{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":12.12,"endTime":16.08,"body":"Foreign Welcome to The"},{"speaker":"Unknown","startTime":12.12,"endTime":16.08,"body":"Real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":16.2,"endTime":20.6,"body":"P, T, please follow us and join"},{"speaker":"Unknown","startTime":16.2,"endTime":20.6,"body":"in the conversation on Twitter"},{"speaker":"Unknown","startTime":20.84,"endTime":24.62,"body":"at advisor podcast, where you"},{"speaker":"Unknown","startTime":20.84,"endTime":24.62,"body":"can suggest ideas and themes"},{"speaker":"Unknown","startTime":24.62,"endTime":28.04,"body":"you'd like the trap team to"},{"speaker":"Unknown","startTime":24.62,"endTime":28.04,"body":"discuss. Also, remember to like"},{"speaker":"Unknown","startTime":28.04,"endTime":31.34,"body":"and subscribe to our YouTube"},{"speaker":"Unknown","startTime":28.04,"endTime":31.34,"body":"channel and leave a six out of"},{"speaker":"Unknown","startTime":31.34,"endTime":34.82,"body":"five star review on iTunes."},{"speaker":"Unknown","startTime":31.34,"endTime":34.82,"body":"Doing all this really, really"},{"speaker":"Unknown","startTime":34.82,"endTime":38.54,"body":"helps us, which means we can do"},{"speaker":"Unknown","startTime":34.82,"endTime":38.54,"body":"more to help you. Now, let's"},{"speaker":"Unknown","startTime":38.54,"endTime":41.92,"body":"head over to the studio for the"},{"speaker":"Unknown","startTime":38.54,"endTime":41.92,"body":"latest pile of trap yes, indeed,"},{"speaker":"Nick Lincoln","startTime":46.3,"endTime":48.28,"body":"dear TRAPPIST,"},{"speaker":"Nick Lincoln","startTime":46.3,"endTime":48.28,"body":"welcome back to what many people"},{"speaker":"Nick Lincoln","startTime":48.28,"endTime":53.02,"body":"are calling episode 76 of the"},{"speaker":"Nick Lincoln","startTime":48.28,"endTime":53.02,"body":"real advisor podcast. My name is"},{"speaker":"Nick Lincoln","startTime":53.02,"endTime":57.04,"body":"Nick Lincoln joining me as ever"},{"speaker":"Nick Lincoln","startTime":53.02,"endTime":57.04,"body":"in the digital studio of doom."},{"speaker":"Nick Lincoln","startTime":57.04,"endTime":59.8,"body":"Are the four other or the three"},{"speaker":"Nick Lincoln","startTime":57.04,"endTime":59.8,"body":"other horsemen? They are fuck on"},{"speaker":"Nick Lincoln","startTime":59.86,"endTime":63.72,"body":"it. Alan, the storyteller,"},{"speaker":"Nick Lincoln","startTime":59.86,"endTime":63.72,"body":"Smith, looking tanned and"},{"speaker":"Nick Lincoln","startTime":63.72,"endTime":68.4,"body":"slightly dusty, and the ultra"},{"speaker":"Nick Lincoln","startTime":63.72,"endTime":68.4,"body":"heart and Carl the voice, the"},{"speaker":"Nick Lincoln","startTime":68.4,"endTime":73.62,"body":"lucky hand slightly dusty. Now,"},{"speaker":"Nick Lincoln","startTime":68.4,"endTime":73.62,"body":"gentlemen, we have a show packed"},{"speaker":"Nick Lincoln","startTime":73.62,"endTime":78.66,"body":"full of app, absolutely nothing."},{"speaker":"Nick Lincoln","startTime":73.62,"endTime":78.66,"body":"So let's get episode 76 underway"},{"speaker":"Nick Lincoln","startTime":78.66,"endTime":81.8,"body":"with some more high energy"},{"speaker":"Nick Lincoln","startTime":78.66,"endTime":81.8,"body":"review reads or read, read out"},{"speaker":"Nick Lincoln","startTime":81.8,"endTime":84.98,"body":"by my very good friend, the"},{"speaker":"Nick Lincoln","startTime":81.8,"endTime":84.98,"body":"right honorable Mr. Andrew Usain"},{"speaker":"Nick Lincoln","startTime":84.98,"endTime":85.7,"body":"Hart"},{"speaker":"Andy Hart","startTime":86.54,"endTime":89.0,"body":"alpha is looking good"},{"speaker":"Andy Hart","startTime":86.54,"endTime":89.0,"body":"nick for those watching on"},{"speaker":"Andy Hart","startTime":89.0,"endTime":93.02,"body":"YouTube. Okay, so the first"},{"speaker":"Andy Hart","startTime":89.0,"endTime":93.02,"body":"review Chris Hindle is entitled,"},{"speaker":"Andy Hart","startTime":93.02,"endTime":96.62,"body":"irreverent and insightful. Trap"},{"speaker":"Andy Hart","startTime":93.02,"endTime":96.62,"body":"is sharp, irreverent, oh,"},{"speaker":"Andy Hart","startTime":96.62,"endTime":99.2,"body":"struggle with that word and"},{"speaker":"Andy Hart","startTime":96.62,"endTime":99.2,"body":"packed with real practitioner"},{"speaker":"Andy Hart","startTime":99.2,"endTime":104.38,"body":"value. Expect a mix of insight"},{"speaker":"Andy Hart","startTime":99.2,"endTime":104.38,"body":"industry chat and unsolicited"},{"speaker":"Andy Hart","startTime":104.92,"endTime":108.82,"body":"rants. It's not always tidy, but"},{"speaker":"Andy Hart","startTime":104.92,"endTime":108.82,"body":"it's always relevant. The best"},{"speaker":"Andy Hart","startTime":108.82,"endTime":111.34,"body":"advisor podcast out there,"},{"speaker":"Andy Hart","startTime":108.82,"endTime":111.34,"body":"mainly because it sounds like"},{"speaker":"Andy Hart","startTime":111.34,"endTime":115.6,"body":"actual advisors talking and not"},{"speaker":"Andy Hart","startTime":111.34,"endTime":115.6,"body":"consultants selling a framework."},{"speaker":"Andy Hart","startTime":115.6,"endTime":118.96,"body":"That is from Chris who runs the"},{"speaker":"Andy Hart","startTime":115.6,"endTime":118.96,"body":"awesome firm, Fraser James with"},{"speaker":"Andy Hart","startTime":118.96,"endTime":122.76,"body":"another good friend of mine,"},{"speaker":"Andy Hart","startTime":118.96,"endTime":122.76,"body":"James McKay, so yeah, awesome"},{"speaker":"Andy Hart","startTime":122.76,"endTime":123.48,"body":"review. Back to you."},{"speaker":"Nick Lincoln","startTime":123.48,"endTime":126.24,"body":"Boss, excellent."},{"speaker":"Nick Lincoln","startTime":123.48,"endTime":126.24,"body":"I'll be getting a bit light on"},{"speaker":"Nick Lincoln","startTime":126.24,"endTime":127.32,"body":"reviews, aren't we? Ultra"},{"speaker":"Andy Hart","startTime":127.679,"endTime":129.659,"body":"No, they're actually"},{"speaker":"Andy Hart","startTime":127.679,"endTime":129.659,"body":"coming in quite thick and fast"},{"speaker":"Andy Hart","startTime":129.659,"endTime":133.259,"body":"now. So panic is over. Had a"},{"speaker":"Andy Hart","startTime":129.659,"endTime":133.259,"body":"good couple of about three or"},{"speaker":"Andy Hart","startTime":133.259,"endTime":135.599,"body":"four coming in last week, but"},{"speaker":"Andy Hart","startTime":133.259,"endTime":135.599,"body":"yep, we're still up for more"},{"speaker":"Andy Hart","startTime":135.599,"endTime":138.779,"body":"reviews. We're up to about 222,"},{"speaker":"Andy Hart","startTime":135.599,"endTime":138.779,"body":"I think, on the Apple platform."},{"speaker":"Andy Hart","startTime":138.779,"endTime":141.559,"body":"And it really does help with all"},{"speaker":"Andy Hart","startTime":138.779,"endTime":141.559,"body":"the ranking stuff. So please do"},{"speaker":"Andy Hart","startTime":141.619,"endTime":143.299,"body":"keep them coming. So okay, so"},{"speaker":"Andy Hart","startTime":141.619,"endTime":143.299,"body":"I'll take"},{"speaker":"Nick Lincoln","startTime":143.6,"endTime":145.1,"body":"out the docket."},{"speaker":"Nick Lincoln","startTime":143.6,"endTime":145.1,"body":"Then. These are the final"},{"speaker":"Nick Lincoln","startTime":145.1,"endTime":147.74,"body":"reviews. We're apparently up to"},{"speaker":"Nick Lincoln","startTime":145.1,"endTime":147.74,"body":"date. Who's left? Review put in"},{"speaker":"Nick Lincoln","startTime":147.74,"endTime":149.9,"body":"by you. I'll get rid of that"},{"speaker":"Nick Lincoln","startTime":147.74,"endTime":149.9,"body":"line. Shall I? Yeah, get rid of"},{"speaker":"Nick Lincoln","startTime":149.9,"endTime":152.06,"body":"that. Yeah. Okay, good. Could"},{"speaker":"Nick Lincoln","startTime":149.9,"endTime":152.06,"body":"have done that offline. There"},{"speaker":"Nick Lincoln","startTime":152.06,"endTime":156.2,"body":"you go. Chris, how tidy Is that"},{"speaker":"Nick Lincoln","startTime":152.06,"endTime":156.2,"body":"done? Right? Okay. Topical tip"},{"speaker":"Nick Lincoln","startTime":156.2,"endTime":159.56,"body":"is, let's get underway. Let's"},{"speaker":"Nick Lincoln","startTime":156.2,"endTime":159.56,"body":"get this ball rolling. Very"},{"speaker":"Nick Lincoln","startTime":159.56,"endTime":162.22,"body":"exciting topic I'm going to lead"},{"speaker":"Nick Lincoln","startTime":159.56,"endTime":162.22,"body":"off with here. Ultra contain"},{"speaker":"Nick Lincoln","startTime":162.22,"endTime":164.8,"body":"yourself. I'm not sure if the"},{"speaker":"Nick Lincoln","startTime":162.22,"endTime":164.8,"body":"FCA levies are sent out to all"},{"speaker":"Nick Lincoln","startTime":164.8,"endTime":167.32,"body":"firms this time of year. I tend"},{"speaker":"Nick Lincoln","startTime":164.8,"endTime":167.32,"body":"to get mine this time of year."},{"speaker":"Nick Lincoln","startTime":167.32,"endTime":170.86,"body":"And I've just got my FCA Levy,"},{"speaker":"Nick Lincoln","startTime":167.32,"endTime":170.86,"body":"FCA slash, FC, whatever it is,"},{"speaker":"Nick Lincoln","startTime":170.86,"endTime":171.88,"body":"FC, FSCS"},{"speaker":"Unknown","startTime":171.88,"endTime":174.76,"body":"Levy. So keep it going."},{"speaker":"Unknown","startTime":171.88,"endTime":174.76,"body":"Keep it going up by 21%"},{"speaker":"Nick Lincoln","startTime":175.479,"endTime":177.579,"body":"over last year."},{"speaker":"Nick Lincoln","startTime":175.479,"endTime":177.579,"body":"But this is not a ramp, because"},{"speaker":"Nick Lincoln","startTime":177.939,"endTime":181.739,"body":"despite that, my FCA levy is"},{"speaker":"Nick Lincoln","startTime":177.939,"endTime":181.739,"body":"down, or what it was, say, two"},{"speaker":"Nick Lincoln","startTime":181.739,"endTime":184.139,"body":"to three years ago, at the"},{"speaker":"Nick Lincoln","startTime":181.739,"endTime":184.139,"body":"height of the sort of pension"},{"speaker":"Nick Lincoln","startTime":184.139,"endTime":187.439,"body":"transfer redress thing. So if"},{"speaker":"Nick Lincoln","startTime":184.139,"endTime":187.439,"body":"you want to just submit your"},{"speaker":"Nick Lincoln","startTime":187.499,"endTime":190.079,"body":"information to us via the"},{"speaker":"Nick Lincoln","startTime":187.499,"endTime":190.079,"body":"survey, I put in the IFA form,"},{"speaker":"Nick Lincoln","startTime":190.079,"endTime":192.239,"body":"there'll be a link to it in the"},{"speaker":"Nick Lincoln","startTime":190.079,"endTime":192.239,"body":"so called show notes as well."},{"speaker":"Nick Lincoln","startTime":192.239,"endTime":194.759,"body":"Just be interested to see the"},{"speaker":"Nick Lincoln","startTime":192.239,"endTime":194.759,"body":"feel out there. Because we we"},{"speaker":"Nick Lincoln","startTime":194.759,"endTime":197.099,"body":"have a we have ability now."},{"speaker":"Nick Lincoln","startTime":194.759,"endTime":197.099,"body":"We've got so many Trappists who"},{"speaker":"Nick Lincoln","startTime":197.099,"endTime":199.439,"body":"like this show. We have the"},{"speaker":"Nick Lincoln","startTime":197.099,"endTime":199.439,"body":"ability to get data from you"},{"speaker":"Nick Lincoln","startTime":199.439,"endTime":201.919,"body":"that might be useful to share"},{"speaker":"Nick Lincoln","startTime":199.439,"endTime":201.919,"body":"with us all as a community"},{"speaker":"Nick Lincoln","startTime":201.919,"endTime":204.499,"body":"thing, because we're all about"},{"speaker":"Nick Lincoln","startTime":201.919,"endTime":204.499,"body":"sharing and not deciding what is"},{"speaker":"Nick Lincoln","startTime":204.499,"endTime":207.199,"body":"interesting or not to put on"},{"speaker":"Nick Lincoln","startTime":204.499,"endTime":207.199,"body":"track. So there you go. Right."},{"speaker":"Nick Lincoln","startTime":207.199,"endTime":207.679,"body":"Smithy, are"},{"speaker":"Unknown","startTime":210.68,"endTime":212.06,"body":"we still talking about"},{"speaker":"Unknown","startTime":210.68,"endTime":212.06,"body":"levies?"},{"speaker":"Nick Lincoln","startTime":212.06,"endTime":213.92,"body":"You can do, but"},{"speaker":"Nick Lincoln","startTime":212.06,"endTime":213.92,"body":"we're gonna give it a punches"},{"speaker":"Nick Lincoln","startTime":213.92,"endTime":216.38,"body":"there. We're not gonna be if you"},{"speaker":"Nick Lincoln","startTime":213.92,"endTime":216.38,"body":"don't just talk about it, we can"},{"speaker":"Nick Lincoln","startTime":216.38,"endTime":216.98,"body":"go Ultra. Might"},{"speaker":"Andy Hart","startTime":216.979,"endTime":220.419,"body":"fall asleep a levy"},{"speaker":"Andy Hart","startTime":216.979,"endTime":220.419,"body":"call Alan. Bring up the bring"},{"speaker":"Andy Hart","startTime":220.419,"endTime":222.519,"body":"up, bring up the vibe. No,"},{"speaker":"Alan Smith","startTime":222.52,"endTime":226.96,"body":"I think this is a"},{"speaker":"Alan Smith","startTime":222.52,"endTime":226.96,"body":"worthy conversation. Actually,"},{"speaker":"Alan Smith","startTime":227.92,"endTime":230.62,"body":"the the as ever, highly"},{"speaker":"Alan Smith","startTime":227.92,"endTime":230.62,"body":"efficient shreen in my team. I"},{"speaker":"Alan Smith","startTime":230.62,"endTime":233.86,"body":"asked her, in preparation for"},{"speaker":"Alan Smith","startTime":230.62,"endTime":233.86,"body":"this conversation, how our"},{"speaker":"Alan Smith","startTime":233.86,"endTime":237.1,"body":"numbers had moved. I think I"},{"speaker":"Alan Smith","startTime":233.86,"endTime":237.1,"body":"shared it with you guys. Yeah,"},{"speaker":"Alan Smith","startTime":237.16,"endTime":240.54,"body":"our number for 25 is, yeah,"},{"speaker":"Alan Smith","startTime":237.16,"endTime":240.54,"body":"about the same sort of"},{"speaker":"Alan Smith","startTime":240.54,"endTime":244.8,"body":"percentage, I think Nick as"},{"speaker":"Alan Smith","startTime":240.54,"endTime":244.8,"body":"increase, but looking back, so"},{"speaker":"Alan Smith","startTime":244.8,"endTime":247.08,"body":"back to, I mean, you were"},{"speaker":"Alan Smith","startTime":244.8,"endTime":247.08,"body":"wondering what was happening in"},{"speaker":"Alan Smith","startTime":247.2,"endTime":254.22,"body":"2020 2021, yeah. So ours, ours"},{"speaker":"Alan Smith","startTime":247.2,"endTime":254.22,"body":"is effectively half now what we"},{"speaker":"Alan Smith","startTime":254.22,"endTime":259.74,"body":"were paying in 2020 but bit less"},{"speaker":"Alan Smith","startTime":254.22,"endTime":259.74,"body":"than half, actually, yeah. And I"},{"speaker":"Alan Smith","startTime":259.74,"endTime":262.64,"body":"think Carl mentioned it as well."},{"speaker":"Alan Smith","startTime":259.74,"endTime":262.64,"body":"What the hell was going on then?"},{"speaker":"Alan Smith","startTime":262.64,"endTime":266.0,"body":"But I think that was all to do"},{"speaker":"Alan Smith","startTime":262.64,"endTime":266.0,"body":"with the FSCS Levy. More than"},{"speaker":"Alan Smith","startTime":266.0,"endTime":270.86,"body":"that was the FCA regulatory fee"},{"speaker":"Alan Smith","startTime":266.0,"endTime":270.86,"body":"thing. And it just shows you,"},{"speaker":"Alan Smith","startTime":270.86,"endTime":275.12,"body":"doesn't it that we do, no doubt"},{"speaker":"Alan Smith","startTime":270.86,"endTime":275.12,"body":"we did talk about it at the time"},{"speaker":"Alan Smith","startTime":275.12,"endTime":280.36,"body":"or afterwards, when this thing,"},{"speaker":"Alan Smith","startTime":275.12,"endTime":280.36,"body":"this, this safety net that"},{"speaker":"Alan Smith","startTime":280.36,"endTime":283.3,"body":"exists for if people are getting"},{"speaker":"Alan Smith","startTime":280.36,"endTime":283.3,"body":"ripped off, and then companies"},{"speaker":"Alan Smith","startTime":283.3,"endTime":287.32,"body":"closed down, and then so people"},{"speaker":"Alan Smith","startTime":283.3,"endTime":287.32,"body":"want to make a complaint and get"},{"speaker":"Alan Smith","startTime":287.32,"endTime":290.56,"body":"their complaint upheld, the rest"},{"speaker":"Alan Smith","startTime":287.32,"endTime":290.56,"body":"of us have to bail them out. So"},{"speaker":"Alan Smith","startTime":290.56,"endTime":293.02,"body":"that was what it was. So when we"},{"speaker":"Alan Smith","startTime":290.56,"endTime":293.02,"body":"were paying more than double"},{"speaker":"Alan Smith","startTime":293.02,"endTime":295.96,"body":"what we're paying currently to"},{"speaker":"Alan Smith","startTime":293.02,"endTime":295.96,"body":"bail out all these mis selling"},{"speaker":"Alan Smith","startTime":295.96,"endTime":299.2,"body":"scandals which are going on at"},{"speaker":"Alan Smith","startTime":295.96,"endTime":299.2,"body":"the time. So I guess that's a"},{"speaker":"Alan Smith","startTime":299.2,"endTime":302.04,"body":"good sign the trend. End is"},{"speaker":"Alan Smith","startTime":299.2,"endTime":302.04,"body":"broadly down. It is higher than"},{"speaker":"Alan Smith","startTime":302.04,"endTime":305.28,"body":"last year, but anything but if"},{"speaker":"Alan Smith","startTime":302.04,"endTime":305.28,"body":"we're paying half what we were"},{"speaker":"Alan Smith","startTime":305.28,"endTime":308.1,"body":"paying obviously, hopefully our"},{"speaker":"Alan Smith","startTime":305.28,"endTime":308.1,"body":"revenues have gone up as well"},{"speaker":"Alan Smith","startTime":308.58,"endTime":312.0,"body":"over that period. It's net"},{"speaker":"Alan Smith","startTime":308.58,"endTime":312.0,"body":"positive where we are right"},{"speaker":"Carl Widger","startTime":312.0,"endTime":315.18,"body":"now. Question,"},{"speaker":"Carl Widger","startTime":312.0,"endTime":315.18,"body":"Alan, yeah, how? How is it"},{"speaker":"Carl Widger","startTime":315.18,"endTime":320.54,"body":"calculated? Is it based on aum?"},{"speaker":"Carl Widger","startTime":315.18,"endTime":320.54,"body":"Is it based on turnover, or what"},{"speaker":"Carl Widger","startTime":320.54,"endTime":321.2,"body":"are the metrics?"},{"speaker":"Alan Smith","startTime":321.68,"endTime":325.34,"body":"I think that the"},{"speaker":"Alan Smith","startTime":321.68,"endTime":325.34,"body":"main basis of it is turnover."},{"speaker":"Alan Smith","startTime":325.4,"endTime":328.7,"body":"Turnover. Yeah, yeah. So"},{"speaker":"Alan Smith","startTime":325.4,"endTime":328.7,"body":"percentage of turnover, so you"},{"speaker":"Alan Smith","startTime":328.7,"endTime":331.52,"body":"most firms, you would hope or"},{"speaker":"Alan Smith","startTime":328.7,"endTime":331.52,"body":"anticipate your turnovers going"},{"speaker":"Alan Smith","startTime":331.52,"endTime":334.34,"body":"up every year. So if you got a"},{"speaker":"Alan Smith","startTime":331.52,"endTime":334.34,"body":"pro rata increase year on year,"},{"speaker":"Alan Smith","startTime":334.34,"endTime":337.94,"body":"but every now and again, you"},{"speaker":"Alan Smith","startTime":334.34,"endTime":337.94,"body":"have these god forsaken scandals"},{"speaker":"Alan Smith","startTime":337.94,"endTime":341.8,"body":"and things that come out blow up"},{"speaker":"Alan Smith","startTime":337.94,"endTime":341.8,"body":"10s and millions whatever to to"},{"speaker":"Alan Smith","startTime":341.8,"endTime":343.96,"body":"cover the losses for people. It"},{"speaker":"Alan Smith","startTime":341.8,"endTime":343.96,"body":"was so, it"},{"speaker":"Carl Widger","startTime":343.96,"endTime":346.66,"body":"was interesting."},{"speaker":"Carl Widger","startTime":343.96,"endTime":346.66,"body":"You did share it on, on in our"},{"speaker":"Carl Widger","startTime":346.66,"endTime":350.56,"body":"group, and like, it was, so the"},{"speaker":"Carl Widger","startTime":346.66,"endTime":350.56,"body":"increase based on the scandals,"},{"speaker":"Carl Widger","startTime":350.56,"endTime":353.98,"body":"I think it was DB transfers was,"},{"speaker":"Carl Widger","startTime":350.56,"endTime":353.98,"body":"it was for three, three full"},{"speaker":"Carl Widger","startTime":353.98,"endTime":356.44,"body":"years. So it's like, it was a"},{"speaker":"Carl Widger","startTime":353.98,"endTime":356.44,"body":"significant hit."},{"speaker":"Nick Lincoln","startTime":356.44,"endTime":358.9,"body":"It was, it was, it"},{"speaker":"Nick Lincoln","startTime":356.44,"endTime":358.9,"body":"was a choppy, choppy period. But"},{"speaker":"Nick Lincoln","startTime":358.9,"endTime":361.44,"body":"that's, that's good point you"},{"speaker":"Nick Lincoln","startTime":358.9,"endTime":361.44,"body":"raised there, because, yeah, our"},{"speaker":"Nick Lincoln","startTime":361.44,"endTime":364.8,"body":"fees have gone up, but I'm sure"},{"speaker":"Nick Lincoln","startTime":361.44,"endTime":364.8,"body":"all four of us have had turnover"},{"speaker":"Nick Lincoln","startTime":364.8,"endTime":367.2,"body":"go over the last three or four"},{"speaker":"Nick Lincoln","startTime":364.8,"endTime":367.2,"body":"years. So even if it's going up"},{"speaker":"Nick Lincoln","startTime":367.2,"endTime":369.36,"body":"in line with turnover, the fact"},{"speaker":"Nick Lincoln","startTime":367.2,"endTime":369.36,"body":"that the fees have gone up, my"},{"speaker":"Nick Lincoln","startTime":369.36,"endTime":372.3,"body":"fees have gone up this year by"},{"speaker":"Nick Lincoln","startTime":369.36,"endTime":372.3,"body":"21% they're still way lower than"},{"speaker":"Nick Lincoln","startTime":372.3,"endTime":374.64,"body":"they were two three years ago,"},{"speaker":"Nick Lincoln","startTime":372.3,"endTime":374.64,"body":"and on a much bigger turnover."},{"speaker":"Nick Lincoln","startTime":374.64,"endTime":377.7,"body":"So you know, take the rough with"},{"speaker":"Nick Lincoln","startTime":374.64,"endTime":377.7,"body":"the smooth, and I can definitely"},{"speaker":"Nick Lincoln","startTime":377.7,"endTime":380.76,"body":"live with that. Okay, moving on,"},{"speaker":"Nick Lincoln","startTime":377.7,"endTime":380.76,"body":"because we're going to be fast"},{"speaker":"Nick Lincoln","startTime":380.76,"endTime":384.02,"body":"paced and on it today."},{"speaker":"Nick Lincoln","startTime":380.76,"endTime":384.02,"body":"Storyteller, funfeed,"},{"speaker":"Alan Smith","startTime":384.2,"endTime":387.68,"body":"yeah, so this was"},{"speaker":"Alan Smith","startTime":384.2,"endTime":387.68,"body":"something that I saw in the city"},{"speaker":"Alan Smith","startTime":388.34,"endTime":392.18,"body":"wire, magazine, newspaper,"},{"speaker":"Alan Smith","startTime":388.34,"endTime":392.18,"body":"whatever it is, online website,"},{"speaker":"Alan Smith","startTime":392.72,"endTime":395.54,"body":"and I thought it was worthy of"},{"speaker":"Alan Smith","startTime":392.72,"endTime":395.54,"body":"conversation. There's a lot of"},{"speaker":"Alan Smith","startTime":395.54,"endTime":398.84,"body":"sort of evolution, ongoing"},{"speaker":"Alan Smith","startTime":395.54,"endTime":398.84,"body":"things happening in the advice"},{"speaker":"Alan Smith","startTime":398.84,"endTime":402.1,"body":"market, and a lot of sort of PE"},{"speaker":"Alan Smith","startTime":398.84,"endTime":402.1,"body":"backed consolidation going on,"},{"speaker":"Alan Smith","startTime":402.1,"endTime":405.04,"body":"and some which is not just"},{"speaker":"Alan Smith","startTime":402.1,"endTime":405.04,"body":"growth of companies, and there's"},{"speaker":"Alan Smith","startTime":405.04,"endTime":408.16,"body":"an increasing number of firms"},{"speaker":"Alan Smith","startTime":405.04,"endTime":408.16,"body":"which are effectively running"},{"speaker":"Alan Smith","startTime":408.16,"endTime":412.48,"body":"their own investment models,"},{"speaker":"Alan Smith","startTime":408.16,"endTime":412.48,"body":"investment portfolios, portfolio"},{"speaker":"Alan Smith","startTime":412.48,"endTime":415.36,"body":"range, but I mean proper funds,"},{"speaker":"Alan Smith","startTime":412.48,"endTime":415.36,"body":"as opposed to just buying model"},{"speaker":"Alan Smith","startTime":415.36,"endTime":419.26,"body":"portfolios and putting together"},{"speaker":"Alan Smith","startTime":415.36,"endTime":419.26,"body":"like we do, effectively putting"},{"speaker":"Alan Smith","startTime":419.26,"endTime":422.1,"body":"together A portfolio of funds"},{"speaker":"Alan Smith","startTime":419.26,"endTime":422.1,"body":"ourselves, but not actually"},{"speaker":"Alan Smith","startTime":422.16,"endTime":427.5,"body":"running funds. Proper answer,"},{"speaker":"Alan Smith","startTime":422.16,"endTime":427.5,"body":"yeah. So the so this was the"},{"speaker":"Alan Smith","startTime":427.5,"endTime":431.64,"body":"article revealed the fees advice"},{"speaker":"Alan Smith","startTime":427.5,"endTime":431.64,"body":"firms make on their in house"},{"speaker":"Alan Smith","startTime":431.64,"endTime":434.22,"body":"funds. And it gives a big long"},{"speaker":"Alan Smith","startTime":431.64,"endTime":434.22,"body":"list. It's a good piece of"},{"speaker":"Alan Smith","startTime":434.22,"endTime":437.1,"body":"journalism, actually, because it"},{"speaker":"Alan Smith","startTime":434.22,"endTime":437.1,"body":"digs down deep into all these"},{"speaker":"Alan Smith","startTime":437.1,"endTime":440.36,"body":"different groups, different"},{"speaker":"Alan Smith","startTime":437.1,"endTime":440.36,"body":"funds. And they say advisor"},{"speaker":"Alan Smith","startTime":440.36,"endTime":443.96,"body":"funds, how much clients pay? And"},{"speaker":"Alan Smith","startTime":440.36,"endTime":443.96,"body":"they give a big, long list of"},{"speaker":"Alan Smith","startTime":443.96,"endTime":448.1,"body":"all these, predominantly much"},{"speaker":"Alan Smith","startTime":443.96,"endTime":448.1,"body":"larger companies. And it ranges"},{"speaker":"Alan Smith","startTime":448.1,"endTime":451.28,"body":"from at the top, most expensive,"},{"speaker":"Alan Smith","startTime":448.1,"endTime":451.28,"body":"funnily enough, a firm I've"},{"speaker":"Alan Smith","startTime":451.28,"endTime":454.28,"body":"never heard of. I think they're"},{"speaker":"Alan Smith","startTime":451.28,"endTime":454.28,"body":"in Northern Ireland, Doherty"},{"speaker":"Alan Smith","startTime":454.4,"endTime":462.22,"body":"PLC, which is 1.63% is the"},{"speaker":"Alan Smith","startTime":454.4,"endTime":462.22,"body":"funds, SJP, St James's place, in"},{"speaker":"Alan Smith","startTime":462.22,"endTime":465.64,"body":"some respects, no surprises, but"},{"speaker":"Alan Smith","startTime":462.22,"endTime":465.64,"body":"it's unfair to be fair to them,"},{"speaker":"Alan Smith","startTime":466.0,"endTime":468.64,"body":"to just to quote them in the"},{"speaker":"Alan Smith","startTime":466.0,"endTime":468.64,"body":"same basis, because their fee is"},{"speaker":"Alan Smith","startTime":468.64,"endTime":472.42,"body":"1.61 but as we know, SJP bundle"},{"speaker":"Alan Smith","startTime":468.64,"endTime":472.42,"body":"everything together in terms of"},{"speaker":"Alan Smith","startTime":472.42,"endTime":475.6,"body":"advice, planning, etc, whereas I"},{"speaker":"Alan Smith","startTime":472.42,"endTime":475.6,"body":"think a lot of the others are"},{"speaker":"Alan Smith","startTime":475.6,"endTime":479.26,"body":"purely investment portfolio."},{"speaker":"Alan Smith","startTime":475.6,"endTime":479.26,"body":"Then it goes. Fisher Investments"},{"speaker":"Alan Smith","startTime":479.26,"endTime":484.14,"body":"at 1.47 foster de novo, 1.32 and"},{"speaker":"Alan Smith","startTime":479.26,"endTime":484.14,"body":"so Greystone equilibrium lows."},{"speaker":"Alan Smith","startTime":484.44,"endTime":489.0,"body":"So these fees, as I say, range"},{"speaker":"Alan Smith","startTime":484.44,"endTime":489.0,"body":"from 1.63 at the top, a lot of"},{"speaker":"Alan Smith","startTime":489.0,"endTime":494.16,"body":"them congregate around the 1.21%"},{"speaker":"Alan Smith","startTime":489.0,"endTime":494.16,"body":"so this is for pure investment"},{"speaker":"Alan Smith","startTime":494.16,"endTime":497.94,"body":"management, where the advisor."},{"speaker":"Alan Smith","startTime":494.16,"endTime":497.94,"body":"So these are not purely"},{"speaker":"Alan Smith","startTime":497.94,"endTime":500.7,"body":"discretionary fund managers."},{"speaker":"Alan Smith","startTime":497.94,"endTime":500.7,"body":"These are predominantly advice"},{"speaker":"Alan Smith","startTime":500.7,"endTime":503.48,"body":"firms putting together their"},{"speaker":"Alan Smith","startTime":500.7,"endTime":503.48,"body":"investment portfolios and"},{"speaker":"Alan Smith","startTime":503.48,"endTime":506.48,"body":"charging, you know, 1% a year,"},{"speaker":"Alan Smith","startTime":503.48,"endTime":506.48,"body":"right?"},{"speaker":"Nick Lincoln","startTime":506.84,"endTime":508.94,"body":"And that doesn't"},{"speaker":"Nick Lincoln","startTime":506.84,"endTime":508.94,"body":"include, that doesn't include"},{"speaker":"Nick Lincoln","startTime":508.94,"endTime":511.88,"body":"custodial I never know with"},{"speaker":"Nick Lincoln","startTime":508.94,"endTime":511.88,"body":"these things. Yeah, it"},{"speaker":"Alan Smith","startTime":511.88,"endTime":515.36,"body":"doesn't. Some of"},{"speaker":"Alan Smith","startTime":511.88,"endTime":515.36,"body":"them won't, but some of them are"},{"speaker":"Alan Smith","startTime":515.36,"endTime":517.58,"body":"pure advice. Which ones are"},{"speaker":"Alan Smith","startTime":515.36,"endTime":517.58,"body":"which? That's"},{"speaker":"Nick Lincoln","startTime":518.06,"endTime":520.4,"body":"quite a big, 20"},{"speaker":"Nick Lincoln","startTime":518.06,"endTime":520.4,"body":"bits, isn't it? Typically 25"},{"speaker":"Nick Lincoln","startTime":520.58,"endTime":523.54,"body":"bibs. It typically 25 bibs, it"},{"speaker":"Nick Lincoln","startTime":520.58,"endTime":523.54,"body":"kind of makes the whole thing a"},{"speaker":"Andy Hart","startTime":523.54,"endTime":525.7,"body":"bit redundant. Yeah."},{"speaker":"Andy Hart","startTime":523.54,"endTime":525.7,"body":"I mean, for example, let's take"},{"speaker":"Andy Hart","startTime":525.7,"endTime":528.88,"body":"the bottom one first over 0.42"},{"speaker":"Andy Hart","startTime":525.7,"endTime":528.88,"body":"there's obviously additional"},{"speaker":"Andy Hart","startTime":528.88,"endTime":532.0,"body":"charges for the client, versus,"},{"speaker":"Andy Hart","startTime":528.88,"endTime":532.0,"body":"let's say one of the higher"},{"speaker":"Andy Hart","startTime":532.0,"endTime":535.18,"body":"ones. So yeah. Well, look,"},{"speaker":"Alan Smith","startTime":535.18,"endTime":539.68,"body":"if you look at the"},{"speaker":"Alan Smith","startTime":535.18,"endTime":539.68,"body":"higher ones, let's say Boston."},{"speaker":"Andy Hart","startTime":539.98,"endTime":542.16,"body":"I pretty much know"},{"speaker":"Andy Hart","startTime":539.98,"endTime":542.16,"body":"all the firms on this list,"},{"speaker":"Andy Hart","startTime":542.16,"endTime":543.6,"body":"about five, yeah,"},{"speaker":"Alan Smith","startTime":543.6,"endTime":545.7,"body":"quite a few I've"},{"speaker":"Alan Smith","startTime":543.6,"endTime":545.7,"body":"never heard of, but a lot of"},{"speaker":"Alan Smith","startTime":545.7,"endTime":549.42,"body":"them are the PE backed"},{"speaker":"Alan Smith","startTime":545.7,"endTime":549.42,"body":"consolidators Saltus. Ask at"},{"speaker":"Alan Smith","startTime":549.42,"endTime":552.72,"body":"Lloyd AFH, and I guess that's"},{"speaker":"Alan Smith","startTime":549.42,"endTime":552.72,"body":"Shackleton"},{"speaker":"Andy Hart","startTime":554.1,"endTime":556.92,"body":"Titan equilibrium. We"},{"speaker":"Andy Hart","startTime":554.1,"endTime":556.92,"body":"know that. We know Colin, well,"},{"speaker":"Andy Hart","startTime":556.92,"endTime":562.4,"body":"good personal friend, Adamus. We"},{"speaker":"Andy Hart","startTime":556.92,"endTime":562.4,"body":"know all these Yeah. Thank you."},{"speaker":"Andy Hart","startTime":562.4,"endTime":562.82,"body":"Nick"},{"speaker":"Unknown","startTime":563.84,"endTime":571.46,"body":"Andy, the Ultra. He"},{"speaker":"Unknown","startTime":563.84,"endTime":571.46,"body":"knows about everything. Andy"},{"speaker":"Unknown","startTime":571.46,"endTime":576.62,"body":"can't be told anything. His name"},{"speaker":"Unknown","startTime":571.46,"endTime":576.62,"body":"is Andrew Hart. Andrew"},{"speaker":"Andy Hart","startTime":579.86,"endTime":581.98,"body":"know about"},{"speaker":"Andy Hart","startTime":579.86,"endTime":581.98,"body":"everything. Nobody knows more"},{"speaker":"Andy Hart","startTime":581.98,"endTime":583.84,"body":"about in house funds than me. He"},{"speaker":"Unknown","startTime":583.84,"endTime":587.08,"body":"knows. He knows the"},{"speaker":"Unknown","startTime":583.84,"endTime":587.08,"body":"greatest everyone. He doesn't"},{"speaker":"Unknown","startTime":587.08,"endTime":587.5,"body":"know. They're high,"},{"speaker":"Andy Hart","startTime":587.5,"endTime":589.18,"body":"but they good."},{"speaker":"Andy Hart","startTime":587.5,"endTime":589.18,"body":"They're high, but they're good."},{"speaker":"Andy Hart","startTime":589.42,"endTime":591.82,"body":"Nobody knows more about in house"},{"speaker":"Andy Hart","startTime":589.42,"endTime":591.82,"body":"funds than me. I"},{"speaker":"Alan Smith","startTime":591.88,"endTime":594.46,"body":"think, I mean, I"},{"speaker":"Alan Smith","startTime":591.88,"endTime":594.46,"body":"know that. I've got a couple of"},{"speaker":"Alan Smith","startTime":594.46,"endTime":597.94,"body":"things to share today, and it is"},{"speaker":"Alan Smith","startTime":594.46,"endTime":597.94,"body":"about, you know, fees in"},{"speaker":"Alan Smith","startTime":597.94,"endTime":600.6,"body":"general. But if you look, I"},{"speaker":"Alan Smith","startTime":597.94,"endTime":600.6,"body":"mean, just bold. Park. And it's"},{"speaker":"Alan Smith","startTime":600.6,"endTime":603.36,"body":"not all about the cheapest wins,"},{"speaker":"Alan Smith","startTime":600.6,"endTime":603.36,"body":"etc, but there is a high"},{"speaker":"Alan Smith","startTime":603.36,"endTime":607.62,"body":"correlation between higher fees"},{"speaker":"Alan Smith","startTime":603.36,"endTime":607.62,"body":"and lower relative performance."},{"speaker":"Alan Smith","startTime":607.62,"endTime":612.06,"body":"We know that. It's a statement"},{"speaker":"Alan Smith","startTime":607.62,"endTime":612.06,"body":"of fact. Our portfolios are"},{"speaker":"Alan Smith","startTime":612.06,"endTime":615.78,"body":"about 2020, something basis"},{"speaker":"Alan Smith","startTime":612.06,"endTime":615.78,"body":"points, and so these, some of"},{"speaker":"Alan Smith","startTime":615.78,"endTime":619.98,"body":"these firms, are, on average,"},{"speaker":"Alan Smith","startTime":615.78,"endTime":619.98,"body":"four times as high as are the"},{"speaker":"Alan Smith","startTime":619.98,"endTime":622.64,"body":"portfolios that we run, which,"},{"speaker":"Alan Smith","startTime":619.98,"endTime":622.64,"body":"as we know, are predominantly"},{"speaker":"Alan Smith","startTime":622.64,"endTime":627.08,"body":"low cost index with some factor"},{"speaker":"Alan Smith","startTime":622.64,"endTime":627.08,"body":"tilts, etc, built into them. And"},{"speaker":"Alan Smith","startTime":627.08,"endTime":630.92,"body":"I don't see, however, how over"},{"speaker":"Alan Smith","startTime":627.08,"endTime":630.92,"body":"any meaningful period of time"},{"speaker":"Alan Smith","startTime":631.34,"endTime":635.72,"body":"these other companies are going"},{"speaker":"Alan Smith","startTime":631.34,"endTime":635.72,"body":"to compete or you, you've got to"},{"speaker":"Alan Smith","startTime":636.08,"endTime":639.08,"body":"have a hell of a an out"},{"speaker":"Alan Smith","startTime":636.08,"endTime":639.08,"body":"performance year. It's just"},{"speaker":"Alan Smith","startTime":639.08,"endTime":644.86,"body":"crazy. If it's a four to 5x just"},{"speaker":"Alan Smith","startTime":639.08,"endTime":644.86,"body":"on the pure cost, you're gonna"},{"speaker":"Alan Smith","startTime":644.86,"endTime":647.8,"body":"have to be some sort of exist, I"},{"speaker":"Alan Smith","startTime":644.86,"endTime":647.8,"body":"believe brutal"},{"speaker":"Nick Lincoln","startTime":647.8,"endTime":650.2,"body":"call your hands"},{"speaker":"Nick Lincoln","startTime":647.8,"endTime":650.2,"body":"raised, yeah, yeah. Question"},{"speaker":"Carl Widger","startTime":650.26,"endTime":653.2,"body":"on that, are some"},{"speaker":"Carl Widger","startTime":650.26,"endTime":653.2,"body":"of the consolidators in there?"},{"speaker":"Carl Widger","startTime":653.2,"endTime":656.98,"body":"Because, yes, yeah, because I"},{"speaker":"Carl Widger","startTime":653.2,"endTime":656.98,"body":"know that some of the"},{"speaker":"Carl Widger","startTime":656.98,"endTime":661.56,"body":"consolidators were buying up"},{"speaker":"Carl Widger","startTime":656.98,"endTime":661.56,"body":"firms and then saying, Oh, by"},{"speaker":"Carl Widger","startTime":661.56,"endTime":665.46,"body":"the way, you've to move to our"},{"speaker":"Carl Widger","startTime":661.56,"endTime":665.46,"body":"platform and to our funds. And"},{"speaker":"Carl Widger","startTime":665.82,"endTime":668.22,"body":"you know, if they're buying"},{"speaker":"Carl Widger","startTime":665.82,"endTime":668.22,"body":"firms, and then insisting the"},{"speaker":"Carl Widger","startTime":668.22,"endTime":671.04,"body":"clients move on to their own"},{"speaker":"Carl Widger","startTime":668.22,"endTime":671.04,"body":"platform and their own funds,"},{"speaker":"Carl Widger","startTime":671.28,"endTime":673.92,"body":"well, then they're in a position"},{"speaker":"Carl Widger","startTime":671.28,"endTime":673.92,"body":"probably to pay a little bit"},{"speaker":"Carl Widger","startTime":673.92,"endTime":677.4,"body":"more to the firm that they're"},{"speaker":"Carl Widger","startTime":673.92,"endTime":677.4,"body":"buying, because they are in a"},{"speaker":"Carl Widger","startTime":677.4,"endTime":681.18,"body":"break even scenario, much, much"},{"speaker":"Carl Widger","startTime":677.4,"endTime":681.18,"body":"quicker. Um, well, that's"},{"speaker":"Carl Widger","startTime":681.18,"endTime":681.66,"body":"exactly"},{"speaker":"Unknown","startTime":681.66,"endTime":682.88,"body":"right. That's exactly"},{"speaker":"Andy Hart","startTime":683.059,"endTime":685.099,"body":"right. That's the"},{"speaker":"Andy Hart","startTime":683.059,"endTime":685.099,"body":"yeah in this list. Call are"},{"speaker":"Andy Hart","startTime":685.159,"endTime":688.099,"body":"acquisitive. They're they're"},{"speaker":"Andy Hart","startTime":685.159,"endTime":688.099,"body":"acquiring firms. Yeah, one way"},{"speaker":"Andy Hart","startTime":688.099,"endTime":688.699,"body":"or another,"},{"speaker":"Alan Smith","startTime":689.72,"endTime":691.52,"body":"you're right, and"},{"speaker":"Alan Smith","startTime":689.72,"endTime":691.52,"body":"that's part of the part of their"},{"speaker":"Alan Smith","startTime":691.52,"endTime":694.7,"body":"business model. You roll the"},{"speaker":"Alan Smith","startTime":691.52,"endTime":694.7,"body":"client portfolios into their"},{"speaker":"Alan Smith","startTime":694.7,"endTime":697.22,"body":"funds. They take a slice of"},{"speaker":"Alan Smith","startTime":694.7,"endTime":697.22,"body":"that,"},{"speaker":"Unknown","startTime":698.0,"endTime":699.62,"body":"clips of the ticket."},{"speaker":"Carl Widger","startTime":701.0,"endTime":705.94,"body":"How can firms who,"},{"speaker":"Carl Widger","startTime":701.0,"endTime":705.94,"body":"like ourselves, who extol the"},{"speaker":"Carl Widger","startTime":705.94,"endTime":710.74,"body":"virtues of of index investing"},{"speaker":"Carl Widger","startTime":705.94,"endTime":710.74,"body":"then decide, oh, well, I'm going"},{"speaker":"Carl Widger","startTime":710.74,"endTime":713.86,"body":"to get a shitload of money to"},{"speaker":"Carl Widger","startTime":710.74,"endTime":713.86,"body":"sell my firm and all my clients"},{"speaker":"Carl Widger","startTime":713.86,"endTime":717.94,"body":"who I told a story to over two"},{"speaker":"Carl Widger","startTime":713.86,"endTime":717.94,"body":"decades or more. I'm just going"},{"speaker":"Carl Widger","startTime":717.94,"endTime":719.44,"body":"to change that story, because"},{"speaker":"Andy Hart","startTime":719.44,"endTime":721.62,"body":"incentives drives"},{"speaker":"Andy Hart","startTime":719.44,"endTime":721.62,"body":"behavior when there's a massive"},{"speaker":"Andy Hart","startTime":721.62,"endTime":723.18,"body":"check, people change their"},{"speaker":"Andy Hart","startTime":721.62,"endTime":723.18,"body":"values."