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Thank you very much."},{"speaker":"Andy Hart","startTime":265.939,"endTime":263.179,"body":" "},{"speaker":"Andy Hart","startTime":263.179,"endTime":265.939,"body":"Back to you. Nicholas, lovely,"},{"speaker":"Nick Lincoln","startTime":266.18,"endTime":268.28,"body":"lovely. Thank you."},{"speaker":"Nick Lincoln","startTime":268.28,"endTime":266.18,"body":" "},{"speaker":"Nick Lincoln","startTime":266.18,"endTime":268.28,"body":"Nothing else seems to compare. I"},{"speaker":"Nick Lincoln","startTime":268.28,"endTime":268.28,"body":" "},{"speaker":"Nick Lincoln","startTime":268.28,"endTime":270.74,"body":"think the on that, on the on the"},{"speaker":"Nick Lincoln","startTime":270.74,"endTime":268.28,"body":" "},{"speaker":"Nick Lincoln","startTime":268.28,"endTime":270.74,"body":"sound quality thing, I think,"},{"speaker":"Nick Lincoln","startTime":270.74,"endTime":270.74,"body":" "},{"speaker":"Nick Lincoln","startTime":270.74,"endTime":273.68,"body":"actually, we're pretty good. 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So hopefully, if it's"},{"speaker":"Nick Lincoln","startTime":279.08,"endTime":279.08,"body":" "},{"speaker":"Nick Lincoln","startTime":279.08,"endTime":281.48,"body":"if it's a real problem, do let"},{"speaker":"Nick Lincoln","startTime":281.48,"endTime":279.08,"body":" "},{"speaker":"Nick Lincoln","startTime":279.08,"endTime":281.48,"body":"us know. TRAPPIST, when we"},{"speaker":"Nick Lincoln","startTime":281.48,"endTime":281.48,"body":" "},{"speaker":"Nick Lincoln","startTime":281.48,"endTime":284.26,"body":"listen back, not that I do, but"},{"speaker":"Nick Lincoln","startTime":284.26,"endTime":281.48,"body":" "},{"speaker":"Nick Lincoln","startTime":281.48,"endTime":284.26,"body":"Andrew, not that I do, but"},{"speaker":"Nick Lincoln","startTime":284.26,"endTime":284.26,"body":" "},{"speaker":"Nick Lincoln","startTime":284.26,"endTime":288.04,"body":"Andrew listens to each episode"},{"speaker":"Nick Lincoln","startTime":288.04,"endTime":284.26,"body":" "},{"speaker":"Nick Lincoln","startTime":284.26,"endTime":288.04,"body":"about 17 or 18 times to get us"},{"speaker":"Nick Lincoln","startTime":288.04,"endTime":288.04,"body":" "},{"speaker":"Nick Lincoln","startTime":288.04,"endTime":290.74,"body":"up the rankings. Okay, right?"},{"speaker":"Nick Lincoln","startTime":290.74,"endTime":288.04,"body":" "},{"speaker":"Nick Lincoln","startTime":288.04,"endTime":290.74,"body":"Well, let's put a timestamp on"},{"speaker":"Nick Lincoln","startTime":290.74,"endTime":290.74,"body":" "},{"speaker":"Nick Lincoln","startTime":290.74,"endTime":294.88,"body":"this episode, because we've got"},{"speaker":"Nick Lincoln","startTime":294.88,"endTime":290.74,"body":" "},{"speaker":"Nick Lincoln","startTime":290.74,"endTime":294.88,"body":"a show pack full. Well,"},{"speaker":"Nick Lincoln","startTime":294.88,"endTime":294.88,"body":" "},{"speaker":"Nick Lincoln","startTime":294.88,"endTime":298.36,"body":"absolutely nothing. 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It's very useful. I"},{"speaker":"Alan Smith","startTime":338.12,"endTime":333.98,"body":" "},{"speaker":"Alan Smith","startTime":333.98,"endTime":338.12,"body":"think Andrew, I know, likes it,"},{"speaker":"Alan Smith","startTime":338.12,"endTime":338.12,"body":" "},{"speaker":"Alan Smith","startTime":338.12,"endTime":340.3,"body":"because he's a geek, and he"},{"speaker":"Alan Smith","startTime":340.3,"endTime":338.12,"body":" "},{"speaker":"Alan Smith","startTime":338.12,"endTime":340.3,"body":"likes getting into the weeds of"},{"speaker":"Alan Smith","startTime":340.3,"endTime":340.3,"body":" "},{"speaker":"Alan Smith","startTime":340.3,"endTime":344.56,"body":"the data and the numbers,"},{"speaker":"Alan Smith","startTime":344.56,"endTime":340.3,"body":" "},{"speaker":"Alan Smith","startTime":340.3,"endTime":344.56,"body":"obviously link to it in the show"},{"speaker":"Alan Smith","startTime":344.56,"endTime":344.56,"body":" "},{"speaker":"Alan Smith","startTime":344.56,"endTime":347.5,"body":"notes. You don't necessarily, I"},{"speaker":"Alan Smith","startTime":347.5,"endTime":344.56,"body":" "},{"speaker":"Alan Smith","startTime":344.56,"endTime":347.5,"body":"don't believe have to have an"},{"speaker":"Alan Smith","startTime":347.5,"endTime":347.5,"body":" "},{"speaker":"Alan Smith","startTime":347.5,"endTime":350.68,"body":"existing relationship with"},{"speaker":"Alan Smith","startTime":350.68,"endTime":347.5,"body":" "},{"speaker":"Alan Smith","startTime":347.5,"endTime":350.68,"body":"dimensional there's a PDF"},{"speaker":"Alan Smith","startTime":350.68,"endTime":350.68,"body":" "},{"speaker":"Alan Smith","startTime":350.68,"endTime":353.62,"body":"version which you can download,"},{"speaker":"Alan Smith","startTime":353.62,"endTime":350.68,"body":" "},{"speaker":"Alan Smith","startTime":350.68,"endTime":353.62,"body":"but if you want to really get"},{"speaker":"Alan Smith","startTime":353.62,"endTime":353.62,"body":" "},{"speaker":"Alan Smith","startTime":353.62,"endTime":358.54,"body":"into it and get the hard copy of"},{"speaker":"Alan Smith","startTime":358.54,"endTime":353.62,"body":" "},{"speaker":"Alan Smith","startTime":353.62,"endTime":358.54,"body":"it, I know a number of advisors"},{"speaker":"Alan Smith","startTime":358.54,"endTime":358.54,"body":" "},{"speaker":"Alan Smith","startTime":358.54,"endTime":362.1,"body":"use this as part of their sort"},{"speaker":"Alan Smith","startTime":362.1,"endTime":358.54,"body":" "},{"speaker":"Alan Smith","startTime":358.54,"endTime":362.1,"body":"of client presentation material"},{"speaker":"Alan Smith","startTime":362.1,"endTime":362.46,"body":" "},{"speaker":"Alan Smith","startTime":362.46,"endTime":365.7,"body":"and your planning meetings. 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Very, very Yeah,"},{"speaker":"Andy Hart","startTime":430.44,"endTime":432.24,"body":"it's absolutely"},{"speaker":"Andy Hart","startTime":432.24,"endTime":430.44,"body":" "},{"speaker":"Andy Hart","startTime":430.44,"endTime":432.24,"body":"amazing. You're right. 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And using that"},{"speaker":"Carl Widger","startTime":499.08,"endTime":496.14,"body":" "},{"speaker":"Carl Widger","startTime":496.14,"endTime":499.08,"body":"kind of language it used to"},{"speaker":"Carl Widger","startTime":499.08,"endTime":499.56,"body":" "},{"speaker":"Carl Widger","startTime":499.56,"endTime":503.54,"body":"definitely or still does help,"},{"speaker":"Carl Widger","startTime":503.54,"endTime":499.56,"body":" "},{"speaker":"Carl Widger","startTime":499.56,"endTime":503.54,"body":"because when there are drawdowns"},{"speaker":"Carl Widger","startTime":503.54,"endTime":503.6,"body":" "},{"speaker":"Carl Widger","startTime":503.6,"endTime":507.98,"body":"and we don't get we do get"},{"speaker":"Carl Widger","startTime":507.98,"endTime":503.6,"body":" "},{"speaker":"Carl Widger","startTime":503.6,"endTime":507.98,"body":"calls, but we don't get as many"},{"speaker":"Carl Widger","startTime":507.98,"endTime":508.1,"body":" "},{"speaker":"Carl Widger","startTime":508.1,"endTime":512.18,"body":"as probably some of the other"},{"speaker":"Carl Widger","startTime":512.18,"endTime":508.1,"body":" "},{"speaker":"Carl Widger","startTime":508.1,"endTime":512.18,"body":"firms do, or as we used to do,"},{"speaker":"Carl Widger","startTime":512.18,"endTime":512.24,"body":" "},{"speaker":"Carl Widger","startTime":512.24,"endTime":515.48,"body":"for sure. So yeah, definitely"},{"speaker":"Carl Widger","startTime":515.48,"endTime":512.24,"body":" "},{"speaker":"Carl Widger","startTime":512.24,"endTime":515.48,"body":"it's good. I just can't"},{"speaker":"Carl Widger","startTime":515.48,"endTime":515.48,"body":" "},{"speaker":"Carl Widger","startTime":515.48,"endTime":519.8,"body":"understand why it's like out in"},{"speaker":"Carl Widger","startTime":519.8,"endTime":515.48,"body":" "},{"speaker":"Carl Widger","startTime":515.48,"endTime":519.8,"body":"September, like for a firm with"},{"speaker":"Carl Widger","startTime":519.8,"endTime":519.8,"body":" "},{"speaker":"Carl Widger","startTime":519.8,"endTime":523.84,"body":"800 billion under management."},{"speaker":"Carl Widger","startTime":523.84,"endTime":519.8,"body":" "},{"speaker":"Carl Widger","startTime":519.8,"endTime":523.84,"body":"Would you not put the resources?"},{"speaker":"Carl Widger","startTime":523.84,"endTime":523.84,"body":" "},{"speaker":"Carl Widger","startTime":523.84,"endTime":527.44,"body":"If you guys are saying that this"},{"speaker":"Carl Widger","startTime":527.44,"endTime":523.84,"body":" "},{"speaker":"Carl Widger","startTime":523.84,"endTime":527.44,"body":"is, like, you know, the Holy"},{"speaker":"Carl Widger","startTime":527.44,"endTime":527.44,"body":" "},{"speaker":"Carl Widger","startTime":527.44,"endTime":531.22,"body":"Bible for investing, did you not"},{"speaker":"Carl Widger","startTime":531.22,"endTime":527.44,"body":" "},{"speaker":"Carl Widger","startTime":527.44,"endTime":531.22,"body":"put the resources into getting"},{"speaker":"Carl Widger","startTime":531.22,"endTime":531.22,"body":" "},{"speaker":"Carl Widger","startTime":531.22,"endTime":533.98,"body":"this out faster? Sorry, I"},{"speaker":"Carl Widger","startTime":533.98,"endTime":531.22,"body":" "},{"speaker":"Carl Widger","startTime":531.22,"endTime":533.98,"body":"recommend"},{"speaker":"Andy Hart","startTime":535.24,"endTime":537.34,"body":"January, end of"},{"speaker":"Andy Hart","startTime":537.34,"endTime":535.24,"body":" "},{"speaker":"Andy Hart","startTime":535.24,"endTime":537.34,"body":"January, yeah, then we're all"},{"speaker":"Andy Hart","startTime":537.34,"endTime":537.34,"body":" "},{"speaker":"Andy Hart","startTime":537.34,"endTime":539.56,"body":"ready for it. Now. It's like,"},{"speaker":"Andy Hart","startTime":539.56,"endTime":537.34,"body":" "},{"speaker":"Andy Hart","startTime":537.34,"endTime":539.56,"body":"yeah, it's a bit too late in the"},{"speaker":"Andy Hart","startTime":539.56,"endTime":539.56,"body":" "},{"speaker":"Andy Hart","startTime":539.56,"endTime":541.86,"body":"year, but, but the numbers don't"},{"speaker":"Andy Hart","startTime":541.86,"endTime":539.56,"body":" "},{"speaker":"Andy Hart","startTime":539.56,"endTime":541.86,"body":"change that much, as we know,"},{"speaker":"Andy Hart","startTime":541.86,"endTime":541.86,"body":" "},{"speaker":"Andy Hart","startTime":541.86,"endTime":544.14,"body":"because it's just a small"},{"speaker":"Andy Hart","startTime":544.14,"endTime":541.86,"body":" "},{"speaker":"Andy Hart","startTime":541.86,"endTime":544.14,"body":"increment at this point here."