":"Unknown","startTime":3068.72,"endTime":3072.38,"body":"whole lot of new ones under this"},{"speaker":"Unknown","startTime":3068.72,"endTime":3072.38,"body":"Help to Buy scheme. So all the"},{"speaker":"Unknown","startTime":3072.38,"endTime":3075.44,"body":"developers pop the prices up"},{"speaker":"Unknown","startTime":3072.38,"endTime":3075.44,"body":"because they were going to,"},{"speaker":"Unknown","startTime":3075.44,"endTime":3077.7999999999997,"body":"buyers are going. Okay, and if"},{"speaker":"Unknown","startTime":3075.44,"endTime":3077.7999999999997,"body":"you had one of the existing"},{"speaker":"Unknown","startTime":3077.7999999999997,"endTime":3081.04,"body":"properties across the road, you"},{"speaker":"Unknown","startTime":3077.7999999999997,"endTime":3081.04,"body":"know, you, you were, you're at"},{"speaker":"Unknown","startTime":3081.04,"endTime":3083.74,"body":"at a loss. So because the"},{"speaker":"Unknown","startTime":3081.04,"endTime":3083.74,"body":"builders, the people, you can't"},{"speaker":"Unknown","startTime":3083.74,"endTime":3087.04,"body":"sell them nowadays, basically"},{"speaker":"Unknown","startTime":3083.74,"endTime":3087.04,"body":"the whole, the whole thing, all"},{"speaker":"Unknown","startTime":3087.04,"endTime":3089.8599999999997,"body":"roads lead back to this. It's"},{"speaker":"Unknown","startTime":3087.04,"endTime":3089.8599999999997,"body":"not just another moment. It's"},{"speaker":"Unknown","startTime":3089.8599999999997,"endTime":3092.5,"body":"just all about it seems that"},{"speaker":"Unknown","startTime":3089.8599999999997,"endTime":3092.5,"body":"people in power don't seem to"},{"speaker":"Unknown","startTime":3092.5,"endTime":3094.9,"body":"understand the power of"},{"speaker":"Unknown","startTime":3092.5,"endTime":3094.9,"body":"incentives and look at second"},{"speaker":"Unknown","startTime":3094.9,"endTime":3098.64,"body":"order effects. To do one thing,"},{"speaker":"Unknown","startTime":3094.9,"endTime":3098.64,"body":"yeah, we want to help first time"},{"speaker":"Unknown","startTime":3098.64,"endTime":3101.7599999999998,"body":"buyers. Good idea. Brilliant. So"},{"speaker":"Unknown","startTime":3098.64,"endTime":3101.7599999999998,"body":"we're just going to do this one"},{"speaker":"Unknown","startTime":3101.7599999999998,"endTime":3105.3599999999997,"body":"thing without thinking, Ah, if"},{"speaker":"Unknown","startTime":3101.7599999999998,"endTime":3105.3599999999997,"body":"that happens, then this is going"},{"speaker":"Unknown","startTime":3105.3599999999997,"endTime":3107.4,"body":"to happen. Then this other"},{"speaker":"Unknown","startTime":3105.3599999999997,"endTime":3107.4,"body":"thing, like the Isle of Wight,"},{"speaker":"Unknown","startTime":3107.4,"endTime":3110.52,"body":"estate agent, like the Help to"},{"speaker":"Unknown","startTime":3107.4,"endTime":3110.52,"body":"Buy, help to sell. It's nuts."},{"speaker":"Nick Lincoln","startTime":3111.24,"endTime":3113.2799999999997,"body":"Well, even, even"},{"speaker":"Nick Lincoln","startTime":3111.24,"endTime":3113.2799999999997,"body":"that, Alan, I pull back on first"},{"speaker":"Nick Lincoln","startTime":3113.2799999999997,"endTime":3115.62,"body":"principles, it's not the"},{"speaker":"Nick Lincoln","startTime":3113.2799999999997,"endTime":3115.62,"body":"government's role to help first"},{"speaker":"Nick Lincoln","startTime":3115.62,"endTime":3118.2799999999997,"body":"time buyers. Yeah, what they're"},{"speaker":"Nick Lincoln","startTime":3115.62,"endTime":3118.2799999999997,"body":"doing, you know, and that's"},{"speaker":"Nick Lincoln","startTime":3118.2799999999997,"endTime":3121.58,"body":"wrong, but that's just good. I'm"},{"speaker":"Nick Lincoln","startTime":3118.2799999999997,"endTime":3121.58,"body":"more and I suppose, but yeah,"},{"speaker":"Nick Lincoln","startTime":3121.8199999999997,"endTime":3125.3599999999997,"body":"they just have no like they they"},{"speaker":"Nick Lincoln","startTime":3121.8199999999997,"endTime":3125.3599999999997,"body":"do not understand human nature."},{"speaker":"Nick Lincoln","startTime":3125.42,"endTime":3128.06,"body":"They just don't see it. It's"},{"speaker":"Nick Lincoln","startTime":3125.42,"endTime":3128.06,"body":"just bizarre. They have this"},{"speaker":"Nick Lincoln","startTime":3128.06,"endTime":3132.98,"body":"massive blind spot in these kind"},{"speaker":"Nick Lincoln","startTime":3128.06,"endTime":3132.98,"body":"of things. Okay, well, Ultra,"},{"speaker":"Nick Lincoln","startTime":3132.98,"endTime":3135.5,"body":"that's a more interesting point"},{"speaker":"Nick Lincoln","startTime":3132.98,"endTime":3135.5,"body":"than I thought I could ever be"},{"speaker":"Nick Lincoln","startTime":3135.5,"endTime":3138.88,"body":"on mortgage rules. Thank you"},{"speaker":"Nick Lincoln","startTime":3135.5,"endTime":3138.88,"body":"very much for that studio that"},{"speaker":"Nick Lincoln","startTime":3141.7599999999998,"endTime":3142.66,"body":"was genuine."},{"speaker":"Andy Hart","startTime":3144.3399999999997,"endTime":3146.44,"body":"Got to tell his"},{"speaker":"Andy Hart","startTime":3144.3399999999997,"endTime":3146.44,"body":"story. That's why he's made"},{"speaker":"Nick Lincoln","startTime":3149.38,"endTime":3154.42,"body":"it interesting. It"},{"speaker":"Nick Lincoln","startTime":3149.38,"endTime":3154.42,"body":"was shit, and I made it better."},{"speaker":"Nick Lincoln","startTime":3154.6,"endTime":3157.8599999999997,"body":"Okay, the three of us not watch,"},{"speaker":"Nick Lincoln","startTime":3154.6,"endTime":3157.8599999999997,"body":"because he just dips his toe in"},{"speaker":"Nick Lincoln","startTime":3157.8599999999997,"endTime":3160.38,"body":"when he wants to. These days,"},{"speaker":"Nick Lincoln","startTime":3157.8599999999997,"endTime":3160.38,"body":"rooms part time, but the three"},{"speaker":"Nick Lincoln","startTime":3160.38,"endTime":3164.88,"body":"of us went to an event recently"},{"speaker":"Nick Lincoln","startTime":3160.38,"endTime":3164.88,"body":"at Vanguard at the frameless. At"},{"speaker":"Nick Lincoln","startTime":3164.88,"endTime":3167.64,"body":"frameless, the building's called"},{"speaker":"Nick Lincoln","startTime":3164.88,"endTime":3167.64,"body":"frameless in next on Marble"},{"speaker":"Nick Lincoln","startTime":3167.64,"endTime":3169.68,"body":"Arch, top of Hyde Park."},{"speaker":"Unknown","startTime":3170.64,"endTime":3171.2999999999997,"body":"Yeah, your emails"},{"speaker":"Nick Lincoln","startTime":3173.04,"endTime":3176.3399999999997,"body":"in your in your"},{"speaker":"Nick Lincoln","startTime":3173.04,"endTime":3176.3399999999997,"body":"spam folder. Get one of your"},{"speaker":"Nick Lincoln","startTime":3176.3399999999997,"endTime":3180.74,"body":"show with the spam folders. BBs"},{"speaker":"Nick Lincoln","startTime":3176.3399999999997,"endTime":3180.74,"body":"went for Vanguard event. Very"},{"speaker":"Nick Lincoln","startTime":3180.74,"endTime":3183.68,"body":"good. Vanguard are sort of"},{"speaker":"Nick Lincoln","startTime":3180.74,"endTime":3183.68,"body":"aware, um, we're developing"},{"speaker":"Nick Lincoln","startTime":3183.68,"endTime":3187.1,"body":"things with Vanguard in terms of"},{"speaker":"Nick Lincoln","startTime":3183.68,"endTime":3187.1,"body":"the trap proposition and stuff"},{"speaker":"Nick Lincoln","startTime":3187.1,"endTime":3189.68,"body":"we can do for the TRAPPIST, and"},{"speaker":"Nick Lincoln","startTime":3187.1,"endTime":3189.68,"body":"that'll emerge over the next"},{"speaker":"Nick Lincoln","startTime":3189.68,"endTime":3192.44,"body":"year or so if we can get"},{"speaker":"Nick Lincoln","startTime":3189.68,"endTime":3192.44,"body":"something organized. But it was"},{"speaker":"Nick Lincoln","startTime":3192.44,"endTime":3193.8199999999997,"body":"Smithy. It was"},{"speaker":"Alan Smith","startTime":3193.8199999999997,"endTime":3196.6,"body":"great. I just find"},{"speaker":"Alan Smith","startTime":3193.8199999999997,"endTime":3196.6,"body":"this quite interesting. How"},{"speaker":"Alan Smith","startTime":3196.66,"endTime":3199.7799999999997,"body":"events, we've talked about"},{"speaker":"Alan Smith","startTime":3196.66,"endTime":3199.7799999999997,"body":"events in the past, but it's"},{"speaker":"Alan Smith","startTime":3199.7799999999997,"endTime":3202.8399999999997,"body":"like they've a lot. We've begun"},{"speaker":"Alan Smith","startTime":3199.7799999999997,"endTime":3202.8399999999997,"body":"to up our game, or the"},{"speaker":"Alan Smith","startTime":3203.08,"endTime":3205.8399999999997,"body":"profession in the industry. You"},{"speaker":"Alan Smith","startTime":3203.08,"endTime":3205.8399999999997,"body":"know, we spoke last time about"},{"speaker":"Alan Smith","startTime":3205.9,"endTime":3208.96,"body":"the advisor 3.0 which was just"},{"speaker":"Alan Smith","startTime":3205.9,"endTime":3208.96,"body":"like kind of mind blowing in a"},{"speaker":"Alan Smith","startTime":3208.96,"endTime":3212.62,"body":"way, and the Vanguard event, it"},{"speaker":"Alan Smith","startTime":3208.96,"endTime":3212.62,"body":"was held as if anyone's ever"},{"speaker":"Alan Smith","startTime":3212.62,"endTime":3216.66,"body":"been to it, obviously, as a keen"},{"speaker":"Alan Smith","startTime":3212.62,"endTime":3216.66,"body":"art aficionado, myself, a clean"},{"speaker":"Alan Smith","startTime":3216.66,"endTime":3221.88,"body":"collector of art held in an art"},{"speaker":"Alan Smith","startTime":3216.66,"endTime":3221.88,"body":"gallery. And it's a very but I"},{"speaker":"Alan Smith","startTime":3221.88,"endTime":3224.3399999999997,"body":"have actually been to that art"},{"speaker":"Alan Smith","startTime":3221.88,"endTime":3224.3399999999997,"body":"gallery I have in the past"},{"speaker":"Alan Smith","startTime":3224.3399999999997,"endTime":3227.46,"body":"before, and it's like, of"},{"speaker":"Alan Smith","startTime":3224.3399999999997,"endTime":3227.46,"body":"course, I"},{"speaker":"Andy Hart","startTime":3227.46,"endTime":3229.3199999999997,"body":"have Jesus"},{"speaker":"Nick Lincoln","startTime":3229.3199999999997,"endTime":3232.02,"body":"Christ. He opened"},{"speaker":"Nick Lincoln","startTime":3229.3199999999997,"endTime":3232.02,"body":"it, he opened it. He opened it."},{"speaker":"Nick Lincoln","startTime":3232.02,"endTime":3232.38,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":3234.0,"endTime":3239.0,"body":"I've been to 11."},{"speaker":"Alan Smith","startTime":3234.0,"endTime":3239.0,"body":"It's a very interesting, very"},{"speaker":"Alan Smith","startTime":3239.0,"endTime":3241.88,"body":"cool venue, isn't it? It's just"},{"speaker":"Alan Smith","startTime":3239.0,"endTime":3241.88,"body":"this is kind of whatever you"},{"speaker":"Alan Smith","startTime":3241.88,"endTime":3242.8399999999997,"body":"call it, 3d arts."},{"speaker":"Unknown","startTime":3244.16,"endTime":3246.7999999999997,"body":"I just love the setup"},{"speaker":"Unknown","startTime":3244.16,"endTime":3246.7999999999997,"body":"the venue, as you would expect"},{"speaker":"Unknown","startTime":3246.7999999999997,"endTime":3250.8199999999997,"body":"from Vanguard, it was run"},{"speaker":"Unknown","startTime":3246.7999999999997,"endTime":3250.8199999999997,"body":"extremely well. We all went, you"},{"speaker":"Unknown","startTime":3250.8199999999997,"endTime":3253.4,"body":"know, you go into these quite"},{"speaker":"Unknown","startTime":3250.8199999999997,"endTime":3253.4,"body":"funny. We all sat down the front"},{"speaker":"Unknown","startTime":3253.4,"endTime":3258.7,"body":"row every time. So we sat in"},{"speaker":"Unknown","startTime":3253.4,"endTime":3258.7,"body":"front row with the CEO of"},{"speaker":"Unknown","startTime":3258.7599999999998,"endTime":3262.96,"body":"Vanguard, or one of the sort of"},{"speaker":"Unknown","startTime":3258.7599999999998,"endTime":3262.96,"body":"top dogs of Vanguard, UK Europe,"},{"speaker":"Unknown","startTime":3262.96,"endTime":3266.92,"body":"I think, who was kind of"},{"speaker":"Unknown","startTime":3262.96,"endTime":3266.92,"body":"interviewing the global CEO of"},{"speaker":"Unknown","startTime":3266.92,"endTime":3267.3399999999997,"body":"Vanguard."},{"speaker":"Alan Smith","startTime":3269.98,"endTime":3272.02,"body":"Now he asked my"},{"speaker":"Alan Smith","startTime":3269.98,"endTime":3272.02,"body":"question as well. Actually,"},{"speaker":"Alan Smith","startTime":3272.02,"endTime":3274.8399999999997,"body":"whilst we're doing this, I do"},{"speaker":"Alan Smith","startTime":3272.02,"endTime":3274.8399999999997,"body":"need to give a shout out to that"},{"speaker":"Alan Smith","startTime":3275.02,"endTime":3276.2799999999997,"body":"UK Top Dog."},{"speaker":"Unknown","startTime":3277.6,"endTime":3282.0,"body":"His name's Doug, Doug"},{"speaker":"Unknown","startTime":3277.6,"endTime":3282.0,"body":"Bennett, and I met him recently,"},{"speaker":"Unknown","startTime":3282.0,"endTime":3284.2799999999997,"body":"and he was and I forgot he's"},{"speaker":"Unknown","startTime":3282.0,"endTime":3284.2799999999997,"body":"like, he's only young. He's"},{"speaker":"Unknown","startTime":3284.2799999999997,"endTime":3287.52,"body":"really, like, 39 or something,"},{"speaker":"Unknown","startTime":3284.2799999999997,"endTime":3287.52,"body":"but he's a big, proper, proper"},{"speaker":"Unknown","startTime":3287.52,"endTime":3290.7,"body":"boss, serious person. And he"},{"speaker":"Unknown","startTime":3287.52,"endTime":3290.7,"body":"said to me, I hope he won't mind"},{"speaker":"Unknown","startTime":3290.7,"endTime":3294.3599999999997,"body":"me sharing this publicly. He"},{"speaker":"Unknown","startTime":3290.7,"endTime":3294.3599999999997,"body":"does. I'm sorry, but he said"},{"speaker":"Unknown","startTime":3294.3599999999997,"endTime":3298.58,"body":"that he's massive trap fan. He"},{"speaker":"Unknown","startTime":3294.3599999999997,"endTime":3298.58,"body":"said, he lives, I think he lives"},{"speaker":"Unknown","startTime":3298.58,"endTime":3300.92,"body":"down in Devon, and he gets a"},{"speaker":"Unknown","startTime":3298.58,"endTime":3300.92,"body":"really sort of early morning"},{"speaker":"Unknown","startTime":3300.92,"endTime":3303.8599999999997,"body":"train. He said, I always look"},{"speaker":"Unknown","startTime":3300.92,"endTime":3303.8599999999997,"body":"forward to tuning in to trap. I"},{"speaker":"Unknown","startTime":3303.98,"endTime":3306.5,"body":"thought, Oh my God, you've got"},{"speaker":"Unknown","startTime":3303.98,"endTime":3306.5,"body":"these, like serious people,"},{"speaker":"Unknown","startTime":3306.5,"endTime":3311.96,"body":"really top dog business people"},{"speaker":"Unknown","startTime":3306.5,"endTime":3311.96,"body":"listening to our gibberish. But"},{"speaker":"Unknown","startTime":3311.96,"endTime":3314.2999999999997,"body":"no, he's great a couple of"},{"speaker":"Unknown","startTime":3311.96,"endTime":3314.2999999999997,"body":"times. Really good. And so the"},{"speaker":"Unknown","startTime":3314.2999999999997,"endTime":3316.64,"body":"whole experience, I thought, I"},{"speaker":"Unknown","startTime":3314.2999999999997,"endTime":3316.64,"body":"thought, I thought it was really"},{"speaker":"Unknown","startTime":3316.7,"endTime":3318.88,"body":"well organized, really well"},{"speaker":"Unknown","startTime":3316.7,"endTime":3318.88,"body":"organized, really well done. And"},{"speaker":"Unknown","startTime":3318.88,"endTime":3321.46,"body":"the content, the things that I"},{"speaker":"Unknown","startTime":3318.88,"endTime":3321.46,"body":"don't normally warm to, which is"},{"speaker":"Unknown","startTime":3321.46,"endTime":3324.3399999999997,"body":"like, you know, in depth"},{"speaker":"Unknown","startTime":3321.46,"endTime":3324.3399999999997,"body":"analysis of the market by"},{"speaker":"Unknown","startTime":3324.3399999999997,"endTime":3327.04,"body":"economists. They had their"},{"speaker":"Unknown","startTime":3324.3399999999997,"endTime":3327.04,"body":"global chief economist"},{"speaker":"Nick Lincoln","startTime":3328.18,"endTime":3330.4,"body":"there, and I"},{"speaker":"Nick Lincoln","startTime":3328.18,"endTime":3330.4,"body":"thought,"},{"speaker":"Alan Smith","startTime":3331.72,"endTime":3335.56,"body":"because he was"},{"speaker":"Alan Smith","startTime":3331.72,"endTime":3335.56,"body":"talking at a level that I"},{"speaker":"Alan Smith","startTime":3335.56,"endTime":3338.5,"body":"actually understood, and I"},{"speaker":"Alan Smith","startTime":3335.56,"endTime":3338.5,"body":"thought it was really smart and"},{"speaker":"Alan Smith","startTime":3338.5,"endTime":3341.7,"body":"insightful. So and, of course,"},{"speaker":"Alan Smith","startTime":3338.5,"endTime":3341.7,"body":"and the last thing I'll say is"},{"speaker":"Alan Smith","startTime":3341.7,"endTime":3342.2999999999997,"body":"just a remote"},{"speaker":"Unknown","startTime":3343.38,"endTime":3346.56,"body":"I leave you guys alone."},{"speaker":"Unknown","startTime":3343.38,"endTime":3346.56,"body":"I leave you alone for one event."},{"speaker":"Unknown","startTime":3346.68,"endTime":3348.54,"body":"Global economist,"},{"speaker":"Nick Lincoln","startTime":3349.3199999999997,"endTime":3353.8199999999997,"body":"don't label me"},{"speaker":"Nick Lincoln","startTime":3349.3199999999997,"endTime":3353.8199999999997,"body":"some good stuff. I've actually"},{"speaker":"Andy Hart","startTime":3354.66,"endTime":3356.72,"body":"got his book here,"},{"speaker":"Andy Hart","startTime":3354.66,"endTime":3356.72,"body":"isn't"},{"speaker":"Alan Smith","startTime":3358.1,"endTime":3361.7599999999998,"body":"it isn't my to read"},{"speaker":"Alan Smith","startTime":3358.1,"endTime":3361.7599999999998,"body":"that next time,"},{"speaker":"Nick Lincoln","startTime":3362.9,"endTime":3365.66,"body":"coming into I"},{"speaker":"Nick Lincoln","startTime":3362.9,"endTime":3365.66,"body":"didn't take a freebie. I did not"},{"speaker":"Nick Lincoln","startTime":3365.66,"endTime":3367.94,"body":"take a book on one economist at"},{"speaker":"Nick Lincoln","startTime":3365.66,"endTime":3367.94,"body":"this event,"},{"speaker":"Andy Hart","startTime":3368.3599999999997,"endTime":3371.2999999999997,"body":"I've got two mate."