},{"speaker":"Carl Widger","startTime":724.26,"endTime":726.18,"body":"We actually had"},{"speaker":"Carl Widger","startTime":724.26,"endTime":726.18,"body":"this conversation in our own"},{"speaker":"Carl Widger","startTime":726.18,"endTime":728.34,"body":"group during the week about"},{"speaker":"Carl Widger","startTime":726.18,"endTime":728.34,"body":"something else entirely. You're"},{"speaker":"Carl Widger","startTime":728.34,"endTime":731.82,"body":"entitled to change your mind."},{"speaker":"Carl Widger","startTime":728.34,"endTime":731.82,"body":"You're not entitled to change"},{"speaker":"Andy Hart","startTime":731.88,"endTime":733.98,"body":"your values. Many"},{"speaker":"Andy Hart","startTime":731.88,"endTime":733.98,"body":"people change their values. We"},{"speaker":"Andy Hart","startTime":734.1,"endTime":735.24,"body":"don't know. A lot of these"},{"speaker":"Nick Lincoln","startTime":735.24,"endTime":736.98,"body":"consolidators, we"},{"speaker":"Nick Lincoln","startTime":735.24,"endTime":736.98,"body":"don't know if they're buying,"},{"speaker":"Nick Lincoln","startTime":736.98,"endTime":739.56,"body":"they're not buying purely full"},{"speaker":"Nick Lincoln","startTime":736.98,"endTime":739.56,"body":"fat financial planning firms"},{"speaker":"Nick Lincoln","startTime":739.56,"endTime":740.72,"body":"that focus on capturing."},{"speaker":"Alan Smith","startTime":741.68,"endTime":743.84,"body":"I think that's"},{"speaker":"Alan Smith","startTime":741.68,"endTime":743.84,"body":"probably part of the story. Nick"},{"speaker":"Alan Smith","startTime":743.84,"endTime":747.08,"body":"is the buying more traditional,"},{"speaker":"Alan Smith","startTime":743.84,"endTime":747.08,"body":"IFA firms that are maybe"},{"speaker":"Alan Smith","startTime":747.08,"endTime":750.5,"body":"outsourcing to the wealth"},{"speaker":"Alan Smith","startTime":747.08,"endTime":750.5,"body":"managers and still and maybe the"},{"speaker":"Alan Smith","startTime":750.5,"endTime":753.8,"body":"fees are broadly the same. The"},{"speaker":"Alan Smith","startTime":750.5,"endTime":753.8,"body":"difference is these now retain"},{"speaker":"Alan Smith","startTime":753.98,"endTime":756.56,"body":"some of the revenue share. But,"},{"speaker":"Alan Smith","startTime":753.98,"endTime":756.56,"body":"yeah, that would be"},{"speaker":"Andy Hart","startTime":757.94,"endTime":760.78,"body":"a dilemma. But"},{"speaker":"Andy Hart","startTime":757.94,"endTime":760.78,"body":"looking at the ones at the"},{"speaker":"Andy Hart","startTime":760.78,"endTime":763.84,"body":"higher end here, if there's"},{"speaker":"Andy Hart","startTime":760.78,"endTime":763.84,"body":"custodian fees on top and"},{"speaker":"Andy Hart","startTime":763.84,"endTime":767.26,"body":"advisor fees on top, then, my"},{"speaker":"Andy Hart","startTime":763.84,"endTime":767.26,"body":"lord, yeah, they're gonna,"},{"speaker":"Andy Hart","startTime":767.26,"endTime":770.2,"body":"they're going to be in for two"},{"speaker":"Andy Hart","startTime":767.26,"endTime":770.2,"body":"and a half 3% which we know is"},{"speaker":"Andy Hart","startTime":770.2,"endTime":772.42,"body":"not the case with some of these"},{"speaker":"Andy Hart","startTime":770.2,"endTime":772.42,"body":"firms I'm looking at. But"},{"speaker":"Andy Hart","startTime":772.6,"endTime":774.16,"body":"interesting article nonetheless."},{"speaker":"Nick Lincoln","startTime":774.34,"endTime":776.08,"body":"Okay, good, yeah,"},{"speaker":"Nick Lincoln","startTime":774.34,"endTime":776.08,"body":"good stuff. Okay, talking of"},{"speaker":"Nick Lincoln","startTime":776.08,"endTime":779.74,"body":"taking things and clipping their"},{"speaker":"Nick Lincoln","startTime":776.08,"endTime":779.74,"body":"little share ESG in Ireland."},{"speaker":"Nick Lincoln","startTime":779.92,"endTime":780.36,"body":"Watch,"},{"speaker":"Carl Widger","startTime":780.84,"endTime":782.46,"body":"yeah, I just"},{"speaker":"Carl Widger","startTime":780.84,"endTime":782.46,"body":"thought this was this was"},{"speaker":"Carl Widger","startTime":782.46,"endTime":787.68,"body":"interesting. So Davey set up a"},{"speaker":"Carl Widger","startTime":782.46,"endTime":787.68,"body":"division called Davey horizons"},{"speaker":"Carl Widger","startTime":787.68,"endTime":794.22,"body":"when I suppose ESG was beginning"},{"speaker":"Carl Widger","startTime":787.68,"endTime":794.22,"body":"to emerge as an option for for"},{"speaker":"Carl Widger","startTime":794.22,"endTime":798.36,"body":"investors. Now look, it should"},{"speaker":"Carl Widger","startTime":794.22,"endTime":798.36,"body":"be said here that people have"},{"speaker":"Carl Widger","startTime":798.36,"endTime":801.38,"body":"lost their jobs so that they've"},{"speaker":"Carl Widger","startTime":798.36,"endTime":801.38,"body":"axed the entire division. So"},{"speaker":"Carl Widger","startTime":801.38,"endTime":804.14,"body":"obviously, that's a bad news"},{"speaker":"Carl Widger","startTime":801.38,"endTime":804.14,"body":"story. Now I think some of the"},{"speaker":"Carl Widger","startTime":804.14,"endTime":806.36,"body":"people who were in the division,"},{"speaker":"Carl Widger","startTime":804.14,"endTime":806.36,"body":"I don't think there was that"},{"speaker":"Carl Widger","startTime":806.36,"endTime":808.76,"body":"many people think some have been"},{"speaker":"Carl Widger","startTime":806.36,"endTime":808.76,"body":"redeployed within the Davie"},{"speaker":"Carl Widger","startTime":808.76,"endTime":813.68,"body":"group. But look, it's just more"},{"speaker":"Carl Widger","startTime":808.76,"endTime":813.68,"body":"evidence, if we needed it, that"},{"speaker":"Carl Widger","startTime":813.68,"endTime":819.2,"body":"this ESG investment story is"},{"speaker":"Carl Widger","startTime":813.68,"endTime":819.2,"body":"it's gone from boom to bus,"},{"speaker":"Carl Widger","startTime":819.2,"endTime":824.62,"body":"hasn't it? I think the big one"},{"speaker":"Carl Widger","startTime":819.2,"endTime":824.62,"body":"of the death knells for this was"},{"speaker":"Carl Widger","startTime":824.62,"endTime":829.48,"body":"when the EU changed this article"},{"speaker":"Carl Widger","startTime":824.62,"endTime":829.48,"body":"nine and article eight. What"},{"speaker":"Carl Widger","startTime":829.48,"endTime":832.06,"body":"qualified as Article Nine and"},{"speaker":"Carl Widger","startTime":829.48,"endTime":832.06,"body":"article eight, because they were"},{"speaker":"Carl Widger","startTime":832.06,"endTime":835.12,"body":"all saying, oh, yeah, our fund"},{"speaker":"Carl Widger","startTime":832.06,"endTime":835.12,"body":"is Article Nine. And then the EU"},{"speaker":"Carl Widger","startTime":835.12,"endTime":837.34,"body":"said, Well, if it doesn't do"},{"speaker":"Carl Widger","startTime":835.12,"endTime":837.34,"body":"this, this, this, this. And"},{"speaker":"Carl Widger","startTime":837.46,"endTime":840.04,"body":"then, like, tons and tons of"},{"speaker":"Carl Widger","startTime":837.46,"endTime":840.04,"body":"funds had to drop back to"},{"speaker":"Carl Widger","startTime":840.04,"endTime":843.12,"body":"Article eight, and basically go"},{"speaker":"Carl Widger","startTime":840.04,"endTime":843.12,"body":"to their clients and say, Yes,"},{"speaker":"Carl Widger","startTime":843.12,"endTime":847.86,"body":"sorry about that. We're actually"},{"speaker":"Carl Widger","startTime":843.12,"endTime":847.86,"body":"not article eight. So look, a"},{"speaker":"Carl Widger","startTime":847.86,"endTime":850.92,"body":"bad news story in terms of, you"},{"speaker":"Carl Widger","startTime":847.86,"endTime":850.92,"body":"know, you never like to see"},{"speaker":"Carl Widger","startTime":850.92,"endTime":854.82,"body":"divisions that were set up with"},{"speaker":"Carl Widger","startTime":850.92,"endTime":854.82,"body":"really good intentions being"},{"speaker":"Carl Widger","startTime":854.82,"endTime":857.88,"body":"axed. But I think it's more"},{"speaker":"Carl Widger","startTime":854.82,"endTime":857.88,"body":"evidence not that we needed it."},{"speaker":"Carl Widger","startTime":857.88,"endTime":862.4,"body":"We probably knew this"},{"speaker":"Carl Widger","startTime":857.88,"endTime":862.4,"body":"intuitively anyway, that the ESG"},{"speaker":"Carl Widger","startTime":862.7,"endTime":865.52,"body":"investing bubble has definitely"},{"speaker":"Carl Widger","startTime":862.7,"endTime":865.52,"body":"burst."},{"speaker":"Alan Smith","startTime":897.54,"endTime":901.86,"body":"Yeah, yeah. There's"},{"speaker":"Alan Smith","startTime":897.54,"endTime":901.86,"body":"no question. When you had we've"},{"speaker":"Alan Smith","startTime":901.86,"endTime":905.64,"body":"talked about this in the past,"},{"speaker":"Alan Smith","startTime":901.86,"endTime":905.64,"body":"haven't we? There was, God,"},{"speaker":"Alan Smith","startTime":905.64,"endTime":908.5799999999999,"body":"there was a lot of bandwagon"},{"speaker":"Alan Smith","startTime":905.64,"endTime":908.5799999999999,"body":"jumping, wasn't it? I remember I"},{"speaker":"Alan Smith","startTime":908.5799999999999,"endTime":912.38,"body":"raised it. I think I'm right in"},{"speaker":"Alan Smith","startTime":908.5799999999999,"endTime":912.38,"body":"saying that Aberdeen, for"},{"speaker":"Alan Smith","startTime":912.38,"endTime":916.4599999999999,"body":"example, just reclassified a"},{"speaker":"Alan Smith","startTime":912.38,"endTime":916.4599999999999,"body":"whole range of their funds and"},{"speaker":"Alan Smith","startTime":916.4599999999999,"endTime":920.12,"body":"put a name, just put sustainable"},{"speaker":"Alan Smith","startTime":916.4599999999999,"endTime":920.12,"body":"or something, didn't change any"},{"speaker":"Alan Smith","startTime":920.12,"endTime":920.18,"body":"the"},{"speaker":"Nick Lincoln","startTime":920.18,"endTime":923.5999999999999,"body":"underlying all the"},{"speaker":"Nick Lincoln","startTime":920.18,"endTime":923.5999999999999,"body":"cynicism. That was just"},{"speaker":"Unknown","startTime":923.5989999999999,"endTime":925.759,"body":"one example Exactly. It"},{"speaker":"Unknown","startTime":923.5989999999999,"endTime":925.759,"body":"must"},{"speaker":"Andy Hart","startTime":925.76,"endTime":927.68,"body":"have thought it was"},{"speaker":"Andy Hart","startTime":925.76,"endTime":927.68,"body":"jackpot. They must have looked"},{"speaker":"Andy Hart","startTime":927.68,"endTime":930.4,"body":"at the rules and realized all"},{"speaker":"Andy Hart","startTime":927.68,"endTime":930.4,"body":"these funds qualify. Why we"},{"speaker":"Andy Hart","startTime":930.52,"endTime":932.8,"body":"don't need to do any work. Boom,"},{"speaker":"Andy Hart","startTime":930.52,"endTime":932.8,"body":"off we go."},{"speaker":"Alan Smith","startTime":933.2199999999999,"endTime":938.14,"body":"We hold a fund"},{"speaker":"Alan Smith","startTime":933.2199999999999,"endTime":938.14,"body":"within our portfolio, which I"},{"speaker":"Alan Smith","startTime":938.14,"endTime":943.36,"body":"think it was a an iShares, it"},{"speaker":"Alan Smith","startTime":938.14,"endTime":943.36,"body":"was a REIT fund. And again, all"},{"speaker":"Alan Smith","startTime":943.36,"endTime":945.9399999999999,"body":"of a sudden, overnight, it was"},{"speaker":"Alan Smith","startTime":943.36,"endTime":945.9399999999999,"body":"just cold and it was some, I"},{"speaker":"Alan Smith","startTime":945.9399999999999,"endTime":947.56,"body":"can't remember, but some"},{"speaker":"Alan Smith","startTime":945.9399999999999,"endTime":947.56,"body":"sustainable."},{"speaker":"Nick Lincoln","startTime":947.8,"endTime":948.5799999999999,"body":"They throw those"},{"speaker":"Nick Lincoln","startTime":947.8,"endTime":948.5799999999999,"body":"two"},{"speaker":"Alan Smith","startTime":948.9399999999999,"endTime":954.78,"body":"words sustainable."},{"speaker":"Alan Smith","startTime":948.9399999999999,"endTime":954.78,"body":"Exactly We thought, honestly, we"},{"speaker":"Alan Smith","startTime":954.78,"endTime":958.4399999999999,"body":"actually had some clients"},{"speaker":"Alan Smith","startTime":954.78,"endTime":958.4399999999999,"body":"saying, I don't want that global"},{"speaker":"Alan Smith","startTime":958.4399999999999,"endTime":961.3199999999999,"body":"sustainable. I just want a"},{"speaker":"Alan Smith","startTime":958.4399999999999,"endTime":961.3199999999999,"body":"normal fund. Yes, because"},{"speaker":"Carl Widger","startTime":961.74,"endTime":964.26,"body":"there are some"},{"speaker":"Carl Widger","startTime":961.74,"endTime":964.26,"body":"clients for sure, who I have an"},{"speaker":"Carl Widger","startTime":964.26,"endTime":967.0799999999999,"body":"interest in this. And if there"},{"speaker":"Carl Widger","startTime":964.26,"endTime":967.0799999999999,"body":"was, if there was real"},{"speaker":"Carl Widger","startTime":967.0799999999999,"endTime":971.78,"body":"solutions, they would invest in"},{"speaker":"Carl Widger","startTime":967.0799999999999,"endTime":971.78,"body":"them. I had a client only last"},{"speaker":"Carl Widger","startTime":971.78,"endTime":975.0799999999999,"body":"week, or maybe it was before,"},{"speaker":"Carl Widger","startTime":971.78,"endTime":975.0799999999999,"body":"but, but very recently, ask"},{"speaker":"Carl Widger","startTime":975.0799999999999,"endTime":978.68,"body":"about something, something along"},{"speaker":"Carl Widger","startTime":975.0799999999999,"endTime":978.68,"body":"these lines, right? It was more"},{"speaker":"Carl Widger","startTime":978.68,"endTime":985.6999999999999,"body":"to do with geopolitical issues"},{"speaker":"Carl Widger","startTime":978.68,"endTime":985.6999999999999,"body":"and defense, blah, blah, blah,"},{"speaker":"Carl Widger","startTime":985.6999999999999,"endTime":989.9,"body":"right? So, but, so there is an"},{"speaker":"Carl Widger","startTime":985.6999999999999,"endTime":989.9,"body":"appetite for it, but, but, you"},{"speaker":"Carl Widger","startTime":989.9,"endTime":992.8,"body":"know, thankfully, there are some"},{"speaker":"Carl Widger","startTime":989.9,"endTime":992.8,"body":"rules and regs now around what"},{"speaker":"Carl Widger","startTime":992.8,"endTime":996.88,"body":"you can call various, you know,"},{"speaker":"Carl Widger","startTime":992.8,"endTime":996.88,"body":"sustainable or, you know,"},{"speaker":"Carl Widger","startTime":997.18,"endTime":1000.48,"body":"they're anti green washing"},{"speaker":"Carl Widger","startTime":997.18,"endTime":1000.48,"body":"measures, shall we say. And"},{"speaker":"Carl Widger","startTime":1000.48,"endTime":1004.26,"body":"that's good, because I think a"},{"speaker":"Carl Widger","startTime":1000.48,"endTime":1004.26,"body":"lot of the fund managers were"},{"speaker":"Carl Widger","startTime":1004.3199999999999,"endTime":1007.5,"body":"using it as a just, this is a"},{"speaker":"Carl Widger","startTime":1004.3199999999999,"endTime":1007.5,"body":"marketing tool. Let's completely"},{"speaker":"Carl Widger","startTime":1007.5,"endTime":1008.4599999999999,"body":"all in on this, because"},{"speaker":"Andy Hart","startTime":1008.4599999999999,"endTime":1011.42,"body":"not fund managers"},{"speaker":"Andy Hart","startTime":1008.4599999999999,"endTime":1011.42,"body":"playing through the rules. Just"},{"speaker":"Andy Hart","startTime":1011.42,"endTime":1013.52,"body":"doesn't sound like getting it,"},{"speaker":"Andy Hart","startTime":1011.42,"endTime":1013.52,"body":"get get"},{"speaker":"Alan Smith","startTime":1013.52,"endTime":1015.98,"body":"ready with the drop,"},{"speaker":"Alan Smith","startTime":1013.52,"endTime":1015.98,"body":"because the most famous of all"},{"speaker":"Alan Smith","startTime":1016.04,"endTime":1022.04,"body":"was Black Rock. Remember, they"},{"speaker":"Alan Smith","startTime":1016.04,"endTime":1022.04,"body":"were they were huge into ESG."},{"speaker":"Nick Lincoln","startTime":1027.26,"endTime":1028.88,"body":"How's that"},{"speaker":"Nick Lincoln","startTime":1027.26,"endTime":1028.88,"body":"sponsorship deal going with"},{"speaker":"Nick Lincoln","startTime":1029.42,"endTime":1030.02,"body":"black it's"},{"speaker":"Unknown","startTime":1030.44,"endTime":1031.18,"body":"canceled,"},{"speaker":"Carl Widger","startTime":1032.5,"endTime":1035.02,"body":"like a lot of other"},{"speaker":"Carl Widger","startTime":1032.5,"endTime":1035.02,"body":"things. They just switched from"},{"speaker":"Carl Widger","startTime":1035.02,"endTime":1037.84,"body":"years. They just switched from"},{"speaker":"Carl Widger","startTime":1035.02,"endTime":1037.84,"body":"ESG to crypto, didn't they?"},{"speaker":"Andy Hart","startTime":1038.92,"endTime":1042.7,"body":"They have got a load"},{"speaker":"Andy Hart","startTime":1038.92,"endTime":1042.7,"body":"of awesome funds that do create"},{"speaker":"Andy Hart","startTime":1042.7,"endTime":1047.14,"body":"great wealth for very low fees."},{"speaker":"Andy Hart","startTime":1042.7,"endTime":1047.14,"body":"They're just huge. It's an issue"},{"speaker":"Andy Hart","startTime":1047.14,"endTime":1049.6,"body":"of scale with them, obviously,"},{"speaker":"Andy Hart","startTime":1047.14,"endTime":1049.6,"body":"isn't it? What they at the"},{"speaker":"Andy Hart","startTime":1049.6,"endTime":1052.5,"body":"moment, 11 trillion, still, a"},{"speaker":"Andy Hart","startTime":1049.6,"endTime":1052.5,"body":"huge chunk of their assets,"},{"speaker":"Nick Lincoln","startTime":1053.82,"endTime":1056.3999999999999,"body":"you can still have"},{"speaker":"Nick Lincoln","startTime":1053.82,"endTime":1056.3999999999999,"body":"a nice range of low cost funds"},{"speaker":"Nick Lincoln","startTime":1056.3999999999999,"endTime":1059.1,"body":"that create value. And they say"},{"speaker":"Nick Lincoln","startTime":1056.3999999999999,"endTime":1059.1,"body":"they're not mutually exclusive."},{"speaker":"Nick Lincoln","startTime":1059.46,"endTime":1060.36,"body":"They've got a load of"},{"speaker":"Carl Widger","startTime":1063.06,"endTime":1066.3,"body":"that's a very fair"},{"speaker":"Carl Widger","startTime":1063.06,"endTime":1066.3,"body":"point. Andy, they absolutely do,"},{"speaker":"Carl Widger","startTime":1066.6599999999999,"endTime":1070.44,"body":"and they're probably leading the"},{"speaker":"Carl Widger","startTime":1066.6599999999999,"endTime":1070.44,"body":"market in a lot of those."},{"speaker":"Andy Hart","startTime":1071.3999999999999,"endTime":1074.0,"body":"They're very"},{"speaker":"Andy Hart","startTime":1071.3999999999999,"endTime":1074.0,"body":"innovative company, yeah, yeah,"},{"speaker":"Unknown","startTime":1074.36,"endTime":1076.8799999999999,"body":"they do get involved a"},{"speaker":"Unknown","startTime":1074.36,"endTime":1076.8799999999999,"body":"lot of stuff. The thing is,"},{"speaker":"Unknown","startTime":1076.8799999999999,"endTime":1079.7,"body":"without overdoing this, the"},{"speaker":"Unknown","startTime":1076.8799999999999,"endTime":1079.7,"body":"whole ESG thing, I think we've"},{"speaker":"Unknown","startTime":1079.7,"endTime":1083.0,"body":"been fairly consistent on this"},{"speaker":"Unknown","startTime":1079.7,"endTime":1083.0,"body":"since we started this podcast,"},{"speaker":"Unknown","startTime":1083.0,"endTime":1086.96,"body":"is it was always just full of"},{"speaker":"Unknown","startTime":1083.0,"endTime":1086.96,"body":"conflicts and challenges. And"},{"speaker":"Unknown","startTime":1086.96,"endTime":1089.54,"body":"you say, Well, I remember that"},{"speaker":"Unknown","startTime":1086.96,"endTime":1089.54,"body":"the one that really stuck out to"},{"speaker":"Unknown","startTime":1089.54,"endTime":1093.22,"body":"me years ago was that meta or"},{"speaker":"Unknown","startTime":1089.54,"endTime":1093.22,"body":"Facebook as was, was always one"},{"speaker":"Unknown","startTime":1093.22,"endTime":1097.72,"body":"of the top holds for these ESG,"},{"speaker":"Unknown","startTime":1093.22,"endTime":1097.72,"body":"the tech firms were Microsoft as"},{"speaker":"Unknown","startTime":1097.72,"endTime":1101.56,"body":"well. Yeah, I just, I've just"},{"speaker":"Unknown","startTime":1097.72,"endTime":1101.56,"body":"got this pathological dislike"},{"speaker":"Unknown","startTime":1101.56,"endTime":1104.1399999999999,"body":"and distrust of all things to do"},{"speaker":"Unknown","startTime":1101.56,"endTime":1104.1399999999999,"body":"with Facebook and meta, how they"},{"speaker":"Unknown","startTime":1104.1399999999999,"endTime":1107.08,"body":"manipulate people, data,"},{"speaker":"Unknown","startTime":1104.1399999999999,"endTime":1107.08,"body":"everything, and the damage"},{"speaker":"Unknown","startTime":1107.08,"endTime":1109.06,"body":"they've caused through"},{"speaker":"Unknown","startTime":1109.18,"endTime":1112.56,"body":"that study. WhatsApp, you"},{"speaker":"Unknown","startTime":1109.18,"endTime":1112.56,"body":"should, you should vote with"},{"speaker":"Unknown","startTime":1112.56,"endTime":1113.58,"body":"your behavior. But"},{"speaker":"Alan Smith","startTime":1114.18,"endTime":1119.28,"body":"I don't live on"},{"speaker":"Alan Smith","startTime":1114.18,"endTime":1119.28,"body":"Instagram and Facebook. I"},{"speaker":"Alan Smith","startTime":1119.28,"endTime":1122.46,"body":"message people on WhatsApp."},{"speaker":"Alan Smith","startTime":1119.28,"endTime":1122.46,"body":"That's true. Tried to get you"},{"speaker":"Alan Smith","startTime":1122.46,"endTime":1127.1399999999999,"body":"guys to move to signal, but no"},{"speaker":"Alan Smith","startTime":1122.46,"endTime":1127.1399999999999,"body":"one was interested. Away from"},{"speaker":"Alan Smith","startTime":1127.1399999999999,"endTime":1130.58,"body":"Zook, that was just an example"},{"speaker":"Alan Smith","startTime":1127.1399999999999,"endTime":1130.58,"body":"of something which was full of"},{"speaker":"Alan Smith","startTime":1130.7,"endTime":1134.12,"body":"inherent conflict, and to say,"},{"speaker":"Alan Smith","startTime":1130.7,"endTime":1134.12,"body":"Well, I'm buying those because"},{"speaker":"Alan Smith","startTime":1134.12,"endTime":1136.6399999999999,"body":"it's ESG, because they've ticked"},{"speaker":"Alan Smith","startTime":1134.12,"endTime":1136.6399999999999,"body":"a few. I think a lot of these"},{"speaker":"Alan Smith","startTime":1136.6399999999999,"endTime":1139.3999999999999,"body":"big companies knew how to game"},{"speaker":"Alan Smith","startTime":1136.6399999999999,"endTime":1139.3999999999999,"body":"the system as well under what"},{"speaker":"Alan Smith","startTime":1139.3999999999999,"endTime":1141.74,"body":"the rules were exactly. So we do"},{"speaker":"Alan Smith","startTime":1139.3999999999999,"endTime":1141.74,"body":"all these things, and so"},{"speaker":"Alan Smith","startTime":1141.74,"endTime":1144.26,"body":"therefore we should be included"},{"speaker":"Alan Smith","startTime":1141.74,"endTime":1144.26,"body":"in portfolios. And so it was"},{"speaker":"Alan Smith","startTime":1144.26,"endTime":1148.04,"body":"just rife with difficulty. I"},{"speaker":"Alan Smith","startTime":1144.26,"endTime":1148.04,"body":"agree with you, Carl, there is,"},{"speaker":"Alan Smith","startTime":1148.04,"endTime":1150.94,"body":"you know, there are sound"},{"speaker":"Alan Smith","startTime":1148.04,"endTime":1150.94,"body":"reasons why people would wish to"},{"speaker":"Alan Smith","startTime":1151.18,"endTime":1153.52,"body":"avoid certain types of"},{"speaker":"Alan Smith","startTime":1151.18,"endTime":1153.52,"body":"industries or companies or"},{"speaker":"Alan Smith","startTime":1154.0,"endTime":1158.1399999999999,"body":"invest in some but I don't think"},{"speaker":"Alan Smith","startTime":1154.0,"endTime":1158.1399999999999,"body":"this sort of this green washing"},{"speaker":"Alan Smith","startTime":1158.1399999999999,"endTime":1160.6,"body":"of an entire industry, which"},{"speaker":"Alan Smith","startTime":1158.1399999999999,"endTime":1160.6,"body":"effectively did happen to a"},{"speaker":"Alan Smith","startTime":1160.6,"endTime":1161.56,"body":"large extent the Asset"},{"speaker":"Andy Hart","startTime":1161.56,"endTime":1163.6,"body":"Management helps"},{"speaker":"Andy Hart","startTime":1161.56,"endTime":1163.6,"body":"anyone. The asset management"},{"speaker":"Andy Hart","startTime":1163.6,"endTime":1166.72,"body":"industry loves anything new. So"},{"speaker":"Andy Hart","startTime":1163.6,"endTime":1166.72,"body":"new money can pile in new"},{"speaker":"Andy Hart","startTime":1166.72,"endTime":1168.7,"body":"things. I can sell. It's a"},{"speaker":"Andy Hart","startTime":1166.72,"endTime":1168.7,"body":"marketing business, not a"},{"speaker":"Andy Hart","startTime":1168.7,"endTime":1169.54,"body":"finance business,"},{"speaker":"Unknown","startTime":1169.8999999999999,"endTime":1170.82,"body":"exactly, right."},{"speaker":"Nick Lincoln","startTime":1171.06,"endTime":1174.8999999999999,"body":"Okay, right. Let's"},{"speaker":"Nick Lincoln","startTime":1171.06,"endTime":1174.8999999999999,"body":"move this on and on to recurring"},{"speaker":"Nick Lincoln","startTime":1174.8999999999999,"endTime":1179.52,"body":"theme, Fnz. Fnz, this week, had"},{"speaker":"Nick Lincoln","startTime":1174.8999999999999,"endTime":1179.52,"body":"their debt downgraded by the"},{"speaker":"Nick Lincoln","startTime":1179.52,"endTime":1182.52,"body":"rating agency, Fitch. Now I know"},{"speaker":"Nick Lincoln","startTime":1179.52,"endTime":1182.52,"body":"we think racing agencies really"},{"speaker":"Nick Lincoln","startTime":1182.52,"endTime":1185.8799999999999,"body":"are part of poo, but let's put"},{"speaker":"Nick Lincoln","startTime":1182.52,"endTime":1185.8799999999999,"body":"that to one side. Pretend they"},{"speaker":"Nick Lincoln","startTime":1185.8799999999999,"endTime":1188.8799999999999,"body":"did what they do is valid. Fitch"},{"speaker":"Nick Lincoln","startTime":1185.8799999999999,"endTime":1188.8799999999999,"body":"downgraded. Fnz as debt,"},{"speaker":"Nick Lincoln","startTime":1188.94,"endTime":1192.86,"body":"corporate debt to b minus, which"},{"speaker":"Nick Lincoln","startTime":1188.94,"endTime":1192.86,"body":"means it Fitch thinks it carries"},{"speaker":"Nick Lincoln","startTime":1192.86,"endTime":1197.54,"body":"a risk of default. And again, as"},{"speaker":"Nick Lincoln","startTime":1192.86,"endTime":1197.54,"body":"we said in Episode 74 Fnz are a"},{"speaker":"Nick Lincoln","startTime":1197.54,"endTime":1200.42,"body":"big player in the platform"},{"speaker":"Nick Lincoln","startTime":1197.54,"endTime":1200.42,"body":"market in the UK and other parts"},{"speaker":"Nick Lincoln","startTime":1200.42,"endTime":1203.0,"body":"of the world, I think. And they,"},{"speaker":"Nick Lincoln","startTime":1200.42,"endTime":1203.0,"body":"they, they write the software"},{"speaker":"Nick Lincoln","startTime":1203.0,"endTime":1208.34,"body":"that underpins Aberdeen quilter"},{"speaker":"Nick Lincoln","startTime":1203.0,"endTime":1208.34,"body":"and others. So again, I would"},{"speaker":"Nick Lincoln","startTime":1208.34,"endTime":1211.36,"body":"just be if I would just be"},{"speaker":"Nick Lincoln","startTime":1208.34,"endTime":1211.36,"body":"nervous, very nervous if I had,"},{"speaker":"Nick Lincoln","startTime":1211.36,"endTime":1213.7,"body":"if I had my my business was"},{"speaker":"Nick Lincoln","startTime":1211.36,"endTime":1213.7,"body":"built around one or two"},{"speaker":"Nick Lincoln","startTime":1213.7,"endTime":1216.1,"body":"platforms, and Fnz were"},{"speaker":"Nick Lincoln","startTime":1213.7,"endTime":1216.1,"body":"connected to any of them"},{"speaker":"Nick Lincoln","startTime":1216.1,"endTime":1219.04,"body":"presently, because it doesn't"},{"speaker":"Nick Lincoln","startTime":1216.1,"endTime":1219.04,"body":"seem like a good news story. And"},{"speaker":"Nick Lincoln","startTime":1219.04,"endTime":1222.04,"body":"we'll just quickly dovetail on"},{"speaker":"Nick Lincoln","startTime":1219.04,"endTime":1222.04,"body":"that. Andrew, you've got a very,"},{"speaker":"Nick Lincoln","startTime":1222.04,"endTime":1223.6599999999999,"body":"very interesting story related,"},{"speaker":"Andy Hart","startTime":1223.84,"endTime":1226.24,"body":"yeah, it's also"},{"speaker":"Andy Hart","startTime":1223.84,"endTime":1226.24,"body":"incredibly dull. But about Fnz"},{"speaker":"Andy Hart","startTime":1226.24,"endTime":1227.1399999999999,"body":"again? So it's"},{"speaker":"Alan Smith","startTime":1227.5,"endTime":1231.42,"body":"another Fnz, or Fnz"},{"speaker":"Alan Smith","startTime":1227.5,"endTime":1231.42,"body":"as Nick just. Is alluded to, I"},{"speaker":"Alan Smith","startTime":1231.42,"endTime":1234.6,"body":"think it's Fnz, but they're"},{"speaker":"Alan Smith","startTime":1231.42,"endTime":1234.6,"body":"originally in New Zealand,"},{"speaker":"Alan Smith","startTime":1234.6,"endTime":1235.56,"body":"aren't they? Nick. Nick is"},{"speaker":"Andy Hart","startTime":1235.56,"endTime":1237.6,"body":"dressed like a"},{"speaker":"Andy Hart","startTime":1235.56,"endTime":1237.6,"body":"Canadian teenager, so he can"},{"speaker":"Andy Hart","startTime":1237.6,"endTime":1238.56,"body":"speak Canadian today."},{"speaker":"Nick Lincoln","startTime":1239.46,"endTime":1241.74,"body":"Well, they're from"},{"speaker":"Nick Lincoln","startTime":1239.46,"endTime":1241.74,"body":"New Zealand anyway. Jesus"},{"speaker":"Unknown","startTime":1243.18,"endTime":1243.54,"body":"Christ,"},{"speaker":"Andy Hart","startTime":1244.3799999999999,"endTime":1247.98,"body":"anyway. So another"},{"speaker":"Andy Hart","startTime":1244.3799999999999,"endTime":1247.98,"body":"bad news story coming from snz."},{"speaker":"Andy Hart","startTime":1248.1599999999999,"endTime":1251.6,"body":"They're hit with a 4.6 billion"},{"speaker":"Andy Hart","startTime":1248.1599999999999,"endTime":1251.6,"body":"class action lawsuit from"},{"speaker":"Andy Hart","startTime":1251.6599999999999,"endTime":1255.86,"body":"employee shareholders. Fnz have"},{"speaker":"Andy Hart","startTime":1251.6599999999999,"endTime":1255.86,"body":"raised a load of capital due to"},{"speaker":"Andy Hart","startTime":1255.98,"endTime":1258.62,"body":"recent events that are"},{"speaker":"Andy Hart","startTime":1255.98,"endTime":1258.62,"body":"happening, and the existing"},{"speaker":"Andy Hart","startTime":1258.62,"endTime":1261.5,"body":"shareholders are going to be"},{"speaker":"Andy Hart","startTime":1258.62,"endTime":1261.5,"body":"diluted heavily. And if they"},{"speaker":"Andy Hart","startTime":1261.5,"endTime":1265.76,"body":"raise more capital, the existing"},{"speaker":"Andy Hart","startTime":1261.5,"endTime":1265.76,"body":"original employee founders might"},{"speaker":"Andy Hart","startTime":1265.82,"endTime":1268.82,"body":"end up with zero equity in the"},{"speaker":"Andy Hart","startTime":1265.82,"endTime":1268.82,"body":"company. So there's another"},{"speaker":"Andy Hart","startTime":1269.18,"endTime":1271.54,"body":"lawsuit also. There's a there's"},{"speaker":"Andy Hart","startTime":1269.18,"endTime":1271.54,"body":"a there's this new lawsuit"},{"speaker":"Andy Hart","startTime":1271.54,"endTime":1273.58,"body":"that's bubbling in the"},{"speaker":"Andy Hart","startTime":1271.54,"endTime":1273.58,"body":"background, just more bad news."},{"speaker":"Andy Hart","startTime":1273.58,"endTime":1276.04,"body":"Reference ends, back to your"},{"speaker":"Andy Hart","startTime":1273.58,"endTime":1276.04,"body":"point that you you have raised"},{"speaker":"Andy Hart","startTime":1276.04,"endTime":1278.5,"body":"this, and it did get me thinking"},{"speaker":"Andy Hart","startTime":1276.04,"endTime":1278.5,"body":"quite long and hard, because"},{"speaker":"Andy Hart","startTime":1278.5,"endTime":1280.96,"body":"you've got two companies you're"},{"speaker":"Andy Hart","startTime":1278.5,"endTime":1280.96,"body":"dealing with, the company that"},{"speaker":"Andy Hart","startTime":1281.2,"endTime":1283.6599999999999,"body":"you think the money's with,"},{"speaker":"Andy Hart","startTime":1281.2,"endTime":1283.6599999999999,"body":"whatever the platform is called,"},{"speaker":"Andy Hart","startTime":1283.6599999999999,"endTime":1286.6,"body":"and then the back end tech,"},{"speaker":"Andy Hart","startTime":1283.6599999999999,"endTime":1286.6,"body":"people like Hargreaves, people"},{"speaker":"Andy Hart","startTime":1286.6,"endTime":1289.3,"body":"like fund and people like"},{"speaker":"Andy Hart","startTime":1286.6,"endTime":1289.3,"body":"transact own, their own tech."},{"speaker":"Andy Hart","startTime":1289.3,"endTime":1293.1599999999999,"body":"That's why I believe my personal"},{"speaker":"Andy Hart","startTime":1289.3,"endTime":1293.1599999999999,"body":"opinion, that's where you want"},{"speaker":"Andy Hart","startTime":1293.1599999999999,"endTime":1297.06,"body":"your money to be, yeah, but I'm"},{"speaker":"Andy Hart","startTime":1293.1599999999999,"endTime":1297.06,"body":"pretty sure, with this, money is"},{"speaker":"Andy Hart","startTime":1297.12,"endTime":1301.86,"body":"massively ring fenced elsewhere."},{"speaker":"Andy Hart","startTime":1297.12,"endTime":1301.86,"body":"So even if Fnz does go barely"},{"speaker":"Andy Hart","startTime":1301.86,"endTime":1307.5,"body":"up, it won't be pretty but I'm"},{"speaker":"Andy Hart","startTime":1301.86,"endTime":1307.5,"body":"pretty sure some other No, no,"},{"speaker":"Andy Hart","startTime":1307.5,"endTime":1311.0,"body":"no, I'm just not an issue."},{"speaker":"Andy Hart","startTime":1307.5,"endTime":1311.0,"body":"Advisors listening and maybe end"},{"speaker":"Andy Hart","startTime":1311.0,"endTime":1314.84,"body":"clients listening, thinking like"},{"speaker":"Andy Hart","startTime":1311.0,"endTime":1314.84,"body":"money is going to go no, I think"},{"speaker":"Andy Hart","startTime":1314.84,"endTime":1316.04,"body":"there'll be safeguard in place."},{"speaker":"Alan Smith","startTime":1316.6399999999999,"endTime":1320.48,"body":"Fnz are definitely"},{"speaker":"Alan Smith","startTime":1316.6399999999999,"endTime":1320.48,"body":"Fn, are definitely one of these"},{"speaker":"Alan Smith","startTime":1320.54,"endTime":1325.1,"body":"two large to fail companies they"},{"speaker":"Alan Smith","startTime":1320.54,"endTime":1325.1,"body":"would be in."},{"speaker":"Andy Hart","startTime":1325.1,"endTime":1327.1399999999999,"body":"I mean, hopefully"},{"speaker":"Andy Hart","startTime":1325.1,"endTime":1327.1399999999999,"body":"they don't and they can get"},{"speaker":"Andy Hart","startTime":1327.1399999999999,"endTime":1330.6399999999999,"body":"their act together, but I'm sure"},{"speaker":"Andy Hart","startTime":1327.1399999999999,"endTime":1330.6399999999999,"body":"there'll be someone they'll be"},{"speaker":"Andy Hart","startTime":1330.6399999999999,"endTime":1332.1399999999999,"body":"able to save them do the right"},{"speaker":"Andy Hart","startTime":1330.6399999999999,"endTime":1332.1399999999999,"body":"thing."},{"speaker":"Alan Smith","startTime":1332.1399999999999,"endTime":1334.8999999999999,"body":"Can I just, can I"},{"speaker":"Alan Smith","startTime":1332.1399999999999,"endTime":1334.8999999999999,"body":"say a point on this? First of"},{"speaker":"Alan Smith","startTime":1334.8999999999999,"endTime":1337.72,"body":"all, it shows you some of the"},{"speaker":"Alan Smith","startTime":1334.8999999999999,"endTime":1337.72,"body":"corporate shenanigans that go on"},{"speaker":"Alan Smith","startTime":1337.72,"endTime":1340.42,"body":"once they take external"},{"speaker":"Alan Smith","startTime":1337.72,"endTime":1340.42,"body":"investment, and you've got"},{"speaker":"Alan Smith","startTime":1340.48,"endTime":1344.44,"body":"investors looking for preference"},{"speaker":"Alan Smith","startTime":1340.48,"endTime":1344.44,"body":"shares, or whatever it is to get"},{"speaker":"Alan Smith","startTime":1344.44,"endTime":1348.58,"body":"certain returns that they must"},{"speaker":"Alan Smith","startTime":1344.44,"endTime":1348.58,"body":"receive, and that leads to"},{"speaker":"Alan Smith","startTime":1348.58,"endTime":1351.12,"body":"dilution of other shareholders"},{"speaker":"Alan Smith","startTime":1348.58,"endTime":1351.12,"body":"and so on and so on. That's"},{"speaker":"Alan Smith","startTime":1351.12,"endTime":1353.34,"body":"what's got a real issue going on"},{"speaker":"Alan Smith","startTime":1351.12,"endTime":1353.34,"body":"for them,"},{"speaker":"Carl Widger","startTime":1353.58,"endTime":1355.92,"body":"I think was, I"},{"speaker":"Carl Widger","startTime":1353.58,"endTime":1355.92,"body":"think the founding shareholders"},{"speaker":"Carl Widger","startTime":1355.92,"endTime":1359.1599999999999,"body":"are going to be wiped out here."},{"speaker":"Carl Widger","startTime":1355.92,"endTime":1359.1599999999999,"body":"Like, yeah, so that's what you"},{"speaker":"Carl Widger","startTime":1359.1599999999999,"endTime":1361.98,"body":"sub optimal outcome for sure."},{"speaker":"Andy Hart","startTime":1367.02,"endTime":1369.54,"body":"Yeah, their paper"},{"speaker":"Andy Hart","startTime":1367.02,"endTime":1369.54,"body":"fortunes were enormous, and"},{"speaker":"Andy Hart","startTime":1369.54,"endTime":1371.8999999999999,"body":"they're all of a sudden two"},{"speaker":"Andy Hart","startTime":1369.54,"endTime":1371.8999999999999,"body":"raises, you know, yeah,"},{"speaker":"Andy Hart","startTime":1371.8999999999999,"endTime":1374.12,"body":"accounting shenanigans before"},{"speaker":"Andy Hart","startTime":1371.8999999999999,"endTime":1374.12,"body":"you know it."},{"speaker":"Alan Smith","startTime":1374.36,"endTime":1375.98,"body":"But the thing is,"},{"speaker":"Alan Smith","startTime":1374.36,"endTime":1375.98,"body":"they haven't done anything"},{"speaker":"Alan Smith","startTime":1375.98,"endTime":1380.48,"body":"illegal, and so whoever was, you"},{"speaker":"Alan Smith","startTime":1375.98,"endTime":1380.48,"body":"know, analyzing that"},{"speaker":"Carl Widger","startTime":1380.6599999999999,"endTime":1382.04,"body":"those funds,"},{"speaker":"Carl Widger","startTime":1380.6599999999999,"endTime":1382.04,"body":"they're taking it, they're"},{"speaker":"Carl Widger","startTime":1382.04,"endTime":1384.2,"body":"doing, they're suing them. So"},{"speaker":"Carl Widger","startTime":1382.04,"endTime":1384.2,"body":"they've clearly, well, they"},{"speaker":"Carl Widger","startTime":1384.2,"endTime":1385.76,"body":"have, yeah, maybe they felt they"},{"speaker":"Carl Widger","startTime":1384.2,"endTime":1385.76,"body":"were,"},{"speaker":"Alan Smith","startTime":1386.24,"endTime":1388.76,"body":"that's remains. The"},{"speaker":"Alan Smith","startTime":1386.24,"endTime":1388.76,"body":"other thing, and it's a, it's a"},{"speaker":"Alan Smith","startTime":1388.76,"endTime":1392.02,"body":"huge subject. I remember some"},{"speaker":"Alan Smith","startTime":1388.76,"endTime":1392.02,"body":"years ago, shout out to my"},{"speaker":"Alan Smith","startTime":1392.02,"endTime":1394.42,"body":"colleague, Charles. Some of you"},{"speaker":"Alan Smith","startTime":1392.02,"endTime":1394.42,"body":"guys known Charles Richards. He"},{"speaker":"Alan Smith","startTime":1394.42,"endTime":1398.92,"body":"did a project we want because"},{"speaker":"Alan Smith","startTime":1394.42,"endTime":1398.92,"body":"kind of, there was a time when"},{"speaker":"Alan Smith","startTime":1399.22,"endTime":1401.5,"body":"people were getting increasingly"},{"speaker":"Alan Smith","startTime":1399.22,"endTime":1401.5,"body":"worried about these, some of"},{"speaker":"Alan Smith","startTime":1401.5,"endTime":1405.3999999999999,"body":"these platforms and the real"},{"speaker":"Alan Smith","startTime":1401.5,"endTime":1405.3999999999999,"body":"kind of what happens if, let's"},{"speaker":"Alan Smith","startTime":1405.3999999999999,"endTime":1408.6399999999999,"body":"say, Fnz, or whoever, goes"},{"speaker":"Alan Smith","startTime":1405.3999999999999,"endTime":1408.6399999999999,"body":"under. Because, you know, it's"},{"speaker":"Alan Smith","startTime":1408.6399999999999,"endTime":1412.92,"body":"still all in living memory, we"},{"speaker":"Alan Smith","startTime":1408.6399999999999,"endTime":1412.92,"body":"had mainstream banks facing"},{"speaker":"Alan Smith","startTime":1413.1599999999999,"endTime":1417.12,"body":"bankruptcy effectively, in the"},{"speaker":"Alan Smith","startTime":1413.1599999999999,"endTime":1417.12,"body":"UK and around the world, and it"},{"speaker":"Alan Smith","startTime":1417.12,"endTime":1417.3,"body":"is"},{"speaker":"Unknown","startTime":1418.68,"endTime":1422.28,"body":"impossible to find out."