},{"speaker":"Andy Hart","startTime":544.14,"endTime":544.14,"body":" "},{"speaker":"Andy Hart","startTime":544.14,"endTime":545.1,"body":"But yeah, yeah."},{"speaker":"Carl Widger","startTime":545.1,"endTime":548.1,"body":"But they do. If"},{"speaker":"Carl Widger","startTime":548.1,"endTime":545.1,"body":" "},{"speaker":"Carl Widger","startTime":545.1,"endTime":548.1,"body":"there is sharp movements in a"},{"speaker":"Carl Widger","startTime":548.1,"endTime":548.1,"body":" "},{"speaker":"Carl Widger","startTime":548.1,"endTime":551.88,"body":"particular year downwards or"},{"speaker":"Carl Widger","startTime":551.88,"endTime":548.1,"body":" "},{"speaker":"Carl Widger","startTime":548.1,"endTime":551.88,"body":"upwards, it becomes very quickly"},{"speaker":"Carl Widger","startTime":551.88,"endTime":551.88,"body":" "},{"speaker":"Carl Widger","startTime":551.88,"endTime":554.58,"body":"obsolete. So that that's kind of"},{"speaker":"Carl Widger","startTime":554.58,"endTime":551.88,"body":" "},{"speaker":"Carl Widger","startTime":551.88,"endTime":554.58,"body":"my bug bear about it."},{"speaker":"Nick Lincoln","startTime":557.04,"endTime":560.84,"body":"Okay, good stuff"},{"speaker":"Nick Lincoln","startTime":560.84,"endTime":557.04,"body":" "},{"speaker":"Nick Lincoln","startTime":557.04,"endTime":560.84,"body":"was sticking with you, yeah, the"},{"speaker":"Nick Lincoln","startTime":560.84,"endTime":560.9,"body":" "},{"speaker":"Nick Lincoln","startTime":560.9,"endTime":563.96,"body":"6040 is to have you got the show"},{"speaker":"Nick Lincoln","startTime":563.96,"endTime":560.9,"body":" "},{"speaker":"Nick Lincoln","startTime":560.9,"endTime":563.96,"body":"notes in front of you by the bio"},{"speaker":"Nick Lincoln","startTime":563.96,"endTime":563.96,"body":" "},{"speaker":"Nick Lincoln","startTime":563.96,"endTime":565.04,"body":"market prompt you,"},{"speaker":"Carl Widger","startTime":565.04,"endTime":567.68,"body":"you're gonna have"},{"speaker":"Carl Widger","startTime":567.68,"endTime":565.04,"body":" "},{"speaker":"Carl Widger","startTime":565.04,"endTime":567.68,"body":"to prompt me, right? The 6040 is"},{"speaker":"Carl Widger","startTime":567.68,"endTime":567.74,"body":" "},{"speaker":"Carl Widger","startTime":567.74,"endTime":575.6,"body":"dead because I'm in Florida."},{"speaker":"Carl Widger","startTime":575.6,"endTime":567.74,"body":" "},{"speaker":"Carl Widger","startTime":567.74,"endTime":575.6,"body":"That's because, yeah, there's an"},{"speaker":"Carl Widger","startTime":575.6,"endTime":575.6,"body":" "},{"speaker":"Carl Widger","startTime":575.6,"endTime":581.92,"body":"article by a guy from Elk stone"},{"speaker":"Carl Widger","startTime":581.92,"endTime":575.6,"body":" "},{"speaker":"Carl Widger","startTime":575.6,"endTime":581.92,"body":"called Carl Rogers, and he was"},{"speaker":"Carl Widger","startTime":581.92,"endTime":581.92,"body":" "},{"speaker":"Carl Widger","startTime":581.92,"endTime":585.94,"body":"writing in the business post. He"},{"speaker":"Carl Widger","startTime":585.94,"endTime":581.92,"body":" "},{"speaker":"Carl Widger","startTime":581.92,"endTime":585.94,"body":"didn't say the 6040, pass that"},{"speaker":"Carl Widger","startTime":585.94,"endTime":585.94,"body":" "},{"speaker":"Carl Widger","startTime":585.94,"endTime":591.22,"body":"was my headline. He's basically"},{"speaker":"Carl Widger","startTime":591.22,"endTime":585.94,"body":" "},{"speaker":"Carl Widger","startTime":585.94,"endTime":591.22,"body":"saying that private markets"},{"speaker":"Carl Widger","startTime":591.22,"endTime":591.22,"body":" "},{"speaker":"Carl Widger","startTime":591.22,"endTime":596.32,"body":"should form part of investor"},{"speaker":"Carl Widger","startTime":596.32,"endTime":591.22,"body":" "},{"speaker":"Carl Widger","startTime":591.22,"endTime":596.32,"body":"portfolios going forward. Now I"},{"speaker":"Carl Widger","startTime":596.32,"endTime":596.32,"body":" "},{"speaker":"Carl Widger","startTime":596.32,"endTime":599.92,"body":"don't disagree with ever. No,"},{"speaker":"Carl Widger","startTime":599.92,"endTime":596.32,"body":" "},{"speaker":"Carl Widger","startTime":596.32,"endTime":599.92,"body":"no, no, to be fair, right? I."},{"speaker":"Carl Widger","startTime":599.92,"endTime":600.0,"body":" "},{"speaker":"Carl Widger","startTime":600.0,"endTime":604.86,"body":"Don't disagree with everything,"},{"speaker":"Carl Widger","startTime":604.86,"endTime":600.0,"body":" "},{"speaker":"Carl Widger","startTime":600.0,"endTime":604.86,"body":"and he says, he says in his"},{"speaker":"Carl Widger","startTime":604.86,"endTime":604.86,"body":" "},{"speaker":"Carl Widger","startTime":604.86,"endTime":611.1,"body":"article, but some of the things,"},{"speaker":"Carl Widger","startTime":611.1,"endTime":604.86,"body":" "},{"speaker":"Carl Widger","startTime":604.86,"endTime":611.1,"body":"so first of all, elk stone have"},{"speaker":"Carl Widger","startTime":611.1,"endTime":611.1,"body":" "},{"speaker":"Carl Widger","startTime":611.1,"endTime":615.24,"body":"been on record saying that they"},{"speaker":"Carl Widger","startTime":615.24,"endTime":611.1,"body":" "},{"speaker":"Carl Widger","startTime":611.1,"endTime":615.24,"body":"believe pension funds in Ireland"},{"speaker":"Carl Widger","startTime":615.24,"endTime":615.24,"body":" "},{"speaker":"Carl Widger","startTime":615.24,"endTime":618.3,"body":"should be used to invest in"},{"speaker":"Carl Widger","startTime":618.3,"endTime":615.24,"body":" "},{"speaker":"Carl Widger","startTime":615.24,"endTime":618.3,"body":"private markets and kind of"},{"speaker":"Carl Widger","startTime":618.3,"endTime":618.3,"body":" "},{"speaker":"Carl Widger","startTime":618.3,"endTime":621.14,"body":"replace VC and that kind of"},{"speaker":"Carl Widger","startTime":621.14,"endTime":618.3,"body":" "},{"speaker":"Carl Widger","startTime":618.3,"endTime":621.14,"body":"stuff. And interestingly, there"},{"speaker":"Carl Widger","startTime":621.14,"endTime":621.14,"body":" "},{"speaker":"Carl Widger","startTime":621.14,"endTime":626.78,"body":"seems to be more voices on that"},{"speaker":"Carl Widger","startTime":626.78,"endTime":621.14,"body":" "},{"speaker":"Carl Widger","startTime":621.14,"endTime":626.78,"body":"front because act venture"},{"speaker":"Carl Widger","startTime":626.78,"endTime":626.78,"body":" "},{"speaker":"Carl Widger","startTime":626.78,"endTime":629.9,"body":"capitalists were out last week"},{"speaker":"Carl Widger","startTime":629.9,"endTime":626.78,"body":" "},{"speaker":"Carl Widger","startTime":626.78,"endTime":629.9,"body":"or the week before, saying"},{"speaker":"Carl Widger","startTime":629.9,"endTime":629.9,"body":" "},{"speaker":"Carl Widger","startTime":629.9,"endTime":633.86,"body":"exactly the same thing. So"},{"speaker":"Carl Widger","startTime":633.86,"endTime":629.9,"body":" "},{"speaker":"Carl Widger","startTime":629.9,"endTime":633.86,"body":"they're pushing the government"},{"speaker":"Carl Widger","startTime":633.86,"endTime":633.86,"body":" "},{"speaker":"Carl Widger","startTime":633.86,"endTime":637.64,"body":"here to, you know, open up"},{"speaker":"Carl Widger","startTime":637.64,"endTime":633.86,"body":" "},{"speaker":"Carl Widger","startTime":633.86,"endTime":637.64,"body":"normal Joe blogs, pension funds"},{"speaker":"Carl Widger","startTime":637.64,"endTime":637.64,"body":" "},{"speaker":"Carl Widger","startTime":637.64,"endTime":640.96,"body":"to private markets, because"},{"speaker":"Carl Widger","startTime":640.96,"endTime":637.64,"body":" "},{"speaker":"Carl Widger","startTime":637.64,"endTime":640.96,"body":"that, I guess, that's a little"},{"speaker":"Carl Widger","startTime":640.96,"endTime":640.96,"body":" "},{"speaker":"Carl Widger","startTime":640.96,"endTime":643.9,"body":"bit like, can you open it up to"},{"speaker":"Carl Widger","startTime":643.9,"endTime":640.96,"body":" "},{"speaker":"Carl Widger","startTime":640.96,"endTime":643.9,"body":"Bitcoin? That's a, that's an,"},{"speaker":"Carl Widger","startTime":643.9,"endTime":644.02,"body":" "},{"speaker":"Carl Widger","startTime":644.02,"endTime":647.26,"body":"that's an easy one to an easy"},{"speaker":"Carl Widger","startTime":647.26,"endTime":644.02,"body":" "},{"speaker":"Carl Widger","startTime":644.02,"endTime":647.26,"body":"door to push through, because"},{"speaker":"Carl Widger","startTime":647.26,"endTime":647.5,"body":" "},{"speaker":"Carl Widger","startTime":647.5,"endTime":650.74,"body":"you can sell sexy stories around"},{"speaker":"Carl Widger","startTime":650.74,"endTime":647.5,"body":" "},{"speaker":"Carl Widger","startTime":647.5,"endTime":650.74,"body":"private markets, around"},{"speaker":"Carl Widger","startTime":650.74,"endTime":651.52,"body":" "},{"speaker":"Carl Widger","startTime":651.52,"endTime":655.54,"body":"cryptocurrency, etc. But the"},{"speaker":"Carl