},{"speaker":"Andy Hart","startTime":3368.3599999999997,"endTime":3371.2999999999997,"body":"You can have one. No,"},{"speaker":"Nick Lincoln","startTime":3371.2999999999997,"endTime":3374.18,"body":"no, no, no, you"},{"speaker":"Nick Lincoln","startTime":3371.2999999999997,"endTime":3374.18,"body":"keep scribbling the other one,"},{"speaker":"Nick Lincoln","startTime":3374.48,"endTime":3374.72,"body":"right?"},{"speaker":"Unknown","startTime":3374.7799999999997,"endTime":3376.7799999999997,"body":"The other thing that I"},{"speaker":"Unknown","startTime":3374.7799999999997,"endTime":3376.7799999999997,"body":"would just say. About these"},{"speaker":"Unknown","startTime":3376.7799999999997,"endTime":3380.74,"body":"conferences in general is there"},{"speaker":"Unknown","startTime":3376.7799999999997,"endTime":3380.74,"body":"were, again, stately, obviously,"},{"speaker":"Unknown","startTime":3380.74,"endTime":3383.68,"body":"there I had so many just kind of"},{"speaker":"Unknown","startTime":3380.74,"endTime":3383.68,"body":"off the cuff conversations, you"},{"speaker":"Unknown","startTime":3383.68,"endTime":3386.62,"body":"know, kind of classic run the"},{"speaker":"Unknown","startTime":3383.68,"endTime":3386.62,"body":"coffee and all that bumped into"},{"speaker":"Unknown","startTime":3386.62,"endTime":3390.16,"body":"people I hadn't seen in years,"},{"speaker":"Unknown","startTime":3386.62,"endTime":3390.16,"body":"and a few other interesting"},{"speaker":"Unknown","startTime":3390.16,"endTime":3393.22,"body":"things just spun out from this."},{"speaker":"Unknown","startTime":3390.16,"endTime":3393.22,"body":"So, as I always say, show up to"},{"speaker":"Unknown","startTime":3393.22,"endTime":3395.8599999999997,"body":"conferences. Just go along."},{"speaker":"Unknown","startTime":3393.22,"endTime":3395.8599999999997,"body":"Choose, choose some. Don't go to"},{"speaker":"Unknown","startTime":3395.8599999999997,"endTime":3398.4,"body":"everyone, but go to everyone,"},{"speaker":"Unknown","startTime":3395.8599999999997,"endTime":3398.4,"body":"but go there with the intention"},{"speaker":"Unknown","startTime":3398.4,"endTime":3401.1,"body":"of just bumping and having"},{"speaker":"Unknown","startTime":3398.4,"endTime":3401.1,"body":"informal conversations with"},{"speaker":"Unknown","startTime":3401.1,"endTime":3403.2599999999998,"body":"people, because you never know"},{"speaker":"Unknown","startTime":3401.1,"endTime":3403.2599999999998,"body":"where it's going to, where it's"},{"speaker":"Unknown","startTime":3403.2599999999998,"endTime":3405.66,"body":"going to lead to. So I"},{"speaker":"Unknown","startTime":3403.2599999999998,"endTime":3405.66,"body":"thoroughly enjoyed the day and"},{"speaker":"Unknown","startTime":3405.66,"endTime":3406.56,"body":"the evening. Hey, Nick,"},{"speaker":"Nick Lincoln","startTime":3409.5,"endTime":3411.12,"body":"yeah, it was good."},{"speaker":"Nick Lincoln","startTime":3409.5,"endTime":3411.12,"body":"It's good. Yeah. We invited"},{"speaker":"Nick Lincoln","startTime":3411.12,"endTime":3414.42,"body":"this. This very nice lunch. I"},{"speaker":"Nick Lincoln","startTime":3411.12,"endTime":3414.42,"body":"was sat next to the behavioral"},{"speaker":"Nick Lincoln","startTime":3414.42,"endTime":3417.38,"body":"guy who, earlier on, headed in a"},{"speaker":"Nick Lincoln","startTime":3414.42,"endTime":3417.38,"body":"very fluid way, jumped onto"},{"speaker":"Nick Lincoln","startTime":3417.38,"endTime":3421.04,"body":"stage and explained their latest"},{"speaker":"Nick Lincoln","startTime":3417.38,"endTime":3421.04,"body":"advisor, asset, nice, lovely guy"},{"speaker":"Nick Lincoln","startTime":3421.04,"endTime":3425.48,"body":"from Brazil, married to a Texas"},{"speaker":"Nick Lincoln","startTime":3421.04,"endTime":3425.48,"body":"chap. Interesting guy lives in"},{"speaker":"Nick Lincoln","startTime":3425.48,"endTime":3428.8399999999997,"body":"Pennsylvania, near the Vanguard"},{"speaker":"Nick Lincoln","startTime":3425.48,"endTime":3428.8399999999997,"body":"complex, which is sprawling"},{"speaker":"Nick Lincoln","startTime":3428.8399999999997,"endTime":3431.0,"body":"there. Now. They've got so many"},{"speaker":"Nick Lincoln","startTime":3428.8399999999997,"endTime":3431.0,"body":"employees and the advisor out"},{"speaker":"Nick Lincoln","startTime":3431.0,"endTime":3432.98,"body":"for you know, there's a big"},{"speaker":"Nick Lincoln","startTime":3431.0,"endTime":3432.98,"body":"thing with Vanguard. I think"},{"speaker":"Nick Lincoln","startTime":3432.98,"endTime":3436.1,"body":"it's the for me, that's the bit"},{"speaker":"Nick Lincoln","startTime":3432.98,"endTime":3436.1,"body":"I like really. It's really,"},{"speaker":"Nick Lincoln","startTime":3436.1,"endTime":3438.52,"body":"again, younger advisors. Check"},{"speaker":"Nick Lincoln","startTime":3436.1,"endTime":3438.52,"body":"out Vanguard. Just Google"},{"speaker":"Nick Lincoln","startTime":3438.52,"endTime":3441.16,"body":"Vanguard advisor Alpha. They've"},{"speaker":"Nick Lincoln","startTime":3438.52,"endTime":3441.16,"body":"got a whole library of stuff"},{"speaker":"Nick Lincoln","startTime":3441.16,"endTime":3444.4,"body":"there to help explain to clients"},{"speaker":"Nick Lincoln","startTime":3441.16,"endTime":3444.4,"body":"where the value add is and where"},{"speaker":"Nick Lincoln","startTime":3444.4,"endTime":3447.04,"body":"it should be, in your in your in"},{"speaker":"Nick Lincoln","startTime":3444.4,"endTime":3447.04,"body":"your service offering to your"},{"speaker":"Nick Lincoln","startTime":3447.04,"endTime":3450.88,"body":"clients. And he said this thing"},{"speaker":"Nick Lincoln","startTime":3447.04,"endTime":3450.88,"body":"about in the research, clients"},{"speaker":"Nick Lincoln","startTime":3450.88,"endTime":3453.4,"body":"don't generally feel positive"},{"speaker":"Nick Lincoln","startTime":3450.88,"endTime":3453.4,"body":"about their relationship with"},{"speaker":"Nick Lincoln","startTime":3453.4,"endTime":3456.22,"body":"advice. They don't feel growing."},{"speaker":"Nick Lincoln","startTime":3453.4,"endTime":3456.22,"body":"They don't feel comfortable with"},{"speaker":"Nick Lincoln","startTime":3456.22,"endTime":3459.7799999999997,"body":"investments where the value is"},{"speaker":"Nick Lincoln","startTime":3456.22,"endTime":3459.7799999999997,"body":"with clients, with of advisors,"},{"speaker":"Nick Lincoln","startTime":3460.08,"endTime":3463.62,"body":"is the advice clients just feel"},{"speaker":"Nick Lincoln","startTime":3460.08,"endTime":3463.62,"body":"less anxious. Now, that might"},{"speaker":"Nick Lincoln","startTime":3463.62,"endTime":3466.08,"body":"sound as being the same thing as"},{"speaker":"Nick Lincoln","startTime":3463.62,"endTime":3466.08,"body":"being positive about their best,"},{"speaker":"Nick Lincoln","startTime":3466.08,"endTime":3468.66,"body":"which is not quite the same"},{"speaker":"Nick Lincoln","startTime":3466.08,"endTime":3468.66,"body":"thing, but that take a while. I"},{"speaker":"Nick Lincoln","startTime":3468.66,"endTime":3470.94,"body":"don't you know, clients don't"},{"speaker":"Nick Lincoln","startTime":3468.66,"endTime":3470.94,"body":"come out of our meetings just"},{"speaker":"Nick Lincoln","startTime":3470.94,"endTime":3472.98,"body":"saying, Oh Nick, I want to hug"},{"speaker":"Nick Lincoln","startTime":3470.94,"endTime":3472.98,"body":"you, and it's the best thing"},{"speaker":"Nick Lincoln","startTime":3472.98,"endTime":3475.98,"body":"ever. We're giving peace of mind"},{"speaker":"Nick Lincoln","startTime":3472.98,"endTime":3475.98,"body":"that we can help people just be"},{"speaker":"Nick Lincoln","startTime":3475.98,"endTime":3480.38,"body":"less anxious and makes fewer"},{"speaker":"Nick Lincoln","startTime":3475.98,"endTime":3480.38,"body":"silly, irrational decisions then"},{"speaker":"Nick Lincoln","startTime":3480.38,"endTime":3483.02,"body":"that, to me, is the job done."},{"speaker":"Nick Lincoln","startTime":3480.38,"endTime":3483.02,"body":"And that's that's a big part of"},{"speaker":"Nick Lincoln","startTime":3483.02,"endTime":3485.7799999999997,"body":"the advisor Alpha takeaway, just"},{"speaker":"Nick Lincoln","startTime":3483.02,"endTime":3485.7799999999997,"body":"just"},{"speaker":"Andy Hart","startTime":3485.7799999999997,"endTime":3488.06,"body":"on the advisor, just"},{"speaker":"Andy Hart","startTime":3485.7799999999997,"endTime":3488.06,"body":"on the advisor Alpha. Nick, the"},{"speaker":"Andy Hart","startTime":3488.06,"endTime":3491.8399999999997,"body":"latest one currently, I think,"},{"speaker":"Andy Hart","startTime":3488.06,"endTime":3491.8399999999997,"body":"came out in 2020 we did cover it"},{"speaker":"Andy Hart","startTime":3491.8399999999997,"endTime":3493.7,"body":"in the show. They've got a new"},{"speaker":"Andy Hart","startTime":3491.8399999999997,"endTime":3493.7,"body":"one coming out on I know he"},{"speaker":"Andy Hart","startTime":3493.7,"endTime":3497.38,"body":"spoke about it at the event, but"},{"speaker":"Andy Hart","startTime":3493.7,"endTime":3497.38,"body":"I don't think I can't find it"},{"speaker":"Andy Hart","startTime":3497.38,"endTime":3500.44,"body":"online yet, but when it does"},{"speaker":"Andy Hart","startTime":3497.38,"endTime":3500.44,"body":"launch, the 2025 one, and it's"},{"speaker":"Andy Hart","startTime":3500.44,"endTime":3505.0,"body":"public for advisors, will have a"},{"speaker":"Andy Hart","startTime":3500.44,"endTime":3505.0,"body":"little bit of a feature of it on"},{"speaker":"Andy Hart","startTime":3505.0,"endTime":3508.0,"body":"the show, if that makes sense."},{"speaker":"Andy Hart","startTime":3505.0,"endTime":3508.0,"body":"So, yeah, I don't think the new"},{"speaker":"Andy Hart","startTime":3508.0,"endTime":3509.74,"body":"one's out yet. Okay, cool, and"},{"speaker":"Andy Hart","startTime":3508.0,"endTime":3509.74,"body":"just a shout out"},{"speaker":"Nick Lincoln","startTime":3509.74,"endTime":3511.66,"body":"to Nicola"},{"speaker":"Nick Lincoln","startTime":3509.74,"endTime":3511.66,"body":"Constantina, who's our contact"},{"speaker":"Nick Lincoln","startTime":3511.66,"endTime":3513.94,"body":"point at Vanguard. Thank you,"},{"speaker":"Nick Lincoln","startTime":3511.66,"endTime":3513.94,"body":"Nicola. We all really enjoyed"},{"speaker":"Nick Lincoln","startTime":3513.94,"endTime":3516.54,"body":"the day, and we're looking"},{"speaker":"Nick Lincoln","startTime":3513.94,"endTime":3516.54,"body":"forward to working together over"},{"speaker":"Nick Lincoln","startTime":3516.54,"endTime":3519.0,"body":"the coming 12 months, although"},{"speaker":"Nick Lincoln","startTime":3516.54,"endTime":3519.0,"body":"your view might change of us in"},{"speaker":"Nick Lincoln","startTime":3519.0,"endTime":3524.04,"body":"12 months time. Okay, let's move"},{"speaker":"Nick Lincoln","startTime":3519.0,"endTime":3524.04,"body":"on to what are we at? Jesus,"},{"speaker":"Nick Lincoln","startTime":3524.04,"endTime":3527.22,"body":"we're 57 minutes. Let's move on"},{"speaker":"Nick Lincoln","startTime":3524.04,"endTime":3527.22,"body":"to the meat and potatoes of this"},{"speaker":"Nick Lincoln","startTime":3527.22,"endTime":3531.18,"body":"show. And this one is, we"},{"speaker":"Nick Lincoln","startTime":3527.22,"endTime":3531.18,"body":"haven't done the subject before."},{"speaker":"Nick Lincoln","startTime":3531.18,"endTime":3534.12,"body":"I don't think, No, we haven't."},{"speaker":"Nick Lincoln","startTime":3531.18,"endTime":3534.12,"body":"You might know, dear TRAPPIST,"},{"speaker":"Nick Lincoln","startTime":3534.12,"endTime":3537.14,"body":"you might not know. But I set up"},{"speaker":"Nick Lincoln","startTime":3534.12,"endTime":3537.14,"body":"this online forum, a Google"},{"speaker":"Nick Lincoln","startTime":3537.14,"endTime":3540.8599999999997,"body":"group, tiny.cc/if a forum has"},{"speaker":"Nick Lincoln","startTime":3537.14,"endTime":3540.8599999999997,"body":"got about 800 members. Now, can"},{"speaker":"Nick Lincoln","startTime":3540.8599999999997,"endTime":3543.5,"body":"get very noisy. Those that love"},{"speaker":"Nick Lincoln","startTime":3540.8599999999997,"endTime":3543.5,"body":"it, love it. Those that can't"},{"speaker":"Nick Lincoln","startTime":3543.5,"endTime":3546.8599999999997,"body":"take the emails, leave it up to"},{"speaker":"Nick Lincoln","startTime":3543.5,"endTime":3546.8599999999997,"body":"you. But there was a thread"},{"speaker":"Nick Lincoln","startTime":3546.8599999999997,"endTime":3551.6,"body":"doing the rounds two or three"},{"speaker":"Nick Lincoln","startTime":3546.8599999999997,"endTime":3551.6,"body":"days ago, and it's about a 30"},{"speaker":"Nick Lincoln","startTime":3551.8399999999997,"endTime":3555.74,"body":"contributed long thread around"},{"speaker":"Nick Lincoln","startTime":3551.8399999999997,"endTime":3555.74,"body":"compliance, support services."},{"speaker":"Nick Lincoln","startTime":3555.74,"endTime":3559.12,"body":"I'm not sure what you call them"},{"speaker":"Nick Lincoln","startTime":3555.74,"endTime":3559.12,"body":"in in Ireland, Carly, or even if"},{"speaker":"Nick Lincoln","startTime":3559.12,"endTime":3560.08,"body":"you have the equivalent"},{"speaker":"Unknown","startTime":3560.08,"endTime":3562.3599999999997,"body":"Compliance Support"},{"speaker":"Unknown","startTime":3560.08,"endTime":3562.3599999999997,"body":"Services, yeah, okay."},{"speaker":"Nick Lincoln","startTime":3564.16,"endTime":3569.5,"body":"And there's one"},{"speaker":"Nick Lincoln","startTime":3564.16,"endTime":3569.5,"body":"called simply biz in the UK, and"},{"speaker":"Nick Lincoln","startTime":3569.5,"endTime":3572.5,"body":"on the forum, they're getting a"},{"speaker":"Nick Lincoln","startTime":3569.5,"endTime":3572.5,"body":"bit of a shoe in. Apparently,"},{"speaker":"Nick Lincoln","startTime":3572.5,"endTime":3575.38,"body":"they're raising their costs by"},{"speaker":"Nick Lincoln","startTime":3572.5,"endTime":3575.38,"body":"some 20% without even telling"},{"speaker":"Nick Lincoln","startTime":3575.38,"endTime":3579.66,"body":"anybody it's just happening. And"},{"speaker":"Nick Lincoln","startTime":3575.38,"endTime":3579.66,"body":"other firms in that they raised"},{"speaker":"Nick Lincoln","startTime":3579.66,"endTime":3582.3599999999997,"body":"ours by 30% but if you go back"},{"speaker":"Nick Lincoln","startTime":3579.66,"endTime":3582.3599999999997,"body":"to them, they'll immediately"},{"speaker":"Nick Lincoln","startTime":3582.3599999999997,"endTime":3587.22,"body":"drop it down to 15% and but"},{"speaker":"Nick Lincoln","startTime":3582.3599999999997,"endTime":3587.22,"body":"loads of ifas are leaving simply"},{"speaker":"Nick Lincoln","startTime":3587.22,"endTime":3589.5,"body":"business, simply business, I"},{"speaker":"Nick Lincoln","startTime":3587.22,"endTime":3589.5,"body":"wouldn't surprise me if it's"},{"speaker":"Nick Lincoln","startTime":3589.5,"endTime":3592.08,"body":"still the biggest compliance"},{"speaker":"Nick Lincoln","startTime":3589.5,"endTime":3592.08,"body":"support, certainly up there as"},{"speaker":"Nick Lincoln","startTime":3592.08,"endTime":3595.62,"body":"one of the biggest in the UK,"},{"speaker":"Nick Lincoln","startTime":3592.08,"endTime":3595.62,"body":"but wasn't a good look for them"},{"speaker":"Nick Lincoln","startTime":3595.62,"endTime":3598.52,"body":"in this, in this IFA forum. So"},{"speaker":"Nick Lincoln","startTime":3595.62,"endTime":3598.52,"body":"lots of ifas are leaving simply"},{"speaker":"Nick Lincoln","startTime":3598.52,"endTime":3602.12,"body":"beers. And that got me thinking,"},{"speaker":"Nick Lincoln","startTime":3598.52,"endTime":3602.12,"body":"I think based experiences we had"},{"speaker":"Nick Lincoln","startTime":3602.2999999999997,"endTime":3606.2599999999998,"body":"recently where we met somebody"},{"speaker":"Nick Lincoln","startTime":3602.2999999999997,"endTime":3606.2599999999998,"body":"who's looking to become an IFA,"},{"speaker":"Nick Lincoln","startTime":3606.68,"endTime":3609.8599999999997,"body":"and they have tried to do it the"},{"speaker":"Nick Lincoln","startTime":3606.68,"endTime":3609.8599999999997,"body":"directly authorized route, and"},{"speaker":"Nick Lincoln","startTime":3609.8599999999997,"endTime":3613.3399999999997,"body":"it's really, really, really"},{"speaker":"Nick Lincoln","startTime":3609.8599999999997,"endTime":3613.3399999999997,"body":"difficult, and he and, or maybe"},{"speaker":"Nick Lincoln","startTime":3613.3399999999997,"endTime":3614.54,"body":"even the she, they're doing"},{"speaker":"Unknown","startTime":3614.54,"endTime":3616.1,"body":"it could be a network."},{"speaker":"Unknown","startTime":3614.54,"endTime":3616.1,"body":"Oh,"},{"speaker":"Nick Lincoln","startTime":3617.7799999999997,"endTime":3628.18,"body":"go on a problem,"},{"speaker":"Nick Lincoln","startTime":3617.7799999999997,"endTime":3628.18,"body":"yeah, thank you so he and she,"},{"speaker":"Nick Lincoln","startTime":3628.48,"endTime":3634.96,"body":"maybe both come on to use a"},{"speaker":"Nick Lincoln","startTime":3628.48,"endTime":3634.96,"body":"network. Well, you know, right?"},{"speaker":"Nick Lincoln","startTime":3635.02,"endTime":3637.14,"body":"You continue. I'll give up. Go"},{"speaker":"Nick Lincoln","startTime":3635.02,"endTime":3637.14,"body":"on. You continue. Nick"},{"speaker":"Alan Smith","startTime":3641.8199999999997,"endTime":3644.7599999999998,"body":"Andy was"},{"speaker":"Alan Smith","startTime":3641.8199999999997,"endTime":3644.7599999999998,"body":"interrupting carry on this story"},{"speaker":"Alan Smith","startTime":3644.7599999999998,"endTime":3647.1,"body":"because I was there the"},{"speaker":"Alan Smith","startTime":3644.7599999999998,"endTime":3647.1,"body":"conversation. Please carry on."