},{"speaker":"Unknown","startTime":1418.68,"endTime":1422.28,"body":"Let's just say, let's just say,"},{"speaker":"Unknown","startTime":1422.28,"endTime":1425.04,"body":"if you've got a if you own,"},{"speaker":"Unknown","startTime":1422.28,"endTime":1425.04,"body":"let's say a dimensional fund"},{"speaker":"Unknown","startTime":1425.3999999999999,"endTime":1429.18,"body":"held on an, let's, for example,"},{"speaker":"Unknown","startTime":1425.3999999999999,"endTime":1429.18,"body":"an Aberdeen platform, but some"},{"speaker":"Unknown","startTime":1429.18,"endTime":1433.22,"body":"of the money is in cash and so"},{"speaker":"Unknown","startTime":1429.18,"endTime":1433.22,"body":"on the plan that it I mean, he"},{"speaker":"Unknown","startTime":1433.22,"endTime":1435.92,"body":"spent a long, long time trying"},{"speaker":"Unknown","startTime":1433.22,"endTime":1435.92,"body":"to find out. And then, in the"},{"speaker":"Unknown","startTime":1435.92,"endTime":1439.1,"body":"end, there was no satisfactory"},{"speaker":"Unknown","startTime":1435.92,"endTime":1439.1,"body":"answer for State Street, yeah."},{"speaker":"Unknown","startTime":1439.1599999999999,"endTime":1442.46,"body":"So you've got the Switzerland,"},{"speaker":"Unknown","startTime":1439.1599999999999,"endTime":1442.46,"body":"you've got custodians, they've"},{"speaker":"Unknown","startTime":1442.46,"endTime":1445.3999999999999,"body":"got depositories, it depends"},{"speaker":"Unknown","startTime":1442.46,"endTime":1445.3999999999999,"body":"what asset class it is. And"},{"speaker":"Unknown","startTime":1445.3999999999999,"endTime":1448.3999999999999,"body":"somebody said, like, nine levels"},{"speaker":"Unknown","startTime":1445.3999999999999,"endTime":1448.3999999999999,"body":"of mess. Yeah, it's a mess. And"},{"speaker":"Unknown","startTime":1448.3999999999999,"endTime":1451.36,"body":"you try to get the answer to it."},{"speaker":"Unknown","startTime":1448.3999999999999,"endTime":1451.36,"body":"There was, we had to just say,"},{"speaker":"Unknown","startTime":1451.36,"endTime":1453.8799999999999,"body":"all right, crossed, it's gonna"},{"speaker":"Unknown","startTime":1451.36,"endTime":1453.8799999999999,"body":"be,"},{"speaker":"Carl Widger","startTime":1455.44,"endTime":1457.48,"body":"yeah, yeah, but,"},{"speaker":"Carl Widger","startTime":1455.44,"endTime":1457.48,"body":"but ultimately, you're able to"},{"speaker":"Carl Widger","startTime":1457.48,"endTime":1461.1399999999999,"body":"tell your clients that you're,"},{"speaker":"Carl Widger","startTime":1457.48,"endTime":1461.1399999999999,"body":"you're, you are in a segregated"},{"speaker":"Carl Widger","startTime":1461.2,"endTime":1463.3,"body":"account. So I think that was one"},{"speaker":"Carl Widger","startTime":1461.2,"endTime":1463.3,"body":"of the that's"},{"speaker":"Andy Hart","startTime":1463.3,"endTime":1465.3999999999999,"body":"what they tell you,"},{"speaker":"Andy Hart","startTime":1463.3,"endTime":1465.3999999999999,"body":"Carl, but it's like, okay, then"},{"speaker":"Andy Hart","startTime":1465.3999999999999,"endTime":1468.1599999999999,"body":"here's a PDF that's 800 pages"},{"speaker":"Andy Hart","startTime":1465.3999999999999,"endTime":1468.1599999999999,"body":"long, and there's another"},{"speaker":"Carl Widger","startTime":1468.1599999999999,"endTime":1471.6,"body":"PDF and it's 900"},{"speaker":"Carl Widger","startTime":1468.1599999999999,"endTime":1471.6,"body":"pages long, Yeah, hold on. So"},{"speaker":"Carl Widger","startTime":1472.02,"endTime":1475.62,"body":"that was one of the outcomes of"},{"speaker":"Carl Widger","startTime":1472.02,"endTime":1475.62,"body":"the financial crisis was that"},{"speaker":"Carl Widger","startTime":1475.62,"endTime":1479.28,"body":"when Lehman Brothers went under,"},{"speaker":"Carl Widger","startTime":1475.62,"endTime":1479.28,"body":"they had no segregated accounts."},{"speaker":"Carl Widger","startTime":1479.28,"endTime":1482.28,"body":"So people had to go, here, hold"},{"speaker":"Carl Widger","startTime":1479.28,"endTime":1482.28,"body":"on. I had 200 grand in there,"},{"speaker":"Carl Widger","startTime":1482.28,"endTime":1484.56,"body":"and they were like, ooh, hold"},{"speaker":"Carl Widger","startTime":1482.28,"endTime":1484.56,"body":"on. We'll have to try and trace"},{"speaker":"Carl Widger","startTime":1484.56,"endTime":1487.86,"body":"that back. So that was one of"},{"speaker":"Carl Widger","startTime":1484.56,"endTime":1487.86,"body":"the outcomes of the financial"},{"speaker":"Carl Widger","startTime":1487.86,"endTime":1492.74,"body":"crisis was that all similar type"},{"speaker":"Carl Widger","startTime":1487.86,"endTime":1492.74,"body":"platforms had to have segregated"},{"speaker":"Carl Widger","startTime":1492.74,"endTime":1493.82,"body":"accounts, right?"},{"speaker":"Unknown","startTime":1494.42,"endTime":1496.34,"body":"So you tell us, yeah,"},{"speaker":"Alan Smith","startTime":1496.3999999999999,"endTime":1500.36,"body":"yeah, but Right, but"},{"speaker":"Alan Smith","startTime":1496.3999999999999,"endTime":1500.36,"body":"also you're assuming, because"},{"speaker":"Alan Smith","startTime":1500.36,"endTime":1502.76,"body":"what they do, they have new"},{"speaker":"Alan Smith","startTime":1500.36,"endTime":1502.76,"body":"money comes in every day and at"},{"speaker":"Alan Smith","startTime":1502.76,"endTime":1506.18,"body":"the close of every business they"},{"speaker":"Alan Smith","startTime":1502.76,"endTime":1506.18,"body":"is sweet, swept into the"},{"speaker":"Alan Smith","startTime":1506.18,"endTime":1509.54,"body":"custodian separate account. But"},{"speaker":"Alan Smith","startTime":1506.18,"endTime":1509.54,"body":"sometimes their systems fail,"},{"speaker":"Alan Smith","startTime":1509.54,"endTime":1513.8799999999999,"body":"and it doesn't get swept in, and"},{"speaker":"Alan Smith","startTime":1509.54,"endTime":1513.8799999999999,"body":"it sits on as a balance sheet"},{"speaker":"Alan Smith","startTime":1513.8799999999999,"endTime":1516.58,"body":"asset in the event of a"},{"speaker":"Alan Smith","startTime":1513.8799999999999,"endTime":1516.58,"body":"bankruptcy, that money's, you"},{"speaker":"Alan Smith","startTime":1516.58,"endTime":1519.22,"body":"know, I would think at this"},{"speaker":"Alan Smith","startTime":1516.58,"endTime":1519.22,"body":"level, I mean, you're"},{"speaker":"Carl Widger","startTime":1519.3999999999999,"endTime":1521.86,"body":"only if you're"},{"speaker":"Carl Widger","startTime":1519.3999999999999,"endTime":1521.86,"body":"going to try and trace one"},{"speaker":"Carl Widger","startTime":1521.86,"endTime":1524.32,"body":"transaction, maybe, as opposed"},{"speaker":"Carl Widger","startTime":1521.86,"endTime":1524.32,"body":"to, you know,"},{"speaker":"Unknown","startTime":1524.32,"endTime":1525.7,"body":"we just hope we never"},{"speaker":"Unknown","startTime":1524.32,"endTime":1525.7,"body":"have to."},{"speaker":"Carl Widger","startTime":1527.1399999999999,"endTime":1529.24,"body":"I'm not"},{"speaker":"Carl Widger","startTime":1527.1399999999999,"endTime":1529.24,"body":"underestimating that. If some if"},{"speaker":"Carl Widger","startTime":1529.24,"endTime":1532.8,"body":"an Fnz, or. Somebody similar"},{"speaker":"Carl Widger","startTime":1529.24,"endTime":1532.8,"body":"went under. Would it be a total,"},{"speaker":"Carl Widger","startTime":1532.8,"endTime":1535.3799999999999,"body":"another shit show and a mess it?"},{"speaker":"Carl Widger","startTime":1532.8,"endTime":1535.3799999999999,"body":"Of course, it"},{"speaker":"Andy Hart","startTime":1535.44,"endTime":1536.8799999999999,"body":"would be, hopefully,"},{"speaker":"Andy Hart","startTime":1535.44,"endTime":1536.8799999999999,"body":"yeah,"},{"speaker":"Unknown","startTime":1538.1399999999999,"endTime":1540.78,"body":"balance sheet, nobody,"},{"speaker":"Unknown","startTime":1538.1399999999999,"endTime":1540.78,"body":"yeah, that's which we kind"},{"speaker":"Andy Hart","startTime":1540.78,"endTime":1541.98,"body":"of said five minutes"},{"speaker":"Andy Hart","startTime":1540.78,"endTime":1541.98,"body":"ago, right?"},{"speaker":"Carl Widger","startTime":1542.1,"endTime":1543.78,"body":"Just, just, I'm"},{"speaker":"Carl Widger","startTime":1542.1,"endTime":1543.78,"body":"sure the TRAPPIST"},{"speaker":"Nick Lincoln","startTime":1543.78,"endTime":1547.86,"body":"leaving some of"},{"speaker":"Nick Lincoln","startTime":1543.78,"endTime":1547.86,"body":"the more sentient members of the"},{"speaker":"Nick Lincoln","startTime":1547.92,"endTime":1549.8999999999999,"body":"trap packer, which there are"},{"speaker":"Nick Lincoln","startTime":1547.92,"endTime":1549.8999999999999,"body":"very few, I'm sure, the"},{"speaker":"Nick Lincoln","startTime":1549.8999999999999,"endTime":1554.18,"body":"Trappists are wondering, How did"},{"speaker":"Nick Lincoln","startTime":1549.8999999999999,"endTime":1554.18,"body":"Nick know that we mentioned Fnz"},{"speaker":"Nick Lincoln","startTime":1554.18,"endTime":1557.3,"body":"in Episode 74 prior? Well, the"},{"speaker":"Nick Lincoln","startTime":1554.18,"endTime":1557.3,"body":"reason for that is, dear"},{"speaker":"Nick Lincoln","startTime":1557.3,"endTime":1561.92,"body":"TRAPPIST, that we have extensive"},{"speaker":"Nick Lincoln","startTime":1557.3,"endTime":1561.92,"body":"show notes for the backlog of"},{"speaker":"Nick Lincoln","startTime":1561.98,"endTime":1565.7,"body":"trap episodes going back as far"},{"speaker":"Nick Lincoln","startTime":1561.98,"endTime":1565.7,"body":"as episode 53 they're all on one"},{"speaker":"Nick Lincoln","startTime":1565.82,"endTime":1568.7,"body":"master Google document. So"},{"speaker":"Nick Lincoln","startTime":1565.82,"endTime":1568.7,"body":"rather than having each post"},{"speaker":"Nick Lincoln","startTime":1568.7,"endTime":1570.94,"body":"code, each post code, each"},{"speaker":"Nick Lincoln","startTime":1568.7,"endTime":1570.94,"body":"podcast with a long list of"},{"speaker":"Nick Lincoln","startTime":1570.94,"endTime":1574.48,"body":"notes. They're all aggregated in"},{"speaker":"Nick Lincoln","startTime":1570.94,"endTime":1574.48,"body":"one document. So I open that up"},{"speaker":"Nick Lincoln","startTime":1574.48,"endTime":1577.12,"body":"and simply search for Fnz and"},{"speaker":"Nick Lincoln","startTime":1574.48,"endTime":1577.12,"body":"that well. So if you this is,"},{"speaker":"Nick Lincoln","startTime":1577.12,"endTime":1579.3999999999999,"body":"we're building up a little"},{"speaker":"Nick Lincoln","startTime":1577.12,"endTime":1579.3999999999999,"body":"library here with our show"},{"speaker":"Nick Lincoln","startTime":1579.3999999999999,"endTime":1582.1,"body":"notes. If there's anything you"},{"speaker":"Nick Lincoln","startTime":1579.3999999999999,"endTime":1582.1,"body":"want to see we've talked about"},{"speaker":"Nick Lincoln","startTime":1582.1,"endTime":1584.92,"body":"the past, open up that document."},{"speaker":"Nick Lincoln","startTime":1582.1,"endTime":1584.92,"body":"There's a link to it in the show"},{"speaker":"Nick Lincoln","startTime":1584.92,"endTime":1587.92,"body":"notes. Open Document up and"},{"speaker":"Nick Lincoln","startTime":1584.92,"endTime":1587.92,"body":"search whatever it is you think"},{"speaker":"Nick Lincoln","startTime":1587.92,"endTime":1589.06,"body":"we might have discussed it'll"},{"speaker":"Andy Hart","startTime":1589.06,"endTime":1590.86,"body":"bring up every, every"},{"speaker":"Andy Hart","startTime":1589.06,"endTime":1590.86,"body":"in every episode where we"},{"speaker":"Andy Hart","startTime":1590.86,"endTime":1594.6599999999999,"body":"discussed it on a serious note."},{"speaker":"Andy Hart","startTime":1590.86,"endTime":1594.6599999999999,"body":"Nick That is, yeah, that is,"},{"speaker":"Andy Hart","startTime":1594.6599999999999,"endTime":1597.54,"body":"that's an amazing document. As I"},{"speaker":"Andy Hart","startTime":1594.6599999999999,"endTime":1597.54,"body":"say, every single episode is"},{"speaker":"Andy Hart","startTime":1597.54,"endTime":1600.3,"body":"going to be there, so it's going"},{"speaker":"Andy Hart","startTime":1597.54,"endTime":1600.3,"body":"to be a treasure trove of"},{"speaker":"Andy Hart","startTime":1600.3,"endTime":1603.12,"body":"information for advisors. Is"},{"speaker":"Andy Hart","startTime":1600.3,"endTime":1603.12,"body":"that easy for people to find it?"},{"speaker":"Andy Hart","startTime":1603.12,"endTime":1604.56,"body":"Because no one knew it's"},{"speaker":"Andy Hart","startTime":1603.12,"endTime":1604.56,"body":"probably"},{"speaker":"Nick Lincoln","startTime":1605.04,"endTime":1607.5,"body":"some obscure link"},{"speaker":"Nick Lincoln","startTime":1605.04,"endTime":1607.5,"body":"for the slower brains. There's a"},{"speaker":"Nick Lincoln","startTime":1607.5,"endTime":1609.0,"body":"link to it in the show called"},{"speaker":"Nick Lincoln","startTime":1607.5,"endTime":1609.0,"body":"shown us."},{"speaker":"Andy Hart","startTime":1609.06,"endTime":1610.7,"body":"Okay, you got to be"},{"speaker":"Andy Hart","startTime":1609.06,"endTime":1610.7,"body":"on the podcast. Why don't we"},{"speaker":"Andy Hart","startTime":1610.7,"endTime":1613.8799999999999,"body":"have the real advisor"},{"speaker":"Andy Hart","startTime":1610.7,"endTime":1613.8799999999999,"body":"podcast.com, forward slash show"},{"speaker":"Andy Hart","startTime":1613.8799999999999,"endTime":1616.58,"body":"notes, and it'd be there anyway."},{"speaker":"Andy Hart","startTime":1613.8799999999999,"endTime":1616.58,"body":"We'll sort it out some"},{"speaker":"Carl Widger","startTime":1616.58,"endTime":1619.82,"body":"other time."},{"speaker":"Carl Widger","startTime":1616.58,"endTime":1619.82,"body":"Sometime it sounds awesome. Carl"},{"speaker":"Andy Hart","startTime":1619.82,"endTime":1622.82,"body":"can't even find the"},{"speaker":"Andy Hart","startTime":1619.82,"endTime":1622.82,"body":"show notes. He's on the show"},{"speaker":"Andy Hart","startTime":1622.82,"endTime":1623.06,"body":"looks"},{"speaker":"Nick Lincoln","startTime":1623.24,"endTime":1625.52,"body":"and I've got faith"},{"speaker":"Nick Lincoln","startTime":1623.24,"endTime":1625.52,"body":"in Carl, but if he did try and"},{"speaker":"Nick Lincoln","startTime":1625.52,"endTime":1627.56,"body":"fight it, he probably would, if"},{"speaker":"Nick Lincoln","startTime":1625.52,"endTime":1627.56,"body":"he got some of"},{"speaker":"Unknown","startTime":1627.56,"endTime":1631.8999999999999,"body":"his team involved, the"},{"speaker":"Unknown","startTime":1627.56,"endTime":1631.8999999999999,"body":"full transcriptions if"},{"speaker":"Nick Lincoln","startTime":1633.52,"endTime":1635.98,"body":"you looked at the"},{"speaker":"Nick Lincoln","startTime":1633.52,"endTime":1635.98,"body":"agenda, you said, The next point"},{"speaker":"Nick Lincoln","startTime":1635.98,"endTime":1638.3799999999999,"body":"is, I'm coming on to that in the"},{"speaker":"Nick Lincoln","startTime":1635.98,"endTime":1638.3799999999999,"body":"last couple of weeks on the"},{"speaker":"Nick Lincoln","startTime":1638.5,"endTime":1641.68,"body":"LinkedIn trap site, I think"},{"speaker":"Nick Lincoln","startTime":1638.5,"endTime":1641.68,"body":"somebody said, Can we have a"},{"speaker":"Nick Lincoln","startTime":1641.68,"endTime":1644.08,"body":"transcript for each show?"},{"speaker":"Nick Lincoln","startTime":1641.68,"endTime":1644.08,"body":"TRAPPIST, since day one, since"},{"speaker":"Nick Lincoln","startTime":1644.08,"endTime":1647.26,"body":"episode one, there is a full"},{"speaker":"Nick Lincoln","startTime":1644.08,"endTime":1647.26,"body":"transcript, provided that should"},{"speaker":"Nick Lincoln","startTime":1647.26,"endTime":1650.46,"body":"be in your app of choice, your"},{"speaker":"Nick Lincoln","startTime":1647.26,"endTime":1650.46,"body":"podcast app of choice, there"},{"speaker":"Nick Lincoln","startTime":1650.46,"endTime":1652.32,"body":"was, if not, go to the bus brow,"},{"speaker":"Nick Lincoln","startTime":1650.46,"endTime":1652.32,"body":"well,"},{"speaker":"Carl Widger","startTime":1652.32,"endTime":1656.1,"body":"someone wants to"},{"speaker":"Carl Widger","startTime":1652.32,"endTime":1656.1,"body":"read it. Someone wants to read"},{"speaker":"Carl Widger","startTime":1656.46,"endTime":1656.6399999999999,"body":"it."},{"speaker":"Nick Lincoln","startTime":1656.76,"endTime":1659.1599999999999,"body":"There's 70 there's"},{"speaker":"Nick Lincoln","startTime":1656.76,"endTime":1659.1599999999999,"body":"75 episodes out there in the"},{"speaker":"Nick Lincoln","startTime":1659.1599999999999,"endTime":1662.1,"body":"interweb of all of our garbled"},{"speaker":"Nick Lincoln","startTime":1659.1599999999999,"endTime":1662.1,"body":"nonsense transcribed"},{"speaker":"Alan Smith","startTime":1663.54,"endTime":1666.6,"body":"what you can do."},{"speaker":"Alan Smith","startTime":1663.54,"endTime":1666.6,"body":"Therefore, you can take that off"},{"speaker":"Alan Smith","startTime":1666.6599999999999,"endTime":1670.7,"body":"the Google Doc or the or the"},{"speaker":"Alan Smith","startTime":1666.6599999999999,"endTime":1670.7,"body":"platform thing and plug it into"},{"speaker":"Alan Smith","startTime":1670.82,"endTime":1674.6,"body":"chat GPT or similar, and ask it"},{"speaker":"Alan Smith","startTime":1670.82,"endTime":1674.6,"body":"to do a search for you. Yeah?"},{"speaker":"Alan Smith","startTime":1674.6,"endTime":1677.06,"body":"That, to be fair, that is it,"},{"speaker":"Alan Smith","startTime":1674.6,"endTime":1677.06,"body":"because all of us get quite"},{"speaker":"Alan Smith","startTime":1677.06,"endTime":1680.72,"body":"regular. No, there's no, no, no,"},{"speaker":"Alan Smith","startTime":1677.06,"endTime":1680.72,"body":"real problem with it. But we"},{"speaker":"Alan Smith","startTime":1680.72,"endTime":1684.5,"body":"often get asked direct messages"},{"speaker":"Alan Smith","startTime":1680.72,"endTime":1684.5,"body":"and stuff, questions of things,"},{"speaker":"Alan Smith","startTime":1684.5,"endTime":1687.68,"body":"just guys, yeah, give me an I"},{"speaker":"Alan Smith","startTime":1684.5,"endTime":1687.68,"body":"mean, so we've already had a"},{"speaker":"Alan Smith","startTime":1687.68,"endTime":1689.96,"body":"whole episode on it, and people"},{"speaker":"Alan Smith","startTime":1687.68,"endTime":1689.96,"body":"say, watch episode. I don't"},{"speaker":"Alan Smith","startTime":1689.96,"endTime":1690.58,"body":"know, yeah,"},{"speaker":"Andy Hart","startTime":1690.58,"endTime":1693.34,"body":"but we, we can have a"},{"speaker":"Andy Hart","startTime":1690.58,"endTime":1693.34,"body":"link on on the website. Nick the"},{"speaker":"Andy Hart","startTime":1693.34,"endTime":1696.58,"body":"real advisor, so we'll build out"},{"speaker":"Andy Hart","startTime":1693.34,"endTime":1696.58,"body":"the website at"},{"speaker":"Carl Widger","startTime":1697.72,"endTime":1698.44,"body":"some point. Right?"},{"speaker":"Nick Lincoln","startTime":1701.08,"endTime":1702.52,"body":"Let's move on,"},{"speaker":"Nick Lincoln","startTime":1701.08,"endTime":1702.52,"body":"boys. 2028,"},{"speaker":"Andy Hart","startTime":1703.36,"endTime":1704.08,"body":"cars on 10%"},{"speaker":"Unknown","startTime":1705.46,"endTime":1706.0,"body":"4030,"},{"speaker":"Nick Lincoln","startTime":1706.6,"endTime":1710.08,"body":"2010, right,"},{"speaker":"Nick Lincoln","startTime":1706.6,"endTime":1710.08,"body":"right. Shut up, right."},{"speaker":"Nick Lincoln","startTime":1710.26,"endTime":1713.04,"body":"Storyteller, why theme wealth"},{"speaker":"Nick Lincoln","startTime":1710.26,"endTime":1713.04,"body":"management? Oh, Christ almighty,"},{"speaker":"Nick Lincoln","startTime":1713.04,"endTime":1714.36,"body":"go and make it interesting. No,"},{"speaker":"Alan Smith","startTime":1714.36,"endTime":1717.54,"body":"this. I believe this"},{"speaker":"Alan Smith","startTime":1714.36,"endTime":1717.54,"body":"is good. So back to the theme of"},{"speaker":"Alan Smith","startTime":1718.08,"endTime":1720.8999999999999,"body":"fees, charges, transparency. I"},{"speaker":"Alan Smith","startTime":1718.08,"endTime":1720.8999999999999,"body":"think it's something we have to"},{"speaker":"Alan Smith","startTime":1720.8999999999999,"endTime":1723.24,"body":"keep banging a drum about,"},{"speaker":"Alan Smith","startTime":1720.8999999999999,"endTime":1723.24,"body":"because it's something the"},{"speaker":"Alan Smith","startTime":1723.24,"endTime":1725.7,"body":"industry still, despite all the"},{"speaker":"Alan Smith","startTime":1723.24,"endTime":1725.7,"body":"regulation, fails to do"},{"speaker":"Alan Smith","startTime":1725.7,"endTime":1730.1399999999999,"body":"particularly well. There is a"},{"speaker":"Alan Smith","startTime":1725.7,"endTime":1730.1399999999999,"body":"company have to do full"},{"speaker":"Alan Smith","startTime":1730.1399999999999,"endTime":1732.8,"body":"disclosure. So I don't get front"},{"speaker":"Alan Smith","startTime":1730.1399999999999,"endTime":1732.8,"body":"page news of city wire. New"},{"speaker":"Alan Smith","startTime":1732.8,"endTime":1735.26,"body":"modern advisor. I I'm your"},{"speaker":"Alan Smith","startTime":1732.8,"endTime":1735.26,"body":"investor in this company."},{"speaker":"Alan Smith","startTime":1735.56,"endTime":1740.48,"body":"They're called y, tree, letter Y"},{"speaker":"Alan Smith","startTime":1735.56,"endTime":1740.48,"body":"and then true. Here we go."},{"speaker":"Unknown","startTime":1747.26,"endTime":1749.06,"body":"God should do"},{"speaker":"Alan Smith","startTime":1749.12,"endTime":1751.42,"body":"Did you cut that off"},{"speaker":"Alan Smith","startTime":1749.12,"endTime":1751.42,"body":"early nick it was dragon. Now,"},{"speaker":"Alan Smith","startTime":1751.42,"endTime":1755.68,"body":"just bring it back to annoy you."},{"speaker":"Alan Smith","startTime":1751.42,"endTime":1755.68,"body":"Yeah, thank you so, so why tree?"},{"speaker":"Alan Smith","startTime":1755.68,"endTime":1758.98,"body":"And I've known the guys there"},{"speaker":"Alan Smith","startTime":1755.68,"endTime":1758.98,"body":"since they started the business."},{"speaker":"Alan Smith","startTime":1758.98,"endTime":1761.86,"body":"And the client, this is a"},{"speaker":"Alan Smith","startTime":1758.98,"endTime":1761.86,"body":"classic business whereby the the"},{"speaker":"Alan Smith","startTime":1761.86,"endTime":1766.3,"body":"CEO and co founder, Stuart cash,"},{"speaker":"Alan Smith","startTime":1761.86,"endTime":1766.3,"body":"he's, you know, super smart guy,"},{"speaker":"Alan Smith","startTime":1766.3,"endTime":1770.44,"body":"ex partner at Goldman Sachs, and"},{"speaker":"Alan Smith","startTime":1766.3,"endTime":1770.44,"body":"when he was looking for advice,"},{"speaker":"Alan Smith","startTime":1771.22,"endTime":1774.12,"body":"when he was making a lot of"},{"speaker":"Alan Smith","startTime":1771.22,"endTime":1774.12,"body":"money, he just, he felt, always"},{"speaker":"Alan Smith","startTime":1774.12,"endTime":1777.6599999999999,"body":"a bit dissatisfied with the"},{"speaker":"Alan Smith","startTime":1774.12,"endTime":1777.6599999999999,"body":"wealth management industry. So"},{"speaker":"Alan Smith","startTime":1777.6599999999999,"endTime":1781.5,"body":"in pure entrepreneurial spirit,"},{"speaker":"Alan Smith","startTime":1777.6599999999999,"endTime":1781.5,"body":"he started his own business, him"},{"speaker":"Alan Smith","startTime":1781.5,"endTime":1784.1399999999999,"body":"and a few others. So they've got"},{"speaker":"Alan Smith","startTime":1781.5,"endTime":1784.1399999999999,"body":"this company called y tree. So"},{"speaker":"Alan Smith","startTime":1784.1399999999999,"endTime":1788.46,"body":"it's a very high end, ultra high"},{"speaker":"Alan Smith","startTime":1784.1399999999999,"endTime":1788.46,"body":"net worth wealth management,"},{"speaker":"Alan Smith","startTime":1788.46,"endTime":1792.44,"body":"financial planning company, very"},{"speaker":"Alan Smith","startTime":1788.46,"endTime":1792.44,"body":"data driven, very digital and"},{"speaker":"Alan Smith","startTime":1792.62,"endTime":1796.3999999999999,"body":"and really embrace this kind of"},{"speaker":"Alan Smith","startTime":1792.62,"endTime":1796.3999999999999,"body":"it's like a high end version of"},{"speaker":"Alan Smith","startTime":1796.3999999999999,"endTime":1797.54,"body":"what we do. It proper."},{"speaker":"Andy Hart","startTime":1798.02,"endTime":1800.12,"body":"They capital"},{"speaker":"Andy Hart","startTime":1798.02,"endTime":1800.12,"body":"competitors. What's going on"},{"speaker":"Andy Hart","startTime":1800.12,"endTime":1800.78,"body":"here? They"},{"speaker":"Alan Smith","startTime":1800.78,"endTime":1804.2,"body":"were, no, we fishing"},{"speaker":"Alan Smith","startTime":1800.78,"endTime":1804.2,"body":"in slightly different ponds, but"},{"speaker":"Alan Smith","startTime":1804.2,"endTime":1807.26,"body":"no they, and they do similar to"},{"speaker":"Alan Smith","startTime":1804.2,"endTime":1807.26,"body":"all of us. They do it to it. So"},{"speaker":"Alan Smith","startTime":1807.26,"endTime":1809.6,"body":"they built their own cash flow."},{"speaker":"Alan Smith","startTime":1807.26,"endTime":1809.6,"body":"So they do proper cash flow"},{"speaker":"Alan Smith","startTime":1809.6,"endTime":1812.62,"body":"models. But for, you know, super"},{"speaker":"Alan Smith","startTime":1809.6,"endTime":1812.62,"body":"wealthy people, and they've got"},{"speaker":"Alan Smith","startTime":1812.62,"endTime":1815.26,"body":"product they prompt"},{"speaker":"Alan Smith","startTime":1812.62,"endTime":1815.26,"body":"predominantly invest in. Again,"},{"speaker":"Alan Smith","startTime":1815.26,"endTime":1818.1399999999999,"body":"they've built their own models,"},{"speaker":"Alan Smith","startTime":1815.26,"endTime":1818.1399999999999,"body":"but very low cost, predominantly"},{"speaker":"Alan Smith","startTime":1818.1399999999999,"endTime":1820.48,"body":"index funds, etc. So they're"},{"speaker":"Alan Smith","startTime":1818.1399999999999,"endTime":1820.48,"body":"really good company worth"},{"speaker":"Alan Smith","startTime":1820.48,"endTime":1824.56,"body":"checking out. But they have just"},{"speaker":"Alan Smith","startTime":1820.48,"endTime":1824.56,"body":"produced a report, and it's"},{"speaker":"Alan Smith","startTime":1824.56,"endTime":1827.2,"body":"because they've done a big, deep"},{"speaker":"Alan Smith","startTime":1824.56,"endTime":1827.2,"body":"dive analysis, they can tell all"},{"speaker":"Alan Smith","startTime":1827.2,"endTime":1830.76,"body":"the on their clients. So their"},{"speaker":"Alan Smith","startTime":1827.2,"endTime":1830.76,"body":"clients often are. Dealing with"},{"speaker":"Alan Smith","startTime":1831.12,"endTime":1835.1399999999999,"body":"advice comes from the, you know,"},{"speaker":"Alan Smith","startTime":1831.12,"endTime":1835.1399999999999,"body":"JP Morgan, private wealth,"},{"speaker":"Alan Smith","startTime":1835.1399999999999,"endTime":1837.48,"body":"credit, Suisse, all those sort"},{"speaker":"Alan Smith","startTime":1835.1399999999999,"endTime":1837.48,"body":"of companies. They've done a lot"},{"speaker":"Alan Smith","startTime":1837.48,"endTime":1840.3,"body":"of analysis on fees and charges"},{"speaker":"Alan Smith","startTime":1837.48,"endTime":1840.3,"body":"and costs and compared it to"},{"speaker":"Alan Smith","startTime":1840.3,"endTime":1843.54,"body":"investment returns. So they've"},{"speaker":"Alan Smith","startTime":1840.3,"endTime":1843.54,"body":"just published a brand new"},{"speaker":"Alan Smith","startTime":1843.6,"endTime":1846.24,"body":"report. And I'll just the"},{"speaker":"Alan Smith","startTime":1843.6,"endTime":1846.24,"body":"headline is this, and there's"},{"speaker":"Alan Smith","startTime":1846.24,"endTime":1851.12,"body":"not gonna be a surprise to"},{"speaker":"Alan Smith","startTime":1846.24,"endTime":1851.12,"body":"anyone, but 94.1% of UK wealth"},{"speaker":"Alan Smith","startTime":1851.12,"endTime":1854.54,"body":"managers underperform according"},{"speaker":"Alan Smith","startTime":1851.12,"endTime":1854.54,"body":"to the new review and a lot of"},{"speaker":"Alan Smith","startTime":1854.54,"endTime":1857.8999999999999,"body":"other data in there. They've"},{"speaker":"Alan Smith","startTime":1854.54,"endTime":1857.8999999999999,"body":"done a deep dive analysis. So"},{"speaker":"Alan Smith","startTime":1857.8999999999999,"endTime":1861.68,"body":"here's my point. I don't think"},{"speaker":"Alan Smith","startTime":1857.8999999999999,"endTime":1861.68,"body":"that's news to anyone. I think"},{"speaker":"Alan Smith","startTime":1862.3999999999999,"endTime":1866.42,"body":"that when a lot of advisors go"},{"speaker":"Alan Smith","startTime":1862.3999999999999,"endTime":1866.42,"body":"against the likes of St James's"},{"speaker":"Alan Smith","startTime":1866.42,"endTime":1869.18,"body":"place and some others, and even"},{"speaker":"Alan Smith","startTime":1866.42,"endTime":1869.18,"body":"some of the conversations we"},{"speaker":"Alan Smith","startTime":1869.18,"endTime":1873.8799999999999,"body":"have here to use Ultras phrase,"},{"speaker":"Alan Smith","startTime":1869.18,"endTime":1873.8799999999999,"body":"the guns are pointing in the"},{"speaker":"Alan Smith","startTime":1873.8799999999999,"endTime":1877.8999999999999,"body":"wrong direction because these"},{"speaker":"Alan Smith","startTime":1873.8799999999999,"endTime":1877.8999999999999,"body":"other organizations, these"},{"speaker":"Alan Smith","startTime":1877.8999999999999,"endTime":1881.1399999999999,"body":"competitive, high end, high net"},{"speaker":"Alan Smith","startTime":1877.8999999999999,"endTime":1881.1399999999999,"body":"worth wealth management firms,"},{"speaker":"Alan Smith","startTime":1881.3799999999999,"endTime":1884.68,"body":"fundamentally, they do not do"},{"speaker":"Alan Smith","startTime":1881.3799999999999,"endTime":1884.68,"body":"financial planning. They deliver"},{"speaker":"Alan Smith","startTime":1884.68,"endTime":1888.22,"body":"really expensive,"},{"speaker":"Alan Smith","startTime":1884.68,"endTime":1888.22,"body":"underperforming investment"},{"speaker":"Alan Smith","startTime":1888.22,"endTime":1891.72,"body":"portfolio management. That's all"},{"speaker":"Alan Smith","startTime":1888.22,"endTime":1891.72,"body":"they do. So why tree are kind of"},{"speaker":"Alan Smith","startTime":1891.72,"endTime":1894.54,"body":"exposing that they share the"},{"speaker":"Alan Smith","startTime":1891.72,"endTime":1894.54,"body":"same philosophies as we all do"},{"speaker":"Alan Smith","startTime":1894.54,"endTime":1897.48,"body":"in many of the listeners to this"},{"speaker":"Alan Smith","startTime":1894.54,"endTime":1897.48,"body":"podcast, and it's quite an"},{"speaker":"Alan Smith","startTime":1897.48,"endTime":1899.8799999999999,"body":"interesting Deep Dive. And I"},{"speaker":"Alan Smith","startTime":1897.48,"endTime":1899.8799999999999,"body":"just, I think, of all the"},{"speaker":"Alan Smith","startTime":1899.8799999999999,"endTime":1903.12,"body":"sectors of our industry, that's"},{"speaker":"Alan Smith","startTime":1899.8799999999999,"endTime":1903.12,"body":"the one that deserves more"},{"speaker":"Alan Smith","startTime":1903.12,"endTime":1905.82,"body":"disruption than the others who"},{"speaker":"Alan Smith","startTime":1903.12,"endTime":1905.82,"body":"are might be, you know, doing"},{"speaker":"Alan Smith","startTime":1905.82,"endTime":1908.46,"body":"proper financial planning might"},{"speaker":"Alan Smith","startTime":1905.82,"endTime":1908.46,"body":"be a bit more expensive that you"},{"speaker":"Alan Smith","startTime":1908.46,"endTime":1911.78,"body":"can get elsewhere. But if you're"},{"speaker":"Alan Smith","startTime":1908.46,"endTime":1911.78,"body":"not embracing full fat financial"},{"speaker":"Alan Smith","startTime":1911.78,"endTime":1914.3,"body":"planning, and you're just"},{"speaker":"Alan Smith","startTime":1911.78,"endTime":1914.3,"body":"charging an arm and a leg to run"},{"speaker":"Alan Smith","startTime":1914.3,"endTime":1917.06,"body":"investment portfolios. There"},{"speaker":"Alan Smith","startTime":1914.3,"endTime":1917.06,"body":"should be more of these"},{"speaker":"Alan Smith","startTime":1917.06,"endTime":1918.56,"body":"analysis, more of these reports,"},{"speaker":"Andy Hart","startTime":1918.62,"endTime":1920.96,"body":"these ever since I've"},{"speaker":"Andy Hart","startTime":1918.62,"endTime":1920.96,"body":"been in this business 20 years,"},{"speaker":"Andy Hart","startTime":1920.96,"endTime":1924.62,"body":"these reports been coming out,"},{"speaker":"Andy Hart","startTime":1920.96,"endTime":1924.62,"body":"and the money, the flow of money"},{"speaker":"Andy Hart","startTime":1924.62,"endTime":1929.24,"body":"towards these ultra expensive,"},{"speaker":"Andy Hart","startTime":1924.62,"endTime":1929.24,"body":"ultra exclusive discretionary"},{"speaker":"Andy Hart","startTime":1929.24,"endTime":1933.34,"body":"fund managers, for example, has"},{"speaker":"Andy Hart","startTime":1929.24,"endTime":1933.34,"body":"not slowed down. People love the"},{"speaker":"Andy Hart","startTime":1933.34,"endTime":1936.94,"body":"status purchase. You know,"},{"speaker":"Andy Hart","startTime":1933.34,"endTime":1936.94,"body":"there's cheaper handbags and"},{"speaker":"Andy Hart","startTime":1936.94,"endTime":1939.6399999999999,"body":"Louis Vuitton all over the"},{"speaker":"Andy Hart","startTime":1936.94,"endTime":1939.6399999999999,"body":"world, people are still going to"},{"speaker":"Andy Hart","startTime":1939.6399999999999,"endTime":1942.3999999999999,"body":"spend Louis Vuitton is a really"},{"speaker":"Andy Hart","startTime":1939.6399999999999,"endTime":1942.3999999999999,"body":"good quality, though that's the"},{"speaker":"Andy Hart","startTime":1942.3999999999999,"endTime":1944.62,"body":"difference. Someone in the"},{"speaker":"Andy Hart","startTime":1942.3999999999999,"endTime":1944.62,"body":"handbag game would argue that"},{"speaker":"Andy Hart","startTime":1944.62,"endTime":1947.56,"body":"it's not. And the one down the"},{"speaker":"Andy Hart","startTime":1944.62,"endTime":1947.56,"body":"road for 400 quids better. The"},{"speaker":"Andy Hart","startTime":1947.56,"endTime":1951.06,"body":"status purchase is human nature,"},{"speaker":"Andy Hart","startTime":1947.56,"endTime":1951.06,"body":"and good luck fighting against"},{"speaker":"Andy Hart","startTime":1951.06,"endTime":1951.24,"body":"it."},{"speaker":"Carl Widger","startTime":1952.08,"endTime":1955.26,"body":"I wonder, like,"},{"speaker":"Carl Widger","startTime":1952.08,"endTime":1955.26,"body":"that's a fair point. Andy,"},{"speaker":"Carl Widger","startTime":1955.3799999999999,"endTime":1959.1599999999999,"body":"you're at nothing trying to"},{"speaker":"Carl Widger","startTime":1955.3799999999999,"endTime":1959.1599999999999,"body":"fight against it, because the"},{"speaker":"Carl Widger","startTime":1959.1599999999999,"endTime":1961.8,"body":"the ultra high net worth, well,"},{"speaker":"Carl Widger","startTime":1959.1599999999999,"endTime":1961.8,"body":"the ultra high net worth"},{"speaker":"Carl Widger","startTime":1961.8,"endTime":1965.8799999999999,"body":"clients. I've got a we've got a"},{"speaker":"Carl Widger","startTime":1961.8,"endTime":1965.8799999999999,"body":"few. I'm sure you do too. Like"},{"speaker":"Carl Widger","startTime":1965.8799999999999,"endTime":1969.96,"body":"they want something sexier. They"},{"speaker":"Carl Widger","startTime":1965.8799999999999,"endTime":1969.96,"body":"want something different. They"},{"speaker":"Carl Widger","startTime":1969.96,"endTime":1974.06,"body":"they on. They like their"},{"speaker":"Carl Widger","startTime":1969.96,"endTime":1974.06,"body":"financial plan. They like having"},{"speaker":"Carl Widger","startTime":1974.06,"endTime":1977.3,"body":"their family fortress money,"},{"speaker":"Carl Widger","startTime":1974.06,"endTime":1977.3,"body":"right? And they'll index funds"},{"speaker":"Carl Widger","startTime":1977.3,"endTime":1980.42,"body":"that all day long. But they want"},{"speaker":"Carl Widger","startTime":1977.3,"endTime":1980.42,"body":"more, and if you're not willing"},{"speaker":"Carl Widger","startTime":1980.42,"endTime":1984.62,"body":"to give it to them, they will go"},{"speaker":"Carl Widger","startTime":1980.42,"endTime":1984.62,"body":"elsewhere. And that's just the"},{"speaker":"Carl Widger","startTime":1984.62,"endTime":1990.08,"body":"way it is. Because they they"},{"speaker":"Carl Widger","startTime":1984.62,"endTime":1990.08,"body":"they want something different,"},{"speaker":"Carl Widger","startTime":1990.08,"endTime":1993.58,"body":"and a lot of them are looking"},{"speaker":"Carl Widger","startTime":1990.08,"endTime":1993.58,"body":"maybe for potentially a purpose"},{"speaker":"Carl Widger","startTime":1993.58,"endTime":1996.22,"body":"in their life, and part of that"},{"speaker":"Carl Widger","startTime":1993.58,"endTime":1996.22,"body":"purpose is to be looking at"},{"speaker":"Carl Widger","startTime":1996.7,"endTime":1999.76,"body":"their investment portfolio and"},{"speaker":"Carl Widger","startTime":1996.7,"endTime":1999.76,"body":"dabbling in a lot of things and"},{"speaker":"Carl Widger","startTime":1999.76,"endTime":2003.78,"body":"keeping their brain ticking"},{"speaker":"Carl Widger","startTime":1999.76,"endTime":2003.78,"body":"over. So I think it's worth"},{"speaker":"Carl Widger","startTime":2005.7,"endTime":2010.08,"body":"don't dismiss it as what I would"},{"speaker":"Carl Widger","startTime":2005.7,"endTime":2010.08,"body":"say Nick it was a"},{"speaker":"Nick Lincoln","startTime":2010.08,"endTime":2012.08,"body":"little nugget"},{"speaker":"Nick Lincoln","startTime":2010.08,"endTime":2012.08,"body":"revealed in there. Because my"},{"speaker":"Nick Lincoln","startTime":2012.08,"endTime":2015.2,"body":"philosophy is you don't miss and"},{"speaker":"Nick Lincoln","startTime":2012.08,"endTime":2015.2,"body":"maybe for the younger Trappists"},{"speaker":"Nick Lincoln","startTime":2015.2,"endTime":2019.1,"body":"who are going out their own or"},{"speaker":"Nick Lincoln","startTime":2015.2,"endTime":2019.1,"body":"thinking about it is ultra high"},{"speaker":"Nick Lincoln","startTime":2019.1,"endTime":2022.7,"body":"net worth can be a pain in the"},{"speaker":"Nick Lincoln","startTime":2019.1,"endTime":2022.7,"body":"ass, and they will expect some"},{"speaker":"Nick Lincoln","startTime":2022.7,"endTime":2025.34,"body":"pandering too. And I think you"},{"speaker":"Nick Lincoln","startTime":2022.7,"endTime":2025.34,"body":"build a very good business by"},{"speaker":"Nick Lincoln","startTime":2025.34,"endTime":2028.22,"body":"going for mass affluent people"},{"speaker":"Nick Lincoln","startTime":2025.34,"endTime":2028.22,"body":"who just don't know if they've"},{"speaker":"Nick Lincoln","startTime":2028.22,"endTime":2031.78,"body":"got enough. Just throw that out"},{"speaker":"Nick Lincoln","startTime":2028.22,"endTime":2031.78,"body":"there. Okay, um, not saying turn"},{"speaker":"Nick Lincoln","startTime":2031.78,"endTime":2034.0,"body":"away ultra high net worth, but"},{"speaker":"Nick Lincoln","startTime":2031.78,"endTime":2034.0,"body":"they do come with their own"},{"speaker":"Nick Lincoln","startTime":2034.36,"endTime":2037.0,"body":"conceptions about what you were"},{"speaker":"Nick Lincoln","startTime":2034.36,"endTime":2037.0,"body":"going to give them in terms of"},{"speaker":"Nick Lincoln","startTime":2037.0,"endTime":2038.1399999999999,"body":"service and so forth. And"},{"speaker":"Carl Widger","startTime":2038.1399999999999,"endTime":2040.12,"body":"it's not something"},{"speaker":"Carl Widger","startTime":2038.1399999999999,"endTime":2040.12,"body":"that huge expectations of"},{"speaker":"Carl Widger","startTime":2040.12,"endTime":2042.7,"body":"monthly reports and all that"},{"speaker":"Carl Widger","startTime":2040.12,"endTime":2042.7,"body":"kind of stuff. Yeah, you've"},{"speaker":"Carl Widger","startTime":2042.7,"endTime":2045.22,"body":"absolutely nailed it there. Nick"},{"speaker":"Carl Widger","startTime":2042.7,"endTime":2045.22,"body":"like, if you're, if you're"},{"speaker":"Carl Widger","startTime":2045.22,"endTime":2049.96,"body":"setting out, you know, and don't"},{"speaker":"Carl Widger","startTime":2045.22,"endTime":2049.96,"body":"be, you know, don't chase that"},{"speaker":"Carl Widger","startTime":2049.96,"endTime":2052.7400000000002,"body":"ultra high net worth, because"},{"speaker":"Carl Widger","startTime":2049.96,"endTime":2052.7400000000002,"body":"you're probably not going to get"},{"speaker":"Carl Widger","startTime":2052.7400000000002,"endTime":2052.92,"body":"it."