Widger","startTime":655.54,"endTime":651.52,"body":" "},{"speaker":"Carl Widger","startTime":651.52,"endTime":655.54,"body":"article goes on to, basically,"},{"speaker":"Carl Widger","startTime":655.54,"endTime":655.78,"body":" "},{"speaker":"Carl Widger","startTime":655.78,"endTime":660.66,"body":"he says that, you know, the mark"},{"speaker":"Carl Widger","startTime":660.66,"endTime":655.78,"body":" "},{"speaker":"Carl Widger","startTime":655.78,"endTime":660.66,"body":"the market drop in. Sorry. Let"},{"speaker":"Carl Widger","startTime":660.66,"endTime":660.66,"body":" "},{"speaker":"Carl Widger","startTime":660.66,"endTime":663.42,"body":"me know if I'm fiddling with my"},{"speaker":"Carl Widger","startTime":663.42,"endTime":660.66,"body":" "},{"speaker":"Carl Widger","startTime":660.66,"endTime":663.42,"body":"microphone too much. So we don't"},{"speaker":"Carl Widger","startTime":663.42,"endTime":663.42,"body":" "},{"speaker":"Carl Widger","startTime":663.42,"endTime":667.98,"body":"get any more complaints. The"},{"speaker":"Carl Widger","startTime":667.98,"endTime":663.42,"body":" "},{"speaker":"Carl Widger","startTime":663.42,"endTime":667.98,"body":"market drop in 2022 basically"},{"speaker":"Carl Widger","startTime":667.98,"endTime":667.98,"body":" "},{"speaker":"Carl Widger","startTime":667.98,"endTime":674.82,"body":"showed that the traditional 6040"},{"speaker":"Carl Widger","startTime":674.82,"endTime":667.98,"body":" "},{"speaker":"Carl Widger","startTime":667.98,"endTime":674.82,"body":"portfolio is dead. And I was"},{"speaker":"Carl Widger","startTime":674.82,"endTime":674.82,"body":" "},{"speaker":"Carl Widger","startTime":674.82,"endTime":679.26,"body":"like, but if you stuck with your"},{"speaker":"Carl Widger","startTime":679.26,"endTime":674.82,"body":" "},{"speaker":"Carl Widger","startTime":674.82,"endTime":679.26,"body":"64 portfolio, okay, the bond"},{"speaker":"Carl Widger","startTime":679.26,"endTime":679.26,"body":" "},{"speaker":"Carl Widger","startTime":679.26,"endTime":683.66,"body":"part of it? Yeah, I get it"},{"speaker":"Carl Widger","startTime":683.66,"endTime":679.26,"body":" "},{"speaker":"Carl Widger","startTime":679.26,"endTime":683.66,"body":"hasn't done well, but you'd be"},{"speaker":"Carl Widger","startTime":683.66,"endTime":683.72,"body":" "},{"speaker":"Carl Widger","startTime":683.72,"endTime":686.84,"body":"back up and making a lot of"},{"speaker":"Carl Widger","startTime":686.84,"endTime":683.72,"body":" "},{"speaker":"Carl Widger","startTime":683.72,"endTime":686.84,"body":"money since. So I'm not sure"},{"speaker":"Carl Widger","startTime":686.84,"endTime":686.84,"body":" "},{"speaker":"Carl Widger","startTime":686.84,"endTime":691.7,"body":"that's a perfect argument, but I"},{"speaker":"Carl Widger","startTime":691.7,"endTime":686.84,"body":" "},{"speaker":"Carl Widger","startTime":686.84,"endTime":691.7,"body":"guess he's trying to make the"},{"speaker":"Carl Widger","startTime":691.7,"endTime":691.7,"body":" "},{"speaker":"Carl Widger","startTime":691.7,"endTime":695.36,"body":"argument to, you know, kind of"},{"speaker":"Carl Widger","startTime":695.36,"endTime":691.7,"body":" "},{"speaker":"Carl Widger","startTime":691.7,"endTime":695.36,"body":"sway people towards maybe"},{"speaker":"Carl Widger","startTime":695.36,"endTime":695.36,"body":" "},{"speaker":"Carl Widger","startTime":695.36,"endTime":699.8,"body":"private equity, etc. He also"},{"speaker":"Carl Widger","startTime":699.8,"endTime":695.36,"body":" "},{"speaker":"Carl Widger","startTime":695.36,"endTime":699.8,"body":"used the example of, sorry,"},{"speaker":"Carl Widger","startTime":699.8,"endTime":699.8,"body":" "},{"speaker":"Carl Widger","startTime":699.8,"endTime":701.42,"body":"Nick, go on."},{"speaker":"Nick Lincoln","startTime":701.84,"endTime":704.92,"body":"He he's got"},{"speaker":"Nick Lincoln","startTime":704.92,"endTime":701.84,"body":" "},{"speaker":"Nick Lincoln","startTime":701.84,"endTime":704.92,"body":"something to sell that's not in"},{"speaker":"Nick Lincoln","startTime":704.92,"endTime":704.92,"body":" "},{"speaker":"Nick Lincoln","startTime":704.92,"endTime":708.1,"body":"a 6040 so you know what's gonna"},{"speaker":"Nick Lincoln","startTime":708.1,"endTime":704.92,"body":" "},{"speaker":"Nick Lincoln","startTime":704.92,"endTime":708.1,"body":"put food on the table is"},{"speaker":"Nick Lincoln","startTime":708.1,"endTime":708.1,"body":" "},{"speaker":"Nick Lincoln","startTime":708.1,"endTime":711.22,"body":"slagging off 6040 I mean, yeah,"},{"speaker":"Nick Lincoln","startTime":711.22,"endTime":708.1,"body":" "},{"speaker":"Nick Lincoln","startTime":708.1,"endTime":711.22,"body":"okay,"},{"speaker":"Carl Widger","startTime":711.28,"endTime":713.68,"body":"boss, that you"},{"speaker":"Carl Widger","startTime":713.68,"endTime":711.28,"body":" "},{"speaker":"Carl Widger","startTime":711.28,"endTime":713.68,"body":"could say exactly the same about"},{"speaker":"Carl Widger","startTime":713.68,"endTime":713.68,"body":" "},{"speaker":"Carl Widger","startTime":713.68,"endTime":719.02,"body":"me, that I'm selling 6040"},{"speaker":"Carl Widger","startTime":719.02,"endTime":713.68,"body":" "},{"speaker":"Carl Widger","startTime":713.68,"endTime":719.02,"body":"portfolios, 8024, 40. And so you"},{"speaker":"Carl Widger","startTime":719.02,"endTime":719.02,"body":" "},{"speaker":"Carl Widger","startTime":719.02,"endTime":722.88,"body":"can say the exact same to be"},{"speaker":"Carl Widger","startTime":722.88,"endTime":719.02,"body":" "},{"speaker":"Carl Widger","startTime":719.02,"endTime":722.88,"body":"fair, right? There are a couple"},{"speaker":"Carl Widger","startTime":722.88,"endTime":722.88,"body":" "},{"speaker":"Carl Widger","startTime":722.88,"endTime":726.06,"body":"of things that that he"},{"speaker":"Carl Widger","startTime":726.06,"endTime":722.88,"body":" "},{"speaker":"Carl Widger","startTime":722.88,"endTime":726.06,"body":"definitely points out that it's"},{"speaker":"Carl Widger","startTime":726.06,"endTime":726.06,"body":" "},{"speaker":"Carl Widger","startTime":726.06,"endTime":728.88,"body":"tricky with valuations. You know"},{"speaker":"Carl Widger","startTime":728.88,"endTime":726.06,"body":" "},{"speaker":"Carl Widger","startTime":726.06,"endTime":728.88,"body":"how? You don't know if one is"},{"speaker":"Carl Widger","startTime":728.88,"endTime":728.88,"body":" "},{"speaker":"Carl Widger","startTime":728.88,"endTime":732.06,"body":"going pear shaped until it goes"},{"speaker":"Carl Widger","startTime":732.06,"endTime":728.88,"body":" "},{"speaker":"Carl Widger","startTime":728.88,"endTime":732.06,"body":"pear shaped. Liquidity is"},{"speaker":"Carl Widger","startTime":732.06,"endTime":732.06,"body":" "},{"speaker":"Carl Widger","startTime":732.06,"endTime":735.9,"body":"obviously an issue. He doesn't"},{"speaker":"Carl Widger","startTime":735.9,"endTime":732.06,"body":" "},{"speaker":"Carl Widger","startTime":732.06,"endTime":735.9,"body":"talk necessarily about the long"},{"speaker":"Carl Widger","startTime":735.9,"endTime":735.9,"body":" "},{"speaker":"Carl Widger","startTime":735.9,"endTime":739.86,"body":"term nature the seven to 10"},{"speaker":"Carl Widger","startTime":739.86,"endTime":735.9,"body":" "},{"speaker":"Carl Widger","startTime":735.9,"endTime":739.86,"body":"years. He does use, though, an"},{"speaker":"Carl Widger","startTime":739.86,"endTime":739.86,"body":" "},{"speaker":"Carl Widger","startTime":739.86,"endTime":744.5,"body":"example of Yale. So Yale went"},{"speaker":"Carl Widger","startTime":744.5,"endTime":739.86,"body":" "},{"speaker":"Carl Widger","startTime":739.86,"endTime":744.5,"body":"into private markets a decade or"},{"speaker":"Carl Widger","startTime":744.5,"endTime":744.5,"body":" "},{"speaker":"Carl Widger","startTime":744.5,"endTime":748.04,"body":"more ago and that they've seen"},{"speaker":"Carl Widger","startTime":748.04,"endTime":744.5,"body":" "},{"speaker":"Carl Widger","startTime":744.5,"endTime":748.04,"body":"significant out performance. He"},{"speaker":"Carl Widger","startTime":748.04,"endTime":748.04,"body":" "},{"speaker":"Carl Widger","startTime":748.04,"endTime":752.0,"body":"doesn't say outperformance"},{"speaker":"Carl Widger","startTime":752.0,"endTime":748.04,"body":" "},{"speaker":"Carl Widger","startTime":748.04,"endTime":752.0,"body":"versus what, but he does mention"},{"speaker":"Carl Widger","startTime":752.0,"endTime":752.06,"body":" "},{"speaker":"Carl Widger","startTime":752.06,"endTime":757.16,"body":"it. And I haven't checked his"},{"speaker":"Carl Widger","startTime":757.16,"endTime":752.06,"body":" "},{"speaker":"Carl Widger","startTime":752.06,"endTime":757.16,"body":"facts here, but we all know"},{"speaker":"Carl Widger","startTime":757.16,"endTime":757.28,"body":" "},{"speaker":"Carl Widger","startTime":757.28,"endTime":760.96,"body":"there are lots of other Ivy"},{"speaker":"Carl Widger","startTime":760.96,"endTime":757.28,"body":" "},{"speaker":"Carl Widger","startTime":757.28,"endTime":760.96,"body":"League universities who have"},{"speaker":"Carl Widger","startTime":760.96,"endTime":761.44,"body":" "},{"speaker":"Carl Widger","startTime":761.44,"endTime":764.5,"body":"done this also and got into"},{"speaker":"Carl Widger","startTime":764.5,"endTime":761.44,"body":" "},{"speaker":"Carl Widger","startTime":761.44,"endTime":764.5,"body":"absolute return and all this"},{"speaker":"Carl Widger","startTime":764.5,"endTime":764.5,"body":" "},{"speaker":"Carl Widger","startTime":764.5,"endTime":767.98,"body":"kind of stuff. And they have"},{"speaker":"Carl Widger","startTime":767.98,"endTime":764.5,"body":" "},{"speaker":"Carl Widger","startTime":764.5,"endTime":767.98,"body":"significantly underperformed,"},{"speaker":"Carl