},{"speaker":"Alan Smith","startTime":3647.16,"endTime":3647.64,"body":"Yeah. And"},{"speaker":"Nick Lincoln","startTime":3649.08,"endTime":3652.68,"body":"so this, this,"},{"speaker":"Nick Lincoln","startTime":3649.08,"endTime":3652.68,"body":"this person is going to use a"},{"speaker":"Nick Lincoln","startTime":3652.68,"endTime":3656.6,"body":"network because it's the only"},{"speaker":"Nick Lincoln","startTime":3652.68,"endTime":3656.6,"body":"way they can get authorized. So"},{"speaker":"Nick Lincoln","startTime":3656.6,"endTime":3660.2,"body":"it brings up this thing. Now,"},{"speaker":"Nick Lincoln","startTime":3656.6,"endTime":3660.2,"body":"if, if you're with a compliant"},{"speaker":"Nick Lincoln","startTime":3660.2,"endTime":3662.72,"body":"support service that you're not"},{"speaker":"Nick Lincoln","startTime":3660.2,"endTime":3662.72,"body":"happy with, do you leave? Which"},{"speaker":"Nick Lincoln","startTime":3662.7799999999997,"endTime":3666.98,"body":"would be the idea. I mean, I"},{"speaker":"Nick Lincoln","startTime":3662.7799999999997,"endTime":3666.98,"body":"left simply biz three years ago"},{"speaker":"Nick Lincoln","startTime":3666.98,"endTime":3669.14,"body":"because I just felt they were"},{"speaker":"Nick Lincoln","startTime":3666.98,"endTime":3669.14,"body":"offering me a service that they"},{"speaker":"Nick Lincoln","startTime":3669.14,"endTime":3671.2999999999997,"body":"weren't offering me a service in"},{"speaker":"Nick Lincoln","startTime":3669.14,"endTime":3671.2999999999997,"body":"line with my business. They were"},{"speaker":"Nick Lincoln","startTime":3671.2999999999997,"endTime":3674.0,"body":"offering me loads of stuff I"},{"speaker":"Nick Lincoln","startTime":3671.2999999999997,"endTime":3674.0,"body":"didn't want, and they still seem"},{"speaker":"Nick Lincoln","startTime":3674.0,"endTime":3676.6,"body":"to view us, me as a broker,"},{"speaker":"Nick Lincoln","startTime":3674.0,"endTime":3676.6,"body":"yeah, as opposed to five. Actual"},{"speaker":"Nick Lincoln","startTime":3676.6,"endTime":3678.94,"body":"plan. So I went out, I left"},{"speaker":"Nick Lincoln","startTime":3676.6,"endTime":3678.94,"body":"them. I've always been directly"},{"speaker":"Nick Lincoln","startTime":3678.94,"endTime":3681.52,"body":"authorized. I changed my CSS,"},{"speaker":"Nick Lincoln","startTime":3678.94,"endTime":3681.52,"body":"and now I use the compliance"},{"speaker":"Nick Lincoln","startTime":3681.52,"endTime":3684.2799999999997,"body":"department, who are great, very"},{"speaker":"Nick Lincoln","startTime":3681.52,"endTime":3684.2799999999997,"body":"pared down, just provided with"},{"speaker":"Nick Lincoln","startTime":3684.2799999999997,"endTime":3687.2799999999997,"body":"compliance. That's all I want."},{"speaker":"Nick Lincoln","startTime":3684.2799999999997,"endTime":3687.2799999999997,"body":"But that's one subject, which"},{"speaker":"Nick Lincoln","startTime":3687.2799999999997,"endTime":3689.68,"body":"are the decent Compliance"},{"speaker":"Nick Lincoln","startTime":3687.2799999999997,"endTime":3689.68,"body":"Support Services in the UK. I"},{"speaker":"Nick Lincoln","startTime":3689.68,"endTime":3692.2,"body":"don't know. I know there's some"},{"speaker":"Nick Lincoln","startTime":3689.68,"endTime":3692.2,"body":"decent brands, but I don't use"},{"speaker":"Nick Lincoln","startTime":3692.2,"endTime":3695.2,"body":"them, but maybe you guys can"},{"speaker":"Nick Lincoln","startTime":3692.2,"endTime":3695.2,"body":"help. But then should you"},{"speaker":"Nick Lincoln","startTime":3695.2,"endTime":3698.1,"body":"consider going the network route"},{"speaker":"Nick Lincoln","startTime":3695.2,"endTime":3698.1,"body":"anyway? Because there's, there's"},{"speaker":"Nick Lincoln","startTime":3698.1,"endTime":3701.64,"body":"a lot of conjecture out there."},{"speaker":"Nick Lincoln","startTime":3698.1,"endTime":3701.64,"body":"The FCA wants most small IFA"},{"speaker":"Nick Lincoln","startTime":3701.64,"endTime":3704.3399999999997,"body":"firms to join networks, because"},{"speaker":"Nick Lincoln","startTime":3701.64,"endTime":3704.3399999999997,"body":"it's far easier for them to prod"},{"speaker":"Nick Lincoln","startTime":3704.64,"endTime":3708.72,"body":"and push a network than it is to"},{"speaker":"Nick Lincoln","startTime":3704.64,"endTime":3708.72,"body":"prod, you know, X number of one"},{"speaker":"Nick Lincoln","startTime":3708.72,"endTime":3711.18,"body":"man band, ifas Andrew, you've"},{"speaker":"Nick Lincoln","startTime":3708.72,"endTime":3711.18,"body":"got your hand with"},{"speaker":"Andy Hart","startTime":3711.18,"endTime":3713.04,"body":"you. Yeah, I'll just"},{"speaker":"Andy Hart","startTime":3711.18,"endTime":3713.04,"body":"run a couple of points. I'm a"},{"speaker":"Andy Hart","startTime":3713.04,"endTime":3716.66,"body":"current simply biz member, and"},{"speaker":"Andy Hart","startTime":3713.04,"endTime":3716.66,"body":"I've received those emails every"},{"speaker":"Andy Hart","startTime":3716.66,"endTime":3719.96,"body":"year, you know, just jacking up"},{"speaker":"Andy Hart","startTime":3716.66,"endTime":3719.96,"body":"the prices with no explanation."},{"speaker":"Andy Hart","startTime":3719.96,"endTime":3723.3199999999997,"body":"I'm sort of just too busy"},{"speaker":"Andy Hart","startTime":3719.96,"endTime":3723.3199999999997,"body":"elsewhere and pick your battle."},{"speaker":"Andy Hart","startTime":3723.3199999999997,"endTime":3727.1,"body":"So I just, you know, accept it"},{"speaker":"Andy Hart","startTime":3723.3199999999997,"endTime":3727.1,"body":"as it were. They helped me with"},{"speaker":"Andy Hart","startTime":3727.1,"endTime":3730.16,"body":"REG data quite a lot. So I've"},{"speaker":"Andy Hart","startTime":3727.1,"endTime":3730.16,"body":"got, you know, support my"},{"speaker":"Andy Hart","startTime":3730.16,"endTime":3732.56,"body":"accountant, and somebody has"},{"speaker":"Andy Hart","startTime":3730.16,"endTime":3732.56,"body":"helped me with that, and they do"},{"speaker":"Andy Hart","startTime":3732.56,"endTime":3735.2,"body":"an annual compliance visit where"},{"speaker":"Andy Hart","startTime":3732.56,"endTime":3735.2,"body":"they, you know, rip up the"},{"speaker":"Andy Hart","startTime":3735.2,"endTime":3738.04,"body":"floorboards and go through"},{"speaker":"Andy Hart","startTime":3735.2,"endTime":3738.04,"body":"everything. So I'm sort of happy"},{"speaker":"Andy Hart","startTime":3738.04,"endTime":3743.8599999999997,"body":"with what I'm paying them. They"},{"speaker":"Andy Hart","startTime":3738.04,"endTime":3743.8599999999997,"body":"do nudge up every year in answer"},{"speaker":"Andy Hart","startTime":3743.8599999999997,"endTime":3747.4,"body":"to your point, if you were"},{"speaker":"Andy Hart","startTime":3743.8599999999997,"endTime":3747.4,"body":"setting up a new business today,"},{"speaker":"Andy Hart","startTime":3748.0,"endTime":3751.7799999999997,"body":"it's a lot tougher than when"},{"speaker":"Andy Hart","startTime":3748.0,"endTime":3751.7799999999997,"body":"Nick went da in 2008 Nick,"},{"speaker":"Andy Hart","startTime":3751.7799999999997,"endTime":3758.2799999999997,"body":"sorry, and when I went da in"},{"speaker":"Andy Hart","startTime":3751.7799999999997,"endTime":3758.2799999999997,"body":"2017 we've heard from a lot of"},{"speaker":"Andy Hart","startTime":3758.3399999999997,"endTime":3761.4,"body":"very experienced, very clued up,"},{"speaker":"Andy Hart","startTime":3758.3399999999997,"endTime":3761.4,"body":"very technical advisors. It's"},{"speaker":"Andy Hart","startTime":3761.4,"endTime":3764.94,"body":"very hard to do. I think I've"},{"speaker":"Andy Hart","startTime":3761.4,"endTime":3764.94,"body":"heard anecdotally, again, I"},{"speaker":"Andy Hart","startTime":3764.94,"endTime":3768.18,"body":"could be out with the numbers,"},{"speaker":"Andy Hart","startTime":3764.94,"endTime":3768.18,"body":"about 10% of people get accepted"},{"speaker":"Andy Hart","startTime":3768.18,"endTime":3771.48,"body":"to go directly authorized, and"},{"speaker":"Andy Hart","startTime":3768.18,"endTime":3771.48,"body":"it's a extremely excruciating"},{"speaker":"Andy Hart","startTime":3771.48,"endTime":3776.1,"body":"process. You fail along the"},{"speaker":"Andy Hart","startTime":3771.48,"endTime":3776.1,"body":"journey, but they don't tell you"},{"speaker":"Andy Hart","startTime":3776.1,"endTime":3778.64,"body":"the reasons why. You then"},{"speaker":"Andy Hart","startTime":3776.1,"endTime":3778.64,"body":"reapply. You find another part"},{"speaker":"Andy Hart","startTime":3778.64,"endTime":3781.04,"body":"that don't tell the reasons why."},{"speaker":"Andy Hart","startTime":3778.64,"endTime":3781.04,"body":"It can be quite messy, but"},{"speaker":"Andy Hart","startTime":3781.04,"endTime":3783.44,"body":"simply bids, that article I"},{"speaker":"Andy Hart","startTime":3781.04,"endTime":3783.44,"body":"shared that we may be able to"},{"speaker":"Andy Hart","startTime":3783.44,"endTime":3785.9,"body":"share in the show notes, simply"},{"speaker":"Andy Hart","startTime":3783.44,"endTime":3785.9,"body":"bids, said that out of the"},{"speaker":"Andy Hart","startTime":3785.9,"endTime":3788.9,"body":"people, they hold their hands"},{"speaker":"Andy Hart","startTime":3785.9,"endTime":3788.9,"body":"still to become directly"},{"speaker":"Andy Hart","startTime":3788.9,"endTime":3794.54,"body":"authorized, that they've got a"},{"speaker":"Andy Hart","startTime":3788.9,"endTime":3794.54,"body":"hit rate of 90% so if people are"},{"speaker":"Andy Hart","startTime":3794.54,"endTime":3797.74,"body":"thinking about going directly"},{"speaker":"Andy Hart","startTime":3794.54,"endTime":3797.74,"body":"authorized, then it still is a"},{"speaker":"Andy Hart","startTime":3798.1,"endTime":3801.3399999999997,"body":"valuable option to pursue via"},{"speaker":"Andy Hart","startTime":3798.1,"endTime":3801.3399999999997,"body":"simply biz, because obviously"},{"speaker":"Andy Hart","startTime":3801.3399999999997,"endTime":3804.58,"body":"they've been there, done it with"},{"speaker":"Andy Hart","startTime":3801.3399999999997,"endTime":3804.58,"body":"hundreds, maybe 1000s of firms."},{"speaker":"Andy Hart","startTime":3805.06,"endTime":3808.42,"body":"My final other point is I hear"},{"speaker":"Andy Hart","startTime":3805.06,"endTime":3808.42,"body":"very good things about cats. So"},{"speaker":"Andy Hart","startTime":3808.42,"endTime":3812.02,"body":"if I was to switch my compliance"},{"speaker":"Andy Hart","startTime":3808.42,"endTime":3812.02,"body":"services company, or whatever"},{"speaker":"Andy Hart","startTime":3812.02,"endTime":3815.08,"body":"you call it CSS, I'd consider to"},{"speaker":"Andy Hart","startTime":3812.02,"endTime":3815.08,"body":"go to cats. I know loads of"},{"speaker":"Andy Hart","startTime":3815.08,"endTime":3817.68,"body":"firms that use them. I know the"},{"speaker":"Andy Hart","startTime":3815.08,"endTime":3817.68,"body":"founders quite well. Verve is"},{"speaker":"Andy Hart","startTime":3817.68,"endTime":3820.62,"body":"another one that we spoke about"},{"speaker":"Andy Hart","startTime":3817.68,"endTime":3820.62,"body":"quite a lot. And then obviously"},{"speaker":"Andy Hart","startTime":3820.62,"endTime":3824.1,"body":"we we've got 360 which I think"},{"speaker":"Andy Hart","startTime":3820.62,"endTime":3824.1,"body":"Alan, you're maybe part of 360"},{"speaker":"Andy Hart","startTime":3824.58,"endTime":3828.66,"body":"and simply biz now owned by the"},{"speaker":"Andy Hart","startTime":3824.58,"endTime":3828.66,"body":"same company, fintel, I'm pretty"},{"speaker":"Andy Hart","startTime":3828.66,"endTime":3831.24,"body":"sure that's correct. So they've"},{"speaker":"Andy Hart","startTime":3828.66,"endTime":3831.24,"body":"had a bit of a roll up in that,"},{"speaker":"Andy Hart","startTime":3831.24,"endTime":3834.48,"body":"in that space. And my final"},{"speaker":"Andy Hart","startTime":3831.24,"endTime":3834.48,"body":"point about simply biz is, yeah,"},{"speaker":"Andy Hart","startTime":3834.48,"endTime":3837.3199999999997,"body":"they are owned by fintell Now,"},{"speaker":"Andy Hart","startTime":3834.48,"endTime":3837.3199999999997,"body":"which is a public company very"},{"speaker":"Andy Hart","startTime":3837.3199999999997,"endTime":3843.8599999999997,"body":"keen on growth, so maybe fees on"},{"speaker":"Andy Hart","startTime":3837.3199999999997,"endTime":3843.8599999999997,"body":"the rise is the direction"},{"speaker":"Andy Hart","startTime":3843.8599999999997,"endTime":3845.6,"body":"they're heading. Who's now"},{"speaker":"Unknown","startTime":3845.6,"endTime":3848.2999999999997,"body":"you've taken, I've"},{"speaker":"Unknown","startTime":3845.6,"endTime":3848.2999999999997,"body":"taken most of my points anyway,"},{"speaker":"Unknown","startTime":3848.2999999999997,"endTime":3851.18,"body":"I think that that was that to"},{"speaker":"Unknown","startTime":3848.2999999999997,"endTime":3851.18,"body":"me, that that to me, was"},{"speaker":"Unknown","startTime":3851.18,"endTime":3854.6,"body":"standard stand quite important"},{"speaker":"Unknown","startTime":3851.18,"endTime":3854.6,"body":"in that this is a classic model,"},{"speaker":"Unknown","startTime":3854.6,"endTime":3858.46,"body":"isn't you do a roll up a FinTech"},{"speaker":"Unknown","startTime":3854.6,"endTime":3858.46,"body":"who we have spoken about before."},{"speaker":"Unknown","startTime":3858.46,"endTime":3861.04,"body":"Well, you spoke about their, one"},{"speaker":"Unknown","startTime":3858.46,"endTime":3861.04,"body":"of the original person that"},{"speaker":"Unknown","startTime":3861.04,"endTime":3863.38,"body":"founded, I think, simply"},{"speaker":"Unknown","startTime":3861.04,"endTime":3863.38,"body":"because, as when it was called"},{"speaker":"Unknown","startTime":3863.38,"endTime":3864.4,"body":"dBs, who,"},{"speaker":"Unknown","startTime":3865.9,"endTime":3867.94,"body":"yeah, so, Ken,"},{"speaker":"Alan Smith","startTime":3867.94,"endTime":3870.94,"body":"Davey, wish you"},{"speaker":"Alan Smith","startTime":3867.94,"endTime":3870.94,"body":"well. So, Ken, long and happy"},{"speaker":"Alan Smith","startTime":3870.94,"endTime":3874.66,"body":"life. The Yes. So fin tell doing"},{"speaker":"Alan Smith","startTime":3870.94,"endTime":3874.66,"body":"this, roll up, find his comes,"},{"speaker":"Alan Smith","startTime":3875.74,"endTime":3878.14,"body":"and that's what you do. You"},{"speaker":"Alan Smith","startTime":3875.74,"endTime":3878.14,"body":"don't just buy a company. Let it"},{"speaker":"Alan Smith","startTime":3878.14,"endTime":3881.1,"body":"sit what you do. Sit. What you"},{"speaker":"Alan Smith","startTime":3878.14,"endTime":3881.1,"body":"do is you squeeze the juice,"},{"speaker":"Alan Smith","startTime":3881.1,"endTime":3887.2799999999997,"body":"don't you? That's what's that's"},{"speaker":"Alan Smith","startTime":3881.1,"endTime":3887.2799999999997,"body":"Oh, cats, but they, but they did"},{"speaker":"Alan Smith","startTime":3887.2799999999997,"endTime":3892.2599999999998,"body":"acquire 360 who we use, and have"},{"speaker":"Alan Smith","startTime":3887.2799999999997,"endTime":3892.2599999999998,"body":"used for many years, 360"},{"speaker":"Alan Smith","startTime":3892.62,"endTime":3895.02,"body":"historically, they're an"},{"speaker":"Alan Smith","startTime":3892.62,"endTime":3895.02,"body":"independent then they sold, and"},{"speaker":"Alan Smith","startTime":3895.02,"endTime":3897.56,"body":"they were bought by Aberdeen."},{"speaker":"Alan Smith","startTime":3895.02,"endTime":3897.56,"body":"Now they've been sold again to"},{"speaker":"Alan Smith","startTime":3897.56,"endTime":3898.1,"body":"pintel."