},{"speaker":"Andy Hart","startTime":2053.7000000000003,"endTime":2055.98,"body":"Yeah, wasted time"},{"speaker":"Andy Hart","startTime":2053.7000000000003,"endTime":2055.98,"body":"with an experienced advisors"},{"speaker":"Andy Hart","startTime":2055.98,"endTime":2059.16,"body":"chasing that random client"},{"speaker":"Andy Hart","startTime":2055.98,"endTime":2059.16,"body":"they've got from a third friend"},{"speaker":"Andy Hart","startTime":2059.16,"endTime":2061.86,"body":"of a contact that's got 50"},{"speaker":"Andy Hart","startTime":2059.16,"endTime":2061.86,"body":"million and they have 15"},{"speaker":"Andy Hart","startTime":2061.86,"endTime":2064.8,"body":"meetings. Send them a million"},{"speaker":"Andy Hart","startTime":2061.86,"endTime":2064.8,"body":"reports. They spend half a year"},{"speaker":"Andy Hart","startTime":2064.8,"endTime":2067.6800000000003,"body":"doing it, and in the end they"},{"speaker":"Andy Hart","startTime":2064.8,"endTime":2067.6800000000003,"body":"say, Oh no, we're going with"},{"speaker":"Andy Hart","startTime":2067.98,"endTime":2071.7200000000003,"body":"HSBC private. They charge 5% but"},{"speaker":"Andy Hart","startTime":2067.98,"endTime":2071.7200000000003,"body":"I love their offices. Thanks"},{"speaker":"Andy Hart","startTime":2071.78,"endTime":2072.2000000000003,"body":"guys."},{"speaker":"Unknown","startTime":2072.38,"endTime":2075.56,"body":"I mean, just give me"},{"speaker":"Unknown","startTime":2072.38,"endTime":2075.56,"body":"tickets to Wimbledon."},{"speaker":"Andy Hart","startTime":2075.8,"endTime":2078.62,"body":"I know the moment any"},{"speaker":"Andy Hart","startTime":2075.8,"endTime":2078.62,"body":"inexperience of I'm chasing this"},{"speaker":"Andy Hart","startTime":2078.62,"endTime":2081.56,"body":"client, but just I can move on."},{"speaker":"Andy Hart","startTime":2078.62,"endTime":2081.56,"body":"Go for the mass after and the"},{"speaker":"Andy Hart","startTime":2081.56,"endTime":2084.38,"body":"high net worth. We work really"},{"speaker":"Andy Hart","startTime":2081.56,"endTime":2084.38,"body":"well. We're slightly clued up"},{"speaker":"Andy Hart","startTime":2084.38,"endTime":2087.38,"body":"insiders, slightly clued up"},{"speaker":"Andy Hart","startTime":2084.38,"endTime":2087.38,"body":"insiders. They've got a lot of"},{"speaker":"Andy Hart","startTime":2087.38,"endTime":2089.36,"body":"wealth. They understand that"},{"speaker":"Andy Hart","startTime":2087.38,"endTime":2089.36,"body":"they're expensive. They're"},{"speaker":"Andy Hart","startTime":2089.36,"endTime":2092.74,"body":"cheap. They understand that"},{"speaker":"Andy Hart","startTime":2089.36,"endTime":2092.74,"body":"Barclays wealth and Maven"},{"speaker":"Andy Hart","startTime":2092.74,"endTime":2095.74,"body":"advisor can access the same"},{"speaker":"Andy Hart","startTime":2092.74,"endTime":2095.74,"body":"firms, sorry, the same funds."},{"speaker":"Andy Hart","startTime":2095.98,"endTime":2098.2599999999998,"body":"They're the people that want to"},{"speaker":"Andy Hart","startTime":2095.98,"endTime":2098.2599999999998,"body":"focus on the slightly clued up"},{"speaker":"Andy Hart","startTime":2098.2599999999998,"endTime":2099.22,"body":"inside, as I call it,"},{"speaker":"Unknown","startTime":2102.879,"endTime":2105.939,"body":"hand thing up. This"},{"speaker":"Unknown","startTime":2102.879,"endTime":2105.939,"body":"working well, I was going"},{"speaker":"Carl Widger","startTime":2105.94,"endTime":2109.7799999999997,"body":"to back you up."},{"speaker":"Carl Widger","startTime":2105.94,"endTime":2109.7799999999997,"body":"Andy raise his hand there before"},{"speaker":"Carl Widger","startTime":2109.7799999999997,"endTime":2112.14,"body":"he had interjection. I don't"},{"speaker":"Carl Widger","startTime":2109.7799999999997,"endTime":2112.14,"body":"know you did,"},{"speaker":"Alan Smith","startTime":2112.74,"endTime":2115.08,"body":"those of you who are"},{"speaker":"Alan Smith","startTime":2112.74,"endTime":2115.08,"body":"listening for watching, I've got"},{"speaker":"Alan Smith","startTime":2115.08,"endTime":2118.74,"body":"a yellow card. I've got a yellow"},{"speaker":"Alan Smith","startTime":2115.08,"endTime":2118.74,"body":"card. Got a system of hand"},{"speaker":"Alan Smith","startTime":2118.74,"endTime":2121.62,"body":"raising, digital hand raising."},{"speaker":"Alan Smith","startTime":2118.74,"endTime":2121.62,"body":"But Andy seems to have forgotten"},{"speaker":"Alan Smith","startTime":2121.62,"endTime":2122.34,"body":"this. I"},{"speaker":"Andy Hart","startTime":2122.58,"endTime":2124.68,"body":"was gonna just say"},{"speaker":"Andy Hart","startTime":2122.58,"endTime":2124.68,"body":"Charlie Munger says, put it in"},{"speaker":"Andy Hart","startTime":2124.68,"endTime":2127.32,"body":"the too hard bucket. It's the"},{"speaker":"Andy Hart","startTime":2124.68,"endTime":2127.32,"body":"two hard bucket. It's not for"},{"speaker":"Andy Hart","startTime":2127.32,"endTime":2130.4,"body":"you. I mean these. I mean Alan,"},{"speaker":"Andy Hart","startTime":2127.32,"endTime":2130.4,"body":"talk about it. All the time."},{"speaker":"Andy Hart","startTime":2130.4,"endTime":2135.2,"body":"These, you know, Alan and I,"},{"speaker":"Andy Hart","startTime":2130.4,"endTime":2135.2,"body":"these large DFMS in London. This"},{"speaker":"Andy Hart","startTime":2135.2,"endTime":2137.42,"body":"is what they do, bread and"},{"speaker":"Andy Hart","startTime":2135.2,"endTime":2137.42,"body":"butter, day in, day out. They"},{"speaker":"Andy Hart","startTime":2137.42,"endTime":2140.7799999999997,"body":"just swallow up all these, you"},{"speaker":"Andy Hart","startTime":2137.42,"endTime":2140.7799999999997,"body":"know what? They call them,"},{"speaker":"Andy Hart","startTime":2142.4,"endTime":2145.52,"body":"sophisticated investors. It"},{"speaker":"Andy Hart","startTime":2142.4,"endTime":2145.52,"body":"means a rich idiot."},{"speaker":"Andy Hart","startTime":2145.52,"endTime":2148.64,"body":"Sophisticated investor means a"},{"speaker":"Andy Hart","startTime":2145.52,"endTime":2148.64,"body":"rich idiot. They swallow up"},{"speaker":"Andy Hart","startTime":2148.64,"endTime":2152.86,"body":"these sophisticated investors"},{"speaker":"Andy Hart","startTime":2148.64,"endTime":2152.86,"body":"all day long. There's no chance,"},{"speaker":"Andy Hart","startTime":2152.86,"endTime":2153.22,"body":"right?"},{"speaker":"Alan Smith","startTime":2154.84,"endTime":2160.12,"body":"Thank you. When I"},{"speaker":"Alan Smith","startTime":2154.84,"endTime":2160.12,"body":"went to the US a few years ago,"},{"speaker":"Alan Smith","startTime":2160.12,"endTime":2164.02,"body":"when I went to with dimensional,"},{"speaker":"Alan Smith","startTime":2160.12,"endTime":2164.02,"body":"I went to their HQ and what you"},{"speaker":"Alan Smith","startTime":2164.02,"endTime":2166.36,"body":"what, they took us out and"},{"speaker":"Alan Smith","startTime":2164.02,"endTime":2166.36,"body":"introduced us to a bunch of"},{"speaker":"Alan Smith","startTime":2166.36,"endTime":2170.2,"body":"different RIAs as a call over"},{"speaker":"Alan Smith","startTime":2166.36,"endTime":2170.2,"body":"there. And we flew into Dallas,"},{"speaker":"Alan Smith","startTime":2170.2,"endTime":2174.24,"body":"Texas, and we met this firm, and"},{"speaker":"Alan Smith","startTime":2170.2,"endTime":2174.24,"body":"they were, you know, Dallas, and"},{"speaker":"Alan Smith","startTime":2174.24,"endTime":2177.48,"body":"Texas being an oil rich place,"},{"speaker":"Alan Smith","startTime":2174.24,"endTime":2177.48,"body":"and they said, and they were a"},{"speaker":"Alan Smith","startTime":2177.48,"endTime":2182.52,"body":"firm of, you know, CPAs. They"},{"speaker":"Alan Smith","startTime":2177.48,"endTime":2182.52,"body":"were accountants as well as"},{"speaker":"Alan Smith","startTime":2182.52,"endTime":2185.7,"body":"advisors. And they were talking,"},{"speaker":"Alan Smith","startTime":2182.52,"endTime":2185.7,"body":"they were telling us all about"},{"speaker":"Alan Smith","startTime":2185.7,"endTime":2187.98,"body":"their business model and what"},{"speaker":"Alan Smith","startTime":2185.7,"endTime":2187.98,"body":"they did. And there's a whole"},{"speaker":"Alan Smith","startTime":2188.04,"endTime":2190.34,"body":"lot of interesting things that"},{"speaker":"Alan Smith","startTime":2188.04,"endTime":2190.34,"body":"came through. But I always"},{"speaker":"Alan Smith","startTime":2190.34,"endTime":2193.16,"body":"remember that they said, Look,"},{"speaker":"Alan Smith","startTime":2190.34,"endTime":2193.16,"body":"we deal with some clients who"},{"speaker":"Alan Smith","startTime":2193.16,"endTime":2197.12,"body":"are literally billionaires, and"},{"speaker":"Alan Smith","startTime":2193.16,"endTime":2197.12,"body":"we also deal with what they"},{"speaker":"Alan Smith","startTime":2197.12,"endTime":2200.48,"body":"called Mom and Pop clients. And"},{"speaker":"Alan Smith","startTime":2197.12,"endTime":2200.48,"body":"their mom and pop client was a"},{"speaker":"Alan Smith","startTime":2200.48,"endTime":2204.08,"body":"million dollar client that they"},{"speaker":"Alan Smith","startTime":2200.48,"endTime":2204.08,"body":"charge 1% a year, full fat"},{"speaker":"Alan Smith","startTime":2204.08,"endTime":2207.2,"body":"financial planning, dimensional"},{"speaker":"Alan Smith","startTime":2204.08,"endTime":2207.2,"body":"funds, etc. And they, because"},{"speaker":"Alan Smith","startTime":2207.2,"endTime":2210.22,"body":"they're an accounting firm,"},{"speaker":"Alan Smith","startTime":2207.2,"endTime":2210.22,"body":"they're very, very smart, and"},{"speaker":"Alan Smith","startTime":2210.22,"endTime":2212.92,"body":"they're very focused on their"},{"speaker":"Alan Smith","startTime":2210.22,"endTime":2212.92,"body":"profitability per client. They"},{"speaker":"Alan Smith","startTime":2212.92,"endTime":2217.84,"body":"said those clients are by orders"},{"speaker":"Alan Smith","startTime":2212.92,"endTime":2217.84,"body":"of magnitude more profitable."},{"speaker":"Alan Smith","startTime":2218.08,"endTime":2220.72,"body":"They come in for one annual"},{"speaker":"Alan Smith","startTime":2218.08,"endTime":2220.72,"body":"meeting. The great interest that"},{"speaker":"Alan Smith","startTime":2220.72,"endTime":2223.3,"body":"we meet with them, though,"},{"speaker":"Alan Smith","startTime":2220.72,"endTime":2223.3,"body":"whereas the billionaire clients,"},{"speaker":"Alan Smith","startTime":2223.3,"endTime":2225.7599999999998,"body":"they want to meet monthly,"},{"speaker":"Alan Smith","startTime":2223.3,"endTime":2225.7599999999998,"body":"they've got an army of lawyers"},{"speaker":"Alan Smith","startTime":2225.7599999999998,"endTime":2229.0,"body":"and taxes advisors, etc, all"},{"speaker":"Alan Smith","startTime":2225.7599999999998,"endTime":2229.0,"body":"coming in. You said they pay a"},{"speaker":"Alan Smith","startTime":2229.0,"endTime":2232.74,"body":"lot of they split in accounts."},{"speaker":"Alan Smith","startTime":2229.0,"endTime":2232.74,"body":"Everywhere they pick they pay"},{"speaker":"Alan Smith","startTime":2232.74,"endTime":2237.42,"body":"big fees. But you know, when you"},{"speaker":"Alan Smith","startTime":2232.74,"endTime":2237.42,"body":"analyze the the work and the"},{"speaker":"Alan Smith","startTime":2283.5,"endTime":2286.3199999999997,"body":"effort and the risk, then he"},{"speaker":"Alan Smith","startTime":2283.5,"endTime":2286.3199999999997,"body":"said, we would. He said, My"},{"speaker":"Alan Smith","startTime":2286.3199999999997,"endTime":2289.14,"body":"advice to you guys at the time"},{"speaker":"Alan Smith","startTime":2286.3199999999997,"endTime":2289.14,"body":"is look for this million pound,"},{"speaker":"Alan Smith","startTime":2289.14,"endTime":2291.9,"body":"million dollar clients and offer"},{"speaker":"Alan Smith","startTime":2289.14,"endTime":2291.9,"body":"them, you know, a fantastic"},{"speaker":"Alan Smith","startTime":2291.9,"endTime":2294.18,"body":"service. And that always stuck"},{"speaker":"Alan Smith","startTime":2291.9,"endTime":2294.18,"body":"with me. Yeah, I thought that's"},{"speaker":"Alan Smith","startTime":2294.18,"endTime":2296.58,"body":"quite, quite interesting. So"},{"speaker":"Alan Smith","startTime":2294.18,"endTime":2296.58,"body":"good. It's a good sweet spot"},{"speaker":"Alan Smith","startTime":2296.58,"endTime":2297.8599999999997,"body":"that was well worth waiting"},{"speaker":"Nick Lincoln","startTime":2297.8599999999997,"endTime":2299.66,"body":"for. Mr. Smith,"},{"speaker":"Nick Lincoln","startTime":2297.8599999999997,"endTime":2299.66,"body":"now you can lower your hand"},{"speaker":"Nick Lincoln","startTime":2300.2,"endTime":2302.96,"body":"please. Thank you. Okay, moving"},{"speaker":"Nick Lincoln","startTime":2300.2,"endTime":2302.96,"body":"on."},{"speaker":"Unknown","startTime":2306.7999999999997,"endTime":2308.6,"body":"Keep it up permanently."},{"speaker":"Nick Lincoln","startTime":2309.8599999999997,"endTime":2312.92,"body":"That's between you"},{"speaker":"Nick Lincoln","startTime":2309.8599999999997,"endTime":2312.92,"body":"and Mrs. S, right, um, let's go"},{"speaker":"Nick Lincoln","startTime":2312.92,"endTime":2313.46,"body":"on to Andy."},{"speaker":"Unknown","startTime":2315.44,"endTime":2318.8199999999997,"body":"It's descending into"},{"speaker":"Unknown","startTime":2315.44,"endTime":2318.8199999999997,"body":"mayhem. Just been on holiday."},{"speaker":"Unknown","startTime":2318.8199999999997,"endTime":2320.56,"body":"So, yeah, everybody, my"},{"speaker":"Andy Hart","startTime":2322.18,"endTime":2325.42,"body":"next point is in Nick"},{"speaker":"Andy Hart","startTime":2322.18,"endTime":2325.42,"body":"Valley path, yes, okay, so valid"},{"speaker":"Andy Hart","startTime":2325.42,"endTime":2330.04,"body":"path are a new ish network in"},{"speaker":"Andy Hart","startTime":2325.42,"endTime":2330.04,"body":"the UK. We know a lot of good"},{"speaker":"Andy Hart","startTime":2330.04,"endTime":2334.3599999999997,"body":"firms that are part of them, and"},{"speaker":"Andy Hart","startTime":2330.04,"endTime":2334.3599999999997,"body":"they launched a client buyout"},{"speaker":"Andy Hart","startTime":2334.3599999999997,"endTime":2339.12,"body":"program, CBO, they're calling"},{"speaker":"Andy Hart","startTime":2334.3599999999997,"endTime":2339.12,"body":"it. So Valley path will fund"},{"speaker":"Andy Hart","startTime":2339.18,"endTime":2342.7799999999997,"body":"existing Valley path members to"},{"speaker":"Andy Hart","startTime":2339.18,"endTime":2342.7799999999997,"body":"buy out retiring"},{"speaker":"Unknown","startTime":2342.96,"endTime":2345.9,"body":"value Valley path, or"},{"speaker":"Unknown","startTime":2342.96,"endTime":2345.9,"body":"valid path, valid, valid, yeah,"},{"speaker":"Unknown","startTime":2345.9,"endTime":2347.64,"body":"he just gives him Valley, sorry,"},{"speaker":"Andy Hart","startTime":2347.8199999999997,"endTime":2354.0,"body":"valid path for the"},{"speaker":"Andy Hart","startTime":2347.8199999999997,"endTime":2354.0,"body":"buy at the buyers. So this is"},{"speaker":"Andy Hart","startTime":2354.0,"endTime":2357.3199999999997,"body":"the challenge for the"},{"speaker":"Andy Hart","startTime":2354.0,"endTime":2357.3199999999997,"body":"independent sector in terms of"},{"speaker":"Andy Hart","startTime":2357.3199999999997,"endTime":2360.38,"body":"getting funding to acquire firms"},{"speaker":"Andy Hart","startTime":2357.3199999999997,"endTime":2360.38,"body":"and grow your business. Yeah?"},{"speaker":"Andy Hart","startTime":2360.44,"endTime":2363.98,"body":"SJP have got a whole internal"},{"speaker":"Andy Hart","startTime":2360.44,"endTime":2363.98,"body":"system that works very well"},{"speaker":"Andy Hart","startTime":2364.16,"endTime":2366.98,"body":"usually, but they're obviously"},{"speaker":"Andy Hart","startTime":2364.16,"endTime":2366.98,"body":"exceptions apply."},{"speaker":"Carl Widger","startTime":2368.18,"endTime":2370.52,"body":"There's a dude on"},{"speaker":"Carl Widger","startTime":2368.18,"endTime":2370.52,"body":"LinkedIn doesn't think so. He"},{"speaker":"Carl Widger","startTime":2370.52,"endTime":2371.24,"body":"thinks, yeah,"},{"speaker":"Andy Hart","startTime":2373.58,"endTime":2378.94,"body":"we we have somewhat"},{"speaker":"Andy Hart","startTime":2373.58,"endTime":2378.94,"body":"of an option in outside of the"},{"speaker":"Andy Hart","startTime":2378.94,"endTime":2382.66,"body":"network structure. What's the"},{"speaker":"Andy Hart","startTime":2378.94,"endTime":2382.66,"body":"name of the firm? Alan that"},{"speaker":"Andy Hart","startTime":2382.66,"endTime":2386.14,"body":"funds Vertis. Vertis do a lot of"},{"speaker":"Andy Hart","startTime":2382.66,"endTime":2386.14,"body":"funding transact. Yeah, yeah."},{"speaker":"Andy Hart","startTime":2386.2,"endTime":2389.2599999999998,"body":"For this, they also do non"},{"speaker":"Andy Hart","startTime":2386.2,"endTime":2389.2599999999998,"body":"transact firms as well, versus"},{"speaker":"Andy Hart","startTime":2389.92,"endTime":2390.3399999999997,"body":"maybe"},{"speaker":"Alan Smith","startTime":2390.3399999999997,"endTime":2392.2,"body":"pulling back. Now,"},{"speaker":"Alan Smith","startTime":2390.3399999999997,"endTime":2392.2,"body":"that's a whole other story, not"},{"speaker":"Alan Smith","startTime":2392.2,"endTime":2393.16,"body":"for right"},{"speaker":"Andy Hart","startTime":2393.22,"endTime":2394.7799999999997,"body":"now. Anyway. So"},{"speaker":"Andy Hart","startTime":2393.22,"endTime":2394.7799999999997,"body":"Valley, Valley Plath, the"},{"speaker":"Andy Hart","startTime":2394.7799999999997,"endTime":2399.0,"body":"network, have set up this"},{"speaker":"Andy Hart","startTime":2394.7799999999997,"endTime":2399.0,"body":"mechanism to provide funding for"},{"speaker":"Andy Hart","startTime":2399.0,"endTime":2402.0,"body":"Valley path members to buy other"},{"speaker":"Andy Hart","startTime":2399.0,"endTime":2402.0,"body":"valid path member firms, but"},{"speaker":"Andy Hart","startTime":2402.0,"endTime":2406.2,"body":"also external firms. So I think"},{"speaker":"Andy Hart","startTime":2402.0,"endTime":2406.2,"body":"it's any innovation that can"},{"speaker":"Andy Hart","startTime":2406.56,"endTime":2410.04,"body":"grow the businesses of decent,"},{"speaker":"Andy Hart","startTime":2406.56,"endTime":2410.04,"body":"full fat financial planning"},{"speaker":"Andy Hart","startTime":2410.04,"endTime":2414.3599999999997,"body":"firms, which is most of the"},{"speaker":"Andy Hart","startTime":2410.04,"endTime":2414.3599999999997,"body":"valid path members. I'm pro it."},{"speaker":"Andy Hart","startTime":2414.3599999999997,"endTime":2416.96,"body":"So that's that really and we"},{"speaker":"Andy Hart","startTime":2414.3599999999997,"endTime":2416.96,"body":"need more innovation in this"},{"speaker":"Andy Hart","startTime":2416.96,"endTime":2420.44,"body":"space, versus are the only"},{"speaker":"Andy Hart","startTime":2416.96,"endTime":2420.44,"body":"player in the game, I think. And"},{"speaker":"Andy Hart","startTime":2420.44,"endTime":2423.3199999999997,"body":"they charge something like, I'm"},{"speaker":"Andy Hart","startTime":2420.44,"endTime":2423.3199999999997,"body":"going to get it wrong, but a big"},{"speaker":"Andy Hart","startTime":2423.3199999999997,"endTime":2429.5,"body":"margin above base. So it is"},{"speaker":"Andy Hart","startTime":2423.3199999999997,"endTime":2429.5,"body":"quite a sort of, you know, a"},{"speaker":"Andy Hart","startTime":2429.5,"endTime":2432.14,"body":"heavy burden on the firms that"},{"speaker":"Andy Hart","startTime":2429.5,"endTime":2432.14,"body":"are using their funding. But"},{"speaker":"Andy Hart","startTime":2432.14,"endTime":2434.42,"body":"obviously, you know, if you"},{"speaker":"Andy Hart","startTime":2432.14,"endTime":2434.42,"body":"don't want to take my funding,"},{"speaker":"Andy Hart","startTime":2434.42,"endTime":2436.3399999999997,"body":"then you don't have to take it."},{"speaker":"Andy Hart","startTime":2434.42,"endTime":2436.3399999999997,"body":"But hopefully"},{"speaker":"Alan Smith","startTime":2436.3399999999997,"endTime":2438.7,"body":"there'll be, there's"},{"speaker":"Alan Smith","startTime":2436.3399999999997,"endTime":2438.7,"body":"a limited range of providers,"},{"speaker":"Alan Smith","startTime":2438.94,"endTime":2439.72,"body":"limited range of"},{"speaker":"Andy Hart","startTime":2439.72,"endTime":2441.64,"body":"providers. Yet we"},{"speaker":"Andy Hart","startTime":2439.72,"endTime":2441.64,"body":"need a bit more innovation."},{"speaker":"Andy Hart","startTime":2441.64,"endTime":2445.12,"body":"Interest base interesting. But"},{"speaker":"Andy Hart","startTime":2441.64,"endTime":2445.12,"body":"as we know, the fund management"},{"speaker":"Andy Hart","startTime":2445.12,"endTime":2449.8599999999997,"body":"business is quite sticky revenue"},{"speaker":"Andy Hart","startTime":2445.12,"endTime":2449.8599999999997,"body":"and quite known revenue. So So"},{"speaker":"Andy Hart","startTime":2449.8599999999997,"endTime":2451.9,"body":"funders should be all over this"},{"speaker":"Andy Hart","startTime":2449.8599999999997,"endTime":2451.9,"body":"space."},{"speaker":"Carl Widger","startTime":2453.64,"endTime":2456.7799999999997,"body":"Question. Then on"},{"speaker":"Carl Widger","startTime":2453.64,"endTime":2456.7799999999997,"body":"that, throw this open to the"},{"speaker":"Carl Widger","startTime":2456.7799999999997,"endTime":2460.2,"body":"floor. If you were setting up in"},{"speaker":"Carl Widger","startTime":2456.7799999999997,"endTime":2460.2,"body":"your own Would you consider"},{"speaker":"Carl Widger","startTime":2460.2,"endTime":2464.2799999999997,"body":"buying a firm and doing it that"},{"speaker":"Carl Widger","startTime":2460.2,"endTime":2464.2799999999997,"body":"way? Because we've lots of"},{"speaker":"Carl Widger","startTime":2464.2799999999997,"endTime":2467.58,"body":"younger listeners who are"},{"speaker":"Carl Widger","startTime":2464.2799999999997,"endTime":2467.58,"body":"sending us all messages all the"},{"speaker":"Carl Widger","startTime":2467.58,"endTime":2470.88,"body":"time about, how will I do it,"},{"speaker":"Carl Widger","startTime":2467.58,"endTime":2470.88,"body":"and what, how would I set up,"},{"speaker":"Carl Widger","startTime":2470.88,"endTime":2475.14,"body":"and how will I get my clients?"},{"speaker":"Carl Widger","startTime":2470.88,"endTime":2475.14,"body":"It doesn't seem to be something"},{"speaker":"Carl Widger","startTime":2475.14,"endTime":2478.04,"body":"that's talked about. A lot, as"},{"speaker":"Carl Widger","startTime":2475.14,"endTime":2478.04,"body":"you know, will I just buy this"},{"speaker":"Carl Widger","startTime":2478.04,"endTime":2480.56,"body":"firm and maybe buy a smaller"},{"speaker":"Carl Widger","startTime":2478.04,"endTime":2480.56,"body":"firm, but at least have a few"},{"speaker":"Carl Widger","startTime":2480.56,"endTime":2485.54,"body":"clients? So I think it's a good"},{"speaker":"Carl Widger","startTime":2480.56,"endTime":2485.54,"body":"idea. Would be my call."},{"speaker":"Andy Hart","startTime":2486.2,"endTime":2491.66,"body":"I would see my hands"},{"speaker":"Andy Hart","startTime":2486.2,"endTime":2491.66,"body":"raised, yellow card. Great"},{"speaker":"Andy Hart","startTime":2491.66,"endTime":2499.06,"body":"question. Carl, I can personally"},{"speaker":"Andy Hart","startTime":2491.66,"endTime":2499.06,"body":"because I looked at this. So I"},{"speaker":"Andy Hart","startTime":2499.06,"endTime":2501.58,"body":"spoke to a lot of retired"},{"speaker":"Andy Hart","startTime":2499.06,"endTime":2501.58,"body":"basically, I didn't have the"},{"speaker":"Andy Hart","startTime":2501.58,"endTime":2506.08,"body":"money to contend with the big"},{"speaker":"Andy Hart","startTime":2501.58,"endTime":2506.08,"body":"players. So when I was 35"},{"speaker":"Andy Hart","startTime":2506.2599999999998,"endTime":2508.6,"body":"thinking about selling a Maven"},{"speaker":"Andy Hart","startTime":2506.2599999999998,"endTime":2508.6,"body":"advisor, I had three or four"},{"speaker":"Andy Hart","startTime":2508.6,"endTime":2511.42,"body":"meetings with retirement"},{"speaker":"Andy Hart","startTime":2508.6,"endTime":2511.42,"body":"advisors that Nick and Alan"},{"speaker":"Andy Hart","startTime":2511.42,"endTime":2514.2999999999997,"body":"probably know. We sat down,"},{"speaker":"Andy Hart","startTime":2511.42,"endTime":2514.2999999999997,"body":"they're 65 they said, Andy, this"},{"speaker":"Andy Hart","startTime":2514.2999999999997,"endTime":2517.2,"body":"is my revenue. This is my"},{"speaker":"Andy Hart","startTime":2514.2999999999997,"endTime":2517.2,"body":"client. Give me all the metrics"},{"speaker":"Andy Hart","startTime":2517.38,"endTime":2521.1,"body":"I need this to buy it. There's"},{"speaker":"Andy Hart","startTime":2517.38,"endTime":2521.1,"body":"no chance I could get that"},{"speaker":"Andy Hart","startTime":2521.1,"endTime":2523.5,"body":"funded. And then someone else"},{"speaker":"Andy Hart","startTime":2521.1,"endTime":2523.5,"body":"came along that was a"},{"speaker":"Andy Hart","startTime":2523.68,"endTime":2528.54,"body":"consolidator that was not doing"},{"speaker":"Andy Hart","startTime":2523.68,"endTime":2528.54,"body":"it in the right way, I would"},{"speaker":"Andy Hart","startTime":2528.54,"endTime":2531.6,"body":"say. But they offered them five"},{"speaker":"Andy Hart","startTime":2528.54,"endTime":2531.6,"body":"or six times. They offered them"},{"speaker":"Andy Hart","startTime":2531.6,"endTime":2534.24,"body":"twice. What I could have even"},{"speaker":"Andy Hart","startTime":2531.6,"endTime":2534.24,"body":"attempted"},{"speaker":"Carl Widger","startTime":2534.2999999999997,"endTime":2536.48,"body":"to write was this,"},{"speaker":"Carl Widger","startTime":2534.2999999999997,"endTime":2536.48,"body":"was this other crowd that you're"},{"speaker":"Carl Widger","startTime":2536.48,"endTime":2540.02,"body":"not talking about offering"},{"speaker":"Carl Widger","startTime":2536.48,"endTime":2540.02,"body":"funding for people who are going"},{"speaker":"Carl Widger","startTime":2540.02,"endTime":2541.94,"body":"to buy other firms. No, did I"},{"speaker":"Carl Widger","startTime":2540.02,"endTime":2541.94,"body":"Yes."},{"speaker":"Andy Hart","startTime":2542.2999999999997,"endTime":2545.18,"body":"So let's just take"},{"speaker":"Andy Hart","startTime":2542.2999999999997,"endTime":2545.18,"body":"the value path as an example. I"},{"speaker":"Andy Hart","startTime":2545.18,"endTime":2548.3599999999997,"body":"would set up a new firm with"},{"speaker":"Andy Hart","startTime":2545.18,"endTime":2548.3599999999997,"body":"valid path as a valid path"},{"speaker":"Andy Hart","startTime":2548.3599999999997,"endTime":2551.7799999999997,"body":"member of that network. They"},{"speaker":"Andy Hart","startTime":2548.3599999999997,"endTime":2551.7799999999997,"body":"would then say, Andy, we've got"},{"speaker":"Andy Hart","startTime":2551.7799999999997,"endTime":2555.38,"body":"this funding mechanism. Alan's"},{"speaker":"Andy Hart","startTime":2551.7799999999997,"endTime":2555.38,"body":"retiring. Do you want to buy his"},{"speaker":"Andy Hart","startTime":2555.38,"endTime":2558.16,"body":"book? We've got the value you've"},{"speaker":"Andy Hart","startTime":2555.38,"endTime":2558.16,"body":"now got a huge debt on your"},{"speaker":"Andy Hart","startTime":2558.16,"endTime":2560.92,"body":"business, wrong? I would do it"},{"speaker":"Andy Hart","startTime":2558.16,"endTime":2560.92,"body":"all day long. Car all day long."},{"speaker":"Andy Hart","startTime":2561.1,"endTime":2563.98,"body":"Yeah, that's what I'm saying,"},{"speaker":"Andy Hart","startTime":2561.1,"endTime":2563.98,"body":"yeah? Because SJP do it. And"},{"speaker":"Andy Hart","startTime":2563.98,"endTime":2566.5,"body":"again, I could be getting the"},{"speaker":"Andy Hart","startTime":2563.98,"endTime":2566.5,"body":"details wrong. But long story"},{"speaker":"Andy Hart","startTime":2566.5,"endTime":2569.3199999999997,"body":"short, they don't require a"},{"speaker":"Andy Hart","startTime":2566.5,"endTime":2569.3199999999997,"body":"personal guarantee of the person"},{"speaker":"Andy Hart","startTime":2569.3199999999997,"endTime":2574.0,"body":"acquiring so if I did something"},{"speaker":"Andy Hart","startTime":2569.3199999999997,"endTime":2574.0,"body":"with Virtus, I'm assuming they"},{"speaker":"Andy Hart","startTime":2574.0,"endTime":2577.8599999999997,"body":"would want my entire life, my"},{"speaker":"Andy Hart","startTime":2574.0,"endTime":2577.8599999999997,"body":"mum's life, my cousin's farm,"},{"speaker":"Andy Hart","startTime":2579.12,"endTime":2582.72,"body":"everything on the line, whereas"},{"speaker":"Andy Hart","startTime":2579.12,"endTime":2582.72,"body":"SJP, and I'm thinking, valid"},{"speaker":"Andy Hart","startTime":2582.72,"endTime":2585.7799999999997,"body":"path won't require a personal"},{"speaker":"Andy Hart","startTime":2582.72,"endTime":2585.7799999999997,"body":"guarantee. I mean, a personal"},{"speaker":"Andy Hart","startTime":2585.7799999999997,"endTime":2588.12,"body":"guarantee is not the end of the"},{"speaker":"Andy Hart","startTime":2585.7799999999997,"endTime":2588.12,"body":"world, because you're backing"},{"speaker":"Andy Hart","startTime":2588.12,"endTime":2590.7599999999998,"body":"yourself. But if you can buy a"},{"speaker":"Andy Hart","startTime":2588.12,"endTime":2590.7599999999998,"body":"business without a personal"},{"speaker":"Andy Hart","startTime":2590.7599999999998,"endTime":2594.6,"body":"guarantee and take a huge loan"},{"speaker":"Andy Hart","startTime":2590.7599999999998,"endTime":2594.6,"body":"out, and it's secured on thin"},{"speaker":"Andy Hart","startTime":2594.6,"endTime":2597.2599999999998,"body":"air, I say thin air, it's"},{"speaker":"Andy Hart","startTime":2594.6,"endTime":2597.2599999999998,"body":"secured on the clients over a"},{"speaker":"Andy Hart","startTime":2597.2599999999998,"endTime":2600.98,"body":"long time. I do it all day long."},{"speaker":"Andy Hart","startTime":2597.2599999999998,"endTime":2600.98,"body":"There's a lot of people I know"},{"speaker":"Andy Hart","startTime":2600.98,"endTime":2603.98,"body":"that I do quite a lot of work"},{"speaker":"Andy Hart","startTime":2600.98,"endTime":2603.98,"body":"with younger advisors that are,"},{"speaker":"Andy Hart","startTime":2603.98,"endTime":2608.2999999999997,"body":"let's say, 35 Carl, and they've"},{"speaker":"Andy Hart","startTime":2603.98,"endTime":2608.2999999999997,"body":"got a 20 grand a month loan"},{"speaker":"Andy Hart","startTime":2608.2999999999997,"endTime":2611.12,"body":"repayment coming out of their"},{"speaker":"Andy Hart","startTime":2608.2999999999997,"endTime":2611.12,"body":"business. Keep it simple, it's"},{"speaker":"Andy Hart","startTime":2611.12,"endTime":2615.56,"body":"bringing in 3520 goes to the"},{"speaker":"Andy Hart","startTime":2611.12,"endTime":2615.56,"body":"loan repayment. 15 covers the"},{"speaker":"Andy Hart","startTime":2615.56,"endTime":2619.24,"body":"business operating. But yes, I"},{"speaker":"Andy Hart","startTime":2615.56,"endTime":2619.24,"body":"would do it. And those advisors"},{"speaker":"Andy Hart","startTime":2619.24,"endTime":2624.16,"body":"know the exact month when that"},{"speaker":"Andy Hart","startTime":2619.24,"endTime":2624.16,"body":"20 grand stops. It stops in five"},{"speaker":"Andy Hart","startTime":2624.16,"endTime":2628.48,"body":"years and three months, and when"},{"speaker":"Andy Hart","startTime":2624.16,"endTime":2628.48,"body":"that stops, they are gravy train"},{"speaker":"Andy Hart","startTime":2628.6,"endTime":2632.3199999999997,"body":"in the money. Let's say so yeah,"},{"speaker":"Andy Hart","startTime":2628.6,"endTime":2632.3199999999997,"body":"I would just be aggressively"},{"speaker":"Andy Hart","startTime":2632.3199999999997,"endTime":2635.5,"body":"acquiring businesses if I had"},{"speaker":"Andy Hart","startTime":2632.3199999999997,"endTime":2635.5,"body":"the mechanism to do it without"},{"speaker":"Andy Hart","startTime":2635.8599999999997,"endTime":2638.04,"body":"having the personal guarantee."},{"speaker":"Andy Hart","startTime":2635.8599999999997,"endTime":2638.04,"body":"Okay? Nick,"},{"speaker":"Nick Lincoln","startTime":2638.2799999999997,"endTime":2640.62,"body":"no, okay. So,"},{"speaker":"Alan Smith","startTime":2641.8199999999997,"endTime":2644.16,"body":"yeah, I'd agree with"},{"speaker":"Alan Smith","startTime":2641.8199999999997,"endTime":2644.16,"body":"you, in terms of the personal"},{"speaker":"Alan Smith","startTime":2644.16,"endTime":2646.98,"body":"guarantees. And I don't know a"},{"speaker":"Alan Smith","startTime":2644.16,"endTime":2646.98,"body":"bit about this, you hopefully"},{"speaker":"Alan Smith","startTime":2646.98,"endTime":2650.2799999999997,"body":"would avoid personal guarantees."},{"speaker":"Alan Smith","startTime":2646.98,"endTime":2650.2799999999997,"body":"They take what they call a"},{"speaker":"Alan Smith","startTime":2650.2799999999997,"endTime":2653.46,"body":"debenture over the firm, so if"},{"speaker":"Alan Smith","startTime":2650.2799999999997,"endTime":2653.46,"body":"you default, they'll take back"},{"speaker":"Alan Smith","startTime":2653.46,"endTime":2657.0,"body":"client revenue, which is, you"},{"speaker":"Alan Smith","startTime":2653.46,"endTime":2657.0,"body":"know, reasonable. That's fair"},{"speaker":"Alan Smith","startTime":2657.06,"endTime":2659.24,"body":"enough. But the main thing is,"},{"speaker":"Alan Smith","startTime":2657.06,"endTime":2659.24,"body":"they won't come and take your"},{"speaker":"Alan Smith","startTime":2659.24,"endTime":2661.7,"body":"family house or anything like"},{"speaker":"Alan Smith","startTime":2659.24,"endTime":2661.7,"body":"that. So it is like all these"},{"speaker":"Alan Smith","startTime":2661.7,"endTime":2664.16,"body":"things is, guess what? It's back"},{"speaker":"Alan Smith","startTime":2661.7,"endTime":2664.16,"body":"to this thing called Risk and"},{"speaker":"Alan Smith","startTime":2664.16,"endTime":2667.2799999999997,"body":"reward. You can start by"},{"speaker":"Alan Smith","startTime":2664.16,"endTime":2667.2799999999997,"body":"yourself, one client at a time."},{"speaker":"Alan Smith","startTime":2667.46,"endTime":2669.92,"body":"Build up slowly, but surely. It"},{"speaker":"Alan Smith","startTime":2667.46,"endTime":2669.92,"body":"will take you get there, but"},{"speaker":"Alan Smith","startTime":2669.92,"endTime":2672.2599999999998,"body":"it'll take you years and years"},{"speaker":"Alan Smith","startTime":2669.92,"endTime":2672.2599999999998,"body":"and years to have a, you know,"},{"speaker":"Alan Smith","startTime":2672.2599999999998,"endTime":2675.38,"body":"thriving, successful practice,"},{"speaker":"Alan Smith","startTime":2672.2599999999998,"endTime":2675.38,"body":"or you just go in deep, you've"},{"speaker":"Alan Smith","startTime":2675.38,"endTime":2678.2799999999997,"body":"read, you've got 100 clients day"},{"speaker":"Alan Smith","startTime":2675.38,"endTime":2678.2799999999997,"body":"one, but you've got a lot of"},{"speaker":"Alan Smith","startTime":2678.2799999999997,"endTime":2681.22,"body":"debt to service. Usually the"},{"speaker":"Alan Smith","startTime":2678.2799999999997,"endTime":2681.22,"body":"break even is six to eight years"},{"speaker":"Alan Smith","startTime":2681.46,"endTime":2683.56,"body":"for depending on the funding"},{"speaker":"Alan Smith","startTime":2681.46,"endTime":2683.56,"body":"rate, what you bought, the"},{"speaker":"Alan Smith","startTime":2683.56,"endTime":2686.3199999999997,"body":"multiple, etc, if you're playing"},{"speaker":"Alan Smith","startTime":2683.56,"endTime":2686.3199999999997,"body":"the long game, if you are, you"},{"speaker":"Alan Smith","startTime":2686.3199999999997,"endTime":2689.7999999999997,"body":"know, relatively young, I think"},{"speaker":"Alan Smith","startTime":2686.3199999999997,"endTime":2689.7999999999997,"body":"you say, Look six. Six years"},{"speaker":"Alan Smith","startTime":2689.7999999999997,"endTime":2693.16,"body":"from now, seven years from now,"},{"speaker":"Alan Smith","startTime":2689.7999999999997,"endTime":2693.16,"body":"will be free and clear, provided"},{"speaker":"Alan Smith","startTime":2693.22,"endTime":2696.64,"body":"we look after these clients. No"},{"speaker":"Alan Smith","startTime":2693.22,"endTime":2696.64,"body":"one leaves us, and very few of"},{"speaker":"Alan Smith","startTime":2696.64,"endTime":2700.7999999999997,"body":"them die. It is a it's but it's"},{"speaker":"Alan Smith","startTime":2696.64,"endTime":2700.7999999999997,"body":"but that's true Nick because,"},{"speaker":"Alan Smith","startTime":2700.7999999999997,"endTime":2703.08,"body":"you know, buying a book of"},{"speaker":"Alan Smith","startTime":2700.7999999999997,"endTime":2703.08,"body":"clients, if their average age is"},{"speaker":"Alan Smith","startTime":2703.08,"endTime":2706.68,"body":"78 or something, you're going to"},{"speaker":"Alan Smith","startTime":2703.08,"endTime":2706.68,"body":"get an attrition rate. Because"},{"speaker":"Carl Widger","startTime":2707.16,"endTime":2710.46,"body":"I set up. I did it."},{"speaker":"Carl Widger","startTime":2707.16,"endTime":2710.46,"body":"I did it one, one client at a"},{"speaker":"Carl Widger","startTime":2710.46,"endTime":2713.3399999999997,"body":"time, myself, I literally set up"},{"speaker":"Carl Widger","startTime":2710.46,"endTime":2713.3399999999997,"body":"with nothing. And Christ led"},{"speaker":"Carl Widger","startTime":2713.3399999999997,"endTime":2717.92,"body":"start first few years was"},{"speaker":"Carl Widger","startTime":2713.3399999999997,"endTime":2717.92,"body":"painful. It was torture."},{"speaker":"Carl Widger","startTime":2717.92,"endTime":2722.66,"body":"Eventually it was, Oh, my God, I"},{"speaker":"Carl Widger","startTime":2717.92,"endTime":2722.66,"body":"wouldn't, I don't know if I"},{"speaker":"Nick Lincoln","startTime":2722.9,"endTime":2724.1,"body":"do that. Still"},{"speaker":"Nick Lincoln","startTime":2722.9,"endTime":2724.1,"body":"clients,"},{"speaker":"Carl Widger","startTime":2726.62,"endTime":2729.44,"body":"so unfortunately,"},{"speaker":"Carl Widger","startTime":2726.62,"endTime":2729.44,"body":"they went into one of the good"},{"speaker":"Carl Widger","startTime":2729.44,"endTime":2730.22,"body":"property funds,"},{"speaker":"Andy Hart","startTime":2732.5,"endTime":2734.06,"body":"not the solar wind"},{"speaker":"Andy Hart","startTime":2732.5,"endTime":2734.06,"body":"farm thing."