Widger","startTime":767.98,"endTime":767.98,"body":" "},{"speaker":"Carl Widger","startTime":767.98,"endTime":773.98,"body":"you know, 100% equity so, you"},{"speaker":"Carl Widger","startTime":773.98,"endTime":767.98,"body":" "},{"speaker":"Carl Widger","startTime":767.98,"endTime":773.98,"body":"know, he goes on then to say"},{"speaker":"Carl Widger","startTime":773.98,"endTime":773.98,"body":" "},{"speaker":"Carl Widger","startTime":773.98,"endTime":776.8,"body":"that, you know, family offices"},{"speaker":"Carl Widger","startTime":776.8,"endTime":773.98,"body":" "},{"speaker":"Carl Widger","startTime":773.98,"endTime":776.8,"body":"are in, are in, are in private"},{"speaker":"Carl Widger","startTime":776.8,"endTime":776.8,"body":" "},{"speaker":"Carl Widger","startTime":776.8,"endTime":781.5,"body":"markets, you know. And so my"},{"speaker":"Carl Widger","startTime":781.5,"endTime":776.8,"body":" "},{"speaker":"Carl Widger","startTime":776.8,"endTime":781.5,"body":"challenge with this, so, yeah,"},{"speaker":"Carl Widger","startTime":781.5,"endTime":781.56,"body":" "},{"speaker":"Carl Widger","startTime":781.56,"endTime":787.38,"body":"no, yeah, okay, my, I don't"},{"speaker":"Carl Widger","startTime":787.38,"endTime":781.56,"body":" "},{"speaker":"Carl Widger","startTime":781.56,"endTime":787.38,"body":"disagree that that for the very"},{"speaker":"Carl Widger","startTime":787.38,"endTime":787.38,"body":" "},{"speaker":"Carl Widger","startTime":787.38,"endTime":790.26,"body":"high net worth investor, that"},{"speaker":"Carl Widger","startTime":790.26,"endTime":787.38,"body":" "},{"speaker":"Carl Widger","startTime":787.38,"endTime":790.26,"body":"they're going to be number one"},{"speaker":"Carl Widger","startTime":790.26,"endTime":790.26,"body":" "},{"speaker":"Carl Widger","startTime":790.26,"endTime":793.38,"body":"interested in it, they might"},{"speaker":"Carl Widger","startTime":793.38,"endTime":790.26,"body":" "},{"speaker":"Carl Widger","startTime":790.26,"endTime":793.38,"body":"want to dabble in it, and it's,"},{"speaker":"Carl Widger","startTime":793.38,"endTime":793.38,"body":" "},{"speaker":"Carl Widger","startTime":793.38,"endTime":797.16,"body":"you know, it might be relevant"},{"speaker":"Carl Widger","startTime":797.16,"endTime":793.38,"body":" "},{"speaker":"Carl Widger","startTime":793.38,"endTime":797.16,"body":"to them. But for the people who"},{"speaker":"Carl Widger","startTime":797.16,"endTime":797.22,"body":" "},{"speaker":"Carl Widger","startTime":797.22,"endTime":800.42,"body":"the normal folks and and like"},{"speaker":"Carl Widger","startTime":800.42,"endTime":797.22,"body":" "},{"speaker":"Carl Widger","startTime":797.22,"endTime":800.42,"body":"normal folks are, for me, it"},{"speaker":"Carl Widger","startTime":800.42,"endTime":800.42,"body":" "},{"speaker":"Carl Widger","startTime":800.42,"endTime":803.24,"body":"doesn't really matter, because"},{"speaker":"Carl Widger","startTime":803.24,"endTime":800.42,"body":" "},{"speaker":"Carl Widger","startTime":800.42,"endTime":803.24,"body":"it depends on how much you're"},{"speaker":"Carl Widger","startTime":803.24,"endTime":803.24,"body":" "},{"speaker":"Carl Widger","startTime":803.24,"endTime":806.0,"body":"spending each year, but, but if"},{"speaker":"Carl Widger","startTime":806.0,"endTime":803.24,"body":" "},{"speaker":"Carl Widger","startTime":803.24,"endTime":806.0,"body":"you wanted me to put a number on"},{"speaker":"Carl Widger","startTime":806.0,"endTime":806.12,"body":" "},{"speaker":"Carl Widger","startTime":806.12,"endTime":809.6,"body":"it's 5 million or less, right?"},{"speaker":"Carl Widger","startTime":809.6,"endTime":806.12,"body":" "},{"speaker":"Carl Widger","startTime":806.12,"endTime":809.6,"body":"This is difficult stuff to get"},{"speaker":"Carl Widger","startTime":809.6,"endTime":809.6,"body":" "},{"speaker":"Carl Widger","startTime":809.6,"endTime":813.02,"body":"involved in, because you can't,"},{"speaker":"Carl Widger","startTime":813.02,"endTime":809.6,"body":" "},{"speaker":"Carl Widger","startTime":809.6,"endTime":813.02,"body":"it's like buying a house. You"},{"speaker":"Carl Widger","startTime":813.02,"endTime":813.02,"body":" "},{"speaker":"Carl Widger","startTime":813.02,"endTime":816.26,"body":"can't, you know, sell a window"},{"speaker":"Carl Widger","startTime":816.26,"endTime":813.02,"body":" "},{"speaker":"Carl Widger","startTime":813.02,"endTime":816.26,"body":"out of a house. You can sell"},{"speaker":"Carl Widger","startTime":816.26,"endTime":816.26,"body":" "},{"speaker":"Carl Widger","startTime":816.26,"endTime":819.56,"body":"part of your your private equity"},{"speaker":"Carl Widger","startTime":819.56,"endTime":816.26,"body":" "},{"speaker":"Carl Widger","startTime":816.26,"endTime":819.56,"body":"fund. If it's a liquid, it's a"},{"speaker":"Carl Widger","startTime":819.56,"endTime":819.56,"body":" "},{"speaker":"Carl Widger","startTime":819.56,"endTime":823.78,"body":"liquid. And the long term nature"},{"speaker":"Carl Widger","startTime":823.78,"endTime":819.56,"body":" "},{"speaker":"Carl Widger","startTime":819.56,"endTime":823.78,"body":"of it. We all know the challenge"},{"speaker":"Carl Widger","startTime":823.78,"endTime":823.78,"body":" "},{"speaker":"Carl Widger","startTime":823.78,"endTime":827.02,"body":"of convincing clients to stay"},{"speaker":"Carl Widger","startTime":827.02,"endTime":823.78,"body":" "},{"speaker":"Carl Widger","startTime":823.78,"endTime":827.02,"body":"long term in their in their"},{"speaker":"Carl Widger","startTime":827.02,"endTime":827.02,"body":" "},{"speaker":"Carl Widger","startTime":827.02,"endTime":830.56,"body":"investment funds, and that's"},{"speaker":"Carl Widger","startTime":830.56,"endTime":827.02,"body":" "},{"speaker":"Carl Widger","startTime":827.02,"endTime":830.56,"body":"going to be tricky. And then,"},{"speaker":"Carl Widger","startTime":830.56,"endTime":830.62,"body":" "},{"speaker":"Carl Widger","startTime":830.62,"endTime":833.56,"body":"you know, valuations can be"},{"speaker":"Carl Widger","startTime":833.56,"endTime":830.62,"body":" "},{"speaker":"Carl Widger","startTime":830.62,"endTime":833.56,"body":"like, Oh, it's going, great,"},{"speaker":"Carl Widger","startTime":833.56,"endTime":833.56,"body":" "},{"speaker":"Carl Widger","startTime":833.56,"endTime":835.96,"body":"great, great, great. And then"},{"speaker":"Carl Widger","startTime":835.96,"endTime":833.56,"body":" "},{"speaker":"Carl Widger","startTime":833.56,"endTime":835.96,"body":"all of a sudden, so people"},{"speaker":"Carl Widger","startTime":835.96,"endTime":835.96,"body":" "},{"speaker":"Carl Widger","startTime":835.96,"endTime":839.92,"body":"actually have no insight as to"},{"speaker":"Carl Widger","startTime":839.92,"endTime":835.96,"body":" "},{"speaker":"Carl Widger","startTime":835.96,"endTime":839.92,"body":"how this thing is going. So"},{"speaker":"Carl Widger","startTime":839.92,"endTime":839.92,"body":" "},{"speaker":"Carl Widger","startTime":839.92,"endTime":843.54,"body":"therefore, forward planning. If"},{"speaker":"Carl Widger","startTime":843.54,"endTime":839.92,"body":" "},{"speaker":"Carl Widger","startTime":839.92,"endTime":843.54,"body":"it's a core part of what you"},{"speaker":"Carl Widger","startTime":843.54,"endTime":843.54,"body":" "},{"speaker":"Carl Widger","startTime":843.54,"endTime":847.26,"body":"need into your third act, into"},{"speaker":"Carl Widger","startTime":847.26,"endTime":843.54,"body":" "},{"speaker":"Carl Widger","startTime":843.54,"endTime":847.26,"body":"your retirement, then it's going"},{"speaker":"Carl Widger","startTime":847.26,"endTime":847.26,"body":" "},{"speaker":"Carl Widger","startTime":847.26,"endTime":849.84,"body":"to be very difficult to plan,"},{"speaker":"Carl Widger","startTime":849.84,"endTime":847.26,"body":" "},{"speaker":"Carl Widger","startTime":847.26,"endTime":849.84,"body":"because you don't know what the"},{"speaker":"Carl Widger","startTime":849.84,"endTime":849.84,"body":" "},{"speaker":"Carl Widger","startTime":849.84,"endTime":852.9,"body":"numbers are going to transpire."},{"speaker":"Carl Widger","startTime":852.9,"endTime":849.84,"body":" "},{"speaker":"Carl Widger","startTime":849.84,"endTime":852.9,"body":"So look, I just think it's an"},{"speaker":"Carl Widger","startTime":852.9,"endTime":852.9,"body":" "},{"speaker":"Carl Widger","startTime":852.9,"endTime":857.04,"body":"interesting space. There's a lot"},{"speaker":"Carl Widger","startTime":857.04,"endTime":852.9,"body":" "},{"speaker":"Carl Widger","startTime":852.9,"endTime":857.04,"body":"of talk around it. Do I think"},{"speaker":"Carl Widger","startTime":857.04,"endTime":857.04,"body":" "},{"speaker":"Carl Widger","startTime":857.04,"endTime":861.38,"body":"that you know, private markets,"},{"speaker":"Carl Widger","startTime":861.38,"endTime":857.04,"body":" "},{"speaker":"Carl Widger","startTime":857.04,"endTime":861.38,"body":"private equity and"},{"speaker":"Carl Widger","startTime":861.38,"endTime":861.38,"body":" "},{"speaker":"Carl Widger","startTime":861.38,"endTime":865.4,"body":"cryptocurrency will form part of"},{"speaker":"Carl Widger","startTime":865.4,"endTime":861.38,"body":" "},{"speaker":"Carl Widger","startTime":861.38,"endTime":865.4,"body":"portfolios in five years time."