},{"speaker":"Unknown","startTime":3899.9,"endTime":3902.3599999999997,"body":"It is. It's just a"},{"speaker":"Unknown","startTime":3899.9,"endTime":3902.3599999999997,"body":"changing shape. And of course,"},{"speaker":"Unknown","startTime":3902.42,"endTime":3905.6,"body":"the great thing about kind of"},{"speaker":"Unknown","startTime":3902.42,"endTime":3905.6,"body":"free markets is that people"},{"speaker":"Unknown","startTime":3905.6,"endTime":3908.12,"body":"don't like it and don't value"},{"speaker":"Unknown","startTime":3905.6,"endTime":3908.12,"body":"it. They no longer pay and they"},{"speaker":"Unknown","startTime":3908.12,"endTime":3910.58,"body":"give notice. And that's clearly"},{"speaker":"Unknown","startTime":3908.12,"endTime":3910.58,"body":"what's happening. Looking at the"},{"speaker":"Unknown","startTime":3910.58,"endTime":3914.18,"body":"email group, Nick us, quite a"},{"speaker":"Unknown","startTime":3910.58,"endTime":3914.18,"body":"lot of people are exiting and"},{"speaker":"Unknown","startTime":3914.18,"endTime":3914.48,"body":"looking"},{"speaker":"Nick Lincoln","startTime":3915.8599999999997,"endTime":3918.04,"body":"so just coming on"},{"speaker":"Nick Lincoln","startTime":3915.8599999999997,"endTime":3918.04,"body":"that on your phone there, and in"},{"speaker":"Nick Lincoln","startTime":3918.04,"endTime":3920.44,"body":"that email chain, there's one"},{"speaker":"Nick Lincoln","startTime":3918.04,"endTime":3920.44,"body":"guy who, every six months, gives"},{"speaker":"Nick Lincoln","startTime":3920.44,"endTime":3923.44,"body":"you notice to simply biz Yeah,"},{"speaker":"Nick Lincoln","startTime":3920.44,"endTime":3923.44,"body":"and raise their prices with him"},{"speaker":"Nick Lincoln","startTime":3923.44,"endTime":3924.2799999999997,"body":"in years, right? But"},{"speaker":"Andy Hart","startTime":3925.7799999999997,"endTime":3930.3399999999997,"body":"that's like, Sky,"},{"speaker":"Andy Hart","startTime":3925.7799999999997,"endTime":3930.3399999999997,"body":"isn't it? Just"},{"speaker":"Alan Smith","startTime":3931.8399999999997,"endTime":3934.6,"body":"gaming the system,"},{"speaker":"Alan Smith","startTime":3931.8399999999997,"endTime":3934.6,"body":"isn't it? It's nuts,"},{"speaker":"Unknown","startTime":3936.22,"endTime":3941.58,"body":"yeah? But you're you're"},{"speaker":"Unknown","startTime":3936.22,"endTime":3941.58,"body":"right. We've know a few, and one"},{"speaker":"Unknown","startTime":3941.58,"endTime":3945.42,"body":"in particular that I've met"},{"speaker":"Unknown","startTime":3941.58,"endTime":3945.42,"body":"recently top, top, top people"},{"speaker":"Unknown","startTime":3945.42,"endTime":3949.2599999999998,"body":"and firm who tried applied for"},{"speaker":"Unknown","startTime":3945.42,"endTime":3949.2599999999998,"body":"direct authorization. You get"},{"speaker":"Unknown","startTime":3949.2599999999998,"endTime":3952.7999999999997,"body":"interviewed by the FCA, you need"},{"speaker":"Unknown","startTime":3949.2599999999998,"endTime":3952.7999999999997,"body":"to know your onions about things"},{"speaker":"Unknown","startTime":3952.7999999999997,"endTime":3955.5,"body":"like senior managers, regime,"},{"speaker":"Unknown","startTime":3952.7999999999997,"endTime":3955.5,"body":"really deep in the weeds kind of"},{"speaker":"Unknown","startTime":3955.5,"endTime":3958.64,"body":"stuff about this. And it's quite"},{"speaker":"Unknown","startTime":3955.5,"endTime":3958.64,"body":"tricky to know that. So as you"},{"speaker":"Unknown","startTime":3958.64,"endTime":3962.24,"body":"say, I'm not surprised at those"},{"speaker":"Unknown","startTime":3958.64,"endTime":3962.24,"body":"numbers, if 90% get rejected. So"},{"speaker":"Unknown","startTime":3962.24,"endTime":3965.18,"body":"therefore, well, there's two"},{"speaker":"Unknown","startTime":3962.24,"endTime":3965.18,"body":"things. One is a network, and"},{"speaker":"Unknown","startTime":3965.18,"endTime":3967.58,"body":"then it's compliance. You know,"},{"speaker":"Unknown","startTime":3965.18,"endTime":3967.58,"body":"I guess if you join a network,"},{"speaker":"Unknown","startTime":3967.58,"endTime":3971.24,"body":"you get all that bundled in. And"},{"speaker":"Unknown","startTime":3967.58,"endTime":3971.24,"body":"if you go, if you are da, you go"},{"speaker":"Unknown","startTime":3971.24,"endTime":3974.3599999999997,"body":"to you generally need, like, we"},{"speaker":"Unknown","startTime":3971.24,"endTime":3974.3599999999997,"body":"have some sort of compliance"},{"speaker":"Unknown","startTime":3974.3599999999997,"endTime":3979.7799999999997,"body":"support services. I would. Say"},{"speaker":"Unknown","startTime":3974.3599999999997,"endTime":3979.7799999999997,"body":"in my so we've just used 360 as"},{"speaker":"Unknown","startTime":3979.7799999999997,"endTime":3983.44,"body":"I said for years. We're okay."},{"speaker":"Unknown","startTime":3979.7799999999997,"endTime":3983.44,"body":"We're absolutely okay. We run a"},{"speaker":"Unknown","startTime":3983.44,"endTime":3985.8399999999997,"body":"pretty Shireen in particular, in"},{"speaker":"Unknown","startTime":3983.44,"endTime":3985.8399999999997,"body":"the team, run a very tight ship"},{"speaker":"Unknown","startTime":3985.8399999999997,"endTime":3988.7799999999997,"body":"around compliance and reporting"},{"speaker":"Unknown","startTime":3985.8399999999997,"endTime":3988.7799999999997,"body":"regulatory stuff. But it's quite"},{"speaker":"Unknown","startTime":3988.7799999999997,"endTime":3992.92,"body":"useful to have sort of an"},{"speaker":"Unknown","startTime":3988.7799999999997,"endTime":3992.92,"body":"independent third party. What I"},{"speaker":"Unknown","startTime":3992.98,"endTime":3996.22,"body":"also know, because I still have"},{"speaker":"Unknown","startTime":3992.98,"endTime":3996.22,"body":"to keep up to date with all the"},{"speaker":"Unknown","startTime":3997.2999999999997,"endTime":4002.6,"body":"kind of the regulatory rules and"},{"speaker":"Unknown","startTime":3997.2999999999997,"endTime":4002.6,"body":"360 provide online testing and"},{"speaker":"Unknown","startTime":4002.6,"endTime":4005.3599999999997,"body":"all that stuff just in one sort"},{"speaker":"Unknown","startTime":4002.6,"endTime":4005.3599999999997,"body":"of Sims. Yeah, simplify. It's"},{"speaker":"Unknown","startTime":4005.3599999999997,"endTime":4007.64,"body":"just, if you have to do that"},{"speaker":"Unknown","startTime":4005.3599999999997,"endTime":4007.64,"body":"yourself or create your own"},{"speaker":"Unknown","startTime":4007.64,"endTime":4010.64,"body":"model, it would be, it'd be"},{"speaker":"Unknown","startTime":4007.64,"endTime":4010.64,"body":"disaster. So it is absolutely"},{"speaker":"Unknown","startTime":4010.7,"endTime":4014.6,"body":"useful. The one name that was"},{"speaker":"Unknown","startTime":4010.7,"endTime":4014.6,"body":"new to me for the firms, because"},{"speaker":"Unknown","startTime":4014.8399999999997,"endTime":4018.94,"body":"we all know I've taken loads of"},{"speaker":"Unknown","startTime":4014.8399999999997,"endTime":4018.94,"body":"calls from advisors, maybe"},{"speaker":"Unknown","startTime":4019.24,"endTime":4021.88,"body":"leaving bigger companies looking"},{"speaker":"Unknown","startTime":4019.24,"endTime":4021.88,"body":"to set up by themselves. They've"},{"speaker":"Unknown","startTime":4021.88,"endTime":4025.7799999999997,"body":"got that option. Do I go da? Do"},{"speaker":"Unknown","startTime":4021.88,"endTime":4025.7799999999997,"body":"I get support from a network?"},{"speaker":"Unknown","startTime":4025.8399999999997,"endTime":4029.68,"body":"If, if the latter, then who do I"},{"speaker":"Unknown","startTime":4025.8399999999997,"endTime":4029.68,"body":"use? But a name that we heard"},{"speaker":"Unknown","startTime":4029.68,"endTime":4032.08,"body":"recently, I think you guys were"},{"speaker":"Unknown","startTime":4029.68,"endTime":4032.08,"body":"in the conversation was New"},{"speaker":"Unknown","startTime":4032.14,"endTime":4035.8599999999997,"body":"Leaf, or they've never heard of"},{"speaker":"Unknown","startTime":4032.14,"endTime":4035.8599999999997,"body":"them before. Yeah, so someone"},{"speaker":"Unknown","startTime":4035.8599999999997,"endTime":4038.7599999999998,"body":"who'd done a lot of research,"},{"speaker":"Unknown","startTime":4035.8599999999997,"endTime":4038.7599999999998,"body":"and again, you know, do your own"},{"speaker":"Unknown","startTime":4038.7599999999998,"endTime":4043.14,"body":"research. I have no clue, no"},{"speaker":"Unknown","startTime":4038.7599999999998,"endTime":4043.14,"body":"idea, but, you know, there's a"},{"speaker":"Unknown","startTime":4043.14,"endTime":4046.2,"body":"range, obviously, of all these"},{"speaker":"Unknown","startTime":4043.14,"endTime":4046.2,"body":"actual networks you join, which"},{"speaker":"Unknown","startTime":4046.2,"endTime":4048.66,"body":"is, again, slightly, slightly"},{"speaker":"Unknown","startTime":4046.2,"endTime":4048.66,"body":"separate from compliance"},{"speaker":"Unknown","startTime":4048.66,"endTime":4053.1,"body":"support, like cats and yeah. So"},{"speaker":"Unknown","startTime":4048.66,"endTime":4053.1,"body":"they're probably work worth"},{"speaker":"Unknown","startTime":4053.1,"endTime":4056.04,"body":"putting on your list if you're"},{"speaker":"Unknown","startTime":4053.1,"endTime":4056.04,"body":"doing some research. New Leaf,"},{"speaker":"Unknown","startTime":4056.8199999999997,"endTime":4057.38,"body":"just the"},{"speaker":"Andy Hart","startTime":4058.46,"endTime":4063.14,"body":"other two to mention"},{"speaker":"Andy Hart","startTime":4058.46,"endTime":4063.14,"body":"that I know quite a few advisors"},{"speaker":"Andy Hart","startTime":4063.2,"endTime":4067.3399999999997,"body":"use them sense, and then the"},{"speaker":"Andy Hart","startTime":4063.2,"endTime":4067.3399999999997,"body":"other one is valid path. I"},{"speaker":"Andy Hart","startTime":4067.3399999999997,"endTime":4071.06,"body":"believe valid path. In the space"},{"speaker":"Andy Hart","startTime":4067.3399999999997,"endTime":4071.06,"body":"of like a month, doubled their"},{"speaker":"Andy Hart","startTime":4071.06,"endTime":4074.2999999999997,"body":"business. They were basically"},{"speaker":"Andy Hart","startTime":4071.06,"endTime":4074.2999999999997,"body":"looking after 100 firms and 100"},{"speaker":"Andy Hart","startTime":4074.72,"endTime":4077.3199999999997,"body":"new firms applied. So within"},{"speaker":"Andy Hart","startTime":4074.72,"endTime":4077.3199999999997,"body":"three months, out 200 firms"},{"speaker":"Andy Hart","startTime":4077.3199999999997,"endTime":4082.6,"body":"under their wing, so they are"},{"speaker":"Andy Hart","startTime":4077.3199999999997,"endTime":4082.6,"body":"growing a major clip, because da"},{"speaker":"Andy Hart","startTime":4082.6,"endTime":4088.8399999999997,"body":"must be so hard to to do. So if"},{"speaker":"Andy Hart","startTime":4082.6,"endTime":4088.8399999999997,"body":"I had to go da today, I may or"},{"speaker":"Andy Hart","startTime":4088.8399999999997,"endTime":4092.02,"body":"may not pass the test, so I may"},{"speaker":"Andy Hart","startTime":4088.8399999999997,"endTime":4092.02,"body":"end up having to go with one of"},{"speaker":"Andy Hart","startTime":4092.02,"endTime":4092.5,"body":"those"},{"speaker":"Nick Lincoln","startTime":4092.56,"endTime":4098.22,"body":"works. The stat I"},{"speaker":"Nick Lincoln","startTime":4092.56,"endTime":4098.22,"body":"heard was the FCA translation. I"},{"speaker":"Nick Lincoln","startTime":4098.22,"endTime":4100.92,"body":"mean, that's, yeah, I know. Can"},{"speaker":"Nick Lincoln","startTime":4098.22,"endTime":4100.92,"body":"you imagine roles were reversed,"},{"speaker":"Nick Lincoln","startTime":4100.92,"endTime":4103.14,"body":"you know, treating customers"},{"speaker":"Nick Lincoln","startTime":4100.92,"endTime":4103.14,"body":"fairly, and we said that, well,"},{"speaker":"Nick Lincoln","startTime":4103.14,"endTime":4105.42,"body":"I'll come back to your email"},{"speaker":"Nick Lincoln","startTime":4103.14,"endTime":4105.42,"body":"wanting money out your pension"},{"speaker":"Nick Lincoln","startTime":4105.42,"endTime":4108.96,"body":"in three months time. Though, I"},{"speaker":"Nick Lincoln","startTime":4105.42,"endTime":4108.96,"body":"think I might have been a bit of"},{"speaker":"Nick Lincoln","startTime":4108.96,"endTime":4114.54,"body":"trouble. You mentioned 162 I"},{"speaker":"Nick Lincoln","startTime":4108.96,"endTime":4114.54,"body":"left simply biz because you said"},{"speaker":"Nick Lincoln","startTime":4114.54,"endTime":4115.26,"body":"he called him 160"},{"speaker":"Andy Hart","startTime":4116.52,"endTime":4120.5,"body":"go on. Stop"},{"speaker":"Andy Hart","startTime":4116.52,"endTime":4120.5,"body":"interrupting, whatever. Stop"},{"speaker":"Andy Hart","startTime":4120.5,"endTime":4121.1,"body":"interrupting."},{"speaker":"Nick Lincoln","startTime":4122.42,"endTime":4126.68,"body":"I left simply biz."},{"speaker":"Nick Lincoln","startTime":4122.42,"endTime":4126.68,"body":"And I was nervous about the fact"},{"speaker":"Nick Lincoln","startTime":4126.68,"endTime":4129.26,"body":"I'd be losing kind of this great"},{"speaker":"Nick Lincoln","startTime":4126.68,"endTime":4129.26,"body":"big support thing. But actually,"},{"speaker":"Nick Lincoln","startTime":4129.8,"endTime":4132.02,"body":"you can, if you're a one man"},{"speaker":"Nick Lincoln","startTime":4129.8,"endTime":4132.02,"body":"band, you can do the RM AI by"},{"speaker":"Nick Lincoln","startTime":4132.02,"endTime":4134.18,"body":"yourself. You don't need help."},{"speaker":"Nick Lincoln","startTime":4132.02,"endTime":4134.18,"body":"It's not that, once you've"},{"speaker":"Nick Lincoln","startTime":4134.18,"endTime":4136.96,"body":"realized how stupid it is and"},{"speaker":"Nick Lincoln","startTime":4134.18,"endTime":4136.96,"body":"when stupid bits are, you can"},{"speaker":"Nick Lincoln","startTime":4137.02,"endTime":4137.68,"body":"link the stupid"},{"speaker":"Andy Hart","startTime":4137.68,"endTime":4139.84,"body":"bits together. Sorry."},{"speaker":"Andy Hart","startTime":4137.68,"endTime":4139.84,"body":"Nick, Reg data, I know it's just"},{"speaker":"Andy Hart","startTime":4139.84,"endTime":4141.88,"body":"a Yeah, CIS,"},{"speaker":"Nick Lincoln","startTime":4141.88,"endTime":4144.58,"body":"I or the PFS will"},{"speaker":"Nick Lincoln","startTime":4141.88,"endTime":4144.58,"body":"have all the learning modules to"},{"speaker":"Nick Lincoln","startTime":4144.58,"endTime":4146.9800000000005,"body":"do your you don't need, you"},{"speaker":"Nick Lincoln","startTime":4144.58,"endTime":4146.9800000000005,"body":"don't need a compliance network"},{"speaker":"Nick Lincoln","startTime":4146.9800000000005,"endTime":4149.56,"body":"or client support provider to"},{"speaker":"Nick Lincoln","startTime":4146.9800000000005,"endTime":4149.56,"body":"give you that you can do that on"},{"speaker":"Nick Lincoln","startTime":4149.56,"endTime":4152.32,"body":"your own. And I just wanted a"},{"speaker":"Nick Lincoln","startTime":4149.56,"endTime":4152.32,"body":"lean, mean compliance machine"},{"speaker":"Nick Lincoln","startTime":4152.32,"endTime":4154.54,"body":"that would come in and audit me"},{"speaker":"Nick Lincoln","startTime":4152.32,"endTime":4154.54,"body":"once a year and then give me"},{"speaker":"Nick Lincoln","startTime":4154.54,"endTime":4156.7,"body":"updates through the year. And"},{"speaker":"Nick Lincoln","startTime":4154.54,"endTime":4156.7,"body":"that's exactly what I've got"},{"speaker":"Nick Lincoln","startTime":4156.7,"endTime":4159.1,"body":"with the compliance department"},{"speaker":"Nick Lincoln","startTime":4156.7,"endTime":4159.1,"body":"at a fraction of the cost."},{"speaker":"Nick Lincoln","startTime":4159.1,"endTime":4162.36,"body":"Department at a fraction of the"},{"speaker":"Nick Lincoln","startTime":4159.1,"endTime":4162.36,"body":"cost. So, Andrew, you're busy."},{"speaker":"Nick Lincoln","startTime":4162.36,"endTime":4164.58,"body":"You've got lots going on, you"},{"speaker":"Nick Lincoln","startTime":4162.36,"endTime":4164.58,"body":"know, you've got, you're selling"},{"speaker":"Nick Lincoln","startTime":4164.58,"endTime":4167.88,"body":"your software and stuff like"},{"speaker":"Nick Lincoln","startTime":4164.58,"endTime":4167.88,"body":"that. So you're stasis for you"},{"speaker":"Nick Lincoln","startTime":4167.88,"endTime":4172.2,"body":"with simply biz. It's not a"},{"speaker":"Nick Lincoln","startTime":4167.88,"endTime":4172.2,"body":"software time"},{"speaker":"Alan Smith","startTime":4172.26,"endTime":4174.18,"body":"I would down the"},{"speaker":"Alan Smith","startTime":4172.26,"endTime":4174.18,"body":"country."},{"speaker":"Nick Lincoln","startTime":4175.5,"endTime":4177.08,"body":"Oh, sorry, you've"},{"speaker":"Nick Lincoln","startTime":4175.5,"endTime":4177.08,"body":"changed the technology. I"},{"speaker":"Nick Lincoln","startTime":4177.08,"endTime":4179.18,"body":"thought it was a software"},{"speaker":"Nick Lincoln","startTime":4177.08,"endTime":4179.18,"body":"salesman that was your"},{"speaker":"Nick Lincoln","startTime":4179.18,"endTime":4180.86,"body":"technology, just whatever."},{"speaker":"Carl Widger","startTime":4181.699,"endTime":4185.299,"body":"I love, the little"},{"speaker":"Carl Widger","startTime":4181.699,"endTime":4185.299,"body":"needles going in. Yeah, it's not"},{"speaker":"Carl Widger","startTime":4185.3589999999995,"endTime":4189.199,"body":"that. It's not the same here."},{"speaker":"Carl Widger","startTime":4185.3589999999995,"endTime":4189.199,"body":"There are no simply business are"},{"speaker":"Carl Widger","startTime":4189.259,"endTime":4193.699,"body":"verve, or any of those. The"},{"speaker":"Carl Widger","startTime":4189.259,"endTime":4193.699,"body":"market here, I think, has a"},{"speaker":"Carl Widger","startTime":4193.699,"endTime":4199.839,"body":"couple of kind of consultants"},{"speaker":"Carl Widger","startTime":4193.699,"endTime":4199.839,"body":"who do this, but, but not"},{"speaker":"Carl Widger","startTime":4199.839,"endTime":4204.219,"body":"absolutely tons when, when we"},{"speaker":"Carl Widger","startTime":4199.839,"endTime":4204.219,"body":"set up, when I set out my own, I"},{"speaker":"Carl Widger","startTime":4204.219,"endTime":4208.899,"body":"employed Evelyn Hanrahan of"},{"speaker":"Carl Widger","startTime":4204.219,"endTime":4208.899,"body":"compliance, governance and"},{"speaker":"Carl Widger","startTime":4208.899,"endTime":4213.039,"body":"training, and she went through"},{"speaker":"Carl Widger","startTime":4208.899,"endTime":4213.039,"body":"the process with me, and I know"},{"speaker":"Carl Widger","startTime":4213.039,"endTime":4217.379,"body":"she's still doing that very"},{"speaker":"Carl Widger","startTime":4213.039,"endTime":4217.379,"body":"successfully. And and Evelyn"},{"speaker":"Carl Widger","startTime":4217.379,"endTime":4220.499,"body":"then acted as our kind of a"},{"speaker":"Carl Widger","startTime":4217.379,"endTime":4220.499,"body":"consultant to the business for"},{"speaker":"Carl Widger","startTime":4220.499,"endTime":4224.999,"body":"compliance for several years,"},{"speaker":"Carl Widger","startTime":4220.499,"endTime":4224.999,"body":"until such time as Sinead"},{"speaker":"Carl Widger","startTime":4224.999,"endTime":4228.7789999999995,"body":"Clinton joined, and then Sinead"},{"speaker":"Carl Widger","startTime":4224.999,"endTime":4228.7789999999995,"body":"took over as compliance manager."},{"speaker":"Carl Widger","startTime":4228.7789999999995,"endTime":4232.559,"body":"And what we did then was Evelyn"},{"speaker":"Carl Widger","startTime":4228.7789999999995,"endTime":4232.559,"body":"kind of worked hand in glove, I"},{"speaker":"Carl Widger","startTime":4232.559,"endTime":4236.839,"body":"suppose, with Sinead, and Sinead"},{"speaker":"Carl Widger","startTime":4232.559,"endTime":4236.839,"body":"is now now head of compliance."