},{"speaker":"Carl Widger","startTime":2735.14,"endTime":2737.68,"body":"No, Jesus Christ,"},{"speaker":"Carl Widger","startTime":2735.14,"endTime":2737.68,"body":"there's news on that lately. Oh,"},{"speaker":"Carl Widger","startTime":2737.68,"endTime":2738.52,"body":"my God. Anyway,"},{"speaker":"Andy Hart","startTime":2740.68,"endTime":2743.2,"body":"we've touched upon"},{"speaker":"Andy Hart","startTime":2740.68,"endTime":2743.2,"body":"this before, but again, I'm just"},{"speaker":"Andy Hart","startTime":2743.2,"endTime":2746.8599999999997,"body":"going to mention it again. I"},{"speaker":"Andy Hart","startTime":2743.2,"endTime":2746.8599999999997,"body":"think you boys do various"},{"speaker":"Andy Hart","startTime":2746.98,"endTime":2751.72,"body":"surveys every year, but"},{"speaker":"Andy Hart","startTime":2746.98,"endTime":2751.72,"body":"typically an established"},{"speaker":"Andy Hart","startTime":2752.08,"endTime":2755.3199999999997,"body":"financial advice wealth"},{"speaker":"Andy Hart","startTime":2752.08,"endTime":2755.3199999999997,"body":"management business doubles in"},{"speaker":"Andy Hart","startTime":2755.3199999999997,"endTime":2761.3399999999997,"body":"size every five years. So if"},{"speaker":"Andy Hart","startTime":2755.3199999999997,"endTime":2761.3399999999997,"body":"you're a 50 year old, no, no,"},{"speaker":"Andy Hart","startTime":2761.52,"endTime":2766.68,"body":"yes, turnover and assets double"},{"speaker":"Andy Hart","startTime":2761.52,"endTime":2766.68,"body":"in size every five years. It's"},{"speaker":"Andy Hart","startTime":2766.68,"endTime":2771.6,"body":"the rule of 7272 divided by 50 a"},{"speaker":"Andy Hart","startTime":2766.68,"endTime":2771.6,"body":"typical financial advice firm,"},{"speaker":"Andy Hart","startTime":2771.6,"endTime":2774.48,"body":"wealth management firms, got"},{"speaker":"Andy Hart","startTime":2771.6,"endTime":2774.48,"body":"three forces. It's got new"},{"speaker":"Andy Hart","startTime":2774.48,"endTime":2777.74,"body":"clients coming in. It's got. New"},{"speaker":"Andy Hart","startTime":2774.48,"endTime":2777.74,"body":"contributions going in. It's got"},{"speaker":"Andy Hart","startTime":2777.74,"endTime":2781.46,"body":"market returns. And typically"},{"speaker":"Andy Hart","startTime":2777.74,"endTime":2781.46,"body":"they average 15% a year. You"},{"speaker":"Andy Hart","startTime":2781.46,"endTime":2785.2999999999997,"body":"divide 72 by 15, it's five a"},{"speaker":"Andy Hart","startTime":2781.46,"endTime":2785.2999999999997,"body":"wealth management, financial"},{"speaker":"Andy Hart","startTime":2785.2999999999997,"endTime":2788.42,"body":"advice, business should double"},{"speaker":"Andy Hart","startTime":2785.2999999999997,"endTime":2788.42,"body":"every five years. The challenge"},{"speaker":"Andy Hart","startTime":2788.42,"endTime":2793.04,"body":"for older advisors, they're 55"},{"speaker":"Andy Hart","startTime":2788.42,"endTime":2793.04,"body":"their business is worth X. If"},{"speaker":"Andy Hart","startTime":2793.04,"endTime":2797.68,"body":"they just stick it till they're"},{"speaker":"Andy Hart","startTime":2793.04,"endTime":2797.68,"body":"60, it will double in those five"},{"speaker":"Andy Hart","startTime":2797.68,"endTime":2802.48,"body":"years. Those numbers, those if"},{"speaker":"Andy Hart","startTime":2797.68,"endTime":2802.48,"body":"your business, if your business"},{"speaker":"Andy Hart","startTime":2802.48,"endTime":2806.56,"body":"is not growing by 15% a year in"},{"speaker":"Andy Hart","startTime":2802.48,"endTime":2806.56,"body":"the wealth management business"},{"speaker":"Andy Hart","startTime":2806.56,"endTime":2809.3199999999997,"body":"based on new clients,"},{"speaker":"Andy Hart","startTime":2806.56,"endTime":2809.3199999999997,"body":"contributions and investment"},{"speaker":"Andy Hart","startTime":2809.3199999999997,"endTime":2811.3599999999997,"body":"returns, you're doing the wrong"},{"speaker":"Andy Hart","startTime":2809.3199999999997,"endTime":2811.3599999999997,"body":"thing."},{"speaker":"Carl Widger","startTime":2812.2,"endTime":2814.8399999999997,"body":"Your numbers are"},{"speaker":"Carl Widger","startTime":2812.2,"endTime":2814.8399999999997,"body":"absolutely 100%"},{"speaker":"Andy Hart","startTime":2815.8599999999997,"endTime":2818.2799999999997,"body":"spot on. Thank you,"},{"speaker":"Andy Hart","startTime":2815.8599999999997,"endTime":2818.2799999999997,"body":"Carl, I've done a lot of"},{"speaker":"Andy Hart","startTime":2818.2799999999997,"endTime":2820.68,"body":"research into this recently, so"},{"speaker":"Andy Hart","startTime":2818.2799999999997,"endTime":2820.68,"body":"hang on."},{"speaker":"Alan Smith","startTime":2820.68,"endTime":2823.98,"body":"So based on on what,"},{"speaker":"Alan Smith","startTime":2820.68,"endTime":2823.98,"body":"because the evidence that comes"},{"speaker":"Alan Smith","startTime":2823.98,"endTime":2826.3199999999997,"body":"out, the research is most"},{"speaker":"Alan Smith","startTime":2823.98,"endTime":2826.3199999999997,"body":"advanced, if you strip out"},{"speaker":"Alan Smith","startTime":2826.3199999999997,"endTime":2828.12,"body":"market returns. I"},{"speaker":"Andy Hart","startTime":2828.12,"endTime":2830.7599999999998,"body":"didn't say, strip out"},{"speaker":"Andy Hart","startTime":2828.12,"endTime":2830.7599999999998,"body":"market returns, three forces,"},{"speaker":"Andy Hart","startTime":2830.7599999999998,"endTime":2834.24,"body":"new clients, new contributions,"},{"speaker":"Andy Hart","startTime":2830.7599999999998,"endTime":2834.24,"body":"investment returns, fair. He did"},{"speaker":"Andy Hart","startTime":2834.24,"endTime":2834.6,"body":"say,"},{"speaker":"Alan Smith","startTime":2834.8399999999997,"endTime":2837.68,"body":"Yeah, but they very"},{"speaker":"Alan Smith","startTime":2834.8399999999997,"endTime":2837.68,"body":"few firms are growing at 15%"},{"speaker":"Alan Smith","startTime":2838.04,"endTime":2842.0,"body":"compound, very few are"},{"speaker":"Andy Hart","startTime":2844.3399999999997,"endTime":2846.5,"body":"you? Course, I am."},{"speaker":"Nick Lincoln","startTime":2847.64,"endTime":2852.5,"body":"My figures from"},{"speaker":"Nick Lincoln","startTime":2847.64,"endTime":2852.5,"body":"2019 20 compared to 2425 so"},{"speaker":"Alan Smith","startTime":2852.5,"endTime":2855.8599999999997,"body":"the other thing, and"},{"speaker":"Alan Smith","startTime":2852.5,"endTime":2855.8599999999997,"body":"it's a huge other subject, just"},{"speaker":"Alan Smith","startTime":2855.8599999999997,"endTime":2859.6,"body":"the aforementioned Mom and Pop"},{"speaker":"Alan Smith","startTime":2855.8599999999997,"endTime":2859.6,"body":"classic clients in retirement,"},{"speaker":"Alan Smith","startTime":2860.2,"endTime":2862.6,"body":"they and particularly"},{"speaker":"Alan Smith","startTime":2860.2,"endTime":2862.6,"body":"withdrawing heroes. They're"},{"speaker":"Alan Smith","startTime":2862.6,"endTime":2865.24,"body":"withdrawing so that you got that"},{"speaker":"Alan Smith","startTime":2862.6,"endTime":2865.24,"body":"against you."},{"speaker":"Andy Hart","startTime":2866.5,"endTime":2867.2799999999997,"body":"Thing, yeah,"},{"speaker":"Alan Smith","startTime":2867.46,"endTime":2870.8199999999997,"body":"that's play. So if"},{"speaker":"Alan Smith","startTime":2867.46,"endTime":2870.8199999999997,"body":"you think your net of"},{"speaker":"Alan Smith","startTime":2870.8199999999997,"endTime":2873.7599999999998,"body":"withdrawals and spending and"},{"speaker":"Alan Smith","startTime":2870.8199999999997,"endTime":2873.7599999999998,"body":"gifting, you're still growing at"},{"speaker":"Alan Smith","startTime":2873.7599999999998,"endTime":2876.66,"body":"15% compound and you double,"},{"speaker":"Alan Smith","startTime":2873.7599999999998,"endTime":2876.66,"body":"yeah,"},{"speaker":"Andy Hart","startTime":2876.66,"endTime":2879.3599999999997,"body":"well, I'd like I sit"},{"speaker":"Andy Hart","startTime":2876.66,"endTime":2879.3599999999997,"body":"Alan, I sit down with retirement"},{"speaker":"Andy Hart","startTime":2879.3599999999997,"endTime":2882.18,"body":"advisors and build their own"},{"speaker":"Andy Hart","startTime":2879.3599999999997,"endTime":2882.18,"body":"financial plans. As you well"},{"speaker":"Andy Hart","startTime":2882.18,"endTime":2885.48,"body":"know, this is the thing I do a"},{"speaker":"Andy Hart","startTime":2882.18,"endTime":2885.48,"body":"lot of. And when I sit down with"},{"speaker":"Andy Hart","startTime":2885.48,"endTime":2887.58,"body":"them and they say, Andy, these"},{"speaker":"Andy Hart","startTime":2885.48,"endTime":2887.58,"body":"are the numbers I'm looking at"},{"speaker":"Andy Hart","startTime":2887.58,"endTime":2889.7999999999997,"body":"looking after now this and they"},{"speaker":"Andy Hart","startTime":2887.58,"endTime":2889.7999999999997,"body":"are. So what were you doing five"},{"speaker":"Andy Hart","startTime":2889.7999999999997,"endTime":2892.8599999999997,"body":"years ago? Half what we do in"},{"speaker":"Andy Hart","startTime":2889.7999999999997,"endTime":2892.8599999999997,"body":"five years before the market"},{"speaker":"Andy Hart","startTime":2892.8599999999997,"endTime":2896.64,"body":"staff? Yeah, fine. New clients,"},{"speaker":"Andy Hart","startTime":2892.8599999999997,"endTime":2896.64,"body":"contributions and investment"},{"speaker":"Andy Hart","startTime":2896.64,"endTime":2897.0,"body":"returns."},{"speaker":"Nick Lincoln","startTime":2897.06,"endTime":2899.6,"body":"Okay. Can we save"},{"speaker":"Nick Lincoln","startTime":2897.06,"endTime":2899.6,"body":"this new rule of 72 podcasts"},{"speaker":"Nick Lincoln","startTime":2899.6,"endTime":2902.06,"body":"being launched next week?"},{"speaker":"Nick Lincoln","startTime":2899.6,"endTime":2902.06,"body":"Listen. We're a bloody 47"},{"speaker":"Nick Lincoln","startTime":2902.3599999999997,"endTime":2905.06,"body":"minutes. We still got seven"},{"speaker":"Nick Lincoln","startTime":2902.3599999999997,"endTime":2905.06,"body":"items on the agenda. Can we just"},{"speaker":"Nick Lincoln","startTime":2905.06,"endTime":2908.9,"body":"crack on and be like, honest?"},{"speaker":"Nick Lincoln","startTime":2905.06,"endTime":2908.9,"body":"Watch Riley moynes. If I've said"},{"speaker":"Nick Lincoln","startTime":2908.9,"endTime":2910.52,"body":"that wrong, I apologize. Irish"},{"speaker":"Nick Lincoln","startTime":2908.9,"endTime":2910.52,"body":"names"},{"speaker":"Carl Widger","startTime":2911.24,"endTime":2916.1,"body":"Riley Moines. Okay,"},{"speaker":"Carl Widger","startTime":2911.24,"endTime":2916.1,"body":"so I had have had a little bit"},{"speaker":"Carl Widger","startTime":2916.1,"endTime":2919.42,"body":"of a concern that we've kind of"},{"speaker":"Carl Widger","startTime":2916.1,"endTime":2919.42,"body":"got away from our raise on debt"},{"speaker":"Carl Widger","startTime":2919.42,"endTime":2923.74,"body":"right here, right where the real"},{"speaker":"Carl Widger","startTime":2919.42,"endTime":2923.74,"body":"advisor podcast, and we've been"},{"speaker":"Carl Widger","startTime":2923.74,"endTime":2929.92,"body":"talking about funds and fees and"},{"speaker":"Carl Widger","startTime":2923.74,"endTime":2929.92,"body":"the shit show that is the UK,"},{"speaker":"Carl Widger","startTime":2929.92,"endTime":2933.7,"body":"and here is a blah, blah, blah"},{"speaker":"Carl Widger","startTime":2929.92,"endTime":2933.7,"body":"We haven't actually been talking"},{"speaker":"Carl Widger","startTime":2933.7,"endTime":2938.64,"body":"about Our clients, goals, dreams"},{"speaker":"Carl Widger","startTime":2933.7,"endTime":2938.64,"body":"and aspirations and what, what's"},{"speaker":"Carl Widger","startTime":2938.7599999999998,"endTime":2945.48,"body":"our? You love Simon Sinek,"},{"speaker":"Carl Widger","startTime":2938.7599999999998,"endTime":2945.48,"body":"what's our why? Why do we do"},{"speaker":"Carl Widger","startTime":2945.48,"endTime":2949.8599999999997,"body":"right? Well, this is a brilliant"},{"speaker":"Carl Widger","startTime":2945.48,"endTime":2949.8599999999997,"body":"short video. I don't know who Dr"},{"speaker":"Carl Widger","startTime":2949.98,"endTime":2954.06,"body":"Riley mines is. I have no idea"},{"speaker":"Carl Widger","startTime":2949.98,"endTime":2954.06,"body":"how I found this, but I did find"},{"speaker":"Carl Widger","startTime":2954.06,"endTime":2958.7,"body":"it on YouTube. It's the four"},{"speaker":"Carl Widger","startTime":2954.06,"endTime":2958.7,"body":"phases of retirement, and it's"},{"speaker":"Carl Widger","startTime":2958.7,"endTime":2962.54,"body":"really, really good if you have"},{"speaker":"Carl Widger","startTime":2958.7,"endTime":2962.54,"body":"kind of bunch of clients who are"},{"speaker":"Carl Widger","startTime":2962.54,"endTime":2966.08,"body":"preparing for retirement, right?"},{"speaker":"Carl Widger","startTime":2962.54,"endTime":2966.08,"body":"I think it'd be really, really"},{"speaker":"Carl Widger","startTime":2966.08,"endTime":2971.3599999999997,"body":"good to send to a couple who are"},{"speaker":"Carl Widger","startTime":2966.08,"endTime":2971.3599999999997,"body":"preparing to go into their third"},{"speaker":"Carl Widger","startTime":2971.3599999999997,"endTime":2974.42,"body":"act, as I call it, and he goes"},{"speaker":"Carl Widger","startTime":2971.3599999999997,"endTime":2974.42,"body":"through these various phases."},{"speaker":"Carl Widger","startTime":2974.42,"endTime":2977.44,"body":"It's the vacation phase, where"},{"speaker":"Carl Widger","startTime":2974.42,"endTime":2977.44,"body":"you just go on holidays all the"},{"speaker":"Carl Widger","startTime":2977.44,"endTime":2979.66,"body":"time. And then after a while,"},{"speaker":"Carl Widger","startTime":2977.44,"endTime":2979.66,"body":"you go, right, okay, we've"},{"speaker":"Carl Widger","startTime":2979.66,"endTime":2983.02,"body":"enough of that shit now. Then"},{"speaker":"Carl Widger","startTime":2979.66,"endTime":2983.02,"body":"you go loss and lost. So you"},{"speaker":"Carl Widger","startTime":2983.02,"endTime":2986.5,"body":"feel a sense of loss. So your"},{"speaker":"Carl Widger","startTime":2983.02,"endTime":2986.5,"body":"identity is lost, and you feel a"},{"speaker":"Carl Widger","startTime":2986.5,"endTime":2989.2599999999998,"body":"bit lost in the world. You can't"},{"speaker":"Carl Widger","startTime":2986.5,"endTime":2989.2599999999998,"body":"find your place in the world."},{"speaker":"Carl Widger","startTime":2990.16,"endTime":2992.98,"body":"You go into the next phase,"},{"speaker":"Carl Widger","startTime":2990.16,"endTime":2992.98,"body":"which is trial and area, try a"},{"speaker":"Carl Widger","startTime":2992.98,"endTime":2995.44,"body":"few things. You might take up"},{"speaker":"Carl Widger","startTime":2992.98,"endTime":2995.44,"body":"golf, if you didn't golf, you"},{"speaker":"Carl Widger","startTime":2995.44,"endTime":2998.46,"body":"might go sailing, you might, I"},{"speaker":"Carl Widger","startTime":2995.44,"endTime":2998.46,"body":"don't know, do whatever, and you"},{"speaker":"Carl Widger","startTime":2998.46,"endTime":3001.8199999999997,"body":"work out what's actually kind of"},{"speaker":"Carl Widger","startTime":2998.46,"endTime":3001.8199999999997,"body":"work and what gives you a sense"},{"speaker":"Carl Widger","startTime":3001.8199999999997,"endTime":3003.98,"body":"of purpose, what you would"},{"speaker":"Carl Widger","startTime":3001.8199999999997,"endTime":3003.98,"body":"actually like to do over the"},{"speaker":"Carl Widger","startTime":3003.98,"endTime":3006.68,"body":"long term. And then, if you can"},{"speaker":"Carl Widger","startTime":3003.98,"endTime":3006.68,"body":"move through all of these"},{"speaker":"Carl Widger","startTime":3006.68,"endTime":3011.54,"body":"phases, he argues that the phase"},{"speaker":"Carl Widger","startTime":3006.68,"endTime":3011.54,"body":"number four is where you start"},{"speaker":"Carl Widger","startTime":3011.6,"endTime":3016.42,"body":"to reinvent and rewire your your"},{"speaker":"Carl Widger","startTime":3011.6,"endTime":3016.42,"body":"entire life. And if you can get,"},{"speaker":"Carl Widger","startTime":3016.42,"endTime":3020.38,"body":"if you can move through these"},{"speaker":"Carl Widger","startTime":3016.42,"endTime":3020.38,"body":"phases and get to phase four. He"},{"speaker":"Carl Widger","startTime":3020.38,"endTime":3024.7599999999998,"body":"argues that they're the happiest"},{"speaker":"Carl Widger","startTime":3020.38,"endTime":3024.7599999999998,"body":"people he's ever met. It's us."},{"speaker":"Carl Widger","startTime":3024.8199999999997,"endTime":3028.8399999999997,"body":"It's a brilliant show. Gonna"},{"speaker":"Carl Widger","startTime":3024.8199999999997,"endTime":3028.8399999999997,"body":"watch that. Thank you. He"},{"speaker":"Carl Widger","startTime":3028.8399999999997,"endTime":3033.46,"body":"delivers it so well. He's in the"},{"speaker":"Carl Widger","startTime":3028.8399999999997,"endTime":3033.46,"body":"phase four himself, so nothing"},{"speaker":"Carl Widger","startTime":3033.46,"endTime":3036.04,"body":"like a guy with a bit of"},{"speaker":"Carl Widger","startTime":3033.46,"endTime":3036.04,"body":"experience. He's made a few"},{"speaker":"Carl Widger","startTime":3036.04,"endTime":3040.5,"body":"mistakes along the way. But"},{"speaker":"Carl Widger","startTime":3036.04,"endTime":3040.5,"body":"yeah, that's what we're"},{"speaker":"Carl Widger","startTime":3040.56,"endTime":3043.8599999999997,"body":"ultimately. We're trying to"},{"speaker":"Carl Widger","startTime":3040.56,"endTime":3043.8599999999997,"body":"create wealth for our client"},{"speaker":"Carl Widger","startTime":3043.8599999999997,"endTime":3048.48,"body":"families so that they can go and"},{"speaker":"Carl Widger","startTime":3043.8599999999997,"endTime":3048.48,"body":"live their dreams, their goals,"},{"speaker":"Carl Widger","startTime":3048.48,"endTime":3053.16,"body":"their aspirations. Excellent. We"},{"speaker":"Carl Widger","startTime":3048.48,"endTime":3053.16,"body":"are probably not touching off"},{"speaker":"Carl Widger","startTime":3053.16,"endTime":3056.1,"body":"that anymore. You want me to"},{"speaker":"Carl Widger","startTime":3053.16,"endTime":3056.1,"body":"finish now? Now, if we ever get"},{"speaker":"Nick Lincoln","startTime":3057.6,"endTime":3060.08,"body":"to the end of the"},{"speaker":"Nick Lincoln","startTime":3057.6,"endTime":3060.08,"body":"agenda, I have a similar topical"},{"speaker":"Nick Lincoln","startTime":3060.08,"endTime":3062.66,"body":"temperature in a similar vein"},{"speaker":"Nick Lincoln","startTime":3060.08,"endTime":3062.66,"body":"about that which you will come"},{"speaker":"Nick Lincoln","startTime":3062.66,"endTime":3063.14,"body":"to. Thank you."},{"speaker":"Unknown","startTime":3063.2,"endTime":3064.64,"body":"Call another one"},{"speaker":"Carl Widger","startTime":3065.2999999999997,"endTime":3067.4,"body":"on the agenda."},{"speaker":"Carl Widger","startTime":3065.2999999999997,"endTime":3067.4,"body":"Leave it out. It's a bit crap"},{"speaker":"Carl Widger","startTime":3067.4,"endTime":3068.9,"body":"and boring. So leave mine,"},{"speaker":"Andy Hart","startTime":3070.3399999999997,"endTime":3071.8399999999997,"body":"my one out. Yeah,"},{"speaker":"Carl Widger","startTime":3072.2,"endTime":3073.46,"body":"quickly, very"},{"speaker":"Carl Widger","startTime":3072.2,"endTime":3073.46,"body":"quickly"},{"speaker":"Nick Lincoln","startTime":3073.46,"endTime":3075.2599999999998,"body":"for me. Don't you"},{"speaker":"Nick Lincoln","startTime":3073.46,"endTime":3075.2599999999998,"body":"comment? But I mentioned the"},{"speaker":"Nick Lincoln","startTime":3075.2599999999998,"endTime":3077.5,"body":"last episode of The. I've said"},{"speaker":"Nick Lincoln","startTime":3075.2599999999998,"endTime":3077.5,"body":"before that life quote is"},{"speaker":"Nick Lincoln","startTime":3077.5,"endTime":3079.96,"body":"closing down. This is where, if"},{"speaker":"Nick Lincoln","startTime":3077.5,"endTime":3079.96,"body":"you're an advisor that doesn't"},{"speaker":"Nick Lincoln","startTime":3079.96,"endTime":3082.48,"body":"do much protection business,"},{"speaker":"Nick Lincoln","startTime":3079.96,"endTime":3082.48,"body":"doesn't want to get involved"},{"speaker":"Nick Lincoln","startTime":3082.48,"endTime":3084.8199999999997,"body":"with insurance companies, you"},{"speaker":"Nick Lincoln","startTime":3082.48,"endTime":3084.8199999999997,"body":"could outsource it to a third"},{"speaker":"Nick Lincoln","startTime":3084.8199999999997,"endTime":3087.1,"body":"party. Well, life quote shut"},{"speaker":"Nick Lincoln","startTime":3084.8199999999997,"endTime":3087.1,"body":"their doors. No reason given. I"},{"speaker":"Nick Lincoln","startTime":3087.1,"endTime":3089.92,"body":"asked on the IFA forum,"},{"speaker":"Nick Lincoln","startTime":3087.1,"endTime":3089.92,"body":"tiny.cc/ifa forum. I asked in"},{"speaker":"Nick Lincoln","startTime":3089.92,"endTime":3092.98,"body":"the IFA forum, about 700 members"},{"speaker":"Nick Lincoln","startTime":3089.92,"endTime":3092.98,"body":"a party. I asked on there and"},{"speaker":"Nick Lincoln","startTime":3092.98,"endTime":3095.68,"body":"said, Is there a replacement"},{"speaker":"Nick Lincoln","startTime":3092.98,"endTime":3095.68,"body":"time to put it in? Mark Robinson"},{"speaker":"Nick Lincoln","startTime":3095.68,"endTime":3098.2,"body":"kindly said, Yes. There is"},{"speaker":"Nick Lincoln","startTime":3095.68,"endTime":3098.2,"body":"another company that called us"},{"speaker":"Nick Lincoln","startTime":3098.2,"endTime":3100.38,"body":"essential insurance."},{"speaker":"Nick Lincoln","startTime":3098.2,"endTime":3100.38,"body":"Essentialinsurance.co.uk, is"},{"speaker":"Nick Lincoln","startTime":3100.38,"endTime":3102.96,"body":"Lincoln circle show notes. Check"},{"speaker":"Nick Lincoln","startTime":3100.38,"endTime":3102.96,"body":"them out. They seem to be bona"},{"speaker":"Nick Lincoln","startTime":3102.96,"endTime":3108.06,"body":"fide. And on it. Okay. Oh,"},{"speaker":"Nick Lincoln","startTime":3102.96,"endTime":3108.06,"body":"capital Yeah. Go on. Christy,"},{"speaker":"Nick Lincoln","startTime":3108.06,"endTime":3108.6,"body":"agony Andy,"},{"speaker":"Andy Hart","startTime":3110.22,"endTime":3113.2799999999997,"body":"okay. This is the"},{"speaker":"Andy Hart","startTime":3110.22,"endTime":3113.2799999999997,"body":"change of capital gains tax in"},{"speaker":"Andy Hart","startTime":3113.2799999999997,"endTime":3116.4,"body":"the UK. The title is, the"},{"speaker":"Andy Hart","startTime":3113.2799999999997,"endTime":3116.4,"body":"article is entitled, The Wealth"},{"speaker":"Andy Hart","startTime":3116.64,"endTime":3121.04,"body":"raid gamble that isn't paying"},{"speaker":"Andy Hart","startTime":3116.64,"endTime":3121.04,"body":"off. This is this whole Laffer"},{"speaker":"Andy Hart","startTime":3121.04,"endTime":3125.06,"body":"to curve. What's it called?"},{"speaker":"Andy Hart","startTime":3121.04,"endTime":3125.06,"body":"Laugher curve? Laughter,"},{"speaker":"Andy Hart","startTime":3125.42,"endTime":3125.96,"body":"laughter."},{"speaker":"Nick Lincoln","startTime":3126.08,"endTime":3128.54,"body":"Went to work for"},{"speaker":"Nick Lincoln","startTime":3126.08,"endTime":3128.54,"body":"Valley path, laughter,"},{"speaker":"Unknown","startTime":3131.06,"endTime":3132.2,"body":"the old Laffer curve,"},{"speaker":"Unknown","startTime":3132.8599999999997,"endTime":3136.1,"body":"the more you could use with the"},{"speaker":"Unknown","startTime":3132.8599999999997,"endTime":3136.1,"body":"Lapita curve. Entirely different"},{"speaker":"Unknown","startTime":3136.1,"endTime":3139.72,"body":"curves. Up was gently. I need"},{"speaker":"Andy Hart","startTime":3139.72,"endTime":3143.14,"body":"to last on the"},{"speaker":"Andy Hart","startTime":3139.72,"endTime":3143.14,"body":"different curves. The lack of"},{"speaker":"Andy Hart","startTime":3143.14,"endTime":3146.2,"body":"curve, the more you tax people,"},{"speaker":"Andy Hart","startTime":3143.14,"endTime":3146.2,"body":"the less you end up getting so"},{"speaker":"Andy Hart","startTime":3146.2,"endTime":3150.88,"body":"CGT has declined from the last"},{"speaker":"Andy Hart","startTime":3146.2,"endTime":3150.88,"body":"reported numbers of 14 billion"},{"speaker":"Andy Hart","startTime":3150.88,"endTime":3155.14,"body":"down to 12 incentives drives"},{"speaker":"Andy Hart","startTime":3150.88,"endTime":3155.14,"body":"behavior. It's like they model"},{"speaker":"Andy Hart","startTime":3155.14,"endTime":3159.7799999999997,"body":"these situations without people"},{"speaker":"Andy Hart","startTime":3155.14,"endTime":3159.7799999999997,"body":"changing their behavior."},{"speaker":"Andy Hart","startTime":3159.8399999999997,"endTime":3162.54,"body":"Obviously, you know, like, we'll"},{"speaker":"Andy Hart","startTime":3159.8399999999997,"endTime":3162.54,"body":"just continue doing this, and"},{"speaker":"Andy Hart","startTime":3162.54,"endTime":3165.0,"body":"this is going to continue to"},{"speaker":"Andy Hart","startTime":3162.54,"endTime":3165.0,"body":"continue happening. Yeah,"},{"speaker":"Andy Hart","startTime":3165.0,"endTime":3168.0,"body":"obviously, that is not the case."},{"speaker":"Andy Hart","startTime":3165.0,"endTime":3168.0,"body":"They said, the number of people"},{"speaker":"Andy Hart","startTime":3168.0,"endTime":3171.2999999999997,"body":"that got caught by CGT and have"},{"speaker":"Andy Hart","startTime":3168.0,"endTime":3171.2999999999997,"body":"to pay it did slightly increase."},{"speaker":"Andy Hart","startTime":3171.2999999999997,"endTime":3174.72,"body":"So there's only, or quite a lot"},{"speaker":"Andy Hart","startTime":3171.2999999999997,"endTime":3174.72,"body":"of people. There's 700 sorry,"},{"speaker":"Andy Hart","startTime":3174.72,"endTime":3180.2599999999998,"body":"378,000 people in the UK that"},{"speaker":"Andy Hart","startTime":3174.72,"endTime":3180.2599999999998,"body":"paid CGT, that could be a tenner"},{"speaker":"Andy Hart","startTime":3180.2599999999998,"endTime":3183.56,"body":"or 100 million, obviously, you"},{"speaker":"Andy Hart","startTime":3180.2599999999998,"endTime":3183.56,"body":"know, so quite a few people got"},{"speaker":"Andy Hart","startTime":3183.56,"endTime":3187.04,"body":"caught up with it. So this is an"},{"speaker":"Andy Hart","startTime":3183.56,"endTime":3187.04,"body":"ongoing thing. Obviously, we've"},{"speaker":"Andy Hart","startTime":3187.04,"endTime":3189.74,"body":"got the the exodus of"},{"speaker":"Andy Hart","startTime":3187.04,"endTime":3189.74,"body":"millionaires, billionaires"},{"speaker":"Andy Hart","startTime":3190.1,"endTime":3196.3399999999997,"body":"London is falling apart, as we"},{"speaker":"Andy Hart","startTime":3190.1,"endTime":3196.3399999999997,"body":"all know. Watch, thefts, own"},{"speaker":"Andy Hart","startTime":3196.46,"endTime":3201.8199999999997,"body":"thefts, uproar, graffiti, 10"},{"speaker":"Andy Hart","startTime":3196.46,"endTime":3201.8199999999997,"body":"pounder, pint, things are not"},{"speaker":"Andy Hart","startTime":3201.88,"endTime":3205.0,"body":"doing too well at the moment,"},{"speaker":"Andy Hart","startTime":3201.88,"endTime":3205.0,"body":"and it's all just bad news on"},{"speaker":"Andy Hart","startTime":3205.0,"endTime":3205.48,"body":"the horizon."},{"speaker":"Nick Lincoln","startTime":3205.48,"endTime":3207.7599999999998,"body":"Well, we're always"},{"speaker":"Nick Lincoln","startTime":3205.48,"endTime":3207.7599999999998,"body":"ahead of the curve, and it'll go"},{"speaker":"Nick Lincoln","startTime":3207.7599999999998,"endTime":3209.5,"body":"to other smaller islands too."},{"speaker":"Nick Lincoln","startTime":3207.7599999999998,"endTime":3209.5,"body":"Are we're"},{"speaker":"Unknown","startTime":3209.5,"endTime":3211.6,"body":"going to hit rock"},{"speaker":"Unknown","startTime":3209.5,"endTime":3211.6,"body":"bottom before the others. Yeah,"},{"speaker":"Nick Lincoln","startTime":3211.6,"endTime":3213.4,"body":"this capital gains"},{"speaker":"Nick Lincoln","startTime":3211.6,"endTime":3213.4,"body":"tax. I'm sure you say that"},{"speaker":"Nick Lincoln","startTime":3213.4,"endTime":3215.98,"body":"number of people in current"},{"speaker":"Nick Lincoln","startTime":3213.4,"endTime":3215.98,"body":"capital gains tax have gone up."},{"speaker":"Nick Lincoln","startTime":3215.98,"endTime":3218.8199999999997,"body":"I'm sure there are loads of Mrs."},{"speaker":"Nick Lincoln","startTime":3215.98,"endTime":3218.8199999999997,"body":"Mickens. Don't even know now,"},{"speaker":"Nick Lincoln","startTime":3218.8199999999997,"endTime":3221.3399999999997,"body":"with the 3k limit, they broached"},{"speaker":"Nick Lincoln","startTime":3218.8199999999997,"endTime":3221.3399999999997,"body":"it, and I'm not sure how we're"},{"speaker":"Nick Lincoln","startTime":3221.3399999999997,"endTime":3223.7999999999997,"body":"going to get through that"},{"speaker":"Nick Lincoln","startTime":3221.3399999999997,"endTime":3223.7999999999997,"body":"morass, because not sure the"},{"speaker":"Nick Lincoln","startTime":3223.7999999999997,"endTime":3226.56,"body":"platforms have a duty to tell"},{"speaker":"Nick Lincoln","startTime":3223.7999999999997,"endTime":3226.56,"body":"them, HMRC, not sure they've got"},{"speaker":"Nick Lincoln","startTime":3226.56,"endTime":3229.68,"body":"the system to do it. So yeah,"},{"speaker":"Nick Lincoln","startTime":3226.56,"endTime":3229.68,"body":"it's a three case. But the good"},{"speaker":"Nick Lincoln","startTime":3229.68,"endTime":3232.98,"body":"thing is, mate, when it comes to"},{"speaker":"Nick Lincoln","startTime":3229.68,"endTime":3232.98,"body":"you, we'll tell you how to get"},{"speaker":"Nick Lincoln","startTime":3232.98,"endTime":3237.14,"body":"out of it, because we'll be out"},{"speaker":"Nick Lincoln","startTime":3232.98,"endTime":3237.14,"body":"of it by then. Okay, moving on."},{"speaker":"Nick Lincoln","startTime":3237.14,"endTime":3240.5,"body":"We're not gonna do your Google"},{"speaker":"Nick Lincoln","startTime":3237.14,"endTime":3240.5,"body":"Search report. Oh, storyteller,"},{"speaker":"Nick Lincoln","startTime":3240.5,"endTime":3242.7799999999997,"body":"an embarrassment, an"},{"speaker":"Nick Lincoln","startTime":3240.5,"endTime":3242.7799999999997,"body":"embarrassing, clean story"},{"speaker":"Carl Widger","startTime":3243.5,"endTime":3246.56,"body":"under the system"},{"speaker":"Carl Widger","startTime":3243.5,"endTime":3246.56,"body":"there, please. Oh,"},{"speaker":"Alan Smith","startTime":3246.56,"endTime":3249.8599999999997,"body":"my God, it's too"},{"speaker":"Alan Smith","startTime":3246.56,"endTime":3249.8599999999997,"body":"complicated. I just want to you"},{"speaker":"Alan Smith","startTime":3250.16,"endTime":3253.22,"body":"have to make a groveling"},{"speaker":"Alan Smith","startTime":3250.16,"endTime":3253.22,"body":"apology. It's a bit of fun."},{"speaker":"Alan Smith","startTime":3253.3399999999997,"endTime":3257.92,"body":"Andy, okay, close personal"},{"speaker":"Alan Smith","startTime":3253.3399999999997,"endTime":3257.92,"body":"friend of mine"},{"speaker":"Unknown","startTime":3258.2799999999997,"endTime":3261.8199999999997,"body":"get it right this time."},{"speaker":"Unknown","startTime":3258.2799999999997,"endTime":3261.8199999999997,"body":"No, hang on a minute. Yeah, you"},{"speaker":"Unknown","startTime":3261.8199999999997,"endTime":3262.72,"body":"say you forgot it."},{"speaker":"Alan Smith","startTime":3262.72,"endTime":3265.8399999999997,"body":"So I give a shout"},{"speaker":"Alan Smith","startTime":3262.72,"endTime":3265.8399999999997,"body":"out to the guys. Is a big head"},{"speaker":"Alan Smith","startTime":3265.8399999999997,"endTime":3270.94,"body":"honcho at Friends of the"},{"speaker":"Alan Smith","startTime":3265.8399999999997,"endTime":3270.94,"body":"podcast, Vanguard, good friends"},{"speaker":"Alan Smith","startTime":3270.94,"endTime":3278.52,"body":"and very good concentrate. His"},{"speaker":"Alan Smith","startTime":3270.94,"endTime":3278.52,"body":"name is Doug Abbott. I"},{"speaker":"Unknown","startTime":3279.7799999999997,"endTime":3281.64,"body":"don't know, I don't"},{"speaker":"Alan Smith","startTime":3281.64,"endTime":3283.98,"body":"know why I had a bit"},{"speaker":"Alan Smith","startTime":3281.64,"endTime":3283.98,"body":"of a brain freeze, but I'm"},{"speaker":"Alan Smith","startTime":3283.98,"endTime":3286.98,"body":"because I mentioned him last"},{"speaker":"Alan Smith","startTime":3283.98,"endTime":3286.98,"body":"time in sort of glowing terms, a"},{"speaker":"Alan Smith","startTime":3286.98,"endTime":3290.04,"body":"dog, you know, because we we met"},{"speaker":"Alan Smith","startTime":3286.98,"endTime":3290.04,"body":"and we had a conversation about"},{"speaker":"Alan Smith","startTime":3290.04,"endTime":3292.2599999999998,"body":"a bunch of things, and I called"},{"speaker":"Alan Smith","startTime":3290.04,"endTime":3292.2599999999998,"body":"him Doug Bennett."},{"speaker":"Unknown","startTime":3294.12,"endTime":3297.56,"body":"And I happened to be in"},{"speaker":"Unknown","startTime":3294.12,"endTime":3297.56,"body":"the vanguard office recently,"},{"speaker":"Unknown","startTime":3297.62,"endTime":3300.14,"body":"and he was walking past"},{"speaker":"Unknown","startTime":3297.62,"endTime":3300.14,"body":"Washington to another meeting,"},{"speaker":"Unknown","startTime":3300.62,"endTime":3304.1,"body":"and he said, Oh, thanks for the"},{"speaker":"Unknown","startTime":3300.62,"endTime":3304.1,"body":"shout out pity, but you got my"},{"speaker":"Unknown","startTime":3304.1,"endTime":3306.8599999999997,"body":"name completely wrong, and now"},{"speaker":"Unknown","startTime":3304.1,"endTime":3306.8599999999997,"body":"apparently he's known in the"},{"speaker":"Unknown","startTime":3306.8599999999997,"endTime":3311.96,"body":"office as Doug Bennett. I'm"},{"speaker":"Unknown","startTime":3306.8599999999997,"endTime":3311.96,"body":"really sorry, Doug Abbott. His"},{"speaker":"Unknown","startTime":3311.96,"endTime":3316.66,"body":"name is Doug Abbott. He's a"},{"speaker":"Unknown","startTime":3311.96,"endTime":3316.66,"body":"great guy, and he's dB, big fan"},{"speaker":"Unknown","startTime":3316.66,"endTime":3322.3599999999997,"body":"of the pod, so apologies again,"},{"speaker":"Unknown","startTime":3316.66,"endTime":3322.3599999999997,"body":"but it was hope to see you soon."},{"speaker":"Unknown","startTime":3322.3599999999997,"endTime":3323.08,"body":"Okay, Hugh,"},{"speaker":"Nick Lincoln","startTime":3323.08,"endTime":3325.7799999999997,"body":"great stuff. Okay,"},{"speaker":"Nick Lincoln","startTime":3323.08,"endTime":3325.7799999999997,"body":"we're almost there, coming back"},{"speaker":"Nick Lincoln","startTime":3325.7799999999997,"endTime":3328.06,"body":"to watch this point earlier"},{"speaker":"Nick Lincoln","startTime":3325.7799999999997,"endTime":3328.06,"body":"about how really we are lost our"},{"speaker":"Nick Lincoln","startTime":3328.06,"endTime":3330.3399999999997,"body":"financial planners. We shouldn't"},{"speaker":"Nick Lincoln","startTime":3328.06,"endTime":3330.3399999999997,"body":"get a message too much in the"},{"speaker":"Nick Lincoln","startTime":3330.3399999999997,"endTime":3332.7999999999997,"body":"weeds of funds and fees and"},{"speaker":"Nick Lincoln","startTime":3330.3399999999997,"endTime":3332.7999999999997,"body":"everything. So a great tweet"},{"speaker":"Nick Lincoln","startTime":3333.3399999999997,"endTime":3335.98,"body":"from the US guy we really"},{"speaker":"Nick Lincoln","startTime":3333.3399999999997,"endTime":3335.98,"body":"admire, Peter maluke, and I"},{"speaker":"Nick Lincoln","startTime":3335.98,"endTime":3339.0,"body":"think storyteller, you have"},{"speaker":"Nick Lincoln","startTime":3335.98,"endTime":3339.0,"body":"shown us this before, it's that"},{"speaker":"Nick Lincoln","startTime":3339.0,"endTime":3341.88,"body":"little video of a where you"},{"speaker":"Nick Lincoln","startTime":3339.0,"endTime":3341.88,"body":"flick through a book of pre"},{"speaker":"Nick Lincoln","startTime":3341.88,"endTime":3344.64,"body":"written cartoons. It creates"},{"speaker":"Nick Lincoln","startTime":3341.88,"endTime":3344.64,"body":"like a moving image. And this"},{"speaker":"Nick Lincoln","startTime":3344.7,"endTime":3347.46,"body":"video is of a man. He is a baby,"},{"speaker":"Nick Lincoln","startTime":3344.7,"endTime":3347.46,"body":"becomes a student, becomes a"},{"speaker":"Nick Lincoln","startTime":3347.46,"endTime":3349.92,"body":"man, and then when he's an"},{"speaker":"Nick Lincoln","startTime":3347.46,"endTime":3349.92,"body":"adult, he starts chasing money,"},{"speaker":"Nick Lincoln","startTime":3349.92,"endTime":3352.14,"body":"and he goes going through his"},{"speaker":"Nick Lincoln","startTime":3349.92,"endTime":3352.14,"body":"life. And by the end of his"},{"speaker":"Nick Lincoln","startTime":3352.14,"endTime":3354.2999999999997,"body":"life, he's on there to this"},{"speaker":"Nick Lincoln","startTime":3352.14,"endTime":3354.2999999999997,"body":"cliff with all this money. He's"},{"speaker":"Nick Lincoln","startTime":3354.2999999999997,"endTime":3356.7799999999997,"body":"lost all his hair. He's always"},{"speaker":"Nick Lincoln","startTime":3354.2999999999997,"endTime":3356.7799999999997,"body":"gonna die. Sign behind him,"},{"speaker":"Nick Lincoln","startTime":3356.7799999999997,"endTime":3359.66,"body":"saying the end, and he's got all"},{"speaker":"Nick Lincoln","startTime":3356.7799999999997,"endTime":3359.66,"body":"this money, and he hasn't done"},{"speaker":"Nick Lincoln","startTime":3359.66,"endTime":3362.12,"body":"anything with it, hasn't used"},{"speaker":"Nick Lincoln","startTime":3359.66,"endTime":3362.12,"body":"that money to buy dreams and"},{"speaker":"Nick Lincoln","startTime":3362.12,"endTime":3363.62,"body":"aspirations. You lose all your"},{"speaker":"Nick Lincoln","startTime":3362.12,"endTime":3363.62,"body":"hair,"},{"speaker":"Unknown","startTime":3364.94,"endTime":3367.8199999999997,"body":"you know? Do you know"},{"speaker":"Unknown","startTime":3364.94,"endTime":3367.8199999999997,"body":"what that's well, I'm"},{"speaker":"Nick Lincoln","startTime":3369.3199999999997,"endTime":3371.24,"body":"waiting for, I'm"},{"speaker":"Nick Lincoln","startTime":3369.3199999999997,"endTime":3371.24,"body":"waiting for the regrow stuff,"},{"speaker":"Andy Hart","startTime":3372.62,"endTime":3374.66,"body":"to cut a teenager's"},{"speaker":"Andy Hart","startTime":3372.62,"endTime":3374.66,"body":"cat. I'm wearing a cat. Ask"},{"speaker":"Andy Hart","startTime":3374.66,"endTime":3375.08,"body":"Andy, where"},{"speaker":"Nick Lincoln","startTime":3375.14,"endTime":3377.44,"body":"you get that"},{"speaker":"Nick Lincoln","startTime":3375.14,"endTime":3377.44,"body":"thing? Yeah, under the end of my"},{"speaker":"Nick Lincoln","startTime":3377.44,"endTime":3381.1,"body":"life, hopefully, but no, it's"},{"speaker":"Nick Lincoln","startTime":3377.44,"endTime":3381.1,"body":"brilliant. If I was building,"},{"speaker":"Nick Lincoln","startTime":3381.1,"endTime":3381.58,"body":"rebuilding"},{"speaker":"Unknown","startTime":3381.64,"endTime":3383.2599999999998,"body":"a website, I'd probably"},{"speaker":"Unknown","startTime":3381.64,"endTime":3383.2599999999998,"body":"have that"},{"speaker":"Alan Smith","startTime":3383.2599999999998,"endTime":3386.92,"body":"as my focus. Nick"},{"speaker":"Alan Smith","startTime":3383.2599999999998,"endTime":3386.92,"body":"said it first that was, that's"},{"speaker":"Alan Smith","startTime":3386.92,"endTime":3389.62,"body":"interesting. Yeah, that was my"},{"speaker":"Alan Smith","startTime":3386.92,"endTime":3389.62,"body":"pinned tweet for about, yeah,"},{"speaker":"Alan Smith","startTime":3389.68,"endTime":3389.92,"body":"three,"},{"speaker":"Unknown","startTime":3390.04,"endTime":3392.14,"body":"three years. Video, I"},{"speaker":"Unknown","startTime":3390.04,"endTime":3392.14,"body":"thought you put that. I thought"},{"speaker":"Unknown","startTime":3392.14,"endTime":3393.04,"body":"you created that. You"},{"speaker":"Alan Smith","startTime":3393.7599999999998,"endTime":3395.2,"body":"know, it's a"},{"speaker":"Alan Smith","startTime":3393.7599999999998,"endTime":3395.2,"body":"mystery, because I've really"},{"speaker":"Alan Smith","startTime":3395.2,"endTime":3397.8599999999997,"body":"tried hard to find out where"},{"speaker":"Alan Smith","startTime":3395.2,"endTime":3397.8599999999997,"body":"it's like Carl says, I don't"},{"speaker":"Alan Smith","startTime":3397.8599999999997,"endTime":3400.7999999999997,"body":"know. Wait, sometimes things"},{"speaker":"Alan Smith","startTime":3397.8599999999997,"endTime":3400.7999999999997,"body":"just land, or you read it and I"},{"speaker":"Alan Smith","startTime":3400.7999999999997,"endTime":3403.14,"body":"had it and I've searched, I've"},{"speaker":"Alan Smith","startTime":3400.7999999999997,"endTime":3403.14,"body":"searched online forever trying"},{"speaker":"Alan Smith","startTime":3403.14,"endTime":3406.8599999999997,"body":"to find the source, and I hadn't"},{"speaker":"Alan Smith","startTime":3403.14,"endTime":3406.8599999999997,"body":"found it. A very quick side"},{"speaker":"Alan Smith","startTime":3406.8599999999997,"endTime":3413.58,"body":"story about that exact short, 10"},{"speaker":"Alan Smith","startTime":3406.8599999999997,"endTime":3413.58,"body":"Nine. Hey, you know him. You"},{"speaker":"Alan Smith","startTime":3413.58,"endTime":3422.0,"body":"know Adam. What's it? Adam? He"},{"speaker":"Alan Smith","startTime":3413.58,"endTime":3422.0,"body":"used to be in the ix group. No,"},{"speaker":"Nick Lincoln","startTime":3423.08,"endTime":3424.16,"body":"it was, it was"},{"speaker":"Unknown","startTime":3424.16,"endTime":3426.08,"body":"an IFA, and he was"},{"speaker":"Andy Hart","startTime":3426.08,"endTime":3429.14,"body":"just, he quit his job"},{"speaker":"Andy Hart","startTime":3426.08,"endTime":3429.14,"body":"after watching, yeah, I posted"},{"speaker":"Andy Hart","startTime":3429.14,"endTime":3429.5,"body":"that"},{"speaker":"Alan Smith","startTime":3429.7999999999997,"endTime":3432.5,"body":"on LinkedIn couple"},{"speaker":"Alan Smith","startTime":3429.7999999999997,"endTime":3432.5,"body":"of years ago. He saw that quit"},{"speaker":"Alan Smith","startTime":3432.5,"endTime":3436.22,"body":"his job, moved to the States,"},{"speaker":"Alan Smith","startTime":3432.5,"endTime":3436.22,"body":"now, doing something completely"},{"speaker":"Alan Smith","startTime":3436.22,"endTime":3436.72,"body":"different,"},{"speaker":"Nick Lincoln","startTime":3437.5,"endTime":3438.22,"body":"Miami Dolphins."