},{"speaker":"Carl Widger","startTime":865.4,"endTime":865.4,"body":" "},{"speaker":"Carl Widger","startTime":865.4,"endTime":869.84,"body":"In 10 years time, I do is access"},{"speaker":"Carl Widger","startTime":869.84,"endTime":865.4,"body":" "},{"speaker":"Carl Widger","startTime":865.4,"endTime":869.84,"body":"to them a little bit difficult"},{"speaker":"Carl Widger","startTime":869.84,"endTime":869.84,"body":" "},{"speaker":"Carl Widger","startTime":869.84,"endTime":874.04,"body":"at the moment, it certainly is,"},{"speaker":"Carl Widger","startTime":874.04,"endTime":869.84,"body":" "},{"speaker":"Carl Widger","startTime":869.84,"endTime":874.04,"body":"but I've been on record saying"},{"speaker":"Carl Widger","startTime":874.04,"endTime":874.04,"body":" "},{"speaker":"Carl Widger","startTime":874.04,"endTime":878.54,"body":"this, I do think that will open"},{"speaker":"Carl Widger","startTime":878.54,"endTime":874.04,"body":" "},{"speaker":"Carl Widger","startTime":874.04,"endTime":878.54,"body":"up. So yeah, so look, it's"},{"speaker":"Carl Widger","startTime":878.54,"endTime":878.54,"body":" "},{"speaker":"Carl Widger","startTime":878.54,"endTime":882.1,"body":"interesting. It's a pretty long"},{"speaker":"Carl Widger","startTime":882.1,"endTime":878.54,"body":" "},{"speaker":"Carl Widger","startTime":878.54,"endTime":882.1,"body":"article, actually. And, yeah,"},{"speaker":"Carl Widger","startTime":882.1,"endTime":882.1,"body":" "},{"speaker":"Carl Widger","startTime":882.1,"endTime":884.56,"body":"well written, I would say. And"},{"speaker":"Carl Widger","startTime":884.56,"endTime":882.1,"body":" "},{"speaker":"Carl Widger","startTime":882.1,"endTime":884.56,"body":"he makes some fair points, but"},{"speaker":"Carl Widger","startTime":884.56,"endTime":884.56,"body":" "},{"speaker":"Carl Widger","startTime":884.56,"endTime":885.94,"body":"there's some I would challenge"},{"speaker":"Carl Widger","startTime":885.94,"endTime":884.56,"body":" "},{"speaker":"Carl Widger","startTime":884.56,"endTime":885.94,"body":"for sure."},{"speaker":"Nick Lincoln","startTime":886.24,"endTime":889.3,"body":"Okay, thank you."},{"speaker":"Nick Lincoln","startTime":889.3,"endTime":886.24,"body":" "},{"speaker":"Nick Lincoln","startTime":886.24,"endTime":889.3,"body":"Well, let's lead quickly on to"},{"speaker":"Nick Lincoln","startTime":889.3,"endTime":889.3,"body":" "},{"speaker":"Nick Lincoln","startTime":889.3,"endTime":892.42,"body":"the next point. Then, because"},{"speaker":"Nick Lincoln","startTime":892.42,"endTime":889.3,"body":" "},{"speaker":"Nick Lincoln","startTime":889.3,"endTime":892.42,"body":"that storyteller and I read this"},{"speaker":"Nick Lincoln","startTime":892.42,"endTime":892.42,"body":" "},{"speaker":"Nick Lincoln","startTime":892.42,"endTime":894.88,"body":"thing that this fund that"},{"speaker":"Nick Lincoln","startTime":894.88,"endTime":892.42,"body":" "},{"speaker":"Nick Lincoln","startTime":892.42,"endTime":894.88,"body":"Hargreaves Lansdown is"},{"speaker":"Nick Lincoln","startTime":894.88,"endTime":894.88,"body":" "},{"speaker":"Nick Lincoln","startTime":894.88,"endTime":896.68,"body":"launching, I'm rolling my eyes"},{"speaker":"Nick Lincoln","startTime":896.68,"endTime":894.88,"body":" "},{"speaker":"Nick Lincoln","startTime":894.88,"endTime":896.68,"body":"here, dear TRAPPIST"},{"speaker":"Alan Smith","startTime":896.74,"endTime":899.62,"body":"vegan, yeah,"},{"speaker":"Alan Smith","startTime":899.62,"endTime":896.74,"body":" "},{"speaker":"Alan Smith","startTime":896.74,"endTime":899.62,"body":"exactly. So I saw this golden"},{"speaker":"Alan Smith","startTime":899.62,"endTime":899.62,"body":" "},{"speaker":"Alan Smith","startTime":899.62,"endTime":902.94,"body":"docket. Carl, when you published"},{"speaker":"Alan Smith","startTime":902.94,"endTime":899.62,"body":" "},{"speaker":"Alan Smith","startTime":899.62,"endTime":902.94,"body":"it, to be fair, it's a subject"},{"speaker":"Alan Smith","startTime":902.94,"endTime":902.94,"body":" "},{"speaker":"Alan Smith","startTime":902.94,"endTime":906.06,"body":"we brought up loads of times in"},{"speaker":"Alan Smith","startTime":906.06,"endTime":902.94,"body":" "},{"speaker":"Alan Smith","startTime":902.94,"endTime":906.06,"body":"the past. As you know, our"},{"speaker":"Alan Smith","startTime":906.06,"endTime":906.96,"body":" "},{"speaker":"Alan Smith","startTime":906.96,"endTime":910.56,"body":"chancellor in the UK, Rachel,"},{"speaker":"Alan Smith","startTime":910.56,"endTime":906.96,"body":" "},{"speaker":"Alan Smith","startTime":906.96,"endTime":910.56,"body":"Rachel Reeves, that's her name,"},{"speaker":"Alan Smith","startTime":910.56,"endTime":910.56,"body":" "},{"speaker":"Alan Smith","startTime":910.56,"endTime":915.18,"body":"isn't it. Almost forgot, she's"},{"speaker":"Alan Smith","startTime":915.18,"endTime":910.56,"body":" "},{"speaker":"Alan Smith","startTime":910.56,"endTime":915.18,"body":"been very, sort of prominent in"},{"speaker":"Alan Smith","startTime":915.18,"endTime":915.18,"body":" "},{"speaker":"Alan Smith","startTime":915.18,"endTime":918.18,"body":"getting particularly pension"},{"speaker":"Alan Smith","startTime":918.18,"endTime":915.18,"body":" "},{"speaker":"Alan Smith","startTime":915.18,"endTime":918.18,"body":"funds, large sort of employee"},{"speaker":"Alan Smith","startTime":918.18,"endTime":918.18,"body":" "},{"speaker":"Alan Smith","startTime":918.18,"endTime":920.72,"body":"corporate pension funds,"},{"speaker":"Alan Smith","startTime":920.72,"endTime":918.18,"body":" "},{"speaker":"Alan Smith","startTime":918.18,"endTime":920.72,"body":"involved in this. And there's"},{"speaker":"Alan Smith","startTime":920.72,"endTime":920.72,"body":" "},{"speaker":"Alan Smith","startTime":920.72,"endTime":923.78,"body":"always an ulterior motive,"},{"speaker":"Alan Smith","startTime":923.78,"endTime":920.72,"body":" "},{"speaker":"Alan Smith","startTime":920.72,"endTime":923.78,"body":"really, it isn't there. I mean,"},{"speaker":"Alan Smith","startTime":923.78,"endTime":923.84,"body":" "},{"speaker":"Alan Smith","startTime":923.84,"endTime":927.5,"body":"the way I see these things is"},{"speaker":"Alan Smith","startTime":927.5,"endTime":923.84,"body":" "},{"speaker":"Alan Smith","startTime":923.84,"endTime":927.5,"body":"the solution to a problem that"},{"speaker":"Alan Smith","startTime":927.5,"endTime":927.5,"body":" "},{"speaker":"Alan Smith","startTime":927.5,"endTime":930.74,"body":"doesn't exist, you know,"},{"speaker":"Alan Smith","startTime":930.74,"endTime":927.5,"body":" "},{"speaker":"Alan Smith","startTime":927.5,"endTime":930.74,"body":"fundamentally, and it's a kind"},{"speaker":"Alan Smith","startTime":930.74,"endTime":930.74,"body":" "},{"speaker":"Alan Smith","startTime":930.74,"endTime":933.56,"body":"of, there's loads of issues"},{"speaker":"Alan Smith","startTime":933.56,"endTime":930.74,"body":" "},{"speaker":"Alan Smith","startTime":930.74,"endTime":933.56,"body":"around it. It's a real"},{"speaker":"Alan Smith","startTime":933.56,"endTime":933.56,"body":" "},{"speaker":"Alan Smith","startTime":933.56,"endTime":937.76,"body":"opportunity for various"},{"speaker":"Alan Smith","startTime":937.76,"endTime":933.56,"body":" "},{"speaker":"Alan Smith","startTime":933.56,"endTime":937.76,"body":"organizations to gather assets"},{"speaker":"Alan Smith","startTime":937.76,"endTime":938.24,"body":" "},{"speaker":"Alan Smith","startTime":938.24,"endTime":942.82,"body":"and to build fees out of it,"},{"speaker":"Alan Smith","startTime":942.82,"endTime":938.24,"body":" "},{"speaker":"Alan Smith","startTime":938.24,"endTime":942.82,"body":"there's I read someone the other"},{"speaker":"Alan Smith","startTime":942.82,"endTime":942.82,"body":" "},{"speaker":"Alan Smith","startTime":942.82,"endTime":946.6,"body":"day talking about volatility"},{"speaker":"Alan Smith","startTime":946.6,"endTime":942.82,"body":" "},{"speaker":"Alan Smith","startTime":942.82,"endTime":946.6,"body":"laundering effectively, because"},{"speaker":"Alan Smith","startTime":946.6,"endTime":946.6,"body":" "},{"speaker":"Alan Smith","startTime":946.6,"endTime":951.04,"body":"these funds aren't daily priced."},{"speaker":"Alan Smith","startTime":951.04,"endTime":946.6,"body":" "},{"speaker":"Alan Smith","startTime":946.6,"endTime":951.04,"body":"They are not marked to market."},{"speaker":"Alan Smith","startTime":951.04,"endTime":951.04,"body":" "},{"speaker":"Alan Smith","startTime":951.04,"endTime":953.86,"body":"They decide when they price it,"},{"speaker":"Alan Smith","startTime":953.86,"endTime":951.04,"body":" "},{"speaker":"Alan Smith","startTime":951.04,"endTime":953.86,"body":"and so often they're quarterly,"},{"speaker":"Alan Smith","startTime":953.86,"endTime":953.86,"body":" "},{"speaker":"Alan Smith","startTime":953.86,"endTime":956.14,"body":"sometimes even less than that."