},{"speaker":"Carl Widger","startTime":4236.839,"endTime":4240.3189999999995,"body":"There are, maybe, you know, if"},{"speaker":"Carl Widger","startTime":4236.839,"endTime":4240.3189999999995,"body":"you want to one off project"},{"speaker":"Carl Widger","startTime":4240.3189999999995,"endTime":4243.379,"body":"works, there's kind of legal"},{"speaker":"Carl Widger","startTime":4240.3189999999995,"endTime":4243.379,"body":"firms who will do that for you."},{"speaker":"Carl Widger","startTime":4243.379,"endTime":4248.419,"body":"But there's there. There are no"},{"speaker":"Carl Widger","startTime":4243.379,"endTime":4248.419,"body":"firms in Ireland like simplybiz"},{"speaker":"Carl Widger","startTime":4248.539,"endTime":4253.219,"body":"brokers Ireland would kind of"},{"speaker":"Carl Widger","startTime":4248.539,"endTime":4253.219,"body":"represent a large portion of the"},{"speaker":"Carl Widger","startTime":4253.2789999999995,"endTime":4256.339,"body":"broker market here, and they"},{"speaker":"Carl Widger","startTime":4253.2789999999995,"endTime":4256.339,"body":"would give some compliance"},{"speaker":"Carl Widger","startTime":4256.339,"endTime":4259.899,"body":"support, but, but not like"},{"speaker":"Carl Widger","startTime":4256.339,"endTime":4259.899,"body":"simply business. You guys are"},{"speaker":"Carl Widger","startTime":4259.899,"endTime":4261.699,"body":"describing it. I think. Nick,"},{"speaker":"Nick Lincoln","startTime":4262.239,"endTime":4264.939,"body":"okay, so, but"},{"speaker":"Nick Lincoln","startTime":4262.239,"endTime":4264.939,"body":"you're already Metis. Norway is"},{"speaker":"Nick Lincoln","startTime":4264.999,"endTime":4267.759,"body":"quite a big organization. What"},{"speaker":"Nick Lincoln","startTime":4264.999,"endTime":4267.759,"body":"about the one man in Ireland?"},{"speaker":"Nick Lincoln","startTime":4267.759,"endTime":4269.979,"body":"How do they get, how do they"},{"speaker":"Nick Lincoln","startTime":4267.759,"endTime":4269.979,"body":"complete? How do they get their"},{"speaker":"Nick Lincoln","startTime":4270.039,"endTime":4273.339,"body":"compliance information? They"},{"speaker":"Nick Lincoln","startTime":4270.039,"endTime":4273.339,"body":"just digest what the regulator"},{"speaker":"Nick Lincoln","startTime":4273.339,"endTime":4275.8589999999995,"body":"throws at them and then make"},{"speaker":"Nick Lincoln","startTime":4273.339,"endTime":4275.8589999999995,"body":"sure they adapt to it, because"},{"speaker":"Nick Lincoln","startTime":4275.8589999999995,"endTime":4279.839,"body":"it. Here. It's just like, the"},{"speaker":"Nick Lincoln","startTime":4275.8589999999995,"endTime":4279.839,"body":"rule book is like, 10,000 pages"},{"speaker":"Nick Lincoln","startTime":4279.839,"endTime":4281.219,"body":"long. It's just like, no chance,"},{"speaker":"Andy Hart","startTime":4281.22,"endTime":4283.74,"body":"yeah. Is there a lot"},{"speaker":"Andy Hart","startTime":4281.22,"endTime":4283.74,"body":"of solo advisors in Ireland?"},{"speaker":"Andy Hart","startTime":4283.74,"endTime":4286.44,"body":"Carl, like, is it hazard? A"},{"speaker":"Andy Hart","startTime":4283.74,"endTime":4286.44,"body":"guessing percentage? What would"},{"speaker":"Andy Hart","startTime":4286.44,"endTime":4286.5599999999995,"body":"you"},{"speaker":"Carl Widger","startTime":4286.62,"endTime":4289.08,"body":"so you could be"},{"speaker":"Carl Widger","startTime":4286.62,"endTime":4289.08,"body":"hitting the nail on the head"},{"speaker":"Carl Widger","startTime":4289.08,"endTime":4295.32,"body":"here? Yes, there are way too"},{"speaker":"Carl Widger","startTime":4289.08,"endTime":4295.32,"body":"many. I would say, how they all"},{"speaker":"Carl Widger","startTime":4295.32,"endTime":4300.98,"body":"comply with the regulations that"},{"speaker":"Carl Widger","startTime":4295.32,"endTime":4300.98,"body":"we comply with is hard to"},{"speaker":"Carl Widger","startTime":4300.98,"endTime":4304.88,"body":"fathom, but they must just work"},{"speaker":"Carl Widger","startTime":4300.98,"endTime":4304.88,"body":"a lot of hours and evenings that"},{"speaker":"Carl Widger","startTime":4304.88,"endTime":4305.48,"body":"kind of stuff,"},{"speaker":"Unknown","startTime":4308.24,"endTime":4310.04,"body":"winning the pop pop pop"},{"speaker":"Unknown","startTime":4308.24,"endTime":4310.04,"body":"I've"},{"speaker":"Nick Lincoln","startTime":4311.899,"endTime":4314.7789999999995,"body":"ever stopped"},{"speaker":"Nick Lincoln","startTime":4311.899,"endTime":4314.7789999999995,"body":"broken man."},{"speaker":"Carl Widger","startTime":4317.3589999999995,"endTime":4319.419,"body":"Honestly, there's a"},{"speaker":"Carl Widger","startTime":4317.3589999999995,"endTime":4319.419,"body":"lot I could say, and I'm not"},{"speaker":"Carl Widger","startTime":4319.419,"endTime":4322.419,"body":"going to say because I just kept"},{"speaker":"Carl Widger","startTime":4319.419,"endTime":4322.419,"body":"myself in too much trouble. But"},{"speaker":"Carl Widger","startTime":4322.419,"endTime":4322.959,"body":"it's"},{"speaker":"Andy Hart","startTime":4323.86,"endTime":4325.24,"body":"keep talking. Keep"},{"speaker":"Andy Hart","startTime":4323.86,"endTime":4325.24,"body":"talking."},{"speaker":"Carl Widger","startTime":4325.599,"endTime":4328.959,"body":"I just I saw one of"},{"speaker":"Carl Widger","startTime":4325.599,"endTime":4328.959,"body":"the questions that we're going"},{"speaker":"Carl Widger","startTime":4328.959,"endTime":4332.439,"body":"to address shortly, and I got"},{"speaker":"Carl Widger","startTime":4328.959,"endTime":4332.439,"body":"myself in enough trouble with"},{"speaker":"Andy Hart","startTime":4332.68,"endTime":4335.0199999999995,"body":"the Google Search"},{"speaker":"Andy Hart","startTime":4332.68,"endTime":4335.0199999999995,"body":"car. I found the compliance"},{"speaker":"Andy Hart","startTime":4335.0199999999995,"endTime":4339.24,"body":"consultants.ie they look like"},{"speaker":"Andy Hart","startTime":4335.0199999999995,"endTime":4339.24,"body":"they do something like this."},{"speaker":"Andy Hart","startTime":4339.3,"endTime":4342.78,"body":"Paula Downey, founder of"},{"speaker":"Andy Hart","startTime":4339.3,"endTime":4342.78,"body":"compliance consultants Anyway,"},{"speaker":"Andy Hart","startTime":4342.84,"endTime":4343.08,"body":"okay,"},{"speaker":"Carl Widger","startTime":4343.08,"endTime":4346.44,"body":"yeah, I know she's"},{"speaker":"Carl Widger","startTime":4343.08,"endTime":4346.44,"body":"very well regarded. I would say"},{"speaker":"Carl Widger","startTime":4346.44,"endTime":4349.62,"body":"my only experiences with Evelyn,"},{"speaker":"Carl Widger","startTime":4346.44,"endTime":4349.62,"body":"and I thought she was fantastic."},{"speaker":"Carl Widger","startTime":4349.62,"endTime":4353.04,"body":"So compliance, governance and"},{"speaker":"Carl Widger","startTime":4349.62,"endTime":4353.04,"body":"training, I would say, is that"},{"speaker":"Carl Widger","startTime":4353.16,"endTime":4356.22,"body":"is my only experience. So that's"},{"speaker":"Carl Widger","startTime":4353.16,"endTime":4356.22,"body":"all I can tell you. But I know"},{"speaker":"Carl Widger","startTime":4356.22,"endTime":4358.58,"body":"there are, there are other"},{"speaker":"Carl Widger","startTime":4356.22,"endTime":4358.58,"body":"consultants out there. I don't"},{"speaker":"Carl Widger","startTime":4358.58,"endTime":4361.5199999999995,"body":"know about that first one that"},{"speaker":"Carl Widger","startTime":4358.58,"endTime":4361.5199999999995,"body":"you called out, but I'm going to"},{"speaker":"Carl Widger","startTime":4361.5199999999995,"endTime":4365.72,"body":"guess that that's probably a one"},{"speaker":"Carl Widger","startTime":4361.5199999999995,"endTime":4365.72,"body":"or two man show of some"},{"speaker":"Carl Widger","startTime":4365.72,"endTime":4367.16,"body":"discussion, which is fine,"},{"speaker":"Andy Hart","startTime":4368.599,"endTime":4370.399,"body":"it's a big thing"},{"speaker":"Andy Hart","startTime":4368.599,"endTime":4370.399,"body":"here. Big thing here. Yeah,"},{"speaker":"Andy Hart","startTime":4370.399,"endTime":4373.579,"body":"simply biz. Look after about"},{"speaker":"Andy Hart","startTime":4370.399,"endTime":4373.579,"body":"3000 firms in some capacity, I"},{"speaker":"Andy Hart","startTime":4373.579,"endTime":4375.259,"body":"believe. But again, I don't know"},{"speaker":"Andy Hart","startTime":4373.579,"endTime":4375.259,"body":"how many."},{"speaker":"Carl Widger","startTime":4375.44,"endTime":4377.92,"body":"Yeah, they increase"},{"speaker":"Carl Widger","startTime":4375.44,"endTime":4377.92,"body":"their prices by 15% and they"},{"speaker":"Carl Widger","startTime":4377.92,"endTime":4382.66,"body":"might, like 3% of their their"},{"speaker":"Carl Widger","startTime":4377.92,"endTime":4382.66,"body":"clients. It makes no difference."},{"speaker":"Carl Widger","startTime":4382.72,"endTime":4384.94,"body":"They've done the maths on this."},{"speaker":"Carl Widger","startTime":4382.72,"endTime":4384.94,"body":"This, oh, cool, you know, yeah."},{"speaker":"Carl Widger","startTime":4384.94,"endTime":4385.12,"body":"And"},{"speaker":"Andy Hart","startTime":4385.12,"endTime":4387.16,"body":"if a few people ring"},{"speaker":"Andy Hart","startTime":4385.12,"endTime":4387.16,"body":"up and kick and scream, then"},{"speaker":"Andy Hart","startTime":4387.16,"endTime":4389.14,"body":"they'll just, you know, make it."},{"speaker":"Andy Hart","startTime":4387.16,"endTime":4389.14,"body":"I think"},{"speaker":"Nick Lincoln","startTime":4389.14,"endTime":4391.3,"body":"a lot of it is, is"},{"speaker":"Nick Lincoln","startTime":4389.14,"endTime":4391.3,"body":"lethargy, you know. And people"},{"speaker":"Nick Lincoln","startTime":4391.3,"endTime":4393.58,"body":"just, they know, they know what"},{"speaker":"Nick Lincoln","startTime":4391.3,"endTime":4393.58,"body":"they know, and they're scared to"},{"speaker":"Nick Lincoln","startTime":4393.58,"endTime":4396.76,"body":"leave the embrace of their"},{"speaker":"Nick Lincoln","startTime":4393.58,"endTime":4396.76,"body":"current CSS. I can't"},{"speaker":"Carl Widger","startTime":4397.12,"endTime":4399.0,"body":"imagine how much"},{"speaker":"Carl Widger","startTime":4397.12,"endTime":4399.0,"body":"hassle it will be if you've"},{"speaker":"Carl Widger","startTime":4399.0599999999995,"endTime":4403.38,"body":"outsourced this and to change"},{"speaker":"Carl Widger","startTime":4399.0599999999995,"endTime":4403.38,"body":"your provider. But Jesus, life's"},{"speaker":"Carl Widger","startTime":4403.38,"endTime":4404.04,"body":"way too short. I"},{"speaker":"Andy Hart","startTime":4404.04,"endTime":4407.88,"body":"mean, I've been with"},{"speaker":"Andy Hart","startTime":4404.04,"endTime":4407.88,"body":"them since 2017 I had the same"},{"speaker":"Andy Hart","startTime":4407.88,"endTime":4411.18,"body":"person looking after me until"},{"speaker":"Andy Hart","startTime":4407.88,"endTime":4411.18,"body":"just last year. So I've had,"},{"speaker":"Andy Hart","startTime":4411.18,"endTime":4411.96,"body":"I've had my"},{"speaker":"Unknown","startTime":4412.26,"endTime":4416.36,"body":"regular consultant for"},{"speaker":"Unknown","startTime":4412.26,"endTime":4416.36,"body":"the first you know, I think,"},{"speaker":"Unknown","startTime":4416.48,"endTime":4419.36,"body":"anyway, a lot of this as well."},{"speaker":"Unknown","startTime":4416.48,"endTime":4419.36,"body":"Yeah, price is relevant, but"},{"speaker":"Unknown","startTime":4419.36,"endTime":4422.24,"body":"it's not the number one reason"},{"speaker":"Unknown","startTime":4419.36,"endTime":4422.24,"body":"you choose. I think it is"},{"speaker":"Unknown","startTime":4422.24,"endTime":4426.0199999999995,"body":"cultural Nick. So, as you say,"},{"speaker":"Unknown","startTime":4422.24,"endTime":4426.0199999999995,"body":"if you've got a compliance"},{"speaker":"Unknown","startTime":4426.0199999999995,"endTime":4429.14,"body":"company that's really all about,"},{"speaker":"Unknown","startTime":4426.0199999999995,"endTime":4429.14,"body":"you know, helping a broker"},{"speaker":"Unknown","startTime":4429.14,"endTime":4432.0199999999995,"body":"become compliant, how do you"},{"speaker":"Unknown","startTime":4429.14,"endTime":4432.0199999999995,"body":"sell pensions and still tick the"},{"speaker":"Unknown","startTime":4432.0199999999995,"endTime":4435.5,"body":"compliance boxes, versus a more"},{"speaker":"Unknown","startTime":4432.0199999999995,"endTime":4435.5,"body":"consultative relationship? You"},{"speaker":"Unknown","startTime":4435.5,"endTime":4438.28,"body":"know, looking at what's over the"},{"speaker":"Unknown","startTime":4435.5,"endTime":4438.28,"body":"horizon. I think there are, I"},{"speaker":"Unknown","startTime":4438.28,"endTime":4441.7,"body":"think Andy you, you mentioned"},{"speaker":"Unknown","startTime":4438.28,"endTime":4441.7,"body":"cats, which is Mel, Mel Holman,"},{"speaker":"Unknown","startTime":4441.7,"endTime":4442.5999999999995,"body":"who would know, but"},{"speaker":"Alan Smith","startTime":4443.979,"endTime":4446.679,"body":"clients and"},{"speaker":"Alan Smith","startTime":4443.979,"endTime":4446.679,"body":"training, so, yeah, good firms."},{"speaker":"Alan Smith","startTime":4447.459,"endTime":4451.239,"body":"Some people, for example, they"},{"speaker":"Alan Smith","startTime":4447.459,"endTime":4451.239,"body":"use, they used, God, he just"},{"speaker":"Alan Smith","startTime":4451.239,"endTime":4453.939,"body":"didn't take financial planning,"},{"speaker":"Alan Smith","startTime":4451.239,"endTime":4453.939,"body":"simply business and really get"},{"speaker":"Alan Smith","startTime":4453.939,"endTime":4456.839,"body":"financial planning right. He,"},{"speaker":"Alan Smith","startTime":4453.939,"endTime":4456.839,"body":"you know, some people would use,"},{"speaker":"Alan Smith","startTime":4456.899,"endTime":4460.379,"body":"for example, a 360 which is kind"},{"speaker":"Alan Smith","startTime":4456.899,"endTime":4460.379,"body":"of a big institutional type"},{"speaker":"Alan Smith","startTime":4460.379,"endTime":4463.3189999999995,"body":"thing, but you've got big"},{"speaker":"Alan Smith","startTime":4460.379,"endTime":4463.3189999999995,"body":"websites and training programs"},{"speaker":"Alan Smith","startTime":4463.3189999999995,"endTime":4465.419,"body":"and stuff, but they want a bit"},{"speaker":"Alan Smith","startTime":4463.3189999999995,"endTime":4465.419,"body":"more of a, you know, an"},{"speaker":"Alan Smith","startTime":4465.419,"endTime":4468.059,"body":"individual or someone who's come"},{"speaker":"Alan Smith","startTime":4465.419,"endTime":4468.059,"body":"in have a chat about, you know,"},{"speaker":"Alan Smith","startTime":4468.179,"endTime":4470.519,"body":"the business and life so that"},{"speaker":"Alan Smith","startTime":4468.179,"endTime":4470.519,"body":"we'll use, and obviously some"},{"speaker":"Alan Smith","startTime":4470.519,"endTime":4473.039,"body":"people will just use cats by"},{"speaker":"Alan Smith","startTime":4470.519,"endTime":4473.039,"body":"themselves. We haven't. We've"},{"speaker":"Alan Smith","startTime":4473.039,"endTime":4476.899,"body":"sort of spoken with Mel and her"},{"speaker":"Alan Smith","startTime":4473.039,"endTime":4476.899,"body":"team quite a few times, but of"},{"speaker":"Alan Smith","startTime":4476.899,"endTime":4480.079,"body":"all the companies, you just hear"},{"speaker":"Alan Smith","startTime":4476.899,"endTime":4480.079,"body":"general feedback, we I've always"},{"speaker":"Alan Smith","startTime":4480.079,"endTime":4483.679,"body":"heard 100% positive feedback"},{"speaker":"Alan Smith","startTime":4480.079,"endTime":4483.679,"body":"about them. So, you know, do"},{"speaker":"Alan Smith","startTime":4483.679,"endTime":4486.259,"body":"your own research. We give them"},{"speaker":"Alan Smith","startTime":4483.679,"endTime":4486.259,"body":"quite a few names in there based"},{"speaker":"Alan Smith","startTime":4486.259,"endTime":4490.519,"body":"on our anecdotal experience and"},{"speaker":"Alan Smith","startTime":4486.259,"endTime":4490.519,"body":"real life experience. So it, but"},{"speaker":"Alan Smith","startTime":4490.519,"endTime":4493.099,"body":"it's a fast moving game."},{"speaker":"Alan Smith","startTime":4490.519,"endTime":4493.099,"body":"Actually, I think there's more"},{"speaker":"Alan Smith","startTime":4493.099,"endTime":4496.479,"body":"and more new firms. I mean, more"},{"speaker":"Alan Smith","startTime":4493.099,"endTime":4496.479,"body":"more start up. You know, two or"},{"speaker":"Alan Smith","startTime":4496.479,"endTime":4499.179,"body":"three people do one of your"},{"speaker":"Alan Smith","startTime":4496.479,"endTime":4499.179,"body":"advisors going to start my own"},{"speaker":"Alan Smith","startTime":4499.179,"endTime":4502.839,"body":"company? Now the world is"},{"speaker":"Alan Smith","startTime":4499.179,"endTime":4502.839,"body":"changing. The focus on full fat"},{"speaker":"Alan Smith","startTime":4502.839,"endTime":4505.839,"body":"financial planning is becoming"},{"speaker":"Alan Smith","startTime":4502.839,"endTime":4505.839,"body":"more and more important to a"},{"speaker":"Alan Smith","startTime":4505.839,"endTime":4509.3189999999995,"body":"certain group of people. You no"},{"speaker":"Alan Smith","startTime":4505.839,"endTime":4509.3189999999995,"body":"longer want to work for some of"},{"speaker":"Alan Smith","startTime":4509.3189999999995,"endTime":4512.919,"body":"the big discretionary managers"},{"speaker":"Alan Smith","startTime":4509.3189999999995,"endTime":4512.919,"body":"and what have you. So they need"},{"speaker":"Alan Smith","startTime":4513.759,"endTime":4517.439,"body":"a seamless entry into the new"},{"speaker":"Alan Smith","startTime":4513.759,"endTime":4517.439,"body":"into their own firm as possible."