},{"speaker":"Andy Hart","startTime":3439.48,"endTime":3440.62,"body":"F1 then Miami"},{"speaker":"Alan Smith","startTime":3442.0,"endTime":3444.64,"body":"is living a dream,"},{"speaker":"Alan Smith","startTime":3442.0,"endTime":3444.64,"body":"all down to me. Yet another one"},{"speaker":"Alan Smith","startTime":3444.64,"endTime":3445.6,"body":"added to the list"},{"speaker":"Andy Hart","startTime":3445.72,"endTime":3448.3599999999997,"body":"just on that. Peter"},{"speaker":"Andy Hart","startTime":3445.72,"endTime":3448.3599999999997,"body":"maluke, he did another tweet. I"},{"speaker":"Andy Hart","startTime":3448.3599999999997,"endTime":3451.06,"body":"thought you're going to link to"},{"speaker":"Andy Hart","startTime":3448.3599999999997,"endTime":3451.06,"body":"Nick I know we've got time. I"},{"speaker":"Andy Hart","startTime":3451.06,"endTime":3454.06,"body":"know if Carl spoke about it."},{"speaker":"Andy Hart","startTime":3451.06,"endTime":3454.06,"body":"Long story short, he did a tweet"},{"speaker":"Andy Hart","startTime":3454.12,"endTime":3457.98,"body":"because he's working with"},{"speaker":"Andy Hart","startTime":3454.12,"endTime":3457.98,"body":"Charlie Bilello, yeah. Of so"},{"speaker":"Andy Hart","startTime":3457.98,"endTime":3463.14,"body":"creative planning. Nvidia now is"},{"speaker":"Andy Hart","startTime":3457.98,"endTime":3463.14,"body":"one stock represents 8% of the"},{"speaker":"Andy Hart","startTime":3463.14,"endTime":3466.62,"body":"s, p5, 100. It's the first time"},{"speaker":"Andy Hart","startTime":3463.14,"endTime":3466.62,"body":"a stock has got to 8%"},{"speaker":"Andy Hart","startTime":3467.1,"endTime":3471.18,"body":"representing one stock. Isn't it"},{"speaker":"Andy Hart","startTime":3467.1,"endTime":3471.18,"body":"insane? At 4.3 trillion, how did"},{"speaker":"Andy Hart","startTime":3471.18,"endTime":3472.56,"body":"you allude to this somewhere"},{"speaker":"Carl Widger","startTime":3472.62,"endTime":3476.1,"body":"else? It's in that"},{"speaker":"Carl Widger","startTime":3472.62,"endTime":3476.1,"body":"Goldman Sachs report that I said"},{"speaker":"Carl Widger","startTime":3476.1,"endTime":3478.52,"body":"skip over but it'll be in the"},{"speaker":"Carl Widger","startTime":3476.1,"endTime":3478.52,"body":"short company, 8%"},{"speaker":"Andy Hart","startTime":3479.54,"endTime":3480.98,"body":"turnover and profit"},{"speaker":"Andy Hart","startTime":3479.54,"endTime":3480.98,"body":"of it"},{"speaker":"Alan Smith","startTime":3481.7599999999998,"endTime":3486.2,"body":"is it's 3.5 or three"},{"speaker":"Alan Smith","startTime":3481.7599999999998,"endTime":3486.2,"body":"and a half times the entire FTSE"},{"speaker":"Alan Smith","startTime":3486.2,"endTime":3487.46,"body":"100 that was"},{"speaker":"Andy Hart","startTime":3487.64,"endTime":3490.16,"body":"one company, one"},{"speaker":"Andy Hart","startTime":3487.64,"endTime":3490.16,"body":"company. I"},{"speaker":"Carl Widger","startTime":3490.16,"endTime":3491.9,"body":"thought it'd be"},{"speaker":"Carl Widger","startTime":3490.16,"endTime":3491.9,"body":"much more, yeah."},{"speaker":"Unknown","startTime":3493.1,"endTime":3494.48,"body":"By the way, the"},{"speaker":"Andy Hart","startTime":3494.7799999999997,"endTime":3498.94,"body":"entire UK stock"},{"speaker":"Andy Hart","startTime":3494.7799999999997,"endTime":3498.94,"body":"market makes up 90% the other"},{"speaker":"Andy Hart","startTime":3498.94,"endTime":3501.1,"body":"10% getting back into the weeds"},{"speaker":"Nick Lincoln","startTime":3501.1,"endTime":3503.5,"body":"and shit and"},{"speaker":"Nick Lincoln","startTime":3501.1,"endTime":3503.5,"body":"stuff. And next to be reading"},{"speaker":"Nick Lincoln","startTime":3503.5,"endTime":3506.68,"body":"out which markets have done best"},{"speaker":"Nick Lincoln","startTime":3503.5,"endTime":3506.68,"body":"of the last six months for three"},{"speaker":"Nick Lincoln","startTime":3506.68,"endTime":3510.22,"body":"hours. Okay, so we're at it was"},{"speaker":"Nick Lincoln","startTime":3506.68,"endTime":3510.22,"body":"common. Wasn't this seven"},{"speaker":"Nick Lincoln","startTime":3510.22,"endTime":3513.88,"body":"minutes in? Shoot me. Topical"},{"speaker":"Nick Lincoln","startTime":3510.22,"endTime":3513.88,"body":"tidbits will carry forward, the"},{"speaker":"Nick Lincoln","startTime":3513.88,"endTime":3517.2599999999998,"body":"Goldman Sachs one, yeah, we'll"},{"speaker":"Nick Lincoln","startTime":3513.88,"endTime":3517.2599999999998,"body":"forget the Woodville Irish"},{"speaker":"Nick Lincoln","startTime":3517.2599999999998,"endTime":3520.5,"body":"Times. Yeah, forget it. Okay."},{"speaker":"Nick Lincoln","startTime":3517.2599999999998,"endTime":3520.5,"body":"Let's move on into the next part"},{"speaker":"Nick Lincoln","startTime":3520.5,"endTime":3523.38,"body":"of the show, which many people"},{"speaker":"Nick Lincoln","startTime":3520.5,"endTime":3523.38,"body":"do call the meat and potatoes."},{"speaker":"Nick Lincoln","startTime":3523.68,"endTime":3530.04,"body":"And our regulator in the in the"},{"speaker":"Nick Lincoln","startTime":3523.68,"endTime":3530.04,"body":"UK, the FCA. Carl, what happens"},{"speaker":"Nick Lincoln","startTime":3530.04,"endTime":3532.7999999999997,"body":"here can sometimes happen to"},{"speaker":"Nick Lincoln","startTime":3530.04,"endTime":3532.7999999999997,"body":"you, so I hope you and your"},{"speaker":"Nick Lincoln","startTime":3532.7999999999997,"endTime":3535.44,"body":"Irish listeners will will take"},{"speaker":"Nick Lincoln","startTime":3532.7999999999997,"endTime":3535.44,"body":"some value from this as well."},{"speaker":"Nick Lincoln","startTime":3535.44,"endTime":3539.42,"body":"Our regulator, the FCA, has done"},{"speaker":"Nick Lincoln","startTime":3535.44,"endTime":3539.42,"body":"yet another review this time"},{"speaker":"Nick Lincoln","startTime":3539.42,"endTime":3543.92,"body":"it's into the retirement income"},{"speaker":"Nick Lincoln","startTime":3539.42,"endTime":3543.92,"body":"advice landscape. I can't say"},{"speaker":"Nick Lincoln","startTime":3543.92,"endTime":3547.2799999999997,"body":"it's extensive, because, given"},{"speaker":"Nick Lincoln","startTime":3543.92,"endTime":3547.2799999999997,"body":"there are, God knows, X number"},{"speaker":"Nick Lincoln","startTime":3547.2799999999997,"endTime":3551.06,"body":"of 1000 ifas in this country,"},{"speaker":"Nick Lincoln","startTime":3547.2799999999997,"endTime":3551.06,"body":"and hundreds of firms, they did"},{"speaker":"Nick Lincoln","startTime":3551.06,"endTime":3554.66,"body":"this review on 28 firms. So I"},{"speaker":"Nick Lincoln","startTime":3551.06,"endTime":3554.66,"body":"wouldn't say it's it's"},{"speaker":"Nick Lincoln","startTime":3554.66,"endTime":3558.1,"body":"categorical or encompassing, but"},{"speaker":"Nick Lincoln","startTime":3554.66,"endTime":3558.1,"body":"their retirement income advice"},{"speaker":"Nick Lincoln","startTime":3558.1,"endTime":3561.52,"body":"review found three, three key"},{"speaker":"Nick Lincoln","startTime":3558.1,"endTime":3561.52,"body":"areas. And some of it I agree"},{"speaker":"Nick Lincoln","startTime":3561.52,"endTime":3563.8599999999997,"body":"with some I think, yes, spot on."},{"speaker":"Nick Lincoln","startTime":3561.52,"endTime":3563.8599999999997,"body":"There's one area I think they're"},{"speaker":"Nick Lincoln","startTime":3563.8599999999997,"endTime":3566.8599999999997,"body":"so spot out, it makes everything"},{"speaker":"Nick Lincoln","startTime":3563.8599999999997,"endTime":3566.8599999999997,"body":"else almost redundant. But let's"},{"speaker":"Nick Lincoln","startTime":3566.8599999999997,"endTime":3569.3199999999997,"body":"look at the two positive things."},{"speaker":"Nick Lincoln","startTime":3566.8599999999997,"endTime":3569.3199999999997,"body":"So three key areas, number one,"},{"speaker":"Nick Lincoln","startTime":3569.3199999999997,"endTime":3571.96,"body":"information collection and"},{"speaker":"Nick Lincoln","startTime":3569.3199999999997,"endTime":3571.96,"body":"record keeping, that the FCA"},{"speaker":"Nick Lincoln","startTime":3571.96,"endTime":3575.56,"body":"found good practice where ifas"},{"speaker":"Nick Lincoln","startTime":3571.96,"endTime":3575.56,"body":"had detailed information on all"},{"speaker":"Nick Lincoln","startTime":3575.56,"endTime":3578.2799999999997,"body":"assets and income for both the"},{"speaker":"Nick Lincoln","startTime":3575.56,"endTime":3578.2799999999997,"body":"client and their partner, as"},{"speaker":"Nick Lincoln","startTime":3578.2799999999997,"endTime":3580.8599999999997,"body":"well as documenting clear"},{"speaker":"Nick Lincoln","startTime":3578.2799999999997,"endTime":3580.8599999999997,"body":"retirement objectives. Now to"},{"speaker":"Nick Lincoln","startTime":3580.8599999999997,"endTime":3583.3199999999997,"body":"me, that's just, that's basic"},{"speaker":"Nick Lincoln","startTime":3580.8599999999997,"endTime":3583.3199999999997,"body":"hygiene stuff. I mean, who"},{"speaker":"Nick Lincoln","startTime":3583.92,"endTime":3587.1,"body":"wouldn't be doing that? And they"},{"speaker":"Nick Lincoln","startTime":3583.92,"endTime":3587.1,"body":"said poor practice is where they"},{"speaker":"Nick Lincoln","startTime":3587.1,"endTime":3589.92,"body":"have insufficient information on"},{"speaker":"Nick Lincoln","startTime":3587.1,"endTime":3589.92,"body":"file, particularly regarding"},{"speaker":"Nick Lincoln","startTime":3589.92,"endTime":3593.7599999999998,"body":"income and planned expenditure."},{"speaker":"Nick Lincoln","startTime":3589.92,"endTime":3593.7599999999998,"body":"And I'd be thinking, holy shit,"},{"speaker":"Nick Lincoln","startTime":3593.7599999999998,"endTime":3595.92,"body":"you've got to be a really"},{"speaker":"Nick Lincoln","startTime":3593.7599999999998,"endTime":3595.92,"body":"rubbish IFA, if you're doing"},{"speaker":"Nick Lincoln","startTime":3595.92,"endTime":3598.5,"body":"retirement income advice, you"},{"speaker":"Nick Lincoln","startTime":3595.92,"endTime":3598.5,"body":"don't have the client income and"},{"speaker":"Nick Lincoln","startTime":3598.5,"endTime":3602.72,"body":"expenditure. Client's income and"},{"speaker":"Nick Lincoln","startTime":3598.5,"endTime":3602.72,"body":"expenditure, so I don't know,"},{"speaker":"Nick Lincoln","startTime":3602.8399999999997,"endTime":3605.12,"body":"you start, I know. I mean, poor"},{"speaker":"Nick Lincoln","startTime":3602.8399999999997,"endTime":3605.12,"body":"practice, yeah, yeah."},{"speaker":"Carl Widger","startTime":3606.5,"endTime":3609.68,"body":"Here's where you"},{"speaker":"Carl Widger","startTime":3606.5,"endTime":3609.68,"body":"start. You go. I know the best"},{"speaker":"Carl Widger","startTime":3609.68,"endTime":3611.06,"body":"pension fund, yeah."},{"speaker":"Nick Lincoln","startTime":3611.06,"endTime":3612.68,"body":"Well, that's"},{"speaker":"Nick Lincoln","startTime":3611.06,"endTime":3612.68,"body":"right, Carl, that may be what it"},{"speaker":"Nick Lincoln","startTime":3612.68,"endTime":3615.3199999999997,"body":"is, but I'm, I'm amazed, and I'm"},{"speaker":"Nick Lincoln","startTime":3612.68,"endTime":3615.3199999999997,"body":"hoping the FCA is going back to"},{"speaker":"Nick Lincoln","startTime":3615.3199999999997,"endTime":3617.7999999999997,"body":"those firms that don't have"},{"speaker":"Nick Lincoln","startTime":3615.3199999999997,"endTime":3617.7999999999997,"body":"sufficient income out of"},{"speaker":"Nick Lincoln","startTime":3617.7999999999997,"endTime":3620.7999999999997,"body":"clients, liabilities, income"},{"speaker":"Nick Lincoln","startTime":3617.7999999999997,"endTime":3620.7999999999997,"body":"expenses. Say, listen, sonny"},{"speaker":"Nick Lincoln","startTime":3620.7999999999997,"endTime":3625.72,"body":"Jim, or Sonny Joanne, pull pull"},{"speaker":"Nick Lincoln","startTime":3620.7999999999997,"endTime":3625.72,"body":"your knickers up, or pants. Keep"},{"speaker":"Nick Lincoln","startTime":3625.72,"endTime":3626.02,"body":"digging."},{"speaker":"Unknown","startTime":3627.2799999999997,"endTime":3629.44,"body":"They talked about,"},{"speaker":"Unknown","startTime":3627.2799999999997,"endTime":3629.44,"body":"which I kind of"},{"speaker":"Nick Lincoln","startTime":3630.04,"endTime":3631.96,"body":"agree was, this is"},{"speaker":"Nick Lincoln","startTime":3630.04,"endTime":3631.96,"body":"the third thing I'll come back"},{"speaker":"Nick Lincoln","startTime":3631.96,"endTime":3634.8399999999997,"body":"to second minute. Well,"},{"speaker":"Nick Lincoln","startTime":3631.96,"endTime":3634.8399999999997,"body":"sustainability of income"},{"speaker":"Nick Lincoln","startTime":3634.8399999999997,"endTime":3637.74,"body":"withdrawals, good practice, the"},{"speaker":"Nick Lincoln","startTime":3634.8399999999997,"endTime":3637.74,"body":"FCA says is using cash flow"},{"speaker":"Nick Lincoln","startTime":3637.74,"endTime":3640.56,"body":"modeling to project the impact"},{"speaker":"Nick Lincoln","startTime":3637.74,"endTime":3640.56,"body":"of withdrawals, considering all"},{"speaker":"Nick Lincoln","startTime":3640.56,"endTime":3643.08,"body":"assets and trusted stress"},{"speaker":"Nick Lincoln","startTime":3640.56,"endTime":3643.08,"body":"testing scenarios. Again, to me,"},{"speaker":"Nick Lincoln","startTime":3643.08,"endTime":3645.6,"body":"that's just like, holy crap. Are"},{"speaker":"Nick Lincoln","startTime":3643.08,"endTime":3645.6,"body":"people giving advice without"},{"speaker":"Nick Lincoln","startTime":3645.6,"endTime":3651.8399999999997,"body":"using fit for purpose cash flow"},{"speaker":"Nick Lincoln","startTime":3645.6,"endTime":3651.8399999999997,"body":"model? Basic, highest 28 firm,"},{"speaker":"Nick Lincoln","startTime":3651.8399999999997,"endTime":3655.74,"body":"extensive review of the entire"},{"speaker":"Nick Lincoln","startTime":3651.8399999999997,"endTime":3655.74,"body":"UK advice market, but it's just"},{"speaker":"Nick Lincoln","startTime":3655.74,"endTime":3658.88,"body":"incredible. But again, poor"},{"speaker":"Nick Lincoln","startTime":3655.74,"endTime":3658.88,"body":"practice was they still using"},{"speaker":"Nick Lincoln","startTime":3659.0,"endTime":3661.52,"body":"cash flow modeling without a"},{"speaker":"Nick Lincoln","startTime":3659.0,"endTime":3661.52,"body":"clear rationale for the"},{"speaker":"Nick Lincoln","startTime":3661.52,"endTime":3664.3399999999997,"body":"underlying assumptions, and"},{"speaker":"Nick Lincoln","startTime":3661.52,"endTime":3664.3399999999997,"body":"projecting income withdrawals"},{"speaker":"Nick Lincoln","startTime":3664.3399999999997,"endTime":3668.9,"body":"that clearly unsustainable,"},{"speaker":"Nick Lincoln","startTime":3664.3399999999997,"endTime":3668.9,"body":"which okay, that I don't know,"},{"speaker":"Nick Lincoln","startTime":3668.9,"endTime":3672.92,"body":"because I model things I'm sure"},{"speaker":"Nick Lincoln","startTime":3668.9,"endTime":3672.92,"body":"we all do. So I have loads of"},{"speaker":"Nick Lincoln","startTime":3672.92,"endTime":3675.62,"body":"cash flows, loads of clients"},{"speaker":"Nick Lincoln","startTime":3672.92,"endTime":3675.62,"body":"with live plans where we are"},{"speaker":"Nick Lincoln","startTime":3675.68,"endTime":3678.88,"body":"having. A an unsustainable rate"},{"speaker":"Nick Lincoln","startTime":3675.68,"endTime":3678.88,"body":"from a particular pot, because"},{"speaker":"Nick Lincoln","startTime":3678.88,"endTime":3682.0,"body":"the idea is we're going to strip"},{"speaker":"Nick Lincoln","startTime":3678.88,"endTime":3682.0,"body":"that pot down, and then later"},{"speaker":"Nick Lincoln","startTime":3682.0,"endTime":3684.7,"body":"on, turn on the income tap some"},{"speaker":"Nick Lincoln","startTime":3682.0,"endTime":3684.7,"body":"other pots. But if they're"},{"speaker":"Nick Lincoln","startTime":3684.7,"endTime":3686.7999999999997,"body":"saying here, no, the this the"},{"speaker":"Nick Lincoln","startTime":3684.7,"endTime":3686.7999999999997,"body":"sustainable rates across a"},{"speaker":"Nick Lincoln","startTime":3686.7999999999997,"endTime":3690.04,"body":"client's invested portfolios to"},{"speaker":"Nick Lincoln","startTime":3686.7999999999997,"endTime":3690.04,"body":"say eight, 9% that's clearly"},{"speaker":"Nick Lincoln","startTime":3690.04,"endTime":3692.68,"body":"unsustainable. But maybe there"},{"speaker":"Nick Lincoln","startTime":3690.04,"endTime":3692.68,"body":"are underlying reasons for it."},{"speaker":"Nick Lincoln","startTime":3692.68,"endTime":3695.02,"body":"But I mean, you obviously"},{"speaker":"Nick Lincoln","startTime":3692.68,"endTime":3695.02,"body":"wouldn't do that as your base as"},{"speaker":"Nick Lincoln","startTime":3695.02,"endTime":3698.3399999999997,"body":"your base plan as well, where I"},{"speaker":"Nick Lincoln","startTime":3695.02,"endTime":3698.3399999999997,"body":"think the FCA and this is never"},{"speaker":"Nick Lincoln","startTime":3698.3399999999997,"endTime":3700.74,"body":"the twain shall meet on this is"},{"speaker":"Nick Lincoln","startTime":3698.3399999999997,"endTime":3700.74,"body":"the second of the three outcomes"},{"speaker":"Nick Lincoln","startTime":3700.74,"endTime":3704.64,"body":"they were looking at client risk"},{"speaker":"Nick Lincoln","startTime":3700.74,"endTime":3704.64,"body":"profiling. And once again, the"},{"speaker":"Nick Lincoln","startTime":3704.64,"endTime":3706.74,"body":"FCA, I think, are looking at"},{"speaker":"Nick Lincoln","startTime":3704.64,"endTime":3706.74,"body":"this through the wrong end of"},{"speaker":"Nick Lincoln","startTime":3706.74,"endTime":3710.04,"body":"the telescope. We, all four of"},{"speaker":"Nick Lincoln","startTime":3706.74,"endTime":3710.04,"body":"us, I will talk for all of us"},{"speaker":"Nick Lincoln","startTime":3710.16,"endTime":3713.22,"body":"here and most of the Trappists."},{"speaker":"Nick Lincoln","startTime":3710.16,"endTime":3713.22,"body":"The biggest risk for our clients"},{"speaker":"Nick Lincoln","startTime":3713.22,"endTime":3715.68,"body":"is clients running out of money"},{"speaker":"Nick Lincoln","startTime":3713.22,"endTime":3715.68,"body":"right before they run out of"},{"speaker":"Nick Lincoln","startTime":3716.04,"endTime":3718.88,"body":"life. The FCA is focused on a"},{"speaker":"Nick Lincoln","startTime":3716.04,"endTime":3718.88,"body":"totally different kind of risk."},{"speaker":"Nick Lincoln","startTime":3718.88,"endTime":3722.7799999999997,"body":"Their definition of risk is"},{"speaker":"Nick Lincoln","startTime":3718.88,"endTime":3722.7799999999997,"body":"volatility in investments, short"},{"speaker":"Nick Lincoln","startTime":3722.7799999999997,"endTime":3727.64,"body":"term short term volatility. And"},{"speaker":"Nick Lincoln","startTime":3722.7799999999997,"endTime":3727.64,"body":"the FCA say that the good"},{"speaker":"Nick Lincoln","startTime":3727.64,"endTime":3730.4,"body":"practice is using bespoke"},{"speaker":"Nick Lincoln","startTime":3727.64,"endTime":3730.4,"body":"retirement focused"},{"speaker":"Nick Lincoln","startTime":3730.4,"endTime":3733.2799999999997,"body":"questionnaires, reviewing the"},{"speaker":"Nick Lincoln","startTime":3730.4,"endTime":3733.2799999999997,"body":"assumptions behind risk"},{"speaker":"Nick Lincoln","startTime":3733.2799999999997,"endTime":3737.44,"body":"profiling tools and simulating"},{"speaker":"Nick Lincoln","startTime":3733.2799999999997,"endTime":3737.44,"body":"market falls to assess the"},{"speaker":"Nick Lincoln","startTime":3737.44,"endTime":3742.24,"body":"impact on client funds. Wrong,"},{"speaker":"Nick Lincoln","startTime":3737.44,"endTime":3742.24,"body":"wrong, wrong. You don't change"},{"speaker":"Nick Lincoln","startTime":3742.24,"endTime":3745.54,"body":"the risk assessment question"},{"speaker":"Nick Lincoln","startTime":3742.24,"endTime":3745.54,"body":"there. Just because a guy who"},{"speaker":"Nick Lincoln","startTime":3745.54,"endTime":3748.9,"body":"was 59 yesterday, or a girl"},{"speaker":"Nick Lincoln","startTime":3745.54,"endTime":3748.9,"body":"who's 59 yesterday is now 60"},{"speaker":"Nick Lincoln","startTime":3749.08,"endTime":3751.6,"body":"they're still going to have"},{"speaker":"Nick Lincoln","startTime":3749.08,"endTime":3751.6,"body":"three to four decades ahead of"},{"speaker":"Nick Lincoln","startTime":3751.6,"endTime":3755.02,"body":"them. Risk tolerance tends to be"},{"speaker":"Nick Lincoln","startTime":3751.6,"endTime":3755.02,"body":"immutable. It doesn't change"},{"speaker":"Nick Lincoln","startTime":3755.02,"endTime":3756.94,"body":"over time. So why are we"},{"speaker":"Nick Lincoln","startTime":3755.02,"endTime":3756.94,"body":"thinking that it's going to"},{"speaker":"Nick Lincoln","startTime":3756.94,"endTime":3759.48,"body":"change? The FCA thinks people's"},{"speaker":"Nick Lincoln","startTime":3756.94,"endTime":3759.48,"body":"risk tolerance, risk tolerance,"},{"speaker":"Nick Lincoln","startTime":3759.48,"endTime":3762.66,"body":"risk attitude changes, and"},{"speaker":"Nick Lincoln","startTime":3759.48,"endTime":3762.66,"body":"again, marketing these declines"},{"speaker":"Nick Lincoln","startTime":3762.72,"endTime":3765.9,"body":"as permanent losses, which is"},{"speaker":"Nick Lincoln","startTime":3762.72,"endTime":3765.9,"body":"wrong, which is where this"},{"speaker":"Nick Lincoln","startTime":3765.9,"endTime":3769.68,"body":"capacity for loss thing is is so"},{"speaker":"Nick Lincoln","startTime":3765.9,"endTime":3769.68,"body":"regarding and wrong. And now"},{"speaker":"Nick Lincoln","startTime":3769.68,"endTime":3772.08,"body":"people will be compliance."},{"speaker":"Nick Lincoln","startTime":3769.68,"endTime":3772.08,"body":"People out there will be"},{"speaker":"Nick Lincoln","startTime":3772.08,"endTime":3774.24,"body":"screaming, well, that's fine,"},{"speaker":"Nick Lincoln","startTime":3772.08,"endTime":3774.24,"body":"that's your view, but you've got"},{"speaker":"Nick Lincoln","startTime":3774.2999999999997,"endTime":3776.6,"body":"to comply with what the FCA"},{"speaker":"Nick Lincoln","startTime":3774.2999999999997,"endTime":3776.6,"body":"says. Yes, of course I do. I do"},{"speaker":"Nick Lincoln","startTime":3776.6,"endTime":3779.24,"body":"it as much as I possibly can,"},{"speaker":"Nick Lincoln","startTime":3776.6,"endTime":3779.24,"body":"but I do it through gritted"},{"speaker":"Nick Lincoln","startTime":3779.24,"endTime":3783.8599999999997,"body":"teeth, because I, I, I care"},{"speaker":"Nick Lincoln","startTime":3779.24,"endTime":3783.8599999999997,"body":"about client outcomes. I really"},{"speaker":"Nick Lincoln","startTime":3783.8599999999997,"endTime":3786.62,"body":"care about client outcomes, not"},{"speaker":"Nick Lincoln","startTime":3783.8599999999997,"endTime":3786.62,"body":"what you think they are in your"},{"speaker":"Nick Lincoln","startTime":3786.62,"endTime":3788.54,"body":"ivory tower, but what they"},{"speaker":"Nick Lincoln","startTime":3786.62,"endTime":3788.54,"body":"actually are. Because these"},{"speaker":"Nick Lincoln","startTime":3788.54,"endTime":3791.48,"body":"people pay my income right? They"},{"speaker":"Nick Lincoln","startTime":3788.54,"endTime":3791.48,"body":"keep the roof over my head, so I"},{"speaker":"Nick Lincoln","startTime":3791.48,"endTime":3794.54,"body":"am duty bound, from a moral"},{"speaker":"Nick Lincoln","startTime":3791.48,"endTime":3794.54,"body":"point of view, to have client"},{"speaker":"Nick Lincoln","startTime":3794.54,"endTime":3797.12,"body":"outcomes to the front and center"},{"speaker":"Nick Lincoln","startTime":3794.54,"endTime":3797.12,"body":"of everything, and this part of"},{"speaker":"Nick Lincoln","startTime":3797.12,"endTime":3800.14,"body":"it is absolutely rubbish. And"},{"speaker":"Nick Lincoln","startTime":3797.12,"endTime":3800.14,"body":"the FCA then says area for"},{"speaker":"Nick Lincoln","startTime":3800.14,"endTime":3805.8399999999997,"body":"improvement would be failing to"},{"speaker":"Nick Lincoln","startTime":3800.14,"endTime":3805.8399999999997,"body":"reassess a class attitude to"},{"speaker":"Nick Lincoln","startTime":3805.8399999999997,"endTime":3808.12,"body":"risk and capacity for loss as"},{"speaker":"Nick Lincoln","startTime":3805.8399999999997,"endTime":3808.12,"body":"they transition into"},{"speaker":"Nick Lincoln","startTime":3808.12,"endTime":3810.88,"body":"decumulation, again, a word"},{"speaker":"Nick Lincoln","startTime":3808.12,"endTime":3810.88,"body":"nobody should use, especially"},{"speaker":"Nick Lincoln","startTime":3810.88,"endTime":3815.44,"body":"when their circumstances change,"},{"speaker":"Nick Lincoln","startTime":3810.88,"endTime":3815.44,"body":"wrong, wrong and wrong. So for"},{"speaker":"Nick Lincoln","startTime":3815.44,"endTime":3817.92,"body":"me, there's good and bad in"},{"speaker":"Nick Lincoln","startTime":3815.44,"endTime":3817.92,"body":"that, obviously it reinforces"},{"speaker":"Nick Lincoln","startTime":3817.92,"endTime":3820.2599999999998,"body":"what we do. We all do full file"},{"speaker":"Nick Lincoln","startTime":3817.92,"endTime":3820.2599999999998,"body":"financial planning. It's all"},{"speaker":"Nick Lincoln","startTime":3820.2599999999998,"endTime":3822.12,"body":"based around a cash flow"},{"speaker":"Nick Lincoln","startTime":3820.2599999999998,"endTime":3822.12,"body":"forecast. It's all about"},{"speaker":"Nick Lincoln","startTime":3822.12,"endTime":3825.06,"body":"marrying the client's objectives"},{"speaker":"Nick Lincoln","startTime":3822.12,"endTime":3825.06,"body":"and dreams with their assets,"},{"speaker":"Nick Lincoln","startTime":3825.06,"endTime":3828.72,"body":"okay, trying to get them there."},{"speaker":"Nick Lincoln","startTime":3825.06,"endTime":3828.72,"body":"The fact that some people aren't"},{"speaker":"Nick Lincoln","startTime":3828.72,"endTime":3832.08,"body":"doing even that, I think, is"},{"speaker":"Nick Lincoln","startTime":3828.72,"endTime":3832.08,"body":"frightening, but this, this risk"},{"speaker":"Nick Lincoln","startTime":3832.08,"endTime":3834.6,"body":"profiling thing, honestly, I'm"},{"speaker":"Nick Lincoln","startTime":3832.08,"endTime":3834.6,"body":"gonna go to my grade batting"},{"speaker":"Nick Lincoln","startTime":3834.6,"endTime":3838.4,"body":"this, and I think you, all three"},{"speaker":"Nick Lincoln","startTime":3834.6,"endTime":3838.4,"body":"of you will as well. It's still"},{"speaker":"Nick Lincoln","startTime":3838.4,"endTime":3841.4,"body":"a massive clash of tectonic"},{"speaker":"Nick Lincoln","startTime":3838.4,"endTime":3841.4,"body":"plates, as far as I'm concerned."},{"speaker":"Nick Lincoln","startTime":3841.4,"endTime":3844.64,"body":"But hey, good for the FCA for"},{"speaker":"Nick Lincoln","startTime":3841.4,"endTime":3844.64,"body":"looking into this. Good in"},{"speaker":"Nick Lincoln","startTime":3844.64,"endTime":3847.88,"body":"parts, bad in others. No hands"},{"speaker":"Nick Lincoln","startTime":3844.64,"endTime":3847.88,"body":"are raised. Any thoughts,"},{"speaker":"Andy Hart","startTime":3848.2999999999997,"endTime":3851.6,"body":"just very briefly,"},{"speaker":"Andy Hart","startTime":3848.2999999999997,"endTime":3851.6,"body":"you said 28 firms. I knew a"},{"speaker":"Andy Hart","startTime":3851.66,"endTime":3854.18,"body":"firm, and you guys know the"},{"speaker":"Andy Hart","startTime":3851.66,"endTime":3854.18,"body":"firm, the clue is going to be"},{"speaker":"Andy Hart","startTime":3854.18,"endTime":3858.3399999999997,"body":"JJ, so they were one of the 28"},{"speaker":"Andy Hart","startTime":3854.18,"endTime":3858.3399999999997,"body":"firms, they've got this survey"},{"speaker":"Nick Lincoln","startTime":3858.3399999999997,"endTime":3860.62,"body":"JJ. JJ gets"},{"speaker":"Nick Lincoln","startTime":3858.3399999999997,"endTime":3860.62,"body":"reviewed with everything"},{"speaker":"Unknown","startTime":3863.68,"endTime":3867.46,"body":"you know. Who? Yeah,"},{"speaker":"Unknown","startTime":3863.68,"endTime":3867.46,"body":"first name did the survey view,"},{"speaker":"Unknown","startTime":3867.46,"endTime":3871.72,"body":"yeah. And they're a cracking"},{"speaker":"Unknown","startTime":3867.46,"endTime":3871.72,"body":"firm. I'm amazed at 28 and they"},{"speaker":"Unknown","startTime":3871.72,"endTime":3872.38,"body":"were on the 28"},{"speaker":"Andy Hart","startTime":3873.64,"endTime":3876.22,"body":"list anyway. So"},{"speaker":"Andy Hart","startTime":3873.64,"endTime":3876.22,"body":"sorry, that's a side point."},{"speaker":"Andy Hart","startTime":3876.7599999999998,"endTime":3880.38,"body":"Nick, you pretty much nailed it,"},{"speaker":"Andy Hart","startTime":3876.7599999999998,"endTime":3880.38,"body":"but it is the meat and potato,"},{"speaker":"Andy Hart","startTime":3880.38,"endTime":3884.52,"body":"so we might as well have a few"},{"speaker":"Andy Hart","startTime":3880.38,"endTime":3884.52,"body":"records here. Yeah. I mean, risk"},{"speaker":"Andy Hart","startTime":3884.52,"endTime":3887.88,"body":"profiling is misconception"},{"speaker":"Andy Hart","startTime":3884.52,"endTime":3887.88,"body":"mirrors that I've spoken about."},{"speaker":"Andy Hart","startTime":3887.88,"endTime":3891.0,"body":"You call them mumbo jumbo"},{"speaker":"Andy Hart","startTime":3887.88,"endTime":3891.0,"body":"questionnaires. It's this sort"},{"speaker":"Andy Hart","startTime":3891.0,"endTime":3895.2,"body":"of false comfort, and the FCA is"},{"speaker":"Andy Hart","startTime":3891.0,"endTime":3895.2,"body":"just the same pillars that they"},{"speaker":"Andy Hart","startTime":3895.2,"endTime":3898.1,"body":"go back to risk profiling"},{"speaker":"Andy Hart","startTime":3895.2,"endTime":3898.1,"body":"capacity for loss, which don't"},{"speaker":"Andy Hart","startTime":3898.1,"endTime":3901.22,"body":"really work in the real world."},{"speaker":"Andy Hart","startTime":3898.1,"endTime":3901.22,"body":"We know that they might work on"},{"speaker":"Andy Hart","startTime":3901.22,"endTime":3904.88,"body":"a spreadsheet, risk profiling"},{"speaker":"Andy Hart","startTime":3901.22,"endTime":3904.88,"body":"tools, you know, measures,"},{"speaker":"Andy Hart","startTime":3904.88,"endTime":3909.08,"body":"feelings, not facts. They're"},{"speaker":"Andy Hart","startTime":3904.88,"endTime":3909.08,"body":"unreliable, outdated. The"},{"speaker":"Andy Hart","startTime":3909.08,"endTime":3912.7999999999997,"body":"capacity for loss thing is so"},{"speaker":"Andy Hart","startTime":3909.08,"endTime":3912.7999999999997,"body":"vague, and it just leads to, you"},{"speaker":"Andy Hart","startTime":3912.7999999999997,"endTime":3917.56,"body":"know, excessive caution, poor"},{"speaker":"Andy Hart","startTime":3912.7999999999997,"endTime":3917.56,"body":"decisions and outcomes. And it's"},{"speaker":"Andy Hart","startTime":3917.56,"endTime":3922.2999999999997,"body":"this, this obsession with, you"},{"speaker":"Andy Hart","startTime":3917.56,"endTime":3922.2999999999997,"body":"know, with with risk, which"},{"speaker":"Andy Hart","startTime":3922.2999999999997,"endTime":3926.08,"body":"leads clients to fear volatility"},{"speaker":"Andy Hart","startTime":3922.2999999999997,"endTime":3926.08,"body":"rather than understand it. And"},{"speaker":"Andy Hart","startTime":3926.08,"endTime":3930.04,"body":"there's no, you know, retirement"},{"speaker":"Andy Hart","startTime":3926.08,"endTime":3930.04,"body":"is not one off. It's constantly"},{"speaker":"Andy Hart","startTime":3930.04,"endTime":3932.92,"body":"evolving. It's a living strategy"},{"speaker":"Andy Hart","startTime":3930.04,"endTime":3932.92,"body":"that we're always working with"},{"speaker":"Andy Hart","startTime":3932.92,"endTime":3935.98,"body":"with our clients. So again,"},{"speaker":"Andy Hart","startTime":3932.92,"endTime":3935.98,"body":"yeah, guns can focus in the"},{"speaker":"Andy Hart","startTime":3935.98,"endTime":3939.24,"body":"wrong direction. I think the"},{"speaker":"Andy Hart","startTime":3935.98,"endTime":3939.24,"body":"regulation will be better"},{"speaker":"Andy Hart","startTime":3939.24,"endTime":3943.08,"body":"focused on trying to get clients"},{"speaker":"Andy Hart","startTime":3939.24,"endTime":3943.08,"body":"to understand, you know,"},{"speaker":"Andy Hart","startTime":3943.08,"endTime":3946.38,"body":"simplicity, long term thinking,"},{"speaker":"Andy Hart","startTime":3943.08,"endTime":3946.38,"body":"you know, not just more and more"},{"speaker":"Andy Hart","startTime":3946.38,"endTime":3950.58,"body":"layers of confusion. So, yeah,"},{"speaker":"Andy Hart","startTime":3946.38,"endTime":3950.58,"body":"well done for them to try and"},{"speaker":"Andy Hart","startTime":3950.58,"endTime":3953.7,"body":"have an, you know, to try and"},{"speaker":"Andy Hart","startTime":3950.58,"endTime":3953.7,"body":"have a look at it. And they've"},{"speaker":"Andy Hart","startTime":3953.7,"endTime":3957.14,"body":"mentioned some okay points, but"},{"speaker":"Andy Hart","startTime":3953.7,"endTime":3957.14,"body":"real advisors, you know, we're"},{"speaker":"Andy Hart","startTime":3957.14,"endTime":3960.2,"body":"on the on the front line with"},{"speaker":"Andy Hart","startTime":3957.14,"endTime":3960.2,"body":"all these clients retiring, and"},{"speaker":"Andy Hart","startTime":3960.2,"endTime":3963.5,"body":"we're massively focused with"},{"speaker":"Andy Hart","startTime":3960.2,"endTime":3963.5,"body":"real outcomes, better client"},{"speaker":"Andy Hart","startTime":3963.5,"endTime":3966.98,"body":"outcomes, and we have to pander"},{"speaker":"Andy Hart","startTime":3963.5,"endTime":3966.98,"body":"to the regulation, but at the"},{"speaker":"Andy Hart","startTime":3966.98,"endTime":3970.52,"body":"same time, you know, our"},{"speaker":"Andy Hart","startTime":3966.98,"endTime":3970.52,"body":"Ultimate Duty is with the"},{"speaker":"Andy Hart","startTime":3970.52,"endTime":3972.14,"body":"clients. The point you made"},{"speaker":"Nick Lincoln","startTime":3972.14,"endTime":3975.14,"body":"there and is very"},{"speaker":"Nick Lincoln","startTime":3972.14,"endTime":3975.14,"body":"well made. And even the FCA in"},{"speaker":"Nick Lincoln","startTime":3975.14,"endTime":3977.98,"body":"recent months. Has made move to"},{"speaker":"Nick Lincoln","startTime":3975.14,"endTime":3977.98,"body":"saying we've got to educate"},{"speaker":"Nick Lincoln","startTime":3977.98,"endTime":3980.44,"body":"people about the risk of having"},{"speaker":"Nick Lincoln","startTime":3977.98,"endTime":3980.44,"body":"money in cash and so forth, as"},{"speaker":"Nick Lincoln","startTime":3980.44,"endTime":3982.8399999999997,"body":"has Rachel Reeves, our current"},{"speaker":"Nick Lincoln","startTime":3980.44,"endTime":3982.8399999999997,"body":"chancellor. And they say that"},{"speaker":"Nick Lincoln","startTime":3982.8399999999997,"endTime":3984.94,"body":"with one mouth, one side of"},{"speaker":"Nick Lincoln","startTime":3982.8399999999997,"endTime":3984.94,"body":"their mouth, and then come out"},{"speaker":"Nick Lincoln","startTime":3984.94,"endTime":3986.98,"body":"with this on the other side of"},{"speaker":"Nick Lincoln","startTime":3984.94,"endTime":3986.98,"body":"their mouth. So it's like, these"},{"speaker":"Nick Lincoln","startTime":3986.98,"endTime":3989.56,"body":"are tech these are these are"},{"speaker":"Nick Lincoln","startTime":3986.98,"endTime":3989.56,"body":"massive buttressing tectonic"},{"speaker":"Nick Lincoln","startTime":3989.56,"endTime":3992.08,"body":"plates that never the twain"},{"speaker":"Nick Lincoln","startTime":3989.56,"endTime":3992.08,"body":"shall meet, and one's got to"},{"speaker":"Nick Lincoln","startTime":3992.08,"endTime":3994.0,"body":"give over the other, because"},{"speaker":"Nick Lincoln","startTime":3992.08,"endTime":3994.0,"body":"we're going to go around in"},{"speaker":"Nick Lincoln","startTime":3994.0,"endTime":3994.54,"body":"circles with"},{"speaker":"Andy Hart","startTime":3994.54,"endTime":3997.08,"body":"this dela bocci No,"},{"speaker":"Andy Hart","startTime":3994.54,"endTime":3997.08,"body":"sorry. One more point we've had,"},{"speaker":"Andy Hart","startTime":3997.08,"endTime":4001.4,"body":"we've had real examples to test"},{"speaker":"Andy Hart","startTime":3997.08,"endTime":4001.4,"body":"capacity for loss, and nothing's"},{"speaker":"Andy Hart","startTime":4001.4,"endTime":4006.3199999999997,"body":"happened. Covid, the market went"},{"speaker":"Andy Hart","startTime":4001.4,"endTime":4006.3199999999997,"body":"down by minus 35% in in in 30"},{"speaker":"Andy Hart","startTime":4006.3199999999997,"endTime":4009.8599999999997,"body":"days, everyone's capacity loss,"},{"speaker":"Andy Hart","startTime":4006.3199999999997,"endTime":4009.8599999999997,"body":"according to a survey, would"},{"speaker":"Andy Hart","startTime":4009.8599999999997,"endTime":4013.16,"body":"have been tripped. Nothing"},{"speaker":"Andy Hart","startTime":4009.8599999999997,"endTime":4013.16,"body":"happened. We had another one in"},{"speaker":"Andy Hart","startTime":4013.16,"endTime":4017.38,"body":"April this year. The market went"},{"speaker":"Andy Hart","startTime":4013.16,"endTime":4017.38,"body":"down by 19% in a week. Lots of"},{"speaker":"Andy Hart","startTime":4017.38,"endTime":4019.8399999999997,"body":"capacity. Philosophers would"},{"speaker":"Andy Hart","startTime":4017.38,"endTime":4019.8399999999997,"body":"have been tripped. Nothing"},{"speaker":"Andy Hart","startTime":4019.8399999999997,"endTime":4023.62,"body":"happened. Why do they never take"},{"speaker":"Andy Hart","startTime":4019.8399999999997,"endTime":4023.62,"body":"a historical order of a"},{"speaker":"Andy Hart","startTime":4023.8599999999997,"endTime":4027.94,"body":"historical order of history, and"},{"speaker":"Andy Hart","startTime":4023.8599999999997,"endTime":4027.94,"body":"then change their way that they"},{"speaker":"Andy Hart","startTime":4027.94,"endTime":4030.7,"body":"think about these things? So"},{"speaker":"Andy Hart","startTime":4027.94,"endTime":4030.7,"body":"we've had real examples where"},{"speaker":"Andy Hart","startTime":4030.7,"endTime":4033.94,"body":"their theory has just been"},{"speaker":"Andy Hart","startTime":4030.7,"endTime":4033.94,"body":"proved completely incorrect. Why"},{"speaker":"Andy Hart","startTime":4033.94,"endTime":4035.92,"body":"do we not talk about it more?"