},{"speaker":"Alan Smith","startTime":956.14,"endTime":953.86,"body":" "},{"speaker":"Alan Smith","startTime":953.86,"endTime":956.14,"body":"So they decide the actual the"},{"speaker":"Alan Smith","startTime":956.14,"endTime":956.14,"body":" "},{"speaker":"Alan Smith","startTime":956.14,"endTime":959.08,"body":"underlying so it looks like"},{"speaker":"Alan Smith","startTime":959.08,"endTime":956.14,"body":" "},{"speaker":"Alan Smith","startTime":956.14,"endTime":959.08,"body":"they're quite safe and stable,"},{"speaker":"Alan Smith","startTime":959.08,"endTime":959.08,"body":" "},{"speaker":"Alan Smith","startTime":959.08,"endTime":962.4,"body":"but, but, but, yeah, I just"},{"speaker":"Alan Smith","startTime":962.4,"endTime":959.08,"body":" "},{"speaker":"Alan Smith","startTime":959.08,"endTime":962.4,"body":"noticed, because you raised it,"},{"speaker":"Alan Smith","startTime":962.4,"endTime":962.4,"body":" "},{"speaker":"Alan Smith","startTime":962.4,"endTime":965.52,"body":"and just happened to be in the"},{"speaker":"Alan Smith","startTime":965.52,"endTime":962.4,"body":" "},{"speaker":"Alan Smith","startTime":962.4,"endTime":965.52,"body":"FT this morning, when I looked"},{"speaker":"Alan Smith","startTime":965.52,"endTime":965.52,"body":" "},{"speaker":"Alan Smith","startTime":965.52,"endTime":970.02,"body":"at it, that the largest retail"},{"speaker":"Alan Smith","startTime":970.02,"endTime":965.52,"body":" "},{"speaker":"Alan Smith","startTime":965.52,"endTime":970.02,"body":"fund platform in the UK,"},{"speaker":"Alan Smith","startTime":970.02,"endTime":970.44,"body":" "},{"speaker":"Alan Smith","startTime":970.44,"endTime":974.16,"body":"Hargreaves, Lansdown, have just"},{"speaker":"Alan Smith","startTime":974.16,"endTime":970.44,"body":" "},{"speaker":"Alan Smith","startTime":970.44,"endTime":974.16,"body":"announced they are launching one"},{"speaker":"Alan Smith","startTime":974.16,"endTime":974.16,"body":" "},{"speaker":"Alan Smith","startTime":974.16,"endTime":978.48,"body":"of these funds and unleashing it"},{"speaker":"Alan Smith","startTime":978.48,"endTime":974.16,"body":" "},{"speaker":"Alan Smith","startTime":974.16,"endTime":978.48,"body":"on an unsuspecting public. Yes,"},{"speaker":"Alan Smith","startTime":978.48,"endTime":978.48,"body":" "},{"speaker":"Alan Smith","startTime":978.48,"endTime":980.66,"body":"I think you've got to have to"},{"speaker":"Alan Smith","startTime":980.66,"endTime":978.48,"body":" "},{"speaker":"Alan Smith","startTime":978.48,"endTime":980.66,"body":"self select that you are a"},{"speaker":"Alan Smith","startTime":980.66,"endTime":980.84,"body":" "},{"speaker":"Alan Smith","startTime":980.84,"endTime":985.1,"body":"sophisticated investor, but it's"},{"speaker":"Alan Smith","startTime":985.1,"endTime":980.84,"body":" "},{"speaker":"Alan Smith","startTime":980.84,"endTime":985.1,"body":"a fund that's managed by"},{"speaker":"Alan Smith","startTime":985.1,"endTime":985.16,"body":" "},{"speaker":"Alan Smith","startTime":985.16,"endTime":988.94,"body":"Schroders Schroeder's private"},{"speaker":"Alan Smith","startTime":988.94,"endTime":985.16,"body":" "},{"speaker":"Alan Smith","startTime":985.16,"endTime":988.94,"body":"equity, or one division of"},{"speaker":"Alan Smith","startTime":988.94,"endTime":988.94,"body":" "},{"speaker":"Alan Smith","startTime":988.94,"endTime":993.74,"body":"Schroders. I had a quick look at"},{"speaker":"Alan Smith","startTime":993.74,"endTime":988.94,"body":" "},{"speaker":"Alan Smith","startTime":988.94,"endTime":993.74,"body":"the fund. Give you an idea the"},{"speaker":"Alan Smith","startTime":993.74,"endTime":993.74,"body":" "},{"speaker":"Alan Smith","startTime":993.74,"endTime":997.88,"body":"at the the annualized the annual"},{"speaker":"Alan Smith","startTime":997.88,"endTime":993.74,"body":" "},{"speaker":"Alan Smith","startTime":993.74,"endTime":997.88,"body":"fee to manage the fund is 3.24%"},{"speaker":"Alan Smith","startTime":997.88,"endTime":999.92,"body":" "},{"speaker":"Alan Smith","startTime":999.92,"endTime":1004.8,"body":"3.24% I'm going to suggest as"},{"speaker":"Alan Smith","startTime":1004.8,"endTime":999.92,"body":" "},{"speaker":"Alan Smith","startTime":999.92,"endTime":1004.8,"body":"well that there's a probably a"},{"speaker":"Alan Smith","startTime":1004.8,"endTime":1004.8,"body":" "},{"speaker":"Alan Smith","startTime":1004.8,"endTime":1007.5,"body":"lot of other hidden, undisclosed"},{"speaker":"Alan Smith","startTime":1007.5,"endTime":1004.8,"body":" "},{"speaker":"Alan Smith","startTime":1004.8,"endTime":1007.5,"body":"fees in there as well. I think"},{"speaker":"Alan Smith","startTime":1007.5,"endTime":1007.5,"body":" "},{"speaker":"Alan Smith","startTime":1007.5,"endTime":1011.22,"body":"it's going to be north of 4% a"},{"speaker":"Alan Smith","startTime":1011.22,"endTime":1007.5,"body":" "},{"speaker":"Alan Smith","startTime":1007.5,"endTime":1011.22,"body":"year. That's your first hurdle"},{"speaker":"Alan Smith","startTime":1011.22,"endTime":1011.22,"body":" "},{"speaker":"Alan Smith","startTime":1011.22,"endTime":1014.22,"body":"rate to beat public market"},{"speaker":"Alan Smith","startTime":1014.22,"endTime":1011.22,"body":" "},{"speaker":"Alan Smith","startTime":1011.22,"endTime":1014.22,"body":"investing, global equities, s,"},{"speaker":"Alan Smith","startTime":1014.22,"endTime":1014.22,"body":" "},{"speaker":"Alan Smith","startTime":1014.22,"endTime":1018.36,"body":"p, whatever. There's also a 5%"},{"speaker":"Alan Smith","startTime":1018.36,"endTime":1014.22,"body":" "},{"speaker":"Alan Smith","startTime":1014.22,"endTime":1018.36,"body":"redemption fee, which, if I read"},{"speaker":"Alan Smith","startTime":1018.36,"endTime":1018.36,"body":" "},{"speaker":"Alan Smith","startTime":1018.36,"endTime":1020.96,"body":"that correctly, that's you want"},{"speaker":"Alan Smith","startTime":1020.96,"endTime":1018.36,"body":" "},{"speaker":"Alan Smith","startTime":1018.36,"endTime":1020.96,"body":"your money out, you got to give"},{"speaker":"Alan Smith","startTime":1020.96,"endTime":1020.96,"body":" "},{"speaker":"Alan Smith","startTime":1020.96,"endTime":1024.56,"body":"up 5% to get the money back, to"},{"speaker":"Alan Smith","startTime":1024.56,"endTime":1020.96,"body":" "},{"speaker":"Alan Smith","startTime":1020.96,"endTime":1024.56,"body":"create the liquidity there's"},{"speaker":"Alan Smith","startTime":1024.56,"endTime":1024.56,"body":" "},{"speaker":"Alan Smith","startTime":1024.56,"endTime":1028.52,"body":"also, in order to keep liquidity"},{"speaker":"Alan Smith","startTime":1028.52,"endTime":1024.56,"body":" "},{"speaker":"Alan Smith","startTime":1024.56,"endTime":1028.52,"body":"in this fund, the continued"},{"speaker":"Alan Smith","startTime":1028.52,"endTime":1028.88,"body":" "},{"speaker":"Alan Smith","startTime":1028.88,"endTime":1033.44,"body":"their targets have 20% held in"},{"speaker":"Alan Smith","startTime":1033.44,"endTime":1028.88,"body":" "},{"speaker":"Alan Smith","startTime":1028.88,"endTime":1033.44,"body":"cash. Now that's a hell of a"},{"speaker":"Alan Smith","startTime":1033.44,"endTime":1033.44,"body":" "},{"speaker":"Alan Smith","startTime":1033.44,"endTime":1037.46,"body":"drag on your investment returns."},{"speaker":"Alan Smith","startTime":1037.46,"endTime":1033.44,"body":" "},{"speaker":"Alan Smith","startTime":1033.44,"endTime":1037.46,"body":"Adorable to get that out. So and"},{"speaker":"Alan Smith","startTime":1037.46,"endTime":1038.66,"body":" "},{"speaker":"Alan Smith","startTime":1038.66,"endTime":1041.98,"body":"the other thing the fund, this"},{"speaker":"Alan Smith","startTime":1041.98,"endTime":1038.66,"body":" "},{"speaker":"Alan Smith","startTime":1038.66,"endTime":1041.98,"body":"particular fund launched October"},{"speaker":"Alan Smith","startTime":1041.98,"endTime":1041.98,"body":" "},{"speaker":"Alan Smith","startTime":1041.98,"endTime":1045.82,"body":"last year. So it's just under a"},{"speaker":"Alan Smith","startTime":1045.82,"endTime":1041.98,"body":" "},{"speaker":"Alan Smith","startTime":1041.98,"endTime":1045.82,"body":"year total returns to date, for"},{"speaker":"Alan Smith","startTime":1045.82,"endTime":1045.82,"body":" "},{"speaker":"Alan Smith","startTime":1045.82,"endTime":1049.84,"body":"those who've been fully"},{"speaker":"Alan Smith","startTime":1049.84,"endTime":1045.82,"body":" "},{"speaker":"Alan Smith","startTime":1045.82,"endTime":1049.84,"body":"invested, just over 3% compare"},{"speaker":"Alan Smith","startTime":1049.84,"endTime":1049.84,"body":" "},{"speaker":"Alan Smith","startTime":1049.84,"endTime":1052.84,"body":"that to the equivalent Public"},{"speaker":"Alan Smith","startTime":1052.84,"endTime":1049.84,"body":" "},{"speaker":"Alan Smith","startTime":1049.84,"endTime":1052.84,"body":"Market global equities, s, p,"},{"speaker":"Alan Smith","startTime":1052.84,"endTime":1052.84,"body":" "},{"speaker":"Alan Smith","startTime":1052.84,"endTime":1056.32,"body":"whatever you want to create"},{"speaker":"Alan Smith","startTime":1056.32,"endTime":1052.84,"body":" "},{"speaker":"Alan Smith","startTime":1052.84,"endTime":1056.32,"body":"significant underperformance. I"},{"speaker":"Alan Smith","startTime":1056.32,"endTime":1056.32,"body":" "},{"speaker":"Alan Smith","startTime":1056.32,"endTime":1059.26,"body":"got to say, I'm a big fan,"},{"speaker":"Alan Smith","startTime":1059.26,"endTime":1056.32,"body":" "},{"speaker":"Alan Smith","startTime":1056.32,"endTime":1059.26,"body":"actually, of Hargreaves Lansdown"},{"speaker":"Alan Smith","startTime":1059.26,"endTime":1059.26,"body":" "},{"speaker":"Alan Smith","startTime":1059.26,"endTime":1061.56,"body":"in terms of the tools they've"},{"speaker":"Alan Smith","startTime":1061.56,"endTime":1059.26,"body":" "},{"speaker":"Alan Smith","startTime":1059.26,"endTime":1061.56,"body":"got kind of free stuff. They've"},{"speaker":"Alan Smith","startTime":1061.56,"endTime":1061.56,"body":" "},{"speaker":"Alan Smith","startTime":1061.56,"endTime":1064.68,"body":"got online. Yeah, I don't think"},{"speaker":"Alan Smith","startTime":1064.68,"endTime":1061.56,"body":" "},{"speaker":"Alan Smith","startTime":1061.56,"endTime":1064.68,"body":"they cover themselves in glory."},{"speaker":"Alan Smith","startTime":1064.68,"endTime":1064.68,"body":" "},{"speaker":"Alan Smith","startTime":1064.68,"endTime":1070.02,"body":"I mean, they are still, I think,"},{"speaker":"Alan Smith","startTime":1070.02,"endTime":1064.68,"body":" "},{"speaker":"Alan Smith","startTime":1064.68,"endTime":1070.02,"body":"you know, holding some blame for"},{"speaker":"Alan Smith","startTime":1070.02,"endTime":1070.02,"body":" "},{"speaker":"Alan Smith","startTime":1070.02,"endTime":1072.66,"body":"the whole Woodford fiasco, and"},{"speaker":"Alan Smith","startTime":1072.66,"endTime":1070.02,"body":" "},{"speaker":"Alan Smith","startTime":1070.02,"endTime":1072.66,"body":"that was a lot about liquidity,"},{"speaker":"Alan Smith","startTime":1072.66,"endTime":1072.66,"body":" "},{"speaker":"Alan Smith","startTime":1072.66,"endTime":1073.08,"body":"etc."