},{"speaker":"Alan Smith","startTime":4517.799,"endTime":4520.619,"body":"Da, looks to be a real"},{"speaker":"Alan Smith","startTime":4517.799,"endTime":4520.619,"body":"challenge. So how can you do it?"},{"speaker":"Alan Smith","startTime":4520.619,"endTime":4522.719,"body":"So hopefully we're giving some"},{"speaker":"Alan Smith","startTime":4520.619,"endTime":4522.719,"body":"ideas,"},{"speaker":"Carl Widger","startTime":4523.8,"endTime":4526.98,"body":"bye bye, a buy a"},{"speaker":"Carl Widger","startTime":4523.8,"endTime":4526.98,"body":"firm, bye bye, somebody sure"},{"speaker":"Carl Widger","startTime":4526.98,"endTime":4529.86,"body":"might be an easier way"},{"speaker":"Carl Widger","startTime":4526.98,"endTime":4529.86,"body":"altogether if the failure rate"},{"speaker":"Carl Widger","startTime":4529.98,"endTime":4530.64,"body":"is 90%"},{"speaker":"Andy Hart","startTime":4531.42,"endTime":4534.0599999999995,"body":"just to mention them"},{"speaker":"Andy Hart","startTime":4531.42,"endTime":4534.0599999999995,"body":"again. Verve, you know, we're"},{"speaker":"Andy Hart","startTime":4534.12,"endTime":4537.92,"body":"huge fanboys of them. I mean,"},{"speaker":"Andy Hart","startTime":4534.12,"endTime":4537.92,"body":"they seem to be covering"},{"speaker":"Andy Hart","startTime":4537.92,"endTime":4540.98,"body":"everything off. So they've got"},{"speaker":"Andy Hart","startTime":4537.92,"endTime":4540.98,"body":"their incubator where you can go"},{"speaker":"Andy Hart","startTime":4540.98,"endTime":4543.62,"body":"in as a potential da firm."},{"speaker":"Andy Hart","startTime":4540.98,"endTime":4543.62,"body":"They'll hold your hand, do it"},{"speaker":"Andy Hart","startTime":4543.62,"endTime":4546.08,"body":"once you've done that, then"},{"speaker":"Andy Hart","startTime":4543.62,"endTime":4546.08,"body":"they've got power planning"},{"speaker":"Andy Hart","startTime":4546.38,"endTime":4549.14,"body":"services. So they seem to be"},{"speaker":"Andy Hart","startTime":4546.38,"endTime":4549.14,"body":"doing them some great things."},{"speaker":"Andy Hart","startTime":4549.14,"endTime":4553.7,"body":"And I was say to that I last"},{"speaker":"Andy Hart","startTime":4549.14,"endTime":4553.7,"body":"week and had a good, good catch"},{"speaker":"Andy Hart","startTime":4553.7,"endTime":4554.42,"body":"up there. I"},{"speaker":"Unknown","startTime":4555.559,"endTime":4559.839,"body":"never actually met her"},{"speaker":"Unknown","startTime":4555.559,"endTime":4559.839,"body":"in person until that Van Gogh."},{"speaker":"Unknown","startTime":4560.439,"endTime":4563.079,"body":"It was great to meet her. She"},{"speaker":"Unknown","startTime":4560.439,"endTime":4563.079,"body":"was doing a kind of panel talk"},{"speaker":"Unknown","startTime":4563.079,"endTime":4566.259,"body":"as well. So we met with Kathy,"},{"speaker":"Unknown","startTime":4563.079,"endTime":4566.259,"body":"and she's great. But yes, they"},{"speaker":"Unknown","startTime":4566.259,"endTime":4568.479,"body":"do a lot of stuff. So that's"},{"speaker":"Unknown","startTime":4566.259,"endTime":4568.479,"body":"that's another reason why you"},{"speaker":"Unknown","startTime":4568.479,"endTime":4571.239,"body":"might want to engage, because"},{"speaker":"Unknown","startTime":4568.479,"endTime":4571.239,"body":"they do a lot of coaching,"},{"speaker":"Unknown","startTime":4571.239,"endTime":4573.879,"body":"counseling, mentoring for"},{"speaker":"Unknown","startTime":4571.239,"endTime":4573.879,"body":"people, says what? It's one"},{"speaker":"Unknown","startTime":4573.879,"endTime":4577.259,"body":"thing just getting you know. How"},{"speaker":"Unknown","startTime":4573.879,"endTime":4577.259,"body":"are you going to grow your"},{"speaker":"Unknown","startTime":4577.259,"endTime":4579.299,"body":"business? How are you going to"},{"speaker":"Unknown","startTime":4577.259,"endTime":4579.299,"body":"recruit? Hi, all that good"},{"speaker":"Unknown","startTime":4579.299,"endTime":4581.879,"body":"thing. So, and she said, she"},{"speaker":"Unknown","startTime":4579.299,"endTime":4581.879,"body":"didn't give me the details that"},{"speaker":"Unknown","startTime":4581.879,"endTime":4584.639,"body":"they are planning to launch"},{"speaker":"Unknown","startTime":4581.879,"endTime":4584.639,"body":"something else, very new and"},{"speaker":"Unknown","startTime":4584.639,"endTime":4590.039,"body":"exciting and innovative for the"},{"speaker":"Unknown","startTime":4584.639,"endTime":4590.039,"body":"business quite soon. So, yeah,"},{"speaker":"Unknown","startTime":4590.039,"endTime":4592.379,"body":"she a good should be around the"},{"speaker":"Unknown","startTime":4590.039,"endTime":4592.379,"body":"show, actually, yeah,"},{"speaker":"Unknown","startTime":4592.379,"endTime":4594.7789999999995,"body":"absolutely, yeah. Let's get her"},{"speaker":"Unknown","startTime":4592.379,"endTime":4594.7789999999995,"body":"on the show. Kathy, if you're"},{"speaker":"Unknown","startTime":4594.7789999999995,"endTime":4597.439,"body":"listening, get in touch. Kathy,"},{"speaker":"Unknown","startTime":4594.7789999999995,"endTime":4597.439,"body":"okay, we better"},{"speaker":"Unknown","startTime":4597.559,"endTime":4599.599,"body":"close this off. That's quite a"},{"speaker":"Nick Lincoln","startTime":4599.659,"endTime":4601.219,"body":"good, quite a"},{"speaker":"Nick Lincoln","startTime":4599.659,"endTime":4601.219,"body":"good, if somewhat heated"},{"speaker":"Nick Lincoln","startTime":4601.219,"endTime":4603.979,"body":"discussion. I think the takeaway"},{"speaker":"Nick Lincoln","startTime":4601.219,"endTime":4603.979,"body":"that I took from this is that if"},{"speaker":"Nick Lincoln","startTime":4604.039,"endTime":4606.619,"body":"you're with a CSS and you're not"},{"speaker":"Nick Lincoln","startTime":4604.039,"endTime":4606.619,"body":"particularly happy with them,"},{"speaker":"Nick Lincoln","startTime":4606.619,"endTime":4609.499,"body":"and it's not all about cost"},{"speaker":"Nick Lincoln","startTime":4606.619,"endTime":4609.499,"body":"talent, it's about value. But if"},{"speaker":"Nick Lincoln","startTime":4609.499,"endTime":4611.899,"body":"you think of taking the piss,"},{"speaker":"Nick Lincoln","startTime":4609.499,"endTime":4611.899,"body":"push back a little bit, and if"},{"speaker":"Nick Lincoln","startTime":4611.899,"endTime":4615.079,"body":"you're thinking about leaving"},{"speaker":"Nick Lincoln","startTime":4611.899,"endTime":4615.079,"body":"your CSS, you can do it. And if"},{"speaker":"Nick Lincoln","startTime":4615.079,"endTime":4617.919,"body":"you're a newbie, I think you're"},{"speaker":"Nick Lincoln","startTime":4615.079,"endTime":4617.919,"body":"probably based on how the essay"},{"speaker":"Nick Lincoln","startTime":4617.919,"endTime":4620.439,"body":"is working. Presently, you're"},{"speaker":"Nick Lincoln","startTime":4617.919,"endTime":4620.439,"body":"probably going to be forced to"},{"speaker":"Nick Lincoln","startTime":4620.439,"endTime":4624.399,"body":"go down the network route"},{"speaker":"Nick Lincoln","startTime":4620.439,"endTime":4624.399,"body":"initially, perhaps networks"},{"speaker":"Nick Lincoln","startTime":4624.399,"endTime":4627.519,"body":"certainly more respectable now"},{"speaker":"Nick Lincoln","startTime":4624.399,"endTime":4627.519,"body":"than they were, say, 20, 3040,"},{"speaker":"Nick Lincoln","startTime":4627.879,"endTime":4630.879,"body":"years ago, when it was all about"},{"speaker":"Nick Lincoln","startTime":4627.879,"endTime":4630.879,"body":"commission overrides and all"},{"speaker":"Nick Lincoln","startTime":4630.879,"endTime":4634.7789999999995,"body":"that kind of stuff, which is in"},{"speaker":"Nick Lincoln","startTime":4630.879,"endTime":4634.7789999999995,"body":"the past. Although I think we"},{"speaker":"Nick Lincoln","startTime":4634.7789999999995,"endTime":4638.219,"body":"might have a Trappist question"},{"speaker":"Nick Lincoln","startTime":4634.7789999999995,"endTime":4638.219,"body":"that wants to bring the past"},{"speaker":"Nick Lincoln","startTime":4638.459,"endTime":4641.699,"body":"back into the present. So let's"},{"speaker":"Nick Lincoln","startTime":4638.459,"endTime":4641.699,"body":"move on to that section of the"},{"speaker":"Nick Lincoln","startTime":4641.699,"endTime":4647.039,"body":"show. There she is at my front"},{"speaker":"Nick Lincoln","startTime":4641.699,"endTime":4647.039,"body":"door, lugging the bulging sack"},{"speaker":"Nick Lincoln","startTime":4647.039,"endTime":4649.559,"body":"up the drive of the TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4647.039,"endTime":4649.559,"body":"questions. If you want to leave"},{"speaker":"Nick Lincoln","startTime":4649.619,"endTime":4651.959,"body":"a question for trap pack to"},{"speaker":"Nick Lincoln","startTime":4649.619,"endTime":4651.959,"body":"answer, please do so on the pin"},{"speaker":"Nick Lincoln","startTime":4651.959,"endTime":4655.919,"body":"tweet, on X or the pin decks on"},{"speaker":"Nick Lincoln","startTime":4651.959,"endTime":4655.919,"body":"tweet. We're now up to questions"},{"speaker":"Nick Lincoln","startTime":4655.919,"endTime":4658.699,"body":"from November last year. So we"},{"speaker":"Nick Lincoln","startTime":4655.919,"endTime":4658.699,"body":"are getting through them, but"},{"speaker":"Nick Lincoln","startTime":4658.699,"endTime":4660.8589999999995,"body":"there's still quite a few in the"},{"speaker":"Nick Lincoln","startTime":4658.699,"endTime":4660.8589999999995,"body":"hopper. We will get to them,"},{"speaker":"Nick Lincoln","startTime":4660.8589999999995,"endTime":4664.159,"body":"unless you're trying to promote"},{"speaker":"Nick Lincoln","startTime":4660.8589999999995,"endTime":4664.159,"body":"web design services, as someone"},{"speaker":"Nick Lincoln","startTime":4664.159,"endTime":4666.379,"body":"was recently on one of the"},{"speaker":"Nick Lincoln","startTime":4664.159,"endTime":4666.379,"body":"questions for our YouTube"},{"speaker":"Nick Lincoln","startTime":4666.379,"endTime":4668.839,"body":"channel. Thank you for that the"},{"speaker":"Nick Lincoln","startTime":4666.379,"endTime":4668.839,"body":"chat and Bangalore that went"},{"speaker":"Nick Lincoln","startTime":4668.839,"endTime":4671.059,"body":"straight into the bin. Okay,"},{"speaker":"Nick Lincoln","startTime":4668.839,"endTime":4671.059,"body":"let's open up this first"},{"speaker":"Nick Lincoln","startTime":4671.059,"endTime":4677.019,"body":"question here and see who it is"},{"speaker":"Nick Lincoln","startTime":4671.059,"endTime":4677.019,"body":"from. This is from our friend of"},{"speaker":"Nick Lincoln","startTime":4677.019,"endTime":4680.259,"body":"the show. We all know him, The"},{"speaker":"Nick Lincoln","startTime":4677.019,"endTime":4680.259,"body":"Mighty Quinn, the Quinn Meister,"},{"speaker":"Nick Lincoln","startTime":4680.619,"endTime":4685.419,"body":"Dave Quinn, who's on Twitter as"},{"speaker":"Nick Lincoln","startTime":4680.619,"endTime":4685.419,"body":"at investwise. FP Foxtrot, Papa"},{"speaker":"Nick Lincoln","startTime":4685.839,"endTime":4688.719,"body":"Karl, I think, you know, take"},{"speaker":"Nick Lincoln","startTime":4685.839,"endTime":4688.719,"body":"this one right. Following Karl's"},{"speaker":"Nick Lincoln","startTime":4688.719,"endTime":4692.019,"body":"comments on the Irish commission"},{"speaker":"Nick Lincoln","startTime":4688.719,"endTime":4692.019,"body":"based system, I wonder how many"},{"speaker":"Nick Lincoln","startTime":4692.019,"endTime":4694.599,"body":"firms in the UK would like RDR"},{"speaker":"Nick Lincoln","startTime":4692.019,"endTime":4694.599,"body":"reverse now and Commissioner"},{"speaker":"Nick Lincoln","startTime":4694.599,"endTime":4697.739,"body":"reintroduced. There is some"},{"speaker":"Nick Lincoln","startTime":4694.599,"endTime":4697.739,"body":"pretty heated debate on LinkedIn"},{"speaker":"Nick Lincoln","startTime":4697.739,"endTime":4699.959,"body":"between Irish advisors at the"},{"speaker":"Nick Lincoln","startTime":4697.739,"endTime":4699.959,"body":"moment on the merits of"},{"speaker":"Nick Lincoln","startTime":4699.959,"endTime":4702.659,"body":"commission based remuneration."},{"speaker":"Nick Lincoln","startTime":4699.959,"endTime":4702.659,"body":"Carl, you've never expressed any"},{"speaker":"Nick Lincoln","startTime":4702.659,"endTime":4705.119,"body":"view on the commission based"},{"speaker":"Nick Lincoln","startTime":4702.659,"endTime":4705.119,"body":"system. What are your views"},{"speaker":"Carl Widger","startTime":4705.54,"endTime":4709.14,"body":"on it? Dave is part"},{"speaker":"Carl Widger","startTime":4705.54,"endTime":4709.14,"body":"of the ideas exchange with me,"},{"speaker":"Carl Widger","startTime":4709.5599999999995,"endTime":4713.4,"body":"and he's a great guy, Dave, and"},{"speaker":"Carl Widger","startTime":4709.5599999999995,"endTime":4713.4,"body":"he's very forward thinking."},{"speaker":"Unknown","startTime":4716.099,"endTime":4718.039,"body":"Yeah, I know. I know,"},{"speaker":"Unknown","startTime":4716.099,"endTime":4718.039,"body":"Dave, you know as well."},{"speaker":"Carl Widger","startTime":4720.2,"endTime":4724.58,"body":"Yeah, so Dave,"},{"speaker":"Carl Widger","startTime":4720.2,"endTime":4724.58,"body":"thanks, buddy. Yet there is,"},{"speaker":"Carl Widger","startTime":4724.76,"endTime":4731.96,"body":"there is a lot of heated debate,"},{"speaker":"Carl Widger","startTime":4724.76,"endTime":4731.96,"body":"because the the guys and gals"},{"speaker":"Carl Widger","startTime":4731.96,"endTime":4736.5999999999995,"body":"who are after the commission"},{"speaker":"Carl Widger","startTime":4731.96,"endTime":4736.5999999999995,"body":"want to protect that there are,"},{"speaker":"Carl Widger","startTime":4736.72,"endTime":4741.46,"body":"there's perhaps some evidence"},{"speaker":"Carl Widger","startTime":4736.72,"endTime":4741.46,"body":"that there's a little bit of"},{"speaker":"Carl Widger","startTime":4741.46,"endTime":4747.28,"body":"consolidation going on in the"},{"speaker":"Carl Widger","startTime":4741.46,"endTime":4747.28,"body":"Irish market that is gathering"},{"speaker":"Carl Widger","startTime":4748.66,"endTime":4754.84,"body":"assets. Go, on call, go so that,"},{"speaker":"Carl Widger","startTime":4748.66,"endTime":4754.84,"body":"so that commission can be paid"},{"speaker":"Carl Widger","startTime":4754.84,"endTime":4760.74,"body":"on those assets, perhaps maybe"},{"speaker":"Carl Widger","startTime":4754.84,"endTime":4760.74,"body":"over the next few years, if you,"},{"speaker":"Carl Widger","startTime":4760.8,"endTime":4765.18,"body":"if you have a model in a"},{"speaker":"Carl Widger","startTime":4760.8,"endTime":4765.18,"body":"country, any country, it doesn't"},{"speaker":"Carl Widger","startTime":4765.18,"endTime":4771.12,"body":"matter where it is, whereby you"},{"speaker":"Carl Widger","startTime":4765.18,"endTime":4771.12,"body":"pay 5% upfront commission on a"},{"speaker":"Carl Widger","startTime":4771.5999999999995,"endTime":4776.66,"body":"transfer of a pension fund, and"},{"speaker":"Carl Widger","startTime":4771.5999999999995,"endTime":4776.66,"body":"then you lock that pension fund"},{"speaker":"Carl Widger","startTime":4776.66,"endTime":4779.66,"body":"in with five year exit"},{"speaker":"Carl Widger","startTime":4776.66,"endTime":4779.66,"body":"penalties, but"},{"speaker":"Unknown","startTime":4779.72,"endTime":4783.14,"body":"lo and behold, the"},{"speaker":"Unknown","startTime":4779.72,"endTime":4783.14,"body":"power of the dark side."},{"speaker":"Carl Widger","startTime":4784.28,"endTime":4786.86,"body":"Lo and behold,"},{"speaker":"Carl Widger","startTime":4784.28,"endTime":4786.86,"body":"after those exit penalties"},{"speaker":"Carl Widger","startTime":4786.86,"endTime":4793.64,"body":"expire, there's a new reason to"},{"speaker":"Carl Widger","startTime":4786.86,"endTime":4793.64,"body":"change your provider, really the"},{"speaker":"Carl Widger","startTime":4793.64,"endTime":4800.8,"body":"client gets screwed. Yeah, okay."},{"speaker":"Carl Widger","startTime":4793.64,"endTime":4800.8,"body":"Story."},{"speaker":"Nick Lincoln","startTime":4801.16,"endTime":4803.08,"body":"Thank you, Carl."