},{"speaker":"Andy Hart","startTime":4033.94,"endTime":4035.92,"body":"Carl, sorry,"},{"speaker":"Carl Widger","startTime":4038.08,"endTime":4040.92,"body":"I scanned the"},{"speaker":"Carl Widger","startTime":4038.08,"endTime":4040.92,"body":"report. I think the report was"},{"speaker":"Carl Widger","startTime":4040.98,"endTime":4044.1,"body":"shockingly amateur. I think I"},{"speaker":"Unknown","startTime":4044.1,"endTime":4046.8599999999997,"body":"really do. I can say"},{"speaker":"Unknown","startTime":4044.1,"endTime":4046.8599999999997,"body":"that from his ivory tower,"},{"speaker":"Carl Widger","startTime":4047.88,"endTime":4050.52,"body":"they're not your"},{"speaker":"Carl Widger","startTime":4047.88,"endTime":4050.52,"body":"regulator. Yeah, no, I can, and"},{"speaker":"Carl Widger","startTime":4050.52,"endTime":4053.22,"body":"I wouldn't be stupid enough to"},{"speaker":"Carl Widger","startTime":4050.52,"endTime":4053.22,"body":"say that if it was the central"},{"speaker":"Carl Widger","startTime":4054.96,"endTime":4058.64,"body":"it was like, it was like a"},{"speaker":"Carl Widger","startTime":4054.96,"endTime":4058.64,"body":"students, are teenage students,"},{"speaker":"Carl Widger","startTime":4058.64,"endTime":4064.16,"body":"exam questions, reply, it was,"},{"speaker":"Carl Widger","startTime":4058.64,"endTime":4064.16,"body":"yeah, it was so bad. Yeah, it"},{"speaker":"Carl Widger","startTime":4064.16,"endTime":4070.46,"body":"was really bad. There's, it was"},{"speaker":"Carl Widger","startTime":4064.16,"endTime":4070.46,"body":"very short, so it was easy. And"},{"speaker":"Carl Widger","startTime":4070.94,"endTime":4073.88,"body":"on the one hand, they're talking"},{"speaker":"Carl Widger","startTime":4070.94,"endTime":4073.88,"body":"about, Oh, you must do cash flow"},{"speaker":"Carl Widger","startTime":4073.88,"endTime":4077.3199999999997,"body":"modeling, and you know, you've"},{"speaker":"Carl Widger","startTime":4073.88,"endTime":4077.3199999999997,"body":"got to get better and do it if"},{"speaker":"Carl Widger","startTime":4077.3199999999997,"endTime":4080.92,"body":"you're not doing it. And then it"},{"speaker":"Carl Widger","startTime":4077.3199999999997,"endTime":4080.92,"body":"goes on to the risk profile"},{"speaker":"Carl Widger","startTime":4080.92,"endTime":4083.68,"body":"questionnaires. Now look, we"},{"speaker":"Carl Widger","startTime":4080.92,"endTime":4083.68,"body":"have to risk profile"},{"speaker":"Carl Widger","startTime":4083.68,"endTime":4086.14,"body":"questionnaires. We do them for"},{"speaker":"Carl Widger","startTime":4083.68,"endTime":4086.14,"body":"every single client, and we're"},{"speaker":"Carl Widger","startTime":4086.14,"endTime":4088.6,"body":"always going to tick that"},{"speaker":"Carl Widger","startTime":4086.14,"endTime":4088.6,"body":"compliance box. We're not going"},{"speaker":"Carl Widger","startTime":4088.6,"endTime":4091.72,"body":"to be idiots, but we've spoken"},{"speaker":"Carl Widger","startTime":4088.6,"endTime":4091.72,"body":"about this a million times"},{"speaker":"Carl Widger","startTime":4091.72,"endTime":4096.16,"body":"before that if you're doing cash"},{"speaker":"Carl Widger","startTime":4091.72,"endTime":4096.16,"body":"flow modeling, you always know"},{"speaker":"Carl Widger","startTime":4096.22,"endTime":4100.56,"body":"what cash you need in the next"},{"speaker":"Carl Widger","startTime":4096.22,"endTime":4100.56,"body":"three years. So therefore you"},{"speaker":"Carl Widger","startTime":4100.56,"endTime":4104.88,"body":"are avoiding any issues that"},{"speaker":"Carl Widger","startTime":4100.56,"endTime":4104.88,"body":"short term volatility is going"},{"speaker":"Carl Widger","startTime":4104.88,"endTime":4109.38,"body":"to bring. So for the FCA to"},{"speaker":"Carl Widger","startTime":4104.88,"endTime":4109.38,"body":"write a really short report, and"},{"speaker":"Carl Widger","startTime":4109.38,"endTime":4113.9400000000005,"body":"these two to be two out of, I"},{"speaker":"Carl Widger","startTime":4109.38,"endTime":4113.9400000000005,"body":"think, three points, they"},{"speaker":"Carl Widger","startTime":4113.9400000000005,"endTime":4117.5,"body":"totally they contradict each"},{"speaker":"Carl Widger","startTime":4113.9400000000005,"endTime":4117.5,"body":"other entirely. So it's"},{"speaker":"Carl Widger","startTime":4117.56,"endTime":4123.2,"body":"absolutely 100% demonstrating"},{"speaker":"Carl Widger","startTime":4117.56,"endTime":4123.2,"body":"that the civil servants in their"},{"speaker":"Carl Widger","startTime":4123.2,"endTime":4132.4400000000005,"body":"ivory towers do not understand"},{"speaker":"Carl Widger","startTime":4123.2,"endTime":4132.4400000000005,"body":"what they do. And I look forward"},{"speaker":"Carl Widger","startTime":4132.4400000000005,"endTime":4135.2,"body":"to applying for our British"},{"speaker":"Carl Widger","startTime":4132.4400000000005,"endTime":4135.2,"body":"license."},{"speaker":"Alan Smith","startTime":4138.38,"endTime":4142.72,"body":"Andy, you've got"},{"speaker":"Alan Smith","startTime":4138.38,"endTime":4142.72,"body":"greater experience or exposure"},{"speaker":"Alan Smith","startTime":4142.72,"endTime":4145.9000000000005,"body":"to lots of, IFA firms you do"},{"speaker":"Alan Smith","startTime":4142.72,"endTime":4145.9000000000005,"body":"training for. Well, I thought"},{"speaker":"Alan Smith","startTime":4145.9000000000005,"endTime":4148.4800000000005,"body":"that's maybe it's a sort of self"},{"speaker":"Alan Smith","startTime":4145.9000000000005,"endTime":4148.4800000000005,"body":"selecting audience you've got."},{"speaker":"Alan Smith","startTime":4148.4800000000005,"endTime":4152.2,"body":"But what's your estimate as a"},{"speaker":"Alan Smith","startTime":4148.4800000000005,"endTime":4152.2,"body":"percentage of the total number"},{"speaker":"Alan Smith","startTime":4152.2,"endTime":4155.62,"body":"there's, there's about 5000"},{"speaker":"Alan Smith","startTime":4152.2,"endTime":4155.62,"body":"firms in the UK. How many as a"},{"speaker":"Alan Smith","startTime":4155.62,"endTime":4159.24,"body":"percentage do full fat financial"},{"speaker":"Alan Smith","startTime":4155.62,"endTime":4159.24,"body":"planning, detailed cash flow"},{"speaker":"Alan Smith","startTime":4159.24,"endTime":4163.02,"body":"modeling, using software for"},{"speaker":"Alan Smith","startTime":4159.24,"endTime":4163.02,"body":"every client."},{"speaker":"Andy Hart","startTime":4164.28,"endTime":4167.82,"body":"I would say there's"},{"speaker":"Andy Hart","startTime":4164.28,"endTime":4167.82,"body":"25,000 advisors just to do it"},{"speaker":"Andy Hart","startTime":4167.82,"endTime":4171.42,"body":"like that, because that's easier"},{"speaker":"Andy Hart","startTime":4167.82,"endTime":4171.42,"body":"on my brain. I would say"},{"speaker":"Andy Hart","startTime":4171.66,"endTime":4178.94,"body":"probably 10% are doing it a"},{"speaker":"Andy Hart","startTime":4171.66,"endTime":4178.94,"body":"decent level. Then maybe another"},{"speaker":"Andy Hart","startTime":4178.94,"endTime":4182.48,"body":"10% so two and a half 1000 are"},{"speaker":"Andy Hart","startTime":4178.94,"endTime":4182.48,"body":"doing it very well. The other"},{"speaker":"Andy Hart","startTime":4182.48,"endTime":4185.5999999999995,"body":"two and a half 1000 are"},{"speaker":"Andy Hart","startTime":4182.48,"endTime":4185.5999999999995,"body":"dabbling, yeah, so that's about"},{"speaker":"Andy Hart","startTime":4185.5999999999995,"endTime":4189.8,"body":"20% I probably still think 50%"},{"speaker":"Andy Hart","startTime":4185.5999999999995,"endTime":4189.8,"body":"don't do any form of it. I mean,"},{"speaker":"Andy Hart","startTime":4189.8,"endTime":4193.46,"body":"they'll say, we do a bit of it."},{"speaker":"Andy Hart","startTime":4189.8,"endTime":4193.46,"body":"We got a spreadsheet. Yeah, you"},{"speaker":"Andy Hart","startTime":4193.46,"endTime":4196.78,"body":"have to use a tool that is fit"},{"speaker":"Andy Hart","startTime":4193.46,"endTime":4196.78,"body":"for purpose. And I'm sorry, the"},{"speaker":"Andy Hart","startTime":4196.78,"endTime":4199.48,"body":"only tool for purpose at the"},{"speaker":"Andy Hart","startTime":4196.78,"endTime":4199.48,"body":"moment is the one that we all"},{"speaker":"Andy Hart","startTime":4199.48,"endTime":4201.82,"body":"know. I'm not going to mention"},{"speaker":"Andy Hart","startTime":4199.48,"endTime":4201.82,"body":"the name again, but you know,"},{"speaker":"Andy Hart","startTime":4202.0599999999995,"endTime":4205.66,"body":"it's called voyant. There's a"},{"speaker":"Andy Hart","startTime":4202.0599999999995,"endTime":4205.66,"body":"few that kick about anyway."},{"speaker":"Unknown","startTime":4208.66,"endTime":4211.96,"body":"Sorry, the names, the"},{"speaker":"Unknown","startTime":4208.66,"endTime":4211.96,"body":"name, the name, is utterly"},{"speaker":"Unknown","startTime":4211.96,"endTime":4216.04,"body":"irrelevant. I would use any"},{"speaker":"Unknown","startTime":4211.96,"endTime":4216.04,"body":"system that was fit for purpose,"},{"speaker":"Unknown","startTime":4216.0999999999995,"endTime":4219.96,"body":"right? So, but he, but he, but"},{"speaker":"Unknown","startTime":4216.0999999999995,"endTime":4219.96,"body":"here's my point on this. You've"},{"speaker":"Unknown","startTime":4219.96,"endTime":4223.68,"body":"said you do have a lot of"},{"speaker":"Unknown","startTime":4219.96,"endTime":4223.68,"body":"knowledge about it, and at best,"},{"speaker":"Unknown","startTime":4223.98,"endTime":4229.38,"body":"80% of the market, or at worst,"},{"speaker":"Unknown","startTime":4223.98,"endTime":4229.38,"body":"aren't losing either nothing at"},{"speaker":"Unknown","startTime":4229.38,"endTime":4231.54,"body":"all, or are dabbling. And I've"},{"speaker":"Andy Hart","startTime":4231.54,"endTime":4234.96,"body":"heard, why doesn't"},{"speaker":"Andy Hart","startTime":4231.54,"endTime":4234.96,"body":"the regulator make it mandatory?"},{"speaker":"Andy Hart","startTime":4234.96,"endTime":4236.5999999999995,"body":"That's where we're heads for"},{"speaker":"Andy Hart","startTime":4234.96,"endTime":4236.5999999999995,"body":"putting your"},{"speaker":"Alan Smith","startTime":4236.599,"endTime":4238.8189999999995,"body":"hand up every time"},{"speaker":"Alan Smith","startTime":4236.599,"endTime":4238.8189999999995,"body":"one of these, because exactly my"},{"speaker":"Alan Smith","startTime":4238.8189999999995,"endTime":4242.239,"body":"point, when you when you make"},{"speaker":"Alan Smith","startTime":4238.8189999999995,"endTime":4242.239,"body":"this mandatory, and you say, in"},{"speaker":"Alan Smith","startTime":4242.239,"endTime":4245.959,"body":"order to answer all the"},{"speaker":"Alan Smith","startTime":4242.239,"endTime":4245.959,"body":"questions you that they have"},{"speaker":"Alan Smith","startTime":4246.139,"endTime":4250.159,"body":"analyzed in this report, if you"},{"speaker":"Alan Smith","startTime":4246.139,"endTime":4250.159,"body":"said that, and here's some core,"},{"speaker":"Alan Smith","startTime":4250.219,"endTime":4253.219,"body":"I mean, some, of course, you"},{"speaker":"Alan Smith","startTime":4250.219,"endTime":4253.219,"body":"have to work out what their"},{"speaker":"Alan Smith","startTime":4253.219,"endTime":4256.099,"body":"assets, liabilities, income and"},{"speaker":"Alan Smith","startTime":4253.219,"endTime":4256.099,"body":"expenditure. You can't build a"},{"speaker":"Alan Smith","startTime":4256.219,"endTime":4259.839,"body":"model without those things. So"},{"speaker":"Alan Smith","startTime":4256.219,"endTime":4259.839,"body":"it's predicated on knowing that"},{"speaker":"Alan Smith","startTime":4259.839,"endTime":4262.479,"body":"you build a model and it's and"},{"speaker":"Alan Smith","startTime":4259.839,"endTime":4262.479,"body":"it's it should be essential for"},{"speaker":"Alan Smith","startTime":4262.479,"endTime":4266.619,"body":"everyone and about the vast"},{"speaker":"Alan Smith","startTime":4262.479,"endTime":4266.619,"body":"majority. And my my own"},{"speaker":"Alan Smith","startTime":4266.619,"endTime":4269.739,"body":"experience, my anecdotal"},{"speaker":"Alan Smith","startTime":4266.619,"endTime":4269.739,"body":"experience, and we recruit"},{"speaker":"Alan Smith","startTime":4269.739,"endTime":4272.739,"body":"people. We hire people from"},{"speaker":"Alan Smith","startTime":4269.739,"endTime":4272.739,"body":"firms that purport to do"},{"speaker":"Alan Smith","startTime":4272.739,"endTime":4275.079,"body":"financial planning. When you"},{"speaker":"Alan Smith","startTime":4272.739,"endTime":4275.079,"body":"speak to some of these people"},{"speaker":"Alan Smith","startTime":4275.079,"endTime":4277.919,"body":"who are para planners, you. Work"},{"speaker":"Alan Smith","startTime":4275.079,"endTime":4277.919,"body":"at other firms to say, not"},{"speaker":"Alan Smith","startTime":4277.919,"endTime":4280.8589999999995,"body":"really. Sometimes, if a client"},{"speaker":"Alan Smith","startTime":4277.919,"endTime":4280.8589999999995,"body":"asks for it, no client ever"},{"speaker":"Alan Smith","startTime":4280.8589999999995,"endTime":4283.139,"body":"asked for it. So that's the"},{"speaker":"Alan Smith","startTime":4280.8589999999995,"endTime":4283.139,"body":"first thing."},{"speaker":"Unknown","startTime":4283.38,"endTime":4284.58,"body":"But so just on that"},{"speaker":"Andy Hart","startTime":4284.7,"endTime":4289.32,"body":"Alan, they are firms"},{"speaker":"Andy Hart","startTime":4284.7,"endTime":4289.32,"body":"are introducing internal rules."},{"speaker":"Andy Hart","startTime":4289.38,"endTime":4293.82,"body":"Large networks are now requiring"},{"speaker":"Andy Hart","startTime":4289.38,"endTime":4293.82,"body":"any retirement income,"},{"speaker":"Andy Hart","startTime":4293.82,"endTime":4297.74,"body":"retirement planning advice to"},{"speaker":"Andy Hart","startTime":4293.82,"endTime":4297.74,"body":"have a cash flow. So it's not"},{"speaker":"Andy Hart","startTime":4297.74,"endTime":4302.84,"body":"been mandated by the regulator,"},{"speaker":"Andy Hart","startTime":4297.74,"endTime":4302.84,"body":"but probably about 40 or 50% of"},{"speaker":"Andy Hart","startTime":4302.84,"endTime":4304.94,"body":"the market now, because they"},{"speaker":"Andy Hart","startTime":4302.84,"endTime":4304.94,"body":"work for these firms I know that"},{"speaker":"Andy Hart","startTime":4304.94,"endTime":4308.3,"body":"are mandating it. Are saying, if"},{"speaker":"Andy Hart","startTime":4304.94,"endTime":4308.3,"body":"you're doing any retirement"},{"speaker":"Andy Hart","startTime":4308.3,"endTime":4311.12,"body":"income planning, advice, tax"},{"speaker":"Andy Hart","startTime":4308.3,"endTime":4311.12,"body":"free, you need to have a full"},{"speaker":"Andy Hart","startTime":4311.12,"endTime":4311.42,"body":"cash"},{"speaker":"Nick Lincoln","startTime":4312.38,"endTime":4314.66,"body":"if I owned a"},{"speaker":"Nick Lincoln","startTime":4312.38,"endTime":4314.66,"body":"network, I would bloody well"},{"speaker":"Nick Lincoln","startTime":4314.66,"endTime":4319.42,"body":"would want it Mandarin. So the"},{"speaker":"Nick Lincoln","startTime":4314.66,"endTime":4319.42,"body":"large network sleep at night,"},{"speaker":"Nick Lincoln","startTime":4319.42,"endTime":4322.0,"body":"not so it started"},{"speaker":"Andy Hart","startTime":4322.0,"endTime":4323.98,"body":"with the DB work."},{"speaker":"Andy Hart","startTime":4322.0,"endTime":4323.98,"body":"They said, if you do DB work,"},{"speaker":"Andy Hart","startTime":4323.98,"endTime":4328.18,"body":"you have to destroy cash flow."},{"speaker":"Andy Hart","startTime":4323.98,"endTime":4328.18,"body":"Then the second area of advice"},{"speaker":"Andy Hart","startTime":4328.18,"endTime":4331.0599999999995,"body":"is now retirement income. It"},{"speaker":"Andy Hart","startTime":4328.18,"endTime":4331.0599999999995,"body":"will only be a matter of time"},{"speaker":"Andy Hart","startTime":4331.0599999999995,"endTime":4336.96,"body":"before every firm, every"},{"speaker":"Andy Hart","startTime":4331.0599999999995,"endTime":4336.96,"body":"network, every Support Service"},{"speaker":"Andy Hart","startTime":4337.44,"endTime":4340.2,"body":"says everyone who's doing"},{"speaker":"Andy Hart","startTime":4337.44,"endTime":4340.2,"body":"retirement income advice needs"},{"speaker":"Andy Hart","startTime":4340.2,"endTime":4342.5999999999995,"body":"to do a cash flow and then it'll"},{"speaker":"Andy Hart","startTime":4340.2,"endTime":4342.5999999999995,"body":"get to the point of saying, if"},{"speaker":"Andy Hart","startTime":4342.5999999999995,"endTime":4345.24,"body":"someone's paying you from going"},{"speaker":"Andy Hart","startTime":4342.5999999999995,"endTime":4345.24,"body":"advice, you need to do financial"},{"speaker":"Andy Hart","startTime":4345.24,"endTime":4347.34,"body":"planning, full time financial"},{"speaker":"Andy Hart","startTime":4345.24,"endTime":4347.34,"body":"planning with them. We are"},{"speaker":"Andy Hart","startTime":4347.34,"endTime":4349.68,"body":"getting there slowly. But, you"},{"speaker":"Andy Hart","startTime":4347.34,"endTime":4349.68,"body":"know, I've been in this business"},{"speaker":"Andy Hart","startTime":4349.68,"endTime":4352.38,"body":"15 years, and I've been using"},{"speaker":"Andy Hart","startTime":4349.68,"endTime":4352.38,"body":"buoyant 15 years. I thought"},{"speaker":"Andy Hart","startTime":4352.38,"endTime":4354.84,"body":"surely everyone's going to be"},{"speaker":"Andy Hart","startTime":4352.38,"endTime":4354.84,"body":"using it. And we're still at the"},{"speaker":"Andy Hart","startTime":4354.84,"endTime":4358.0999999999995,"body":"point now where 5060, 70% of"},{"speaker":"Andy Hart","startTime":4354.84,"endTime":4358.0999999999995,"body":"people are not going"},{"speaker":"Nick Lincoln","startTime":4358.0999999999995,"endTime":4359.5999999999995,"body":"to touch it. So"},{"speaker":"Nick Lincoln","startTime":4358.0999999999995,"endTime":4359.5999999999995,"body":"anyway, Carl, you're very"},{"speaker":"Nick Lincoln","startTime":4359.5999999999995,"endTime":4362.0599999999995,"body":"patient that your hand was"},{"speaker":"Nick Lincoln","startTime":4359.5999999999995,"endTime":4362.0599999999995,"body":"raised. Take it down. You got"},{"speaker":"Nick Lincoln","startTime":4362.0599999999995,"endTime":4364.0999999999995,"body":"some say? I forgot."},{"speaker":"Carl Widger","startTime":4364.5199999999995,"endTime":4366.5599999999995,"body":"Can I? Can I just"},{"speaker":"Carl Widger","startTime":4364.5199999999995,"endTime":4366.5599999999995,"body":"add something? He answered my"},{"speaker":"Carl Widger","startTime":4366.5599999999995,"endTime":4367.16,"body":"question. Yeah."},{"speaker":"Alan Smith","startTime":4368.18,"endTime":4370.46,"body":"Add something else,"},{"speaker":"Alan Smith","startTime":4368.18,"endTime":4370.46,"body":"which is which kind of relates"},{"speaker":"Alan Smith","startTime":4370.46,"endTime":4374.18,"body":"somewhat to the this paper that"},{"speaker":"Alan Smith","startTime":4370.46,"endTime":4374.18,"body":"the regulators put out and this"},{"speaker":"Alan Smith","startTime":4374.18,"endTime":4378.4,"body":"conversation you guys familiar"},{"speaker":"Alan Smith","startTime":4374.18,"endTime":4378.4,"body":"with an advisor in the US. Post,"},{"speaker":"Alan Smith","startTime":4378.4,"endTime":4383.5599999999995,"body":"quite a lot on LinkedIn. Eric"},{"speaker":"Alan Smith","startTime":4378.4,"endTime":4383.5599999999995,"body":"Nelson, yes, servo, S, E,"},{"speaker":"Nick Lincoln","startTime":4383.5599999999995,"endTime":4384.82,"body":"R, V, O, massive"},{"speaker":"Nick Lincoln","startTime":4383.5599999999995,"endTime":4384.82,"body":"D,"},{"speaker":"Unknown","startTime":4386.68,"endTime":4390.22,"body":"big DFA advisor. But"},{"speaker":"Unknown","startTime":4386.68,"endTime":4390.22,"body":"he, I like his post. They're"},{"speaker":"Unknown","startTime":4390.22,"endTime":4394.18,"body":"very thoughtful, and I would"},{"speaker":"Unknown","startTime":4390.22,"endTime":4394.18,"body":"suggest that he's shares broadly"},{"speaker":"Unknown","startTime":4394.18,"endTime":4397.8,"body":"the same philosophy as we all"},{"speaker":"Unknown","startTime":4394.18,"endTime":4397.8,"body":"do. And he questions risk"},{"speaker":"Unknown","startTime":4397.8,"endTime":4400.44,"body":"profiling, questionnaires, not"},{"speaker":"Unknown","startTime":4397.8,"endTime":4400.44,"body":"all that sort of stuff. But he"},{"speaker":"Unknown","startTime":4400.44,"endTime":4403.92,"body":"posted something quite recently."},{"speaker":"Unknown","startTime":4400.44,"endTime":4403.92,"body":"I thought that's that's"},{"speaker":"Unknown","startTime":4403.92,"endTime":4408.18,"body":"interesting, in terms of this"},{"speaker":"Unknown","startTime":4403.92,"endTime":4408.18,"body":"attitude to risk, how much can"},{"speaker":"Unknown","startTime":4408.18,"endTime":4411.0,"body":"you afford to lose all these"},{"speaker":"Unknown","startTime":4408.18,"endTime":4411.0,"body":"like ridiculous questions that"},{"speaker":"Unknown","startTime":4411.0,"endTime":4415.44,"body":"we are compelled to ask our"},{"speaker":"Unknown","startTime":4411.0,"endTime":4415.44,"body":"clients? He said, just in a"},{"speaker":"Unknown","startTime":4415.44,"endTime":4420.08,"body":"conversation style, with a"},{"speaker":"Unknown","startTime":4415.44,"endTime":4420.08,"body":"client, how much future income"},{"speaker":"Unknown","startTime":4420.62,"endTime":4425.12,"body":"in terms of by by years do you"},{"speaker":"Unknown","startTime":4420.62,"endTime":4425.12,"body":"wish to set aside in the event"},{"speaker":"Unknown","startTime":4425.12,"endTime":4428.3,"body":"that we have 2008 all over"},{"speaker":"Unknown","startTime":4425.12,"endTime":4428.3,"body":"again, or anything else? How"},{"speaker":"Unknown","startTime":4428.3,"endTime":4430.64,"body":"much income would you feel"},{"speaker":"Unknown","startTime":4428.3,"endTime":4430.64,"body":"comfortable? Is it two years"},{"speaker":"Unknown","startTime":4430.64,"endTime":4434.84,"body":"income? Three years, five years?"},{"speaker":"Unknown","startTime":4430.64,"endTime":4434.84,"body":"What do you feel and I think his"},{"speaker":"Unknown","startTime":4434.84,"endTime":4437.12,"body":"average was about three to five"},{"speaker":"Unknown","startTime":4434.84,"endTime":4437.12,"body":"years was people would feel"},{"speaker":"Unknown","startTime":4437.12,"endTime":4440.86,"body":"comfortable that there's a big"},{"speaker":"Unknown","startTime":4437.12,"endTime":4440.86,"body":"market decline, and that drove"},{"speaker":"Unknown","startTime":4441.22,"endTime":4446.62,"body":"their asset allocation. Because"},{"speaker":"Unknown","startTime":4441.22,"endTime":4446.62,"body":"if everything goes and you've"},{"speaker":"Unknown","startTime":4446.62,"endTime":4449.62,"body":"got four years worth of your"},{"speaker":"Unknown","startTime":4446.62,"endTime":4449.62,"body":"next four years expenditure at"},{"speaker":"Unknown","startTime":4449.62,"endTime":4451.72,"body":"your current rate, and as we've"},{"speaker":"Unknown","startTime":4449.62,"endTime":4451.72,"body":"talked about in the past,"},{"speaker":"Unknown","startTime":4451.72,"endTime":4454.9,"body":"lifestyle does change. And if we"},{"speaker":"Unknown","startTime":4451.72,"endTime":4454.9,"body":"are having a sort of Armageddon"},{"speaker":"Unknown","startTime":4454.96,"endTime":4458.0999999999995,"body":"period, and people will tighten"},{"speaker":"Unknown","startTime":4454.96,"endTime":4458.0999999999995,"body":"their belt a bit and live but"},{"speaker":"Unknown","startTime":4458.0999999999995,"endTime":4460.8,"body":"just on your current normal"},{"speaker":"Unknown","startTime":4458.0999999999995,"endTime":4460.8,"body":"level of expenditure, you've"},{"speaker":"Unknown","startTime":4460.8,"endTime":4463.08,"body":"got, let's say, whatever you"},{"speaker":"Unknown","startTime":4460.8,"endTime":4463.08,"body":"feel comfortable. I've got four"},{"speaker":"Unknown","startTime":4463.08,"endTime":4465.5999999999995,"body":"to five years, and that's in"},{"speaker":"Unknown","startTime":4463.08,"endTime":4465.5999999999995,"body":"that's in short, dated bonds,"},{"speaker":"Unknown","startTime":4465.9,"endTime":4468.84,"body":"and the rest is my is my fuel"},{"speaker":"Unknown","startTime":4465.9,"endTime":4468.84,"body":"for my longer term. But I think"},{"speaker":"Unknown","startTime":4468.84,"endTime":4471.48,"body":"that I really like that as a"},{"speaker":"Unknown","startTime":4468.84,"endTime":4471.48,"body":"rule of thumb, at least, to have"},{"speaker":"Unknown","startTime":4471.48,"endTime":4474.78,"body":"a conversation with a client, as"},{"speaker":"Unknown","startTime":4471.48,"endTime":4474.78,"body":"opposed to tick this box. And"},{"speaker":"Unknown","startTime":4474.78,"endTime":4477.5599999999995,"body":"I'll give you what the box says,"},{"speaker":"Unknown","startTime":4474.78,"endTime":4477.5599999999995,"body":"even though you don't understand"},{"speaker":"Unknown","startTime":4477.5599999999995,"endTime":4478.5199999999995,"body":"the questions in the"},{"speaker":"Carl Widger","startTime":4478.5199999999995,"endTime":4481.5199999999995,"body":"first place,"},{"speaker":"Carl Widger","startTime":4478.5199999999995,"endTime":4481.5199999999995,"body":"nonsense. Well done. Ultra Yeah,"},{"speaker":"Andy Hart","startTime":4481.5199999999995,"endTime":4483.5599999999995,"body":"absolutely right."},{"speaker":"Andy Hart","startTime":4481.5199999999995,"endTime":4483.5599999999995,"body":"Alan, and you could tell a real"},{"speaker":"Andy Hart","startTime":4483.5599999999995,"endTime":4487.04,"body":"advisor came to that conclusion."},{"speaker":"Andy Hart","startTime":4483.5599999999995,"endTime":4487.04,"body":"Yeah, exactly. Not the civil"},{"speaker":"Andy Hart","startTime":4487.04,"endTime":4490.76,"body":"servant, a real advisor, after"},{"speaker":"Andy Hart","startTime":4487.04,"endTime":4490.76,"body":"20, 3040, years in the business,"},{"speaker":"Andy Hart","startTime":4490.76,"endTime":4493.76,"body":"pulling his hair out or"},{"speaker":"Andy Hart","startTime":4490.76,"endTime":4493.76,"body":"whatever, and has got to the"},{"speaker":"Andy Hart","startTime":4493.76,"endTime":4498.5199999999995,"body":"conclusion that the elegant,"},{"speaker":"Andy Hart","startTime":4493.76,"endTime":4498.5199999999995,"body":"simplistic, best question to ask"},{"speaker":"Andy Hart","startTime":4498.5199999999995,"endTime":4501.4,"body":"someone entering retirement is"},{"speaker":"Andy Hart","startTime":4498.5199999999995,"endTime":4501.4,"body":"this one question, and then"},{"speaker":"Andy Hart","startTime":4501.4,"endTime":4503.38,"body":"everything else can be built"},{"speaker":"Andy Hart","startTime":4501.4,"endTime":4503.38,"body":"around it. So, yeah, great"},{"speaker":"Nick Lincoln","startTime":4503.38,"endTime":4505.48,"body":"point. Great"},{"speaker":"Nick Lincoln","startTime":4503.38,"endTime":4505.48,"body":"stuff. Okay, we've given that"},{"speaker":"Nick Lincoln","startTime":4505.48,"endTime":4507.82,"body":"that was good. That was good"},{"speaker":"Nick Lincoln","startTime":4505.48,"endTime":4507.82,"body":"meat, potatoes. We've given that"},{"speaker":"Nick Lincoln","startTime":4507.82,"endTime":4512.92,"body":"damn damn good thrashing. We are"},{"speaker":"Nick Lincoln","startTime":4507.82,"endTime":4512.92,"body":"at 74 minutes into Episode 76 of"},{"speaker":"Nick Lincoln","startTime":4512.92,"endTime":4515.44,"body":"the real advisor podcast. So I"},{"speaker":"Nick Lincoln","startTime":4512.92,"endTime":4515.44,"body":"think, well, actually, I don't"},{"speaker":"Nick Lincoln","startTime":4515.44,"endTime":4518.16,"body":"get to determine this, because"},{"speaker":"Nick Lincoln","startTime":4515.44,"endTime":4518.16,"body":"this next section is determined"},{"speaker":"Nick Lincoln","startTime":4518.16,"endTime":4520.98,"body":"by when the poster is turning up"},{"speaker":"Nick Lincoln","startTime":4518.16,"endTime":4520.98,"body":"on her front door, and there she"},{"speaker":"Nick Lincoln","startTime":4520.98,"endTime":4523.86,"body":"is. She's holding up the bulging"},{"speaker":"Nick Lincoln","startTime":4520.98,"endTime":4523.86,"body":"sack of TRAPPIST questions to"},{"speaker":"Nick Lincoln","startTime":4523.86,"endTime":4527.04,"body":"the front of Lincoln Lodge. If"},{"speaker":"Nick Lincoln","startTime":4523.86,"endTime":4527.04,"body":"you want to submit a question to"},{"speaker":"Nick Lincoln","startTime":4527.04,"endTime":4530.5199999999995,"body":"the trap pack, please do so in"},{"speaker":"Nick Lincoln","startTime":4527.04,"endTime":4530.5199999999995,"body":"the pinned tweet on x, or the"},{"speaker":"Nick Lincoln","startTime":4530.5199999999995,"endTime":4533.76,"body":"pinned X on tweet, there is a"},{"speaker":"Nick Lincoln","startTime":4530.5199999999995,"endTime":4533.76,"body":"link, and you click on that and"},{"speaker":"Nick Lincoln","startTime":4533.76,"endTime":4536.4,"body":"you deposit your question. I"},{"speaker":"Nick Lincoln","startTime":4533.76,"endTime":4536.4,"body":"mean, we do get to it. Today's"},{"speaker":"Nick Lincoln","startTime":4536.4,"endTime":4540.32,"body":"question is from January this"},{"speaker":"Nick Lincoln","startTime":4536.4,"endTime":4540.32,"body":"year. And let's see actually who"},{"speaker":"Nick Lincoln","startTime":4540.32,"endTime":4543.74,"body":"this question is from. I gotta"},{"speaker":"Nick Lincoln","startTime":4540.32,"endTime":4543.74,"body":"get my trusty letter opener."},{"speaker":"Nick Lincoln","startTime":4543.92,"endTime":4549.08,"body":"Letter envelope, open it out."},{"speaker":"Nick Lincoln","startTime":4543.92,"endTime":4549.08,"body":"This is from a Peter watts, his"},{"speaker":"Nick Lincoln","startTime":4549.08,"endTime":4552.0199999999995,"body":"social handle, LinkedIn. Social"},{"speaker":"Nick Lincoln","startTime":4549.08,"endTime":4552.0199999999995,"body":"handle is there and that will be"},{"speaker":"Nick Lincoln","startTime":4552.0199999999995,"endTime":4554.84,"body":"in the so called channels. Peter"},{"speaker":"Nick Lincoln","startTime":4552.0199999999995,"endTime":4554.84,"body":"says and admits, this is more of"},{"speaker":"Nick Lincoln","startTime":4554.84,"endTime":4558.58,"body":"a rant than a question. But hey,"},{"speaker":"Nick Lincoln","startTime":4554.84,"endTime":4558.58,"body":"obviously, back in January, we"},{"speaker":"Nick Lincoln","startTime":4558.58,"endTime":4561.46,"body":"must have been talking about the"},{"speaker":"Nick Lincoln","startTime":4558.58,"endTime":4561.46,"body":"bane of our lives, lifestyleing"},{"speaker":"Nick Lincoln","startTime":4561.46,"endTime":4564.4,"body":"funds. And Peter says, oh my"},{"speaker":"Nick Lincoln","startTime":4561.46,"endTime":4564.4,"body":"god, timely with discussion on"},{"speaker":"Nick Lincoln","startTime":4564.4,"endTime":4568.24,"body":"lifestyle Scottish Widows,"},{"speaker":"Nick Lincoln","startTime":4564.4,"endTime":4568.24,"body":"pension protector fund, prime"},{"speaker":"Nick Lincoln","startTime":4568.24,"endTime":4571.0599999999995,"body":"example, misleading name of"},{"speaker":"Nick Lincoln","startTime":4568.24,"endTime":4571.0599999999995,"body":"funds. They talk about green"},{"speaker":"Nick Lincoln","startTime":4571.0599999999995,"endTime":4573.46,"body":"washing, but the regulator"},{"speaker":"Nick Lincoln","startTime":4571.0599999999995,"endTime":4573.46,"body":"really needs to get a handle on"},{"speaker":"Nick Lincoln","startTime":4573.46,"endTime":4576.04,"body":"poor and misleading naming of"},{"speaker":"Nick Lincoln","startTime":4573.46,"endTime":4576.04,"body":"funds for the retail investor."},{"speaker":"Nick Lincoln","startTime":4576.12,"endTime":4579.18,"body":"Investor, the non adviser,"},{"speaker":"Nick Lincoln","startTime":4576.12,"endTime":4579.18,"body":"customer, this Scottish Widows"},{"speaker":"Nick Lincoln","startTime":4579.18,"endTime":4582.96,"body":"fund is down in the last four"},{"speaker":"Nick Lincoln","startTime":4579.18,"endTime":4582.96,"body":"months, 9% and over five years,"},{"speaker":"Nick Lincoln","startTime":4582.96,"endTime":4587.28,"body":"32% Wow. It really has protected"},{"speaker":"Nick Lincoln","startTime":4582.96,"endTime":4587.28,"body":"those clients. Money invested in"},{"speaker":"Nick Lincoln","startTime":4587.28,"endTime":4590.16,"body":"this fund. Reason for me"},{"speaker":"Nick Lincoln","startTime":4587.28,"endTime":4590.16,"body":"highlighting it is I recently"},{"speaker":"Nick Lincoln","startTime":4590.16,"endTime":4592.5,"body":"met a client who wishes to"},{"speaker":"Nick Lincoln","startTime":4590.16,"endTime":4592.5,"body":"retire and understand how the"},{"speaker":"Nick Lincoln","startTime":4592.5,"endTime":4595.38,"body":"best way is to go around it."},{"speaker":"Nick Lincoln","startTime":4592.5,"endTime":4595.38,"body":"Guess what? Cash Flow highlights"},{"speaker":"Nick Lincoln","startTime":4595.38,"endTime":4598.58,"body":"a need to work for another two"},{"speaker":"Nick Lincoln","startTime":4595.38,"endTime":4598.58,"body":"years this fund, the Scottish"},{"speaker":"Nick Lincoln","startTime":4598.58,"endTime":4602.72,"body":"Windows fund, has 1.2 billion in"},{"speaker":"Nick Lincoln","startTime":4598.58,"endTime":4602.72,"body":"IT, 1% charge and actively"},{"speaker":"Nick Lincoln","startTime":4602.72,"endTime":4605.54,"body":"managed. I appreciate the fund's"},{"speaker":"Nick Lincoln","startTime":4602.72,"endTime":4605.54,"body":"objective, which is about"},{"speaker":"Nick Lincoln","startTime":4605.54,"endTime":4608.78,"body":"reducing annuity risk, but"},{"speaker":"Nick Lincoln","startTime":4605.54,"endTime":4608.78,"body":"really what is very interesting"},{"speaker":"Nick Lincoln","startTime":4608.78,"endTime":4612.2,"body":"is that the FE risk score for"},{"speaker":"Nick Lincoln","startTime":4608.78,"endTime":4612.2,"body":"this fund is 128 compared to the"},{"speaker":"Nick Lincoln","startTime":4612.2,"endTime":4616.16,"body":"Vanguard life strategy, which is"},{"speaker":"Nick Lincoln","startTime":4612.2,"endTime":4616.16,"body":"total equity of 99 over five"},{"speaker":"Nick Lincoln","startTime":4616.16,"endTime":4619.0599999999995,"body":"years, the Vanguard equity is up"},{"speaker":"Nick Lincoln","startTime":4616.16,"endTime":4619.0599999999995,"body":"50% versus this pension"},{"speaker":"Nick Lincoln","startTime":4619.0599999999995,"endTime":4622.36,"body":"protector Fund, which is down"},{"speaker":"Nick Lincoln","startTime":4619.0599999999995,"endTime":4622.36,"body":"32% Sorry, I had to rant"},{"speaker":"Nick Lincoln","startTime":4622.36,"endTime":4626.2,"body":"somewhere, and most likely you"},{"speaker":"Nick Lincoln","startTime":4622.36,"endTime":4626.2,"body":"get a lot of these messages,"},{"speaker":"Nick Lincoln","startTime":4626.2,"endTime":4628.36,"body":"because it's so easy to come"},{"speaker":"Nick Lincoln","startTime":4626.2,"endTime":4628.36,"body":"across trust like this, yeah."},{"speaker":"Nick Lincoln","startTime":4628.36,"endTime":4630.58,"body":"Well, listen, we're preaching"},{"speaker":"Nick Lincoln","startTime":4628.36,"endTime":4630.58,"body":"the converted. There piece"},{"speaker":"Nick Lincoln","startTime":4630.58,"endTime":4633.4,"body":"definitely. And we all know what"},{"speaker":"Nick Lincoln","startTime":4630.58,"endTime":4633.4,"body":"happened with annuities and"},{"speaker":"Nick Lincoln","startTime":4633.4,"endTime":4635.62,"body":"index linked annuities,"},{"speaker":"Nick Lincoln","startTime":4633.4,"endTime":4635.62,"body":"especially two or three years"},{"speaker":"Nick Lincoln","startTime":4635.62,"endTime":4637.86,"body":"ago, they fell off a cliff, and"},{"speaker":"Nick Lincoln","startTime":4635.62,"endTime":4637.86,"body":"they still haven't really"},{"speaker":"Nick Lincoln","startTime":4637.86,"endTime":4641.0999999999995,"body":"recovered. And it's these funds."},{"speaker":"Nick Lincoln","startTime":4637.86,"endTime":4641.0999999999995,"body":"They come from a time where"},{"speaker":"Nick Lincoln","startTime":4641.0999999999995,"endTime":4646.08,"body":"people would generally annuitize"},{"speaker":"Nick Lincoln","startTime":4641.0999999999995,"endTime":4646.08,"body":"in retirement advise clients. I"},{"speaker":"Nick Lincoln","startTime":4646.08,"endTime":4649.0199999999995,"body":"don't think it happens. It"},{"speaker":"Nick Lincoln","startTime":4646.08,"endTime":4649.0199999999995,"body":"happens very rarely now that"},{"speaker":"Nick Lincoln","startTime":4649.0199999999995,"endTime":4652.44,"body":"clients annuitize. So take it on"},{"speaker":"Nick Lincoln","startTime":4649.0199999999995,"endTime":4652.44,"body":"board. Guys, quick comment on"},{"speaker":"Nick Lincoln","startTime":4652.44,"endTime":4653.28,"body":"Peter's post."},{"speaker":"Alan Smith","startTime":4655.14,"endTime":4657.26,"body":"It's about last time"},{"speaker":"Alan Smith","startTime":4655.14,"endTime":4657.26,"body":"I looked at the data. It's about"},{"speaker":"Alan Smith","startTime":4657.26,"endTime":4661.82,"body":"9% of people in Utah. Is usually"},{"speaker":"Alan Smith","startTime":4657.26,"endTime":4661.82,"body":"small pots, yeah, and they"},{"speaker":"Alan Smith","startTime":4661.82,"endTime":4665.9,"body":"annuitize. So nine over 90% of"},{"speaker":"Alan Smith","startTime":4661.82,"endTime":4665.9,"body":"the market doesn't do this"},{"speaker":"Alan Smith","startTime":4665.9,"endTime":4669.0199999999995,"body":"activity for which these funds"},{"speaker":"Alan Smith","startTime":4665.9,"endTime":4669.0199999999995,"body":"were designed for yet another"},{"speaker":"Alan Smith","startTime":4669.0199999999995,"endTime":4672.14,"body":"example of what we've been"},{"speaker":"Alan Smith","startTime":4669.0199999999995,"endTime":4672.14,"body":"saying, well, pretty much since"},{"speaker":"Alan Smith","startTime":4672.14,"endTime":4676.28,"body":"we started this podcast,"},{"speaker":"Alan Smith","startTime":4672.14,"endTime":4676.28,"body":"designed by people who don't sit"},{"speaker":"Alan Smith","startTime":4676.28,"endTime":4679.36,"body":"in front of clients regularly."},{"speaker":"Alan Smith","startTime":4676.28,"endTime":4679.36,"body":"And it's a solution to problem"},{"speaker":"Alan Smith","startTime":4679.36,"endTime":4682.36,"body":"that doesn't really exist for"},{"speaker":"Alan Smith","startTime":4679.36,"endTime":4682.36,"body":"the vast majority of clients and"},{"speaker":"Alan Smith","startTime":4682.36,"endTime":4685.54,"body":"customers. So, well said. Peter,"},{"speaker":"Alan Smith","startTime":4682.36,"endTime":4685.54,"body":"nothing else to add. Ultra"},{"speaker":"Nick Lincoln","startTime":4687.88,"endTime":4689.2,"body":"muted, ultra"},{"speaker":"Nick Lincoln","startTime":4687.88,"endTime":4689.2,"body":"classic."},{"speaker":"Nick Lincoln","startTime":4695.98,"endTime":4698.16,"body":"Oh, I hope you're watching this"},{"speaker":"Nick Lincoln","startTime":4695.98,"endTime":4698.16,"body":"on YouTube because Ultra is"},{"speaker":"Nick Lincoln","startTime":4698.16,"endTime":4698.46,"body":"having"},{"speaker":"Carl Widger","startTime":4700.2,"endTime":4701.94,"body":"a meltdown. Let's"},{"speaker":"Carl Widger","startTime":4700.2,"endTime":4701.94,"body":"hope it's no you're"},{"speaker":"Nick Lincoln","startTime":4701.94,"endTime":4703.68,"body":"muted in"},{"speaker":"Nick Lincoln","startTime":4701.94,"endTime":4703.68,"body":"Riverside, mate. You're muted in"},{"speaker":"Nick Lincoln","startTime":4703.68,"endTime":4706.8,"body":"Riverside, not on your by the"},{"speaker":"Nick Lincoln","startTime":4703.68,"endTime":4706.8,"body":"way, my microphones got crossed"},{"speaker":"Nick Lincoln","startTime":4706.8,"endTime":4711.24,"body":"through. So you're muted on"},{"speaker":"Nick Lincoln","startTime":4706.8,"endTime":4711.24,"body":"Riverside, on Riverside. Oh, and"},{"speaker":"Nick Lincoln","startTime":4711.24,"endTime":4712.8,"body":"he's left, all right."},{"speaker":"Carl Widger","startTime":4716.0999999999995,"endTime":4719.84,"body":"Could I just say,"},{"speaker":"Carl Widger","startTime":4716.0999999999995,"endTime":4719.84,"body":"like, if anybody has any tech"},{"speaker":"Carl Widger","startTime":4719.84,"endTime":4722.96,"body":"issues, Andy is like, oh my god,"},{"speaker":"Carl Widger","startTime":4719.84,"endTime":4722.96,"body":"this is"},{"speaker":"Unknown","startTime":4724.16,"endTime":4725.42,"body":"frustrated."