},{"speaker":"Nick Lincoln","startTime":1073.08,"endTime":1074.94,"body":"They promoted the"},{"speaker":"Nick Lincoln","startTime":1074.94,"endTime":1073.08,"body":" "},{"speaker":"Nick Lincoln","startTime":1073.08,"endTime":1074.94,"body":"hell out of hold them to the"},{"speaker":"Nick Lincoln","startTime":1074.94,"endTime":1074.94,"body":" "},{"speaker":"Nick Lincoln","startTime":1074.94,"endTime":1077.76,"body":"same stand that we hold the"},{"speaker":"Nick Lincoln","startTime":1077.76,"endTime":1074.94,"body":" "},{"speaker":"Nick Lincoln","startTime":1074.94,"endTime":1077.76,"body":"platforms we use. It's a sales"},{"speaker":"Nick Lincoln","startTime":1077.76,"endTime":1077.76,"body":" "},{"speaker":"Nick Lincoln","startTime":1077.76,"endTime":1079.86,"body":"business Harcourt. It's just a"},{"speaker":"Nick Lincoln","startTime":1079.86,"endTime":1077.76,"body":" "},{"speaker":"Nick Lincoln","startTime":1077.76,"endTime":1079.86,"body":"pure"},{"speaker":"Alan Smith","startTime":1079.86,"endTime":1082.16,"body":"sales a sales"},{"speaker":"Alan Smith","startTime":1082.16,"endTime":1079.86,"body":" "},{"speaker":"Alan Smith","startTime":1079.86,"endTime":1082.16,"body":"business. They know there's this"},{"speaker":"Alan Smith","startTime":1082.16,"endTime":1082.16,"body":" "},{"speaker":"Alan Smith","startTime":1082.16,"endTime":1084.92,"body":"is of interest to some people,"},{"speaker":"Alan Smith","startTime":1084.92,"endTime":1082.16,"body":" "},{"speaker":"Alan Smith","startTime":1082.16,"endTime":1084.92,"body":"so they'll just get it on their"},{"speaker":"Alan Smith","startTime":1084.92,"endTime":1084.92,"body":" "},{"speaker":"Alan Smith","startTime":1084.92,"endTime":1087.38,"body":"platform and allow people and of"},{"speaker":"Alan Smith","startTime":1087.38,"endTime":1084.92,"body":" "},{"speaker":"Alan Smith","startTime":1084.92,"endTime":1087.38,"body":"course, it's not advice, so"},{"speaker":"Alan Smith","startTime":1087.38,"endTime":1087.38,"body":" "},{"speaker":"Alan Smith","startTime":1087.38,"endTime":1090.62,"body":"people will self choose it, self"},{"speaker":"Alan Smith","startTime":1090.62,"endTime":1087.38,"body":" "},{"speaker":"Alan Smith","startTime":1087.38,"endTime":1090.62,"body":"selected. Those who don't wish"},{"speaker":"Alan Smith","startTime":1090.62,"endTime":1090.62,"body":" "},{"speaker":"Alan Smith","startTime":1090.62,"endTime":1093.38,"body":"to pay for an advisor. The vast"},{"speaker":"Alan Smith","startTime":1093.38,"endTime":1090.62,"body":" "},{"speaker":"Alan Smith","startTime":1090.62,"endTime":1093.38,"body":"majority of advisors wouldn't go"},{"speaker":"Alan Smith","startTime":1093.38,"endTime":1093.38,"body":" "},{"speaker":"Alan Smith","startTime":1093.38,"endTime":1096.08,"body":"near this with it, with the data"},{"speaker":"Alan Smith","startTime":1096.08,"endTime":1093.38,"body":" "},{"speaker":"Alan Smith","startTime":1093.38,"endTime":1096.08,"body":"I've just quoted,"},{"speaker":"Carl Widger","startTime":1096.08,"endTime":1098.42,"body":"yeah, and Alan,"},{"speaker":"Carl Widger","startTime":1098.42,"endTime":1096.08,"body":" "},{"speaker":"Carl Widger","startTime":1096.08,"endTime":1098.42,"body":"it's interesting, because you"},{"speaker":"Carl Widger","startTime":1098.42,"endTime":1098.42,"body":" "},{"speaker":"Carl Widger","startTime":1098.42,"endTime":1100.96,"body":"need to be a professional"},{"speaker":"Carl Widger","startTime":1100.96,"endTime":1098.42,"body":" "},{"speaker":"Carl Widger","startTime":1098.42,"endTime":1100.96,"body":"investor to get into some of"},{"speaker":"Carl Widger","startTime":1100.96,"endTime":1100.96,"body":" "},{"speaker":"Carl Widger","startTime":1100.96,"endTime":1105.46,"body":"these funds. But by creating"},{"speaker":"Carl Widger","startTime":1105.46,"endTime":1100.96,"body":" "},{"speaker":"Carl Widger","startTime":1100.96,"endTime":1105.46,"body":"these funder funds that gets"},{"speaker":"Carl Widger","startTime":1105.46,"endTime":1105.46,"body":" "},{"speaker":"Carl Widger","startTime":1105.46,"endTime":1108.28,"body":"around that professional"},{"speaker":"Carl Widger","startTime":1108.28,"endTime":1105.46,"body":" "},{"speaker":"Carl Widger","startTime":1105.46,"endTime":1108.28,"body":"investor, you now become quite,"},{"speaker":"Carl Widger","startTime":1108.28,"endTime":1108.28,"body":" "},{"speaker":"Carl Widger","startTime":1108.28,"endTime":1111.46,"body":"you know? So basically, every"},{"speaker":"Carl Widger","startTime":1111.46,"endTime":1108.28,"body":" "},{"speaker":"Carl Widger","startTime":1108.28,"endTime":1111.46,"body":"single person can invest in"},{"speaker":"Carl Widger","startTime":1111.46,"endTime":1111.46,"body":" "},{"speaker":"Carl Widger","startTime":1111.46,"endTime":1114.76,"body":"this, and it is a sexier story"},{"speaker":"Carl Widger","startTime":1114.76,"endTime":1111.46,"body":" "},{"speaker":"Carl Widger","startTime":1111.46,"endTime":1114.76,"body":"that I'm investing in this, that"},{"speaker":"Carl Widger","startTime":1114.76,"endTime":1114.76,"body":" "},{"speaker":"Carl Widger","startTime":1114.76,"endTime":1117.34,"body":"and the other. And like when,"},{"speaker":"Carl Widger","startTime":1117.34,"endTime":1114.76,"body":" "},{"speaker":"Carl Widger","startTime":1114.76,"endTime":1117.34,"body":"when these guys are all talking"},{"speaker":"Carl Widger","startTime":1117.34,"endTime":1117.34,"body":" "},{"speaker":"Carl Widger","startTime":1117.34,"endTime":1120.6,"body":"about it, who's it? Who's the"},{"speaker":"Carl Widger","startTime":1120.6,"endTime":1117.34,"body":" "},{"speaker":"Carl Widger","startTime":1117.34,"endTime":1120.6,"body":"number one company that people"},{"speaker":"Carl Widger","startTime":1120.6,"endTime":1120.6,"body":" "},{"speaker":"Carl Widger","startTime":1120.6,"endTime":1123.18,"body":"talk about in terms of private"},{"speaker":"Carl Widger","startTime":1123.18,"endTime":1120.6,"body":" "},{"speaker":"Carl Widger","startTime":1120.6,"endTime":1123.18,"body":"markets. It's stripe, right?"},{"speaker":"Carl Widger","startTime":1123.18,"endTime":1123.24,"body":" "},{"speaker":"Carl Widger","startTime":1123.24,"endTime":1125.88,"body":"Because it's a massive, massive"},{"speaker":"Carl Widger","startTime":1125.88,"endTime":1123.24,"body":" "},{"speaker":"Carl Widger","startTime":1123.24,"endTime":1125.88,"body":"company. Well, there's a million"},{"speaker":"Carl Widger","startTime":1125.88,"endTime":1126.36,"body":" "},{"speaker":"Carl Widger","startTime":1126.36,"endTime":1128.94,"body":"of other companies. There's not"},{"speaker":"Carl Widger","startTime":1128.94,"endTime":1126.36,"body":" "},{"speaker":"Carl Widger","startTime":1126.36,"endTime":1128.94,"body":"a million. There's tons of other"},{"speaker":"Carl Widger","startTime":1128.94,"endTime":1128.94,"body":" "},{"speaker":"Carl Widger","startTime":1128.94,"endTime":1133.44,"body":"companies that have failed for"},{"speaker":"Carl Widger","startTime":1133.44,"endTime":1128.94,"body":" "},{"speaker":"Carl Widger","startTime":1128.94,"endTime":1133.44,"body":"the one that has absolutely shot"},{"speaker":"Carl Widger","startTime":1133.44,"endTime":1133.44,"body":" "},{"speaker":"Carl Widger","startTime":1133.44,"endTime":1136.08,"body":"the lights out, and then the"},{"speaker":"Carl Widger","startTime":1136.08,"endTime":1133.44,"body":" "},{"speaker":"Carl Widger","startTime":1133.44,"endTime":1136.08,"body":"other, the other. My final point"},{"speaker":"Carl Widger","startTime":1136.08,"endTime":1136.08,"body":" "},{"speaker":"Carl Widger","startTime":1136.08,"endTime":1140.24,"body":"in this is, you know, the really"},{"speaker":"Carl Widger","startTime":1140.24,"endTime":1136.08,"body":" "},{"speaker":"Carl Widger","startTime":1136.08,"endTime":1140.24,"body":"good ones get hoovered up by"},{"speaker":"Carl Widger","startTime":1140.24,"endTime":1140.24,"body":" "},{"speaker":"Carl Widger","startTime":1140.24,"endTime":1143.24,"body":"some of the big boys, so like"},{"speaker":"Carl Widger","startTime":1143.24,"endTime":1140.24,"body":" "},{"speaker":"Carl Widger","startTime":1140.24,"endTime":1143.24,"body":"Google, have, Google have"},{"speaker":"Carl Widger","startTime":1143.24,"endTime":1143.24,"body":" "},{"speaker":"Carl Widger","startTime":1143.24,"endTime":1145.94,"body":"hoovered up, I think hundreds,"},{"speaker":"Carl Widger","startTime":1145.94,"endTime":1143.24,"body":" "},{"speaker":"Carl Widger","startTime":1143.24,"endTime":1145.94,"body":"hundreds of homes,"},{"speaker":"Alan Smith","startTime":1146.12,"endTime":1149.42,"body":"yeah, all the bait,"},{"speaker":"Alan Smith","startTime":1149.42,"endTime":1146.12,"body":" "},{"speaker":"Alan Smith","startTime":1146.12,"endTime":1149.42,"body":"all the Sequoia Capital, the big"},{"speaker":"Alan Smith","startTime":1149.42,"endTime":1149.42,"body":" "},{"speaker":"Alan Smith","startTime":1149.42,"endTime":1152.6,"body":"VC firms are already this is,"},{"speaker":"Alan Smith","startTime":1152.6,"endTime":1149.42,"body":" "},{"speaker":"Alan Smith","startTime":1149.42,"endTime":1152.6,"body":"this is also known as dumping"},{"speaker":"Alan Smith","startTime":1152.6,"endTime":1152.6,"body":" "},{"speaker":"Alan Smith","startTime":1152.6,"endTime":1155.84,"body":"and retail. They can't get rid"},{"speaker":"Alan Smith","startTime":1155.84,"endTime":1152.6,"body":" "},{"speaker":"Alan Smith","startTime":1152.6,"endTime":1155.84,"body":"of this stuff, and they jump on"},{"speaker":"Alan Smith","startTime":1155.84,"endTime":1155.84,"body":" "},{"speaker":"Alan Smith","startTime":1155.84,"endTime":1158.54,"body":"retail. Retail punters come"},{"speaker":"Alan Smith","startTime":1158.54,"endTime":1155.84,"body":" "},{"speaker":"Alan Smith","startTime":1155.84,"endTime":1158.54,"body":"along who know no better."