},{"speaker":"Nick Lincoln","startTime":4801.16,"endTime":4803.08,"body":"I'll quickly leap in this. I'm"},{"speaker":"Nick Lincoln","startTime":4803.08,"endTime":4805.78,"body":"sure we were, I can talk for the"},{"speaker":"Nick Lincoln","startTime":4803.08,"endTime":4805.78,"body":"two of you, but disabuse me if"},{"speaker":"Nick Lincoln","startTime":4805.78,"endTime":4811.0599999999995,"body":"I'm wrong, I would not want to"},{"speaker":"Nick Lincoln","startTime":4805.78,"endTime":4811.0599999999995,"body":"see RDR reversed. RDR was just"},{"speaker":"Nick Lincoln","startTime":4811.0599999999995,"endTime":4813.34,"body":"one of the really good"},{"speaker":"Nick Lincoln","startTime":4811.0599999999995,"endTime":4813.34,"body":"regulations coming in the last"},{"speaker":"Nick Lincoln","startTime":4813.34,"endTime":4813.94,"body":"20 years"},{"speaker":"Alan Smith","startTime":4814.059,"endTime":4815.979,"body":"what I do, and I'm"},{"speaker":"Alan Smith","startTime":4814.059,"endTime":4815.979,"body":"old enough to have gone through"},{"speaker":"Alan Smith","startTime":4815.979,"endTime":4818.439,"body":"there wasn't an advisor at the"},{"speaker":"Alan Smith","startTime":4815.979,"endTime":4818.439,"body":"time. But if you're way back, I"},{"speaker":"Alan Smith","startTime":4818.439,"endTime":4821.399,"body":"can't remember. When it was we"},{"speaker":"Alan Smith","startTime":4818.439,"endTime":4821.399,"body":"had commission. Disclosure was"},{"speaker":"Alan Smith","startTime":4821.399,"endTime":4825.419,"body":"brought in before. Never mind"},{"speaker":"Alan Smith","startTime":4821.399,"endTime":4825.419,"body":"about fees. You didn't used to"},{"speaker":"Alan Smith","startTime":4825.539,"endTime":4829.619,"body":"have to, even you didn't used to"},{"speaker":"Alan Smith","startTime":4825.539,"endTime":4829.619,"body":"have to tell it did so. And I"},{"speaker":"Alan Smith","startTime":4829.619,"endTime":4832.199,"body":"remember people saying I was"},{"speaker":"Alan Smith","startTime":4829.619,"endTime":4832.199,"body":"working at Standard Life in"},{"speaker":"Alan Smith","startTime":4832.199,"endTime":4835.379,"body":"those days, a bit my ifas my"},{"speaker":"Alan Smith","startTime":4832.199,"endTime":4835.379,"body":"brokers were saying, oh my god,"},{"speaker":"Alan Smith","startTime":4835.379,"endTime":4837.979,"body":"it's the end of business if my"},{"speaker":"Alan Smith","startTime":4835.379,"endTime":4837.979,"body":"client actually finds out what"},{"speaker":"Alan Smith","startTime":4837.979,"endTime":4840.919,"body":"I'm going to earn, Jesus Christ,"},{"speaker":"Alan Smith","startTime":4837.979,"endTime":4840.919,"body":"it's all over. But of course,"},{"speaker":"Alan Smith","startTime":4840.919,"endTime":4843.259,"body":"it's not. And people, then you"},{"speaker":"Alan Smith","startTime":4840.919,"endTime":4843.259,"body":"have to up your game. You've got"},{"speaker":"Alan Smith","startTime":4843.259,"endTime":4846.919,"body":"to deliver value. And then fast"},{"speaker":"Alan Smith","startTime":4843.259,"endTime":4846.919,"body":"forward to RDR, and fees"},{"speaker":"Alan Smith","startTime":4846.919,"endTime":4849.559,"body":"effectively replace commission."},{"speaker":"Alan Smith","startTime":4846.919,"endTime":4849.559,"body":"And there's lots of gaming the"},{"speaker":"Alan Smith","startTime":4849.559,"endTime":4852.3189999999995,"body":"system going on pre that, like"},{"speaker":"Alan Smith","startTime":4849.559,"endTime":4852.3189999999995,"body":"you're talking about now Carl,"},{"speaker":"Alan Smith","startTime":4852.559,"endTime":4855.199,"body":"if you, if you've sort of locked"},{"speaker":"Alan Smith","startTime":4852.559,"endTime":4855.199,"body":"money into an investment bond,"},{"speaker":"Alan Smith","startTime":4855.199,"endTime":4858.219,"body":"and then it would just, you"},{"speaker":"Alan Smith","startTime":4855.199,"endTime":4858.219,"body":"know, a trail commissioner would"},{"speaker":"Alan Smith","startTime":4858.219,"endTime":4860.079,"body":"carry on until you made a change"},{"speaker":"Alan Smith","startTime":4858.219,"endTime":4860.079,"body":"to it. And"},{"speaker":"Carl Widger","startTime":4860.92,"endTime":4865.12,"body":"yes, so a firm in"},{"speaker":"Carl Widger","startTime":4860.92,"endTime":4865.12,"body":"Ireland, Alan, right can, who's"},{"speaker":"Carl Widger","startTime":4865.36,"endTime":4871.36,"body":"got, um, 20 or 30 million of"},{"speaker":"Carl Widger","startTime":4865.36,"endTime":4871.36,"body":"assets can, what? Why do all the"},{"speaker":"Carl Widger","startTime":4871.36,"endTime":4875.92,"body":"financial advisors I know drive"},{"speaker":"Carl Widger","startTime":4871.36,"endTime":4875.92,"body":"Range Rovers, a client of mine."},{"speaker":"Carl Widger","startTime":4875.92,"endTime":4878.94,"body":"So. That to me, right? Yeah,"},{"speaker":"Carl Widger","startTime":4875.92,"endTime":4878.94,"body":"because some of them, they're,"},{"speaker":"Carl Widger","startTime":4878.94,"endTime":4882.66,"body":"they're, you know, needs to be"},{"speaker":"Carl Widger","startTime":4878.94,"endTime":4882.66,"body":"turned over the UK."},{"speaker":"Unknown","startTime":4883.5599999999995,"endTime":4887.7,"body":"And here a classic"},{"speaker":"Unknown","startTime":4883.5599999999995,"endTime":4887.7,"body":"sale. Was the life insurance"},{"speaker":"Unknown","startTime":4887.7,"endTime":4890.82,"body":"bond, five exactly five year"},{"speaker":"Unknown","startTime":4887.7,"endTime":4890.82,"body":"thing. In fact, never mind 5%"},{"speaker":"Unknown","startTime":4891.18,"endTime":4894.72,"body":"they used to get paid 8% certain"},{"speaker":"Unknown","startTime":4891.18,"endTime":4894.72,"body":"companies paid 8% up front, got"},{"speaker":"Unknown","startTime":4894.72,"endTime":4897.74,"body":"all, got all that money. And"},{"speaker":"Unknown","startTime":4894.72,"endTime":4897.74,"body":"five years is we've reviewed"},{"speaker":"Unknown","startTime":4897.74,"endTime":4900.68,"body":"your bond, and there's this"},{"speaker":"Unknown","startTime":4897.74,"endTime":4900.68,"body":"other plan down the road that's"},{"speaker":"Unknown","startTime":4900.68,"endTime":4904.22,"body":"got a few more funds. So in"},{"speaker":"Unknown","startTime":4900.68,"endTime":4904.22,"body":"order for more fund options,"},{"speaker":"Unknown","startTime":4904.22,"endTime":4907.5199999999995,"body":"we're going to move it take the"},{"speaker":"Unknown","startTime":4904.22,"endTime":4907.5199999999995,"body":"8% again, it was just a cycle"},{"speaker":"Unknown","startTime":4907.5199999999995,"endTime":4911.42,"body":"ongoing, so most of that has now"},{"speaker":"Unknown","startTime":4907.5199999999995,"endTime":4911.42,"body":"gone about to say, so yes,"},{"speaker":"Unknown","startTime":4911.42,"endTime":4913.76,"body":"inevitable, there'll be winners"},{"speaker":"Unknown","startTime":4911.42,"endTime":4913.76,"body":"and losers in this, but the"},{"speaker":"Unknown","startTime":4913.76,"endTime":4916.4,"body":"winners will be ultimately, the"},{"speaker":"Unknown","startTime":4913.76,"endTime":4916.4,"body":"customers and the profession."},{"speaker":"Unknown","startTime":4916.4,"endTime":4919.48,"body":"And guess what? We actually get"},{"speaker":"Unknown","startTime":4916.4,"endTime":4919.48,"body":"really nice people reaching out"},{"speaker":"Unknown","startTime":4919.48,"endTime":4922.54,"body":"to us now, because it's a"},{"speaker":"Unknown","startTime":4919.48,"endTime":4922.54,"body":"profession properly in the UK"},{"speaker":"Unknown","startTime":4922.54,"endTime":4927.28,"body":"and with firms like Metis and"},{"speaker":"Unknown","startTime":4922.54,"endTime":4927.28,"body":"Dave's firm as well, it's just,"},{"speaker":"Unknown","startTime":4927.34,"endTime":4930.5199999999995,"body":"it's just a better way to"},{"speaker":"Unknown","startTime":4927.34,"endTime":4930.5199999999995,"body":"operate. You enjoy it more. And"},{"speaker":"Unknown","startTime":4930.5199999999995,"endTime":4933.64,"body":"customers and clients and future"},{"speaker":"Unknown","startTime":4930.5199999999995,"endTime":4933.64,"body":"prospects actually get in touch"},{"speaker":"Unknown","startTime":4933.64,"endTime":4936.04,"body":"with you, as opposed to them"},{"speaker":"Unknown","startTime":4933.64,"endTime":4936.04,"body":"that you say, well, all the guys"},{"speaker":"Unknown","startTime":4936.04,"endTime":4937.5599999999995,"body":"I know we're driving Range"},{"speaker":"Unknown","startTime":4936.04,"endTime":4937.5599999999995,"body":"Rovers. This,"},{"speaker":"Nick Lincoln","startTime":4941.16,"endTime":4943.14,"body":"this, this reach"},{"speaker":"Nick Lincoln","startTime":4941.16,"endTime":4943.14,"body":"is absolutely Zenith Carl in the"},{"speaker":"Nick Lincoln","startTime":4943.14,"endTime":4945.36,"body":"UK. And we, I mentioned this"},{"speaker":"Nick Lincoln","startTime":4943.14,"endTime":4945.36,"body":"before. I've done very quickly"},{"speaker":"Nick Lincoln","startTime":4945.36,"endTime":4947.76,"body":"at the turn of the century, when"},{"speaker":"Nick Lincoln","startTime":4945.36,"endTime":4947.76,"body":"stakeholder pensions came in"},{"speaker":"Nick Lincoln","startTime":4947.76,"endTime":4951.0,"body":"right clean, zero initial"},{"speaker":"Nick Lincoln","startTime":4947.76,"endTime":4951.0,"body":"charge, no exit penalties. But"},{"speaker":"Nick Lincoln","startTime":4951.42,"endTime":4954.0599999999995,"body":"life assurance actuaries, who"},{"speaker":"Nick Lincoln","startTime":4951.42,"endTime":4954.0599999999995,"body":"are some of the brightest yet"},{"speaker":"Nick Lincoln","startTime":4954.0599999999995,"endTime":4956.34,"body":"dimmest people in the country,"},{"speaker":"Nick Lincoln","startTime":4954.0599999999995,"endTime":4956.34,"body":"thought, well, we'll pay initial"},{"speaker":"Nick Lincoln","startTime":4956.34,"endTime":4958.74,"body":"commission to get some of these"},{"speaker":"Nick Lincoln","startTime":4956.34,"endTime":4958.74,"body":"stakeholders. You get 6%"},{"speaker":"Nick Lincoln","startTime":4958.74,"endTime":4961.94,"body":"stakeholder. You get 6% initial"},{"speaker":"Nick Lincoln","startTime":4958.74,"endTime":4961.94,"body":"commission on 100 case, pension"},{"speaker":"Nick Lincoln","startTime":4962.24,"endTime":4965.84,"body":"stakeholder, pension transfer 6k"},{"speaker":"Nick Lincoln","startTime":4962.24,"endTime":4965.84,"body":"to the RFA the next day. Some"},{"speaker":"Nick Lincoln","startTime":4965.84,"endTime":4969.2,"body":"ifas not listed the same week."},{"speaker":"Nick Lincoln","startTime":4965.84,"endTime":4969.2,"body":"Some ifas were rewriting the"},{"speaker":"Nick Lincoln","startTime":4969.2,"endTime":4973.4,"body":"business with another firm"},{"speaker":"Nick Lincoln","startTime":4969.2,"endTime":4973.4,"body":"getting another there was no, I"},{"speaker":"Nick Lincoln","startTime":4973.4,"endTime":4975.5,"body":"mean, from, yeah, from a"},{"speaker":"Nick Lincoln","startTime":4973.4,"endTime":4975.5,"body":"behavior point of view, it's"},{"speaker":"Nick Lincoln","startTime":4975.5,"endTime":4978.22,"body":"kind of makes sense. I mean,"},{"speaker":"Nick Lincoln","startTime":4975.5,"endTime":4978.22,"body":"what? There's, no downside,"},{"speaker":"Nick Lincoln","startTime":4978.22,"endTime":4980.98,"body":"except for the share prices."},{"speaker":"Nick Lincoln","startTime":4978.22,"endTime":4980.98,"body":"Yeah,"},{"speaker":"Carl Widger","startTime":4982.0,"endTime":4986.38,"body":"yeah. And I just on"},{"speaker":"Carl Widger","startTime":4982.0,"endTime":4986.38,"body":"that point, Nick, right? I've"},{"speaker":"Carl Widger","startTime":4986.38,"endTime":4990.16,"body":"said this before, but the"},{"speaker":"Carl Widger","startTime":4986.38,"endTime":4990.16,"body":"providers, the pension fund,"},{"speaker":"Carl Widger","startTime":4990.16,"endTime":4994.3,"body":"providers, have so much to"},{"speaker":"Carl Widger","startTime":4990.16,"endTime":4994.3,"body":"answer for. And I'm I have, I"},{"speaker":"Carl Widger","startTime":4994.3,"endTime":4998.64,"body":"have a story right going on, and"},{"speaker":"Carl Widger","startTime":4994.3,"endTime":4998.64,"body":"I'm gonna bite coming tongue for"},{"speaker":"Carl Widger","startTime":4998.64,"endTime":5004.64,"body":"now. But no, no, I may tell it."},{"speaker":"Carl Widger","startTime":4998.64,"endTime":5004.64,"body":"I may tell this story, because"},{"speaker":"Carl Widger","startTime":5004.82,"endTime":5008.84,"body":"it is not okay to be talking"},{"speaker":"Carl Widger","startTime":5004.82,"endTime":5008.84,"body":"about, oh, Jimmy down the road"},{"speaker":"Carl Widger","startTime":5008.84,"endTime":5013.5199999999995,"body":"has moved all his business. He's"},{"speaker":"Carl Widger","startTime":5008.84,"endTime":5013.5199999999995,"body":"a disgrace. But then gene over"},{"speaker":"Carl Widger","startTime":5013.5199999999995,"endTime":5017.0199999999995,"body":"here is re introducing business"},{"speaker":"Carl Widger","startTime":5013.5199999999995,"endTime":5017.0199999999995,"body":"from another company here, and"},{"speaker":"Carl Widger","startTime":5017.0199999999995,"endTime":5020.8,"body":"Jean is absolutely, yeah, we"},{"speaker":"Carl Widger","startTime":5017.0199999999995,"endTime":5020.8,"body":"love her, yeah, right. But if"},{"speaker":"Carl Widger","startTime":5020.8,"endTime":5024.88,"body":"you're doing something for the"},{"speaker":"Carl Widger","startTime":5020.8,"endTime":5024.88,"body":"right reasons, you cannot, you"},{"speaker":"Carl Widger","startTime":5024.88,"endTime":5029.0199999999995,"body":"can't get pissed off. You set up"},{"speaker":"Carl Widger","startTime":5024.88,"endTime":5029.0199999999995,"body":"this model. Yeah, Central Bank,"},{"speaker":"Carl Widger","startTime":5029.0199999999995,"endTime":5032.86,"body":"please come in and stop this. If"},{"speaker":"Carl Widger","startTime":5029.0199999999995,"endTime":5032.86,"body":"you only stopped one thing. Say"},{"speaker":"Carl Widger","startTime":5032.86,"endTime":5038.16,"body":"that you cannot pay commissions"},{"speaker":"Carl Widger","startTime":5032.86,"endTime":5038.16,"body":"on pension transfers. Watch the"},{"speaker":"Carl Widger","startTime":5038.16,"endTime":5043.5599999999995,"body":"market. Just contract like that."},{"speaker":"Carl Widger","startTime":5038.16,"endTime":5043.5599999999995,"body":"The people offering the best"},{"speaker":"Carl Widger","startTime":5043.5599999999995,"endTime":5048.0,"body":"advice will survive and thrive."},{"speaker":"Carl Widger","startTime":5043.5599999999995,"endTime":5048.0,"body":"Dave Quinn's, in this world, the"},{"speaker":"Carl Widger","startTime":5048.0,"endTime":5051.66,"body":"other the other folks in the"},{"speaker":"Carl Widger","startTime":5048.0,"endTime":5051.66,"body":"ideas exchange, who are all"},{"speaker":"Carl Widger","startTime":5051.66,"endTime":5055.68,"body":"doing financial planning. Rob"},{"speaker":"Carl Widger","startTime":5051.66,"endTime":5055.68,"body":"downeys, you guys, you've met"},{"speaker":"Carl Widger","startTime":5055.68,"endTime":5059.84,"body":"right? There are lots of people"},{"speaker":"Carl Widger","startTime":5055.68,"endTime":5059.84,"body":"out there. Jane McAleese, right?"},{"speaker":"Carl Widger","startTime":5059.84,"endTime":5062.42,"body":"Sorry, sorry, I shouldn't start"},{"speaker":"Carl Widger","startTime":5059.84,"endTime":5062.42,"body":"naming names, because I leave"},{"speaker":"Carl Widger","startTime":5062.42,"endTime":5065.9,"body":"people out. But yeah, there are"},{"speaker":"Carl Widger","startTime":5062.42,"endTime":5065.9,"body":"people doing it right, and then"},{"speaker":"Carl Widger","startTime":5065.9,"endTime":5069.0199999999995,"body":"there are people who are not"},{"speaker":"Carl Widger","startTime":5065.9,"endTime":5069.0199999999995,"body":"central bank. Please step in and"},{"speaker":"Carl Widger","startTime":5069.0199999999995,"endTime":5069.5,"body":"help us."},{"speaker":"Nick Lincoln","startTime":5071.3,"endTime":5074.72,"body":"Wow, that was very"},{"speaker":"Nick Lincoln","startTime":5071.3,"endTime":5074.72,"body":"heartfelt, very heartfelt. Okay,"},{"speaker":"Nick Lincoln","startTime":5074.72,"endTime":5079.0,"body":"well, that's listen. We're now"},{"speaker":"Nick Lincoln","startTime":5074.72,"endTime":5079.0,"body":"at 83 minutes and let's move on."},{"speaker":"Nick Lincoln","startTime":5079.0599999999995,"endTime":5084.04,"body":"Let's move on to culture"},{"speaker":"Nick Lincoln","startTime":5079.0599999999995,"endTime":5084.04,"body":"cooling. I can find buddy"},{"speaker":"Nick Lincoln","startTime":5084.04,"endTime":5087.28,"body":"culture corner. I've got it"},{"speaker":"Nick Lincoln","startTime":5084.04,"endTime":5087.28,"body":"first. I've got culture corner."},{"speaker":"Nick Lincoln","startTime":5087.28,"endTime":5089.74,"body":"I've got culture corner. There"},{"speaker":"Nick Lincoln","startTime":5087.28,"endTime":5089.74,"body":"we go. There"},{"speaker":"Alan Smith","startTime":5093.399,"endTime":5095.979,"body":"we go. Talked about"},{"speaker":"Alan Smith","startTime":5093.399,"endTime":5095.979,"body":"technology earlier on. I have"},{"speaker":"Alan Smith","startTime":5095.979,"endTime":5101.759,"body":"tried a facility called whisper"},{"speaker":"Alan Smith","startTime":5095.979,"endTime":5101.759,"body":"flow. I put the link and spell"},{"speaker":"Alan Smith","startTime":5101.8189999999995,"endTime":5106.3189999999995,"body":"spelt weirdly, whisper flow.ai,"},{"speaker":"Alan Smith","startTime":5101.8189999999995,"endTime":5106.3189999999995,"body":"here's the thing. I'm of that"},{"speaker":"Alan Smith","startTime":5106.3189999999995,"endTime":5109.679,"body":"generation that never learned to"},{"speaker":"Alan Smith","startTime":5106.3189999999995,"endTime":5109.679,"body":"type. You're on a keyboard and"},{"speaker":"Alan Smith","startTime":5109.679,"endTime":5113.099,"body":"I'm writing long things and word"},{"speaker":"Alan Smith","startTime":5109.679,"endTime":5113.099,"body":"Docs and Google Docs and what"},{"speaker":"Alan Smith","startTime":5113.099,"endTime":5115.259,"body":"have you, and it's always a"},{"speaker":"Alan Smith","startTime":5113.099,"endTime":5115.259,"body":"frustration to me, and you've"},{"speaker":"Alan Smith","startTime":5115.259,"endTime":5117.979,"body":"got this kind of spell check and"},{"speaker":"Alan Smith","startTime":5115.259,"endTime":5117.979,"body":"all that stuff, whisper flow. I"},{"speaker":"Alan Smith","startTime":5117.979,"endTime":5121.759,"body":"can just literally do it on your"},{"speaker":"Alan Smith","startTime":5117.979,"endTime":5121.759,"body":"phone, but I use it on a laptop,"},{"speaker":"Alan Smith","startTime":5121.759,"endTime":5126.259,"body":"I can just talk, and it's the"},{"speaker":"Alan Smith","startTime":5121.759,"endTime":5126.259,"body":"accuracy is unbelievably good,"},{"speaker":"Alan Smith","startTime":5127.039,"endTime":5130.759,"body":"free. It's free up to a certain"},{"speaker":"Alan Smith","startTime":5127.039,"endTime":5130.759,"body":"amount of usage, and just talk."