},{"speaker":"Nick Lincoln","startTime":4727.04,"endTime":4728.54,"body":"So hopefully"},{"speaker":"Unknown","startTime":4728.9,"endTime":4730.82,"body":"see you next time. Oh,"},{"speaker":"Unknown","startTime":4728.9,"endTime":4730.82,"body":"Andy,"},{"speaker":"Andy Hart","startTime":4732.8,"endTime":4735.5599999999995,"body":"anything to add? Yes,"},{"speaker":"Andy Hart","startTime":4732.8,"endTime":4735.5599999999995,"body":"can you hear me first? Yes,"},{"speaker":"Andy Hart","startTime":4735.5599999999995,"endTime":4738.64,"body":"almost, yeah. Peter, thanks for"},{"speaker":"Andy Hart","startTime":4735.5599999999995,"endTime":4738.64,"body":"sharing that I've saved multiple"},{"speaker":"Andy Hart","startTime":4738.64,"endTime":4742.54,"body":"clients six figures by turning"},{"speaker":"Andy Hart","startTime":4738.64,"endTime":4742.54,"body":"off lifestyle. No, no, it's"},{"speaker":"Andy Hart","startTime":4742.54,"endTime":4746.68,"body":"important. It's important. No,"},{"speaker":"Andy Hart","startTime":4742.54,"endTime":4746.68,"body":"no, no, no, all good advisors"},{"speaker":"Andy Hart","startTime":4746.68,"endTime":4749.92,"body":"have saved clients six figures"},{"speaker":"Andy Hart","startTime":4746.68,"endTime":4749.92,"body":"by turning off lifestyle in even"},{"speaker":"Andy Hart","startTime":4749.92,"endTime":4752.14,"body":"more. Now, if I look at these"},{"speaker":"Andy Hart","startTime":4749.92,"endTime":4752.14,"body":"numbers that have come in"},{"speaker":"Andy Hart","startTime":4752.14,"endTime":4755.32,"body":"recently, what I'm saying about"},{"speaker":"Andy Hart","startTime":4752.14,"endTime":4755.32,"body":"that, that's why we don't charge"},{"speaker":"Andy Hart","startTime":4755.32,"endTime":4758.7,"body":"per hour. Wisdom is not sold per"},{"speaker":"Andy Hart","startTime":4755.32,"endTime":4758.7,"body":"hour? That's one question."},{"speaker":"Andy Hart","startTime":4758.82,"endTime":4762.9,"body":"That's one answer, yeah,"},{"speaker":"Andy Hart","startTime":4758.82,"endTime":4762.9,"body":"absolutely, totally. Wisdom is"},{"speaker":"Andy Hart","startTime":4762.9,"endTime":4765.42,"body":"not sold per hour. That's right."},{"speaker":"Andy Hart","startTime":4762.9,"endTime":4765.42,"body":"So that's it. That's right."},{"speaker":"Andy Hart","startTime":4765.42,"endTime":4766.14,"body":"Okay, great stuff."},{"speaker":"Nick Lincoln","startTime":4766.2,"endTime":4768.48,"body":"Thank you, Peter"},{"speaker":"Nick Lincoln","startTime":4766.2,"endTime":4768.48,"body":"for your rant. Got us got our"},{"speaker":"Nick Lincoln","startTime":4768.48,"endTime":4770.88,"body":"juices, fine, got Andy and a"},{"speaker":"Nick Lincoln","startTime":4768.48,"endTime":4770.88,"body":"tears with the technology, which"},{"speaker":"Nick Lincoln","startTime":4770.88,"endTime":4773.4,"body":"is always worth the price of"},{"speaker":"Nick Lincoln","startTime":4770.88,"endTime":4773.4,"body":"admission. Okay, let's move on"},{"speaker":"Nick Lincoln","startTime":4773.4,"endTime":4779.84,"body":"to what many people call culture"},{"speaker":"Nick Lincoln","startTime":4773.4,"endTime":4779.84,"body":"corner. Okay,"},{"speaker":"Alan Smith","startTime":4782.78,"endTime":4788.24,"body":"I would like to"},{"speaker":"Alan Smith","startTime":4782.78,"endTime":4788.24,"body":"point you to a podcast, a new"},{"speaker":"Alan Smith","startTime":4788.24,"endTime":4795.92,"body":"podcast called Manana, and it"},{"speaker":"Alan Smith","startTime":4788.24,"endTime":4795.92,"body":"has been created by a very"},{"speaker":"Alan Smith","startTime":4795.92,"endTime":4798.88,"body":"experienced financial advisor"},{"speaker":"Alan Smith","startTime":4795.92,"endTime":4798.88,"body":"called Roy McLaughlin. I've"},{"speaker":"Alan Smith","startTime":4798.88,"endTime":4802.48,"body":"known Roy on and off for many,"},{"speaker":"Alan Smith","startTime":4798.88,"endTime":4802.48,"body":"many years. It's been around the"},{"speaker":"Alan Smith","startTime":4802.48,"endTime":4806.32,"body":"block, and he's really focused"},{"speaker":"Alan Smith","startTime":4802.48,"endTime":4806.32,"body":"on for most of his career, on"},{"speaker":"Alan Smith","startTime":4806.32,"endTime":4808.72,"body":"protection. Interestingly, you"},{"speaker":"Alan Smith","startTime":4806.32,"endTime":4808.72,"body":"know, life insurance,"},{"speaker":"Alan Smith","startTime":4808.72,"endTime":4811.54,"body":"protection, all that sort of"},{"speaker":"Alan Smith","startTime":4808.72,"endTime":4811.54,"body":"thing. And he just launched a"},{"speaker":"Alan Smith","startTime":4811.54,"endTime":4813.82,"body":"new podcast. And there's a bit"},{"speaker":"Alan Smith","startTime":4811.54,"endTime":4813.82,"body":"of a link between all this,"},{"speaker":"Alan Smith","startTime":4813.82,"endTime":4816.16,"body":"because I listened to the"},{"speaker":"Alan Smith","startTime":4813.82,"endTime":4816.16,"body":"podcast when I was on holiday,"},{"speaker":"Alan Smith","startTime":4816.16,"endTime":4819.0599999999995,"body":"and it was really, really good."},{"speaker":"Alan Smith","startTime":4816.16,"endTime":4819.0599999999995,"body":"And I actually, if you boys cast"},{"speaker":"Alan Smith","startTime":4819.0599999999995,"endTime":4823.0199999999995,"body":"your minds back to the famous,"},{"speaker":"Alan Smith","startTime":4819.0599999999995,"endTime":4823.0199999999995,"body":"or shall I say, infamous, hum,"},{"speaker":"Alan Smith","startTime":4823.2,"endTime":4826.86,"body":"Dublin. When was that?"},{"speaker":"Unknown","startTime":4828.24,"endTime":4830.82,"body":"A few years ago, Carlos"},{"speaker":"Unknown","startTime":4828.24,"endTime":4830.82,"body":"the date, does it? He called the"},{"speaker":"Unknown","startTime":4830.82,"endTime":4831.12,"body":"date."},{"speaker":"Carl Widger","startTime":4831.48,"endTime":4833.4,"body":"Move on. My"},{"speaker":"Carl Widger","startTime":4831.48,"endTime":4833.4,"body":"therapist has bluffed."},{"speaker":"Unknown","startTime":4835.86,"endTime":4837.5,"body":"It was a cracking"},{"speaker":"Unknown","startTime":4835.86,"endTime":4837.5,"body":"conference. People"},{"speaker":"Alan Smith","startTime":4837.5,"endTime":4840.86,"body":"don't worry. Great,"},{"speaker":"Alan Smith","startTime":4837.5,"endTime":4840.86,"body":"great conference. So I my award"},{"speaker":"Alan Smith","startTime":4840.86,"endTime":4844.5199999999995,"body":"winning talk. I think it got the"},{"speaker":"Alan Smith","startTime":4840.86,"endTime":4844.5199999999995,"body":"best talk of the day. But that"},{"speaker":"Alan Smith","startTime":4844.5199999999995,"endTime":4848.18,"body":"was I talked about the art of"},{"speaker":"Alan Smith","startTime":4844.5199999999995,"endTime":4848.18,"body":"storytelling. And I actually"},{"speaker":"Alan Smith","startTime":4848.24,"endTime":4851.66,"body":"used the story, because Roy had"},{"speaker":"Alan Smith","startTime":4848.24,"endTime":4851.66,"body":"told me this story, which was"},{"speaker":"Alan Smith","startTime":4851.66,"endTime":4855.38,"body":"then covered on this podcast."},{"speaker":"Alan Smith","startTime":4851.66,"endTime":4855.38,"body":"And it's actually joking aside."},{"speaker":"Alan Smith","startTime":4855.38,"endTime":4857.68,"body":"It's really, really sad story,"},{"speaker":"Alan Smith","startTime":4855.38,"endTime":4857.68,"body":"because some of you guys will"},{"speaker":"Alan Smith","startTime":4857.68,"endTime":4864.16,"body":"know or remember the sky sports"},{"speaker":"Alan Smith","startTime":4857.68,"endTime":4864.16,"body":"journalist, reporter Simon Simon"},{"speaker":"Alan Smith","startTime":4864.16,"endTime":4870.0999999999995,"body":"Thomas, whose wife, very sadly,"},{"speaker":"Alan Smith","startTime":4864.16,"endTime":4870.0999999999995,"body":"was diagnosed with cancer and"},{"speaker":"Alan Smith","startTime":4870.0999999999995,"endTime":4873.94,"body":"was dead within three days."},{"speaker":"Alan Smith","startTime":4870.0999999999995,"endTime":4873.94,"body":"Yeah, unbelievable, tragic"},{"speaker":"Alan Smith","startTime":4873.94,"endTime":4878.5199999999995,"body":"story, and the story you. That"},{"speaker":"Alan Smith","startTime":4873.94,"endTime":4878.5199999999995,"body":"he and on this podcast, I think"},{"speaker":"Alan Smith","startTime":4878.5199999999995,"endTime":4881.28,"body":"it's the first or second"},{"speaker":"Alan Smith","startTime":4878.5199999999995,"endTime":4881.28,"body":"episode, um, because Roy is his"},{"speaker":"Alan Smith","startTime":4881.28,"endTime":4885.3,"body":"financial advisor. And when they"},{"speaker":"Alan Smith","startTime":4881.28,"endTime":4885.3,"body":"were, when he was giving advice,"},{"speaker":"Alan Smith","startTime":4885.3,"endTime":4888.36,"body":"setting up, you know, life"},{"speaker":"Alan Smith","startTime":4885.3,"endTime":4888.36,"body":"assurance products, etc. And"},{"speaker":"Alan Smith","startTime":4888.36,"endTime":4892.0199999999995,"body":"Simon was the main breadwinner,"},{"speaker":"Alan Smith","startTime":4888.36,"endTime":4892.0199999999995,"body":"obviously. And his wife was a"},{"speaker":"Alan Smith","startTime":4892.0199999999995,"endTime":4894.3,"body":"stay at home wife, and they had"},{"speaker":"Alan Smith","startTime":4892.0199999999995,"endTime":4894.3,"body":"a small child they were bringing"},{"speaker":"Alan Smith","startTime":4894.3,"endTime":4897.32,"body":"up. And he said, Well, we don't"},{"speaker":"Alan Smith","startTime":4894.3,"endTime":4897.32,"body":"need to cover Gemma. I think her"},{"speaker":"Alan Smith","startTime":4897.32,"endTime":4899.66,"body":"name is, we don't need to cover"},{"speaker":"Alan Smith","startTime":4897.32,"endTime":4899.66,"body":"her because she doesn't make the"},{"speaker":"Alan Smith","startTime":4899.66,"endTime":4903.38,"body":"income. But Roy said, and he"},{"speaker":"Alan Smith","startTime":4899.66,"endTime":4903.38,"body":"told the story about it because"},{"speaker":"Alan Smith","startTime":4903.38,"endTime":4905.5999999999995,"body":"he had another client this"},{"speaker":"Alan Smith","startTime":4903.38,"endTime":4905.5999999999995,"body":"happened to, he said, I really"},{"speaker":"Alan Smith","startTime":4905.5999999999995,"endTime":4909.98,"body":"would encourage you to do so, to"},{"speaker":"Alan Smith","startTime":4905.5999999999995,"endTime":4909.98,"body":"cover the spouse as well, even"},{"speaker":"Alan Smith","startTime":4909.98,"endTime":4912.8,"body":"though the non, non breadwinner."},{"speaker":"Alan Smith","startTime":4909.98,"endTime":4912.8,"body":"And then, as it worked out, and"},{"speaker":"Alan Smith","startTime":4912.8,"endTime":4916.66,"body":"she tragically did pass away, he"},{"speaker":"Alan Smith","startTime":4912.8,"endTime":4916.66,"body":"was able to, you know, not worry"},{"speaker":"Alan Smith","startTime":4916.66,"endTime":4919.0599999999995,"body":"about the finances, because if"},{"speaker":"Alan Smith","startTime":4916.66,"endTime":4919.0599999999995,"body":"you pay down their mortgage, had"},{"speaker":"Alan Smith","startTime":4919.0599999999995,"endTime":4921.58,"body":"enough money. And obviously he's"},{"speaker":"Alan Smith","startTime":4919.0599999999995,"endTime":4921.58,"body":"freelancing, doing sky, Sky"},{"speaker":"Alan Smith","startTime":4921.58,"endTime":4924.82,"body":"Sports. But he goes through the"},{"speaker":"Alan Smith","startTime":4921.58,"endTime":4924.82,"body":"story again, and it's really"},{"speaker":"Alan Smith","startTime":4924.82,"endTime":4927.64,"body":"quite a profound story. It's"},{"speaker":"Alan Smith","startTime":4924.82,"endTime":4927.64,"body":"well worth listening to every"},{"speaker":"Alan Smith","startTime":4927.64,"endTime":4930.28,"body":"now and again. We mentioned this"},{"speaker":"Alan Smith","startTime":4927.64,"endTime":4930.28,"body":"podcast that life assurance and"},{"speaker":"Alan Smith","startTime":4930.28,"endTime":4934.0,"body":"protection and what have you,"},{"speaker":"Alan Smith","startTime":4930.28,"endTime":4934.0,"body":"and listening to that story"},{"speaker":"Alan Smith","startTime":4934.0,"endTime":4937.5599999999995,"body":"list, you know, reiterated by"},{"speaker":"Alan Smith","startTime":4934.0,"endTime":4937.5599999999995,"body":"Simon, the guy who was obviously"},{"speaker":"Alan Smith","startTime":4937.5599999999995,"endTime":4940.8,"body":"part of the the entire thing. It"},{"speaker":"Alan Smith","startTime":4937.5599999999995,"endTime":4940.8,"body":"was a Sally to remind I think"},{"speaker":"Alan Smith","startTime":4940.8,"endTime":4943.26,"body":"it's a really well done podcast."},{"speaker":"Alan Smith","startTime":4940.8,"endTime":4943.26,"body":"It was a really good interview."},{"speaker":"Alan Smith","startTime":4943.26,"endTime":4945.78,"body":"Of course, Simon's a broadcaster"},{"speaker":"Alan Smith","startTime":4943.26,"endTime":4945.78,"body":"himself, so he's very good at"},{"speaker":"Alan Smith","startTime":4945.78,"endTime":4949.86,"body":"sort of sharing stuff in a, sort"},{"speaker":"Alan Smith","startTime":4945.78,"endTime":4949.86,"body":"of in a good and elegant way. So"},{"speaker":"Alan Smith","startTime":4949.86,"endTime":4953.7,"body":"I would recommend you check out"},{"speaker":"Alan Smith","startTime":4949.86,"endTime":4953.7,"body":"the podcast and the, oh, the"},{"speaker":"Alan Smith","startTime":4953.7,"endTime":4956.78,"body":"other thing that is worth saying"},{"speaker":"Alan Smith","startTime":4953.7,"endTime":4956.78,"body":"that they refer to as well,"},{"speaker":"Alan Smith","startTime":4956.78,"endTime":4959.18,"body":"because when you have that mess"},{"speaker":"Alan Smith","startTime":4956.78,"endTime":4959.18,"body":"and somebody passes away,"},{"speaker":"Alan Smith","startTime":4959.18,"endTime":4962.48,"body":"particularly if it's very"},{"speaker":"Alan Smith","startTime":4959.18,"endTime":4962.48,"body":"sudden, there is a lot of just"},{"speaker":"Alan Smith","startTime":4962.54,"endTime":4965.36,"body":"paperwork, isn't it, admin and"},{"speaker":"Alan Smith","startTime":4962.54,"endTime":4965.36,"body":"stuff. You guys may well know"},{"speaker":"Alan Smith","startTime":4965.36,"endTime":4968.42,"body":"this. I knew, but forgot about"},{"speaker":"Alan Smith","startTime":4965.36,"endTime":4968.42,"body":"it. This online service called"},{"speaker":"Alan Smith","startTime":4968.42,"endTime":4971.48,"body":"tell us once Yeah, heard of"},{"speaker":"Alan Smith","startTime":4968.42,"endTime":4971.48,"body":"that? Yep, yep. So if something"},{"speaker":"Alan Smith","startTime":4971.48,"endTime":4974.96,"body":"happens to somebody passes away"},{"speaker":"Alan Smith","startTime":4971.48,"endTime":4974.96,"body":"in that rather than have to tell"},{"speaker":"Alan Smith","startTime":4974.96,"endTime":4978.0999999999995,"body":"your 50 different agencies and"},{"speaker":"Alan Smith","startTime":4974.96,"endTime":4978.0999999999995,"body":"companies and organizations and"},{"speaker":"Alan Smith","startTime":4978.0999999999995,"endTime":4981.76,"body":"what have you go on that website"},{"speaker":"Alan Smith","startTime":4978.0999999999995,"endTime":4981.76,"body":"tell us once, and you provide"},{"speaker":"Alan Smith","startTime":4981.76,"endTime":4984.22,"body":"all the details, and at least it"},{"speaker":"Alan Smith","startTime":4981.76,"endTime":4984.22,"body":"sort of reduces some of the"},{"speaker":"Alan Smith","startTime":4984.22,"endTime":4985.5999999999995,"body":"admin burdens. Who refers to"},{"speaker":"Andy Hart","startTime":4985.72,"endTime":4987.64,"body":"that? And it's called"},{"speaker":"Andy Hart","startTime":4985.72,"endTime":4987.64,"body":"sad men?"},{"speaker":"Nick Lincoln","startTime":4991.24,"endTime":4992.44,"body":"Yeah, that's so"},{"speaker":"Nick Lincoln","startTime":4991.24,"endTime":4992.44,"body":"true. It"},{"speaker":"Andy Hart","startTime":4993.76,"endTime":4995.74,"body":"hits people hard."},{"speaker":"Andy Hart","startTime":4993.76,"endTime":4995.74,"body":"It's, I'm sorry about your"},{"speaker":"Andy Hart","startTime":4995.74,"endTime":4999.0,"body":"terrible news. Now you've got to"},{"speaker":"Andy Hart","startTime":4995.74,"endTime":4999.0,"body":"do 4000 things over the next two"},{"speaker":"Andy Hart","startTime":4999.12,"endTime":5002.36,"body":"weeks and talk to hundreds of"},{"speaker":"Andy Hart","startTime":4999.12,"endTime":5002.36,"body":"people in call centers that you"},{"speaker":"Andy Hart","startTime":5002.54,"endTime":5003.5599999999995,"body":"don't know what's going"},{"speaker":"Nick Lincoln","startTime":5003.5599999999995,"endTime":5006.44,"body":"on anyway. So"},{"speaker":"Nick Lincoln","startTime":5003.5599999999995,"endTime":5006.44,"body":"podcasters, podcast platforms,"},{"speaker":"Nick Lincoln","startTime":5006.5,"endTime":5008.84,"body":"right? Me next. Okay, so I want"},{"speaker":"Nick Lincoln","startTime":5006.5,"endTime":5008.84,"body":"to give a shout out to this guy,"},{"speaker":"Nick Lincoln","startTime":5008.9,"endTime":5011.54,"body":"because he's got a StartUp"},{"speaker":"Nick Lincoln","startTime":5008.9,"endTime":5011.54,"body":"podcast and he's struggling to"},{"speaker":"Nick Lincoln","startTime":5011.54,"endTime":5014.0599999999995,"body":"get traction. His name is Pete"},{"speaker":"Nick Lincoln","startTime":5011.54,"endTime":5014.0599999999995,"body":"Matthews. It's the meaningless"},{"speaker":"Nick Lincoln","startTime":5014.0599999999995,"endTime":5019.0599999999995,"body":"money podcast. He's only on"},{"speaker":"Nick Lincoln","startTime":5014.0599999999995,"endTime":5019.0599999999995,"body":"episode 583, he did one on"},{"speaker":"Nick Lincoln","startTime":5019.0599999999995,"endTime":5022.0599999999995,"body":"family protection trusts"},{"speaker":"Nick Lincoln","startTime":5019.0599999999995,"endTime":5022.0599999999995,"body":"involving McClure solicitors."},{"speaker":"Nick Lincoln","startTime":5022.0599999999995,"endTime":5025.72,"body":"McClure solicitors went belly"},{"speaker":"Nick Lincoln","startTime":5022.0599999999995,"endTime":5025.72,"body":"up, and they were trustees on"},{"speaker":"Nick Lincoln","startTime":5025.72,"endTime":5028.36,"body":"all these trusts they set up,"},{"speaker":"Nick Lincoln","startTime":5025.72,"endTime":5028.36,"body":"and people are trying to unwind"},{"speaker":"Nick Lincoln","startTime":5028.36,"endTime":5031.54,"body":"them. Family Protection trusts,"},{"speaker":"Nick Lincoln","startTime":5028.36,"endTime":5031.54,"body":"as far as like, and I'm not very"},{"speaker":"Nick Lincoln","startTime":5031.54,"endTime":5034.24,"body":"good on I find trust give me the"},{"speaker":"Nick Lincoln","startTime":5031.54,"endTime":5034.24,"body":"willies right, Life Assurance"},{"speaker":"Nick Lincoln","startTime":5034.24,"endTime":5036.4,"body":"trust I'm happy with. Beyond"},{"speaker":"Nick Lincoln","startTime":5034.24,"endTime":5036.4,"body":"that, they give me the bloody"},{"speaker":"Nick Lincoln","startTime":5036.4,"endTime":5039.0599999999995,"body":"willies. These family protection"},{"speaker":"Nick Lincoln","startTime":5036.4,"endTime":5039.0599999999995,"body":"trusts seem to be a way of"},{"speaker":"Nick Lincoln","startTime":5039.0599999999995,"endTime":5042.54,"body":"making, of trying to make sure"},{"speaker":"Nick Lincoln","startTime":5039.0599999999995,"endTime":5042.54,"body":"the family home was outside of"},{"speaker":"Nick Lincoln","startTime":5042.54,"endTime":5047.04,"body":"the estate for care home"},{"speaker":"Nick Lincoln","startTime":5042.54,"endTime":5047.04,"body":"assessment. They haven't worked."},{"speaker":"Nick Lincoln","startTime":5047.04,"endTime":5049.68,"body":"They've been a complete balls"},{"speaker":"Nick Lincoln","startTime":5047.04,"endTime":5049.68,"body":"up. And now you've got loads of"},{"speaker":"Nick Lincoln","startTime":5049.68,"endTime":5052.98,"body":"families they can't sell these"},{"speaker":"Nick Lincoln","startTime":5049.68,"endTime":5052.98,"body":"homes that they can't even when"},{"speaker":"Nick Lincoln","startTime":5052.98,"endTime":5055.2,"body":"people have cast where they"},{"speaker":"Nick Lincoln","startTime":5052.98,"endTime":5055.2,"body":"can't sell them, because they"},{"speaker":"Nick Lincoln","startTime":5055.2,"endTime":5058.7,"body":"need the trustees consent. The"},{"speaker":"Nick Lincoln","startTime":5055.2,"endTime":5058.7,"body":"trustees aren't around and well,"},{"speaker":"Nick Lincoln","startTime":5058.7,"endTime":5061.22,"body":"obviously Peter pro what he"},{"speaker":"Nick Lincoln","startTime":5058.7,"endTime":5061.22,"body":"does, and he goes through this"},{"speaker":"Nick Lincoln","startTime":5061.22,"endTime":5063.5599999999995,"body":"very well. He teases this out."},{"speaker":"Nick Lincoln","startTime":5061.22,"endTime":5063.5599999999995,"body":"He's interviewing a guy who's"},{"speaker":"Nick Lincoln","startTime":5063.5599999999995,"endTime":5066.44,"body":"going through this with his own"},{"speaker":"Nick Lincoln","startTime":5063.5599999999995,"endTime":5066.44,"body":"family. Well worth listening to"},{"speaker":"Nick Lincoln","startTime":5066.62,"endTime":5069.8,"body":"As a quick side note. On the IFA"},{"speaker":"Nick Lincoln","startTime":5066.62,"endTime":5069.8,"body":"forum, china.cc/if a forum,"},{"speaker":"Nick Lincoln","startTime":5070.04,"endTime":5072.5599999999995,"body":"there are so many questions"},{"speaker":"Nick Lincoln","startTime":5070.04,"endTime":5072.5599999999995,"body":"about trusts, bonds and"},{"speaker":"Nick Lincoln","startTime":5072.5599999999995,"endTime":5076.28,"body":"taxation, I would urge younger"},{"speaker":"Nick Lincoln","startTime":5072.5599999999995,"endTime":5076.28,"body":"Trappists who are being"},{"speaker":"Nick Lincoln","startTime":5076.28,"endTime":5078.8,"body":"encouraged by Life Assurance"},{"speaker":"Nick Lincoln","startTime":5076.28,"endTime":5078.8,"body":"companies to think investment"},{"speaker":"Nick Lincoln","startTime":5078.8,"endTime":5081.22,"body":"bonds. Investment bonds are the"},{"speaker":"Nick Lincoln","startTime":5078.8,"endTime":5081.22,"body":"panacea. Now the capital gains"},{"speaker":"Nick Lincoln","startTime":5081.22,"endTime":5084.4,"body":"tax regime is less beneficent,"},{"speaker":"Nick Lincoln","startTime":5081.22,"endTime":5084.4,"body":"just to go in with your eyes"},{"speaker":"Nick Lincoln","startTime":5084.4,"endTime":5087.0999999999995,"body":"open in terms of setting up life"},{"speaker":"Nick Lincoln","startTime":5084.4,"endTime":5087.0999999999995,"body":"insurance bonds and trust,"},{"speaker":"Nick Lincoln","startTime":5087.0999999999995,"endTime":5089.86,"body":"because you are stuck with that"},{"speaker":"Nick Lincoln","startTime":5087.0999999999995,"endTime":5089.86,"body":"f being provider for the rest of"},{"speaker":"Nick Lincoln","startTime":5089.86,"endTime":5091.72,"body":"your bloody days. Okay, my"},{"speaker":"Andy Hart","startTime":5091.72,"endTime":5093.28,"body":"God, is it messy,"},{"speaker":"Andy Hart","startTime":5091.72,"endTime":5093.28,"body":"right?"},{"speaker":"Carl Widger","startTime":5094.96,"endTime":5099.9,"body":"I've got two Diary"},{"speaker":"Carl Widger","startTime":5094.96,"endTime":5099.9,"body":"of a CEO Stephen Bartlett."},{"speaker":"Carl Widger","startTime":5099.9,"endTime":5102.54,"body":"Haven't listened to him in a"},{"speaker":"Carl Widger","startTime":5099.9,"endTime":5102.54,"body":"while. Actually went kind of off"},{"speaker":"Carl Widger","startTime":5102.54,"endTime":5105.84,"body":"him. Don't know why, but this"},{"speaker":"Carl Widger","startTime":5102.54,"endTime":5105.84,"body":"one is an interview with Kevin"},{"speaker":"Carl Widger","startTime":5105.84,"endTime":5111.0599999999995,"body":"O'Leary, who's a sharp Shark"},{"speaker":"Carl Widger","startTime":5105.84,"endTime":5111.0599999999995,"body":"Tank guy from the States, Dragon"},{"speaker":"Carl Widger","startTime":5111.0599999999995,"endTime":5115.5599999999995,"body":"Zen guy, absolutely brilliant."},{"speaker":"Carl Widger","startTime":5111.0599999999995,"endTime":5115.5599999999995,"body":"It's really, really good. He"},{"speaker":"Carl Widger","startTime":5115.5599999999995,"endTime":5118.76,"body":"kind of goes through what the"},{"speaker":"Carl Widger","startTime":5115.5599999999995,"endTime":5118.76,"body":"traits of an entrepreneur are."},{"speaker":"Carl Widger","startTime":5118.76,"endTime":5123.14,"body":"So if you're embarking on"},{"speaker":"Carl Widger","startTime":5118.76,"endTime":5123.14,"body":"wanting to be a business owner,"},{"speaker":"Carl Widger","startTime":5123.38,"endTime":5126.98,"body":"you should listen to this. Talks"},{"speaker":"Carl Widger","startTime":5123.38,"endTime":5126.98,"body":"about, see, he worked for Steve"},{"speaker":"Carl Widger","startTime":5126.98,"endTime":5130.58,"body":"Jobs, right? And talks about the"},{"speaker":"Carl Widger","startTime":5126.98,"endTime":5130.58,"body":"fact that he was a genius, but"},{"speaker":"Carl Widger","startTime":5130.58,"endTime":5136.22,"body":"probably not a very nice guy."},{"speaker":"Carl Widger","startTime":5130.58,"endTime":5136.22,"body":"Talks about maybe what we would"},{"speaker":"Carl Widger","startTime":5136.5199999999995,"endTime":5140.44,"body":"put inverted commas, woke ism,"},{"speaker":"Carl Widger","startTime":5136.5199999999995,"endTime":5140.44,"body":"and talking about nice versus"},{"speaker":"Carl Widger","startTime":5140.44,"endTime":5143.74,"body":"respect, and about hard work and"},{"speaker":"Carl Widger","startTime":5140.44,"endTime":5143.74,"body":"about work life balance being"},{"speaker":"Carl Widger","startTime":5143.74,"endTime":5147.46,"body":"bullshit if you're setting up a"},{"speaker":"Carl Widger","startTime":5143.74,"endTime":5147.46,"body":"business, kind of talking my"},{"speaker":"Carl Widger","startTime":5147.46,"endTime":5151.66,"body":"language a little bit, and he"},{"speaker":"Carl Widger","startTime":5147.46,"endTime":5151.66,"body":"has some very good investing"},{"speaker":"Carl Widger","startTime":5151.66,"endTime":5155.62,"body":"advice, even though I wouldn't"},{"speaker":"Carl Widger","startTime":5151.66,"endTime":5155.62,"body":"agree with it all, he was Big on"},{"speaker":"Carl Widger","startTime":5155.62,"endTime":5159.54,"body":"discipline, and, you know,"},{"speaker":"Carl Widger","startTime":5155.62,"endTime":5159.54,"body":"putting money away. And then he"},{"speaker":"Carl Widger","startTime":5159.54,"endTime":5162.24,"body":"speaks Alan, you'd love it about"},{"speaker":"Carl Widger","startTime":5159.54,"endTime":5162.24,"body":"the power of AI, which I think"},{"speaker":"Carl Widger","startTime":5162.24,"endTime":5166.0199999999995,"body":"I'm pretty much sold on at this"},{"speaker":"Carl Widger","startTime":5162.24,"endTime":5166.0199999999995,"body":"stage. So really, really, really"},{"speaker":"Carl Widger","startTime":5166.0199999999995,"endTime":5169.62,"body":"good, really interesting guy,"},{"speaker":"Carl Widger","startTime":5166.0199999999995,"endTime":5169.62,"body":"and, well, able to tell his own"},{"speaker":"Carl Widger","startTime":5169.62,"endTime":5173.5199999999995,"body":"story. And then a second one,"},{"speaker":"Carl Widger","startTime":5169.62,"endTime":5173.5199999999995,"body":"this one, because I don't look"},{"speaker":"Carl Widger","startTime":5173.5199999999995,"endTime":5176.66,"body":"at the show notes ever, so I'm"},{"speaker":"Carl Widger","startTime":5173.5199999999995,"endTime":5176.66,"body":"not sure is this one? Has, has"},{"speaker":"Carl Widger","startTime":5176.66,"endTime":5179.42,"body":"this one come up? Hot money,"},{"speaker":"Carl Widger","startTime":5176.66,"endTime":5179.42,"body":"agent of chaos. I"},{"speaker":"Andy Hart","startTime":5179.48,"endTime":5182.42,"body":"love hot money. It's"},{"speaker":"Andy Hart","startTime":5179.48,"endTime":5182.42,"body":"got three series. This is the"},{"speaker":"Andy Hart","startTime":5182.48,"endTime":5185.84,"body":"third one. Yes, the wire. This"},{"speaker":"Andy Hart","startTime":5182.48,"endTime":5185.84,"body":"is the wire card, yeah, the"},{"speaker":"Andy Hart","startTime":5185.84,"endTime":5189.2,"body":"American, the German company,"},{"speaker":"Andy Hart","startTime":5185.84,"endTime":5189.2,"body":"yeah, yes. Matt wire"},{"speaker":"Carl Widger","startTime":5189.2,"endTime":5191.9,"body":"card. Jan Mar"},{"speaker":"Carl Widger","startTime":5189.2,"endTime":5191.9,"body":"select, right? Yeah, guys,"},{"speaker":"Unknown","startTime":5192.0199999999995,"endTime":5194.9,"body":"is this the it thing?"},{"speaker":"Unknown","startTime":5192.0199999999995,"endTime":5194.9,"body":"Yeah, you Yeah. That's been out"},{"speaker":"Unknown","startTime":5194.9,"endTime":5195.32,"body":"for a while,"},{"speaker":"Carl Widger","startTime":5195.44,"endTime":5198.34,"body":"isn't it? It is"},{"speaker":"Carl Widger","startTime":5195.44,"endTime":5198.34,"body":"absolutely. It's like a James"},{"speaker":"Carl Widger","startTime":5198.34,"endTime":5202.96,"body":"Bond story in your ears. It is"},{"speaker":"Carl Widger","startTime":5198.34,"endTime":5202.96,"body":"wild. One"},{"speaker":"Nick Lincoln","startTime":5204.4,"endTime":5206.2,"body":"of them living in"},{"speaker":"Nick Lincoln","startTime":5204.4,"endTime":5206.2,"body":"China. Thank you for"},{"speaker":"Carl Widger","startTime":5206.2,"endTime":5209.32,"body":"that. Belarus, I"},{"speaker":"Carl Widger","startTime":5206.2,"endTime":5209.32,"body":"reckon he's, yeah, somewhere"},{"speaker":"Carl Widger","startTime":5209.32,"endTime":5213.28,"body":"like that. Wow. It is absolutely"},{"speaker":"Carl Widger","startTime":5209.32,"endTime":5213.28,"body":"amazing. And it happened on on"},{"speaker":"Carl Widger","startTime":5213.28,"endTime":5217.0199999999995,"body":"your doorstep. It happened in"},{"speaker":"Carl Widger","startTime":5213.28,"endTime":5217.0199999999995,"body":"London. Yes, good. And like, he"},{"speaker":"Carl Widger","startTime":5217.0199999999995,"endTime":5221.34,"body":"had anyway, I won't ruin it. It"},{"speaker":"Carl Widger","startTime":5217.0199999999995,"endTime":5221.34,"body":"is, it is amazing, like a"},{"speaker":"Carl Widger","startTime":5221.34,"endTime":5225.18,"body":"brilliant, brilliant podcast,"},{"speaker":"Carl Widger","startTime":5221.34,"endTime":5225.18,"body":"podcast series to listen to over"},{"speaker":"Carl Widger","startTime":5225.18,"endTime":5227.0999999999995,"body":"the summer. You know, just"},{"speaker":"Carl Widger","startTime":5225.18,"endTime":5227.0999999999995,"body":"amazing."},{"speaker":"Andy Hart","startTime":5227.5199999999995,"endTime":5229.86,"body":"The previous hot"},{"speaker":"Andy Hart","startTime":5227.5199999999995,"endTime":5229.86,"body":"moneys. I think one of them was"},{"speaker":"Andy Hart","startTime":5229.86,"endTime":5232.86,"body":"about the porn industry. Sounds"},{"speaker":"Andy Hart","startTime":5229.86,"endTime":5232.86,"body":"better than it is. And the other"},{"speaker":"Andy Hart","startTime":5232.86,"endTime":5236.84,"body":"one is about crypto and crypto,"},{"speaker":"Andy Hart","startTime":5232.86,"endTime":5236.84,"body":"crypto and Angel coin. So, yeah,"},{"speaker":"Andy Hart","startTime":5236.84,"endTime":5238.04,"body":"hot money is"},{"speaker":"Nick Lincoln","startTime":5239.5999999999995,"endTime":5242.48,"body":"an awesome, great"},{"speaker":"Nick Lincoln","startTime":5239.5999999999995,"endTime":5242.48,"body":"hot money, or agent of chaos"},{"speaker":"Nick Lincoln","startTime":5242.48,"endTime":5244.7,"body":"that should be searching for"},{"speaker":"Nick Lincoln","startTime":5242.48,"endTime":5244.7,"body":"him. Hot money, hot money"},{"speaker":"Nick Lincoln","startTime":5244.7,"endTime":5247.64,"body":"series, definitely subscribe to"},{"speaker":"Nick Lincoln","startTime":5244.7,"endTime":5247.64,"body":"that now. Carl, yeah, cast and"},{"speaker":"Nick Lincoln","startTime":5247.64,"endTime":5249.5599999999995,"body":"download everything. Yeah,"},{"speaker":"Nick Lincoln","startTime":5247.64,"endTime":5249.5599999999995,"body":"season"},{"speaker":"Carl Widger","startTime":5250.28,"endTime":5252.68,"body":"three. Show Notes,"},{"speaker":"Carl Widger","startTime":5250.28,"endTime":5252.68,"body":"you could just click on the link"},{"speaker":"Carl Widger","startTime":5252.68,"endTime":5253.7,"body":"that I put in, but anyway,"},{"speaker":"Andy Hart","startTime":5253.7,"endTime":5256.54,"body":"not Yeah. Show Notes"},{"speaker":"Andy Hart","startTime":5253.7,"endTime":5256.54,"body":"are just the website. Now, I've"},{"speaker":"Andy Hart","startTime":5256.54,"endTime":5257.26,"body":"done that while we were"},{"speaker":"Nick Lincoln","startTime":5257.26,"endTime":5259.42,"body":"speaking. It's not"},{"speaker":"Nick Lincoln","startTime":5257.26,"endTime":5259.42,"body":"as good as us. Remember our show"},{"speaker":"Nick Lincoln","startTime":5259.42,"endTime":5262.3,"body":"notes in one magnificent"},{"speaker":"Nick Lincoln","startTime":5259.42,"endTime":5262.3,"body":"document that's going to be the"},{"speaker":"Nick Lincoln","startTime":5262.3,"endTime":5265.48,"body":"mother lode, the Wikipedia of UK"},{"speaker":"Nick Lincoln","startTime":5262.3,"endTime":5265.48,"body":"financial services news to come."},{"speaker":"Nick Lincoln","startTime":5265.54,"endTime":5268.36,"body":"Okay, listen, I think we are."},{"speaker":"Nick Lincoln","startTime":5265.54,"endTime":5268.36,"body":"Andy, sorry, mate. Cut"},{"speaker":"Andy Hart","startTime":5268.36,"endTime":5270.88,"body":"you off. That's fine."},{"speaker":"Andy Hart","startTime":5268.36,"endTime":5270.88,"body":"Yeah. Mine is a Netflix"},{"speaker":"Andy Hart","startTime":5270.88,"endTime":5275.0199999999995,"body":"documentary series, Docu series"},{"speaker":"Andy Hart","startTime":5270.88,"endTime":5275.0199999999995,"body":"called American manhunt. Osama"},{"speaker":"Andy Hart","startTime":5275.0199999999995,"endTime":5279.0599999999995,"body":"bin Laden, do watch it. It's"},{"speaker":"Andy Hart","startTime":5275.0199999999995,"endTime":5279.0599999999995,"body":"full of a lot of interesting"},{"speaker":"Andy Hart","startTime":5279.0599999999995,"endTime":5281.7,"body":"stories, obviously, historical"},{"speaker":"Andy Hart","startTime":5279.0599999999995,"endTime":5281.7,"body":"perspective, but it's how the"},{"speaker":"Andy Hart","startTime":5281.7,"endTime":5285.48,"body":"Americans reacted to it. They"},{"speaker":"Andy Hart","startTime":5281.7,"endTime":5285.48,"body":"were just hell bent on getting"},{"speaker":"Andy Hart","startTime":5285.48,"endTime":5290.58,"body":"Osama bin Laden, regardless of"},{"speaker":"Andy Hart","startTime":5285.48,"endTime":5290.58,"body":"the collateral damage and just"},{"speaker":"Andy Hart","startTime":5290.58,"endTime":5294.12,"body":"the whole mess that they were"},{"speaker":"Andy Hart","startTime":5290.58,"endTime":5294.12,"body":"creating. So it's a good insight"},{"speaker":"Andy Hart","startTime":5294.12,"endTime":5297.0199999999995,"body":"into the human psyche and human"},{"speaker":"Andy Hart","startTime":5294.12,"endTime":5297.0199999999995,"body":"nature. But, yeah,"},{"speaker":"Carl Widger","startTime":5297.0199999999995,"endTime":5299.36,"body":"there's a brilliant"},{"speaker":"Carl Widger","startTime":5297.0199999999995,"endTime":5299.36,"body":"movie on that isn't there? It's"},{"speaker":"Carl Widger","startTime":5299.36,"endTime":5303.08,"body":"kind of a docu movie, if that's"},{"speaker":"Carl Widger","startTime":5299.36,"endTime":5303.08,"body":"the worst. This is it. Oh,"},{"speaker":"Carl Widger","startTime":5303.08,"endTime":5307.04,"body":"that's it. I thought Andy said"},{"speaker":"Carl Widger","startTime":5303.08,"endTime":5307.04,"body":"it was a series. No, three,"},{"speaker":"Andy Hart","startTime":5307.04,"endTime":5310.28,"body":"three episodes. I"},{"speaker":"Andy Hart","startTime":5307.04,"endTime":5310.28,"body":"don't know if it's new. It's"},{"speaker":"Andy Hart","startTime":5310.76,"endTime":5310.88,"body":"new."},{"speaker":"Alan Smith","startTime":5311.36,"endTime":5314.9,"body":"Yeah, Nick, Nick's"},{"speaker":"Alan Smith","startTime":5311.36,"endTime":5314.9,"body":"friend Chamath Polly put the"},{"speaker":"Alan Smith","startTime":5314.9,"endTime":5318.5199999999995,"body":"kettle on. He was talking about"},{"speaker":"Alan Smith","startTime":5314.9,"endTime":5318.5199999999995,"body":"it. That's an all in thing."},{"speaker":"Carl Widger","startTime":5319.96,"endTime":5322.0599999999995,"body":"Really good. Okay,"},{"speaker":"Carl Widger","startTime":5319.96,"endTime":5322.0599999999995,"body":"there's a movie as well. You'd"},{"speaker":"Carl Widger","startTime":5322.0599999999995,"endTime":5324.94,"body":"love if you like that, but"},{"speaker":"Carl Widger","startTime":5322.0599999999995,"endTime":5324.94,"body":"that's absolutely brilliant."},{"speaker":"Carl Widger","startTime":5324.94,"endTime":5325.0599999999995,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":5325.0599999999995,"endTime":5326.08,"body":"check it out. Thank"},{"speaker":"Andy Hart","startTime":5325.0599999999995,"endTime":5326.08,"body":"you. Good"},{"speaker":"Nick Lincoln","startTime":5326.08,"endTime":5328.18,"body":"stuff. Good stuff."},{"speaker":"Nick Lincoln","startTime":5326.08,"endTime":5328.18,"body":"That was a really good episode,"},{"speaker":"Nick Lincoln","startTime":5328.36,"endTime":5330.94,"body":"guys. Thank you for that. So"},{"speaker":"Nick Lincoln","startTime":5328.36,"endTime":5330.94,"body":"we're at 80 when the 88th"},{"speaker":"Nick Lincoln","startTime":5331.12,"endTime":5335.14,"body":"minute, God help us. So, dear"},{"speaker":"Nick Lincoln","startTime":5331.12,"endTime":5335.14,"body":"Trappists, there you go. Episode"},{"speaker":"Nick Lincoln","startTime":5335.14,"endTime":5338.7,"body":"76 has come to a close and is"},{"speaker":"Nick Lincoln","startTime":5335.14,"endTime":5338.7,"body":"sliding down the U Bender far"},{"speaker":"Nick Lincoln","startTime":5338.7,"endTime":5341.16,"body":"the time. And thank you for your"},{"speaker":"Nick Lincoln","startTime":5338.7,"endTime":5341.16,"body":"precious time. Please do leave a"},{"speaker":"Nick Lincoln","startTime":5341.16,"endTime":5343.5599999999995,"body":"review. Six out of five stars on"},{"speaker":"Nick Lincoln","startTime":5341.16,"endTime":5343.5599999999995,"body":"your app of choice. Keep them"},{"speaker":"Nick Lincoln","startTime":5343.5599999999995,"endTime":5345.72,"body":"coming in. Keep keep the"},{"speaker":"Nick Lincoln","startTime":5343.5599999999995,"endTime":5345.72,"body":"questions coming in. We're only"},{"speaker":"Nick Lincoln","startTime":5345.72,"endTime":5349.0199999999995,"body":"as good as you guys, really, and"},{"speaker":"Nick Lincoln","startTime":5345.72,"endTime":5349.0199999999995,"body":"girls really. So let's keep on."},{"speaker":"Nick Lincoln","startTime":5349.0199999999995,"endTime":5351.3,"body":"Let's keep on building this out."},{"speaker":"Nick Lincoln","startTime":5349.0199999999995,"endTime":5351.3,"body":"Subscribe to our YouTube"},{"speaker":"Nick Lincoln","startTime":5351.3,"endTime":5353.88,"body":"channel, well over 1000"},{"speaker":"Nick Lincoln","startTime":5351.3,"endTime":5353.88,"body":"subscribers now going great guns"},{"speaker":"Nick Lincoln","startTime":5353.88,"endTime":5357.32,"body":"on that, but until the next time"},{"speaker":"Nick Lincoln","startTime":5353.88,"endTime":5357.32,"body":"from the Track Pack TRAPPIST,"},{"speaker":"Nick Lincoln","startTime":5357.32,"endTime":5361.28,"body":"it's adios. Take care out there,"},{"speaker":"Nick Lincoln","startTime":5357.32,"endTime":5361.28,"body":"and we'll see you in episode 77"},{"speaker":"Carl Widger","startTime":5362.78,"endTime":5365.5999999999995,"body":"where we might have"},{"speaker":"Carl Widger","startTime":5362.78,"endTime":5365.5999999999995,"body":"a guest. Oh, yeah,"},{"speaker":"Unknown","startTime":5367.04,"endTime":5373.4,"body":"see ya. Not too bad. Is"},{"speaker":"Andy Hart","startTime":5373.4,"endTime":5375.2,"body":"that out for AI nick"},{"speaker":"Andy Hart","startTime":5373.4,"endTime":5375.2,"body":"or real?"},{"speaker":"Nick Lincoln","startTime":5379.04,"endTime":5382.54,"body":"I credit could"},{"speaker":"Nick Lincoln","startTime":5379.04,"endTime":5382.54,"body":"ever reply? I."}]}