},{"speaker":"Alan Smith","startTime":5130.8189999999995,"endTime":5133.639,"body":"Open up your sort of microphone"},{"speaker":"Alan Smith","startTime":5130.8189999999995,"endTime":5133.639,"body":"on your laptop, speak, and it"},{"speaker":"Alan Smith","startTime":5133.639,"endTime":5137.619,"body":"just will speak. It will type"},{"speaker":"Alan Smith","startTime":5133.639,"endTime":5137.619,"body":"perfectly, word for word. Have"},{"speaker":"Alan Smith","startTime":5137.619,"endTime":5139.839,"body":"you said I found that very, very"},{"speaker":"Alan Smith","startTime":5137.619,"endTime":5139.839,"body":"helpful, as they're all about"},{"speaker":"Alan Smith","startTime":5139.839,"endTime":5142.899,"body":"little time savers, little hacks"},{"speaker":"Alan Smith","startTime":5139.839,"endTime":5142.899,"body":"look useful, so check out"},{"speaker":"Alan Smith","startTime":5142.959,"endTime":5150.099,"body":"whisper flow. Yeah, yeah, I"},{"speaker":"Alan Smith","startTime":5142.959,"endTime":5150.099,"body":"tried it. And before we go, I've"},{"speaker":"Alan Smith","startTime":5150.099,"endTime":5153.039,"body":"got a bonus, a bonus one,"},{"speaker":"Alan Smith","startTime":5150.099,"endTime":5153.039,"body":"because it's hot off the press."},{"speaker":"Alan Smith","startTime":5154.299,"endTime":5161.039,"body":"Great, great friend of trap."},{"speaker":"Alan Smith","startTime":5154.299,"endTime":5161.039,"body":"Mike legasic has just published"},{"speaker":"Alan Smith","startTime":5161.519,"endTime":5166.019,"body":"his latest book. Latest book is"},{"speaker":"Alan Smith","startTime":5161.519,"endTime":5166.019,"body":"called The art of storytelling"},{"speaker":"Alan Smith","startTime":5166.019,"endTime":5170.399,"body":"for financial advisors. I shared"},{"speaker":"Alan Smith","startTime":5166.019,"endTime":5170.399,"body":"it with you guys because I as"},{"speaker":"Alan Smith","startTime":5170.399,"endTime":5173.339,"body":"soon as it was announced at the"},{"speaker":"Alan Smith","startTime":5170.399,"endTime":5173.339,"body":"weekend, I bought it, downloaded"},{"speaker":"Alan Smith","startTime":5173.339,"endTime":5176.479,"body":"it, put it on my Kindle, start"},{"speaker":"Alan Smith","startTime":5173.339,"endTime":5176.479,"body":"to read it. Haven't. Finished"},{"speaker":"Alan Smith","startTime":5176.479,"endTime":5178.759,"body":"reading it, but already it's"},{"speaker":"Alan Smith","startTime":5176.479,"endTime":5178.759,"body":"really good. I can tell he's"},{"speaker":"Alan Smith","startTime":5178.759,"endTime":5181.639,"body":"kind of coached in the Nick"},{"speaker":"Alan Smith","startTime":5178.759,"endTime":5181.639,"body":"Murray School of writing. It's"},{"speaker":"Alan Smith","startTime":5181.639,"endTime":5186.739,"body":"very kind of, you know, poetic,"},{"speaker":"Alan Smith","startTime":5181.639,"endTime":5186.739,"body":"nice, really nicely worded. And"},{"speaker":"Alan Smith","startTime":5186.8589999999995,"endTime":5191.059,"body":"the whole kind of front page"},{"speaker":"Alan Smith","startTime":5186.8589999999995,"endTime":5191.059,"body":"dedication or acknowledgements"},{"speaker":"Alan Smith","startTime":5191.3589999999995,"endTime":5195.8589999999995,"body":"is an entire page in support of"},{"speaker":"Alan Smith","startTime":5191.3589999999995,"endTime":5195.8589999999995,"body":"trap and names of four of us. So"},{"speaker":"Alan Smith","startTime":5196.039,"endTime":5199.239,"body":"Mike, thank you very much for"},{"speaker":"Alan Smith","startTime":5196.039,"endTime":5199.239,"body":"your kind acknowledgement of us."},{"speaker":"Alan Smith","startTime":5199.239,"endTime":5202.599,"body":"Thank you. Happy enough some"},{"speaker":"Alan Smith","startTime":5199.239,"endTime":5202.599,"body":"help. But honestly, we all know"},{"speaker":"Alan Smith","startTime":5202.899,"endTime":5206.3189999999995,"body":"that storytelling is such an"},{"speaker":"Alan Smith","startTime":5202.899,"endTime":5206.3189999999995,"body":"important part of the financial"},{"speaker":"Alan Smith","startTime":5206.3189999999995,"endTime":5209.3189999999995,"body":"advisors job as what clients"},{"speaker":"Alan Smith","startTime":5206.3189999999995,"endTime":5209.3189999999995,"body":"engage with. It's it's stories,"},{"speaker":"Alan Smith","startTime":5209.3189999999995,"endTime":5212.259,"body":"not spreadsheets. Learn how to"},{"speaker":"Alan Smith","startTime":5209.3189999999995,"endTime":5212.259,"body":"do spreadsheets, but really"},{"speaker":"Alan Smith","startTime":5212.259,"endTime":5214.899,"body":"learn how to tell the tell the"},{"speaker":"Alan Smith","startTime":5212.259,"endTime":5214.899,"body":"best stories and engage with"},{"speaker":"Alan Smith","startTime":5214.899,"endTime":5218.399,"body":"your clients. So everyone should"},{"speaker":"Alan Smith","startTime":5214.899,"endTime":5218.399,"body":"rush out and buy that book from"},{"speaker":"Alan Smith","startTime":5218.399,"endTime":5219.059,"body":"Mike legac."},{"speaker":"Nick Lincoln","startTime":5222.54,"endTime":5224.0999999999995,"body":"Okay, excellent"},{"speaker":"Nick Lincoln","startTime":5222.54,"endTime":5224.0999999999995,"body":"stuff. Watch"},{"speaker":"Carl Widger","startTime":5226.26,"endTime":5229.32,"body":"the week in charts,"},{"speaker":"Carl Widger","startTime":5226.26,"endTime":5229.32,"body":"the I think it's a podcast, as"},{"speaker":"Carl Widger","startTime":5229.32,"endTime":5232.38,"body":"well as a YouTube channel,"},{"speaker":"Carl Widger","startTime":5229.32,"endTime":5232.38,"body":"Charlie belello And Peter"},{"speaker":"Carl Widger","startTime":5232.38,"endTime":5235.92,"body":"maluke. I mentioned it before."},{"speaker":"Carl Widger","startTime":5232.38,"endTime":5235.92,"body":"It's just brilliant. It's"},{"speaker":"Carl Widger","startTime":5235.92,"endTime":5239.42,"body":"absolutely brilliant. And"},{"speaker":"Carl Widger","startTime":5235.92,"endTime":5239.42,"body":"separately, follow Charlie"},{"speaker":"Carl Widger","startTime":5239.42,"endTime":5243.62,"body":"belello And Peter maluke on"},{"speaker":"Carl Widger","startTime":5239.42,"endTime":5243.62,"body":"LinkedIn or Twitter or wherever"},{"speaker":"Carl Widger","startTime":5243.62,"endTime":5248.72,"body":"you want to go. These two guys"},{"speaker":"Carl Widger","startTime":5243.62,"endTime":5248.72,"body":"just nail it every time. And if"},{"speaker":"Carl Widger","startTime":5248.72,"endTime":5254.36,"body":"you're of a similar mindset in"},{"speaker":"Carl Widger","startTime":5248.72,"endTime":5254.36,"body":"terms of investment philosophies"},{"speaker":"Carl Widger","startTime":5254.5999999999995,"endTime":5260.26,"body":"as we are here, then they'll"},{"speaker":"Carl Widger","startTime":5254.5999999999995,"endTime":5260.26,"body":"they'll give you great material"},{"speaker":"Carl Widger","startTime":5260.26,"endTime":5263.86,"body":"to be able to share with your"},{"speaker":"Carl Widger","startTime":5260.26,"endTime":5263.86,"body":"own clients. And Peter maluke is"},{"speaker":"Carl Widger","startTime":5263.86,"endTime":5266.8,"body":"one of the most success,"},{"speaker":"Carl Widger","startTime":5263.86,"endTime":5266.8,"body":"probably the planet's most"},{"speaker":"Carl Widger","startTime":5266.8,"endTime":5273.88,"body":"successful financial planning"},{"speaker":"Carl Widger","startTime":5266.8,"endTime":5273.88,"body":"scale firm. Follow him. I super"},{"speaker":"Carl Widger","startTime":5273.88,"endTime":5278.82,"body":"interesting guy, and certainly"},{"speaker":"Carl Widger","startTime":5273.88,"endTime":5278.82,"body":"he's almost as prolific as Alan"},{"speaker":"Carl Widger","startTime":5278.88,"endTime":5282.48,"body":"on LinkedIn with his uh posts"},{"speaker":"Carl Widger","startTime":5278.88,"endTime":5282.48,"body":"and stuff, but, uh, it's really,"},{"speaker":"Carl Widger","startTime":5282.48,"endTime":5285.3,"body":"really good. So follow both"},{"speaker":"Carl Widger","startTime":5282.48,"endTime":5285.3,"body":"those guys and they will"},{"speaker":"Carl Widger","startTime":5285.3,"endTime":5290.94,"body":"certainly enhance your research"},{"speaker":"Carl Widger","startTime":5285.3,"endTime":5290.94,"body":"and ability to talk to clients"},{"speaker":"Carl Widger","startTime":5290.94,"endTime":5293.22,"body":"about some of the important"},{"speaker":"Carl Widger","startTime":5290.94,"endTime":5293.22,"body":"investment"},{"speaker":"Andy Hart","startTime":5293.22,"endTime":5296.24,"body":"stuff. Yeah, Charlie"},{"speaker":"Andy Hart","startTime":5293.22,"endTime":5296.24,"body":"produces insane content. Yeah,"},{"speaker":"Andy Hart","startTime":5296.24,"endTime":5299.12,"body":"really good stuff. Nick, your"},{"speaker":"Andy Hart","startTime":5296.24,"endTime":5299.12,"body":"point. Nick, I I'm just"},{"speaker":"Nick Lincoln","startTime":5299.12,"endTime":5301.16,"body":"reading something."},{"speaker":"Nick Lincoln","startTime":5299.12,"endTime":5301.16,"body":"I haven't published it yet. It's"},{"speaker":"Nick Lincoln","startTime":5301.16,"endTime":5303.98,"body":"it's you. I know that you've"},{"speaker":"Nick Lincoln","startTime":5301.16,"endTime":5303.98,"body":"read it and sort of poured over"},{"speaker":"Nick Lincoln","startTime":5303.98,"endTime":5308.3,"body":"it to any poor Charlie's"},{"speaker":"Nick Lincoln","startTime":5303.98,"endTime":5308.3,"body":"almanac. Charlie munger's book,"},{"speaker":"Nick Lincoln","startTime":5308.3,"endTime":5311.78,"body":"a compendium of his 11 speeches"},{"speaker":"Nick Lincoln","startTime":5308.3,"endTime":5311.78,"body":"he gave, which has recently been"},{"speaker":"Nick Lincoln","startTime":5311.78,"endTime":5314.0599999999995,"body":"updated. So I'm going through"},{"speaker":"Nick Lincoln","startTime":5311.78,"endTime":5314.0599999999995,"body":"that, so when I finished it, I"},{"speaker":"Nick Lincoln","startTime":5314.0599999999995,"endTime":5315.08,"body":"might report back on that."},{"speaker":"Andy Hart","startTime":5315.08,"endTime":5316.84,"body":"Sorry, just about"},{"speaker":"Andy Hart","startTime":5315.08,"endTime":5316.84,"body":"that. Nick, have you bought the"},{"speaker":"Andy Hart","startTime":5316.84,"endTime":5318.94,"body":"original one, the big blue one,"},{"speaker":"Andy Hart","startTime":5316.84,"endTime":5318.94,"body":"or you bought the recent,"},{"speaker":"Andy Hart","startTime":5318.94,"endTime":5320.98,"body":"updated one, the stripe, one"},{"speaker":"Andy Hart","startTime":5318.94,"endTime":5320.98,"body":"stripe."},{"speaker":"Nick Lincoln","startTime":5321.399,"endTime":5323.679,"body":"I bought the"},{"speaker":"Nick Lincoln","startTime":5321.399,"endTime":5323.679,"body":"black. I bought the blue framed"},{"speaker":"Nick Lincoln","startTime":5323.679,"endTime":5324.219,"body":"or the gray."},{"speaker":"Alan Smith","startTime":5328.24,"endTime":5331.42,"body":"It's actually I was"},{"speaker":"Alan Smith","startTime":5328.24,"endTime":5331.42,"body":"giving this a gift. Yeah, Blue"},{"speaker":"Alan Smith","startTime":5331.42,"endTime":5334.96,"body":"Book. Check out, visualized"},{"speaker":"Alan Smith","startTime":5331.42,"endTime":5334.96,"body":"value. But yeah, it is. Every"},{"speaker":"Alan Smith","startTime":5334.96,"endTime":5337.2,"body":"coffee table should have one."},{"speaker":"Alan Smith","startTime":5334.96,"endTime":5337.2,"body":"That's one book. Nick, you"},{"speaker":"Alan Smith","startTime":5337.2,"endTime":5339.84,"body":"should have hard copy, not just"},{"speaker":"Alan Smith","startTime":5337.2,"endTime":5339.84,"body":"Kindle."},{"speaker":"Andy Hart","startTime":5343.5,"endTime":5345.24,"body":"Yeah, you look really"},{"speaker":"Andy Hart","startTime":5343.5,"endTime":5345.24,"body":"intelligent. Nick,"},{"speaker":"Unknown","startTime":5346.68,"endTime":5347.7,"body":"all right, finish up."},{"speaker":"Nick Lincoln","startTime":5348.66,"endTime":5350.64,"body":"Final point. Final"},{"speaker":"Nick Lincoln","startTime":5348.66,"endTime":5350.64,"body":"point. One"},{"speaker":"Andy Hart","startTime":5351.12,"endTime":5355.08,"body":"final point for"},{"speaker":"Andy Hart","startTime":5351.12,"endTime":5355.08,"body":"myself is an author I love,"},{"speaker":"Andy Hart","startTime":5355.14,"endTime":5357.68,"body":"Malcolm Gladwell. He's come out"},{"speaker":"Andy Hart","startTime":5355.14,"endTime":5357.68,"body":"with the books, uh, tipping"},{"speaker":"Andy Hart","startTime":5357.68,"endTime":5360.5599999999995,"body":"point, outliers talking to"},{"speaker":"Andy Hart","startTime":5357.68,"endTime":5360.5599999999995,"body":"strangers, David and Goliath."},{"speaker":"Andy Hart","startTime":5360.5599999999995,"endTime":5362.78,"body":"He's got a he's got a new one,"},{"speaker":"Andy Hart","startTime":5360.5599999999995,"endTime":5362.78,"body":"called Revenge of the tipping"},{"speaker":"Andy Hart","startTime":5362.78,"endTime":5365.24,"body":"point. Have I spoke about this"},{"speaker":"Andy Hart","startTime":5362.78,"endTime":5365.24,"body":"before? I've got a bit of a deja"},{"speaker":"Andy Hart","startTime":5365.24,"endTime":5367.5199999999995,"body":"vu here. Anyway, it's called"},{"speaker":"Andy Hart","startTime":5365.24,"endTime":5367.5199999999995,"body":"Revenge of the tipping point."},{"speaker":"Andy Hart","startTime":5367.5199999999995,"endTime":5371.96,"body":"Over story, super spread, the"},{"speaker":"Andy Hart","startTime":5367.5199999999995,"endTime":5371.96,"body":"rise of social engineering. It's"},{"speaker":"Andy Hart","startTime":5371.96,"endTime":5374.24,"body":"really good. Listen to an"},{"speaker":"Andy Hart","startTime":5371.96,"endTime":5374.24,"body":"audible. It's read by the"},{"speaker":"Andy Hart","startTime":5374.24,"endTime":5378.16,"body":"author. Superb storytelling."},{"speaker":"Andy Hart","startTime":5374.24,"endTime":5378.16,"body":"This guy is world class"},{"speaker":"Andy Hart","startTime":5378.16,"endTime":5381.0999999999995,"body":"storyteller. So it's a"},{"speaker":"Andy Hart","startTime":5378.16,"endTime":5381.0999999999995,"body":"storyteller theme today I'm"},{"speaker":"Andy Hart","startTime":5381.0999999999995,"endTime":5383.68,"body":"talking for in house"},{"speaker":"Andy Hart","startTime":5381.0999999999995,"endTime":5383.68,"body":"storyteller. I think of one for"},{"speaker":"Andy Hart","startTime":5383.68,"endTime":5386.86,"body":"now, ladies and gentlemen, over"},{"speaker":"Andy Hart","startTime":5383.68,"endTime":5386.86,"body":"and out, I've"},{"speaker":"Nick Lincoln","startTime":5387.7,"endTime":5389.2,"body":"got to say the and"},{"speaker":"Nick Lincoln","startTime":5387.7,"endTime":5389.2,"body":"the link to all these, uh,"},{"speaker":"Nick Lincoln","startTime":5389.2,"endTime":5391.42,"body":"culture corners will be in the"},{"speaker":"Nick Lincoln","startTime":5389.2,"endTime":5391.42,"body":"so called show notes, the link"},{"speaker":"Nick Lincoln","startTime":5391.42,"endTime":5394.0,"body":"the map and Gladwell, yeah, book"},{"speaker":"Nick Lincoln","startTime":5391.42,"endTime":5394.0,"body":"is almost as long as the book,"},{"speaker":"Nick Lincoln","startTime":5394.0,"endTime":5396.36,"body":"Amazon, what you're doing that"},{"speaker":"Nick Lincoln","startTime":5394.0,"endTime":5396.36,"body":"goes on. That's like a, I don't"},{"speaker":"Nick Lincoln","startTime":5396.36,"endTime":5397.44,"body":"know why. Nick,"},{"speaker":"Unknown","startTime":5397.439,"endTime":5401.099,"body":"sorry, tiny CC, or"},{"speaker":"Unknown","startTime":5397.439,"endTime":5401.099,"body":"whatever you call it,"},{"speaker":"Nick Lincoln","startTime":5401.8189999999995,"endTime":5406.199,"body":"slash, if a forum"},{"speaker":"Nick Lincoln","startTime":5401.8189999999995,"endTime":5406.199,"body":"always be selling, I think we're"},{"speaker":"Nick Lincoln","startTime":5406.199,"endTime":5409.259,"body":"done. There we go. Did trap?"},{"speaker":"Nick Lincoln","startTime":5406.199,"endTime":5409.259,"body":"This episode 73 comes to a"},{"speaker":"Nick Lincoln","startTime":5409.259,"endTime":5412.3189999999995,"body":"close, and another pile of trap"},{"speaker":"Nick Lincoln","startTime":5409.259,"endTime":5412.3189999999995,"body":"slides down the U bend. Please"},{"speaker":"Nick Lincoln","startTime":5412.379,"endTime":5415.499,"body":"do leave a review on iTunes,"},{"speaker":"Nick Lincoln","startTime":5412.379,"endTime":5415.499,"body":"where or your app of choice, if"},{"speaker":"Nick Lincoln","startTime":5415.499,"endTime":5418.159,"body":"it lets you. We're kind of"},{"speaker":"Nick Lincoln","startTime":5415.499,"endTime":5418.159,"body":"running out of reviews. We don't"},{"speaker":"Nick Lincoln","startTime":5418.159,"endTime":5420.499,"body":"care one star, we don't care"},{"speaker":"Nick Lincoln","startTime":5418.159,"endTime":5420.499,"body":"five star. We lost six out of"},{"speaker":"Nick Lincoln","startTime":5420.499,"endTime":5423.499,"body":"five stars. But until the next"},{"speaker":"Nick Lincoln","startTime":5420.499,"endTime":5423.499,"body":"time it's adios from the Track"},{"speaker":"Nick Lincoln","startTime":5423.499,"endTime":5426.8589999999995,"body":"Pack, take care of there, folks,"},{"speaker":"Nick Lincoln","startTime":5423.499,"endTime":5426.8589999999995,"body":"and we'll see you on the other"},{"speaker":"Nick Lincoln","startTime":5426.979,"endTime":5429.919,"body":"side. Jesus Christ."},{"speaker":"Unknown","startTime":5435.019,"endTime":5435.799,"body":"That's about 400"},{"speaker":"Andy Hart","startTime":5438.14,"endTime":5439.96,"body":"degrees. Is this? Top"},{"speaker":"Andy Hart","startTime":5438.14,"endTime":5439.96,"body":"of the building, yeah,"},{"speaker":"Unknown","startTime":5440.019,"endTime":5444.219,"body":"yeah, no, don't be"},{"speaker":"Unknown","startTime":5440.019,"endTime":5444.219,"body":"ridiculous. Bye Travis. I."}]}