},{"speaker":"Alan Smith","startTime":1158.54,"endTime":1159.26,"body":" "},{"speaker":"Alan Smith","startTime":1159.26,"endTime":1161.44,"body":"That's, that's what it's known"},{"speaker":"Alan Smith","startTime":1161.44,"endTime":1159.26,"body":" "},{"speaker":"Alan Smith","startTime":1159.26,"endTime":1161.44,"body":"as. It's just"},{"speaker":"Andy Hart","startTime":1161.439,"endTime":1166.059,"body":"not Alan, just on the"},{"speaker":"Andy Hart","startTime":1166.059,"endTime":1161.439,"body":" "},{"speaker":"Andy Hart","startTime":1161.439,"endTime":1166.059,"body":"fees of that HL fund you"},{"speaker":"Andy Hart","startTime":1166.059,"endTime":1166.059,"body":" "},{"speaker":"Andy Hart","startTime":1166.059,"endTime":1169.239,"body":"mentioned. Yeah, redemptions are"},{"speaker":"Andy Hart","startTime":1169.239,"endTime":1166.059,"body":" "},{"speaker":"Andy Hart","startTime":1166.059,"endTime":1169.239,"body":"capped at 5% of the net asset"},{"speaker":"Andy Hart","startTime":1169.239,"endTime":1169.239,"body":" "},{"speaker":"Andy Hart","startTime":1169.239,"endTime":1172.059,"body":"value of the fund, not your"},{"speaker":"Andy Hart","startTime":1172.059,"endTime":1169.239,"body":" "},{"speaker":"Andy Hart","startTime":1169.239,"endTime":1172.059,"body":"charge 5% as in, they're not"},{"speaker":"Andy Hart","startTime":1172.059,"endTime":1172.059,"body":" "},{"speaker":"Andy Hart","startTime":1172.059,"endTime":1174.819,"body":"going to redeem more than 5% of"},{"speaker":"Andy Hart","startTime":1174.819,"endTime":1172.059,"body":" "},{"speaker":"Andy Hart","startTime":1172.059,"endTime":1174.819,"body":"the net asset values of the"},{"speaker":"Andy Hart","startTime":1174.819,"endTime":1174.819,"body":" "},{"speaker":"Andy Hart","startTime":1174.819,"endTime":1176.799,"body":"fund. A technical point."},{"speaker":"Alan Smith","startTime":1176.8,"endTime":1179.32,"body":"But does that make"},{"speaker":"Alan Smith","startTime":1179.32,"endTime":1176.8,"body":" "},{"speaker":"Alan Smith","startTime":1176.8,"endTime":1179.32,"body":"sure? Not sure about that the"},{"speaker":"Alan Smith","startTime":1179.32,"endTime":1179.32,"body":" "},{"speaker":"Alan Smith","startTime":1179.32,"endTime":1182.34,"body":"comments in the FT article,"},{"speaker":"Alan Smith","startTime":1182.34,"endTime":1179.32,"body":" "},{"speaker":"Alan Smith","startTime":1179.32,"endTime":1182.34,"body":"after that, there's a lot of"},{"speaker":"Alan Smith","startTime":1182.34,"endTime":1182.58,"body":" "},{"speaker":"Alan Smith","startTime":1182.58,"endTime":1185.46,"body":"what seems to be because the"},{"speaker":"Alan Smith","startTime":1185.46,"endTime":1182.58,"body":" "},{"speaker":"Alan Smith","startTime":1182.58,"endTime":1185.46,"body":"comments experience. The wisdom"},{"speaker":"Nick Lincoln","startTime":1185.459,"endTime":1188.039,"body":"is, can we save"},{"speaker":"Nick Lincoln","startTime":1188.039,"endTime":1185.459,"body":" "},{"speaker":"Nick Lincoln","startTime":1185.459,"endTime":1188.039,"body":"this for our redemption free"},{"speaker":"Nick Lincoln","startTime":1188.039,"endTime":1188.039,"body":" "},{"speaker":"Nick Lincoln","startTime":1188.039,"endTime":1193.019,"body":"offshoot podcast? Thanks. Okay."},{"speaker":"Nick Lincoln","startTime":1193.019,"endTime":1188.039,"body":" "},{"speaker":"Nick Lincoln","startTime":1188.039,"endTime":1193.019,"body":"Um, docket, done. I mean, dear"},{"speaker":"Nick Lincoln","startTime":1193.019,"endTime":1193.019,"body":" "},{"speaker":"Nick Lincoln","startTime":1193.019,"endTime":1195.479,"body":"TRAPPIST, we do come back to"},{"speaker":"Nick Lincoln","startTime":1195.479,"endTime":1193.019,"body":" "},{"speaker":"Nick Lincoln","startTime":1193.019,"endTime":1195.479,"body":"this every episode currently,"},{"speaker":"Nick Lincoln","startTime":1195.479,"endTime":1195.479,"body":" "},{"speaker":"Nick Lincoln","startTime":1195.479,"endTime":1197.699,"body":"and the reason we do that is"},{"speaker":"Nick Lincoln","startTime":1197.699,"endTime":1195.479,"body":" "},{"speaker":"Nick Lincoln","startTime":1195.479,"endTime":1197.699,"body":"because we're passionate about"},{"speaker":"Nick Lincoln","startTime":1197.699,"endTime":1197.699,"body":" "},{"speaker":"Nick Lincoln","startTime":1197.699,"endTime":1199.919,"body":"doing the right thing for our"},{"speaker":"Nick Lincoln","startTime":1199.919,"endTime":1197.699,"body":" "},{"speaker":"Nick Lincoln","startTime":1197.699,"endTime":1199.919,"body":"class, and this is a thing. And."},{"speaker":"Nick Lincoln","startTime":1199.919,"endTime":1199.999,"body":" "},{"speaker":"Nick Lincoln","startTime":1199.999,"endTime":1202.459,"body":"I think all four of us know, and"},{"speaker":"Nick Lincoln","startTime":1202.459,"endTime":1199.999,"body":" "},{"speaker":"Nick Lincoln","startTime":1199.999,"endTime":1202.459,"body":"I'm sure many Trappists know"},{"speaker":"Nick Lincoln","startTime":1202.459,"endTime":1202.459,"body":" "},{"speaker":"Nick Lincoln","startTime":1202.459,"endTime":1205.279,"body":"that we'll be looking back on"},{"speaker":"Nick Lincoln","startTime":1205.279,"endTime":1202.459,"body":" "},{"speaker":"Nick Lincoln","startTime":1202.459,"endTime":1205.279,"body":"this in 1015, 20 years time, and"},{"speaker":"Nick Lincoln","startTime":1205.279,"endTime":1205.279,"body":" "},{"speaker":"Nick Lincoln","startTime":1205.279,"endTime":1207.499,"body":"thinking what the f will be"},{"speaker":"Nick Lincoln","startTime":1207.499,"endTime":1205.279,"body":" "},{"speaker":"Nick Lincoln","startTime":1205.279,"endTime":1207.499,"body":"doing this was, you can see this"},{"speaker":"Nick Lincoln","startTime":1207.499,"endTime":1207.499,"body":" "},{"speaker":"Nick Lincoln","startTime":1207.499,"endTime":1209.779,"body":"as we're walking through a"},{"speaker":"Nick Lincoln","startTime":1209.779,"endTime":1207.499,"body":" "},{"speaker":"Nick Lincoln","startTime":1207.499,"endTime":1209.779,"body":"disaster with this, and I've got"},{"speaker":"Nick Lincoln","startTime":1209.779,"endTime":1209.779,"body":" "},{"speaker":"Nick Lincoln","startTime":1209.779,"endTime":1212.299,"body":"really strong things, it's going"},{"speaker":"Nick Lincoln","startTime":1212.299,"endTime":1209.779,"body":" "},{"speaker":"Nick Lincoln","startTime":1209.779,"endTime":1212.299,"body":"to pan out that way as well."},{"speaker":"Nick Lincoln","startTime":1212.299,"endTime":1212.659,"body":" "},{"speaker":"Nick Lincoln","startTime":1212.659,"endTime":1214.339,"body":"Okay, ultra"},{"speaker":"Andy Hart","startTime":1215.84,"endTime":1218.36,"body":"girls, go on. Don't"},{"speaker":"Andy Hart","startTime":1218.36,"endTime":1215.84,"body":" "},{"speaker":"Andy Hart","startTime":1215.84,"endTime":1218.36,"body":"say make this interesting Nick."},{"speaker":"Andy Hart","startTime":1218.36,"endTime":1218.36,"body":" "},{"speaker":"Andy Hart","startTime":1218.36,"endTime":1220.84,"body":"You know, we were talking about"},{"speaker":"Andy Hart","startTime":1220.84,"endTime":1218.36,"body":" "},{"speaker":"Andy Hart","startTime":1218.36,"endTime":1220.84,"body":"the dull world of personal"},{"speaker":"Andy Hart","startTime":1220.84,"endTime":1220.84,"body":" "},{"speaker":"Andy Hart","startTime":1220.84,"endTime":1224.14,"body":"finance and money. We try our"},{"speaker":"Andy Hart","startTime":1224.14,"endTime":1220.84,"body":" "},{"speaker":"Andy Hart","startTime":1220.84,"endTime":1224.14,"body":"best. But there's been a new"},{"speaker":"Andy Hart","startTime":1224.14,"endTime":1224.14,"body":" "},{"speaker":"Andy Hart","startTime":1224.14,"endTime":1227.8,"body":"consolidator launch called"},{"speaker":"Andy Hart","startTime":1227.8,"endTime":1224.14,"body":" "},{"speaker":"Andy Hart","startTime":1224.14,"endTime":1227.8,"body":"absolute Financial Group. I read"},{"speaker":"Andy Hart","startTime":1227.8,"endTime":1227.8,"body":" "},{"speaker":"Andy Hart","startTime":1227.8,"endTime":1230.56,"body":"this in the professional"},{"speaker":"Andy Hart","startTime":1230.56,"endTime":1227.8,"body":" "},{"speaker":"Andy Hart","startTime":1227.8,"endTime":1230.56,"body":"advisor. The two people that are"},{"speaker":"Andy Hart","startTime":1230.56,"endTime":1230.56,"body":" "},{"speaker":"Andy Hart","startTime":1230.56,"endTime":1233.92,"body":"running this. The CEO is a guy"},{"speaker":"Andy Hart","startTime":1233.92,"endTime":1230.56,"body":" "},{"speaker":"Andy Hart","startTime":1230.56,"endTime":1233.92,"body":"called David Carter, who I don't"},{"speaker":"Andy Hart","startTime":1233.92,"endTime":1233.92,"body":" "},{"speaker":"Andy Hart","startTime":1233.92,"endTime":1237.82,"body":"know, not aware of, but he's"},{"speaker":"Andy Hart","startTime":1237.82,"endTime":1233.92,"body":" "},{"speaker":"Andy Hart","startTime":1233.92,"endTime":1237.82,"body":"also got involved with someone"},{"speaker":"Andy Hart","startTime":1237.82,"endTime":1237.82,"body":" "},{"speaker":"Andy Hart","startTime":1237.82,"endTime":1241.62,"body":"who I am very aware of, called"},{"speaker":"Andy Hart","startTime":1241.62,"endTime":1237.82,"body":" "},{"speaker":"Andy Hart","startTime":1237.82,"endTime":1241.62,"body":"Paul Hogarth, who's a who's one"},{"speaker":"Andy Hart","startTime":1241.62,"endTime":1241.62,"body":" "},{"speaker":"Andy Hart","startTime":1241.62,"endTime":1246.12,"body":"of the OGS of the financial"},{"speaker":"Andy Hart","startTime":1246.12,"endTime":1241.62,"body":" "},{"speaker":"Andy Hart","startTime":1241.62,"endTime":1246.12,"body":"advice world. He runs a company"},{"speaker":"Andy Hart","startTime":1246.12,"endTime":1246.78,"body":" "},{"speaker":"Andy Hart","startTime":1246.78,"endTime":1251.04,"body":"called tatten and prospective"},{"speaker":"Andy Hart","startTime":1251.04,"endTime":1246.78,"body":" "},{"speaker":"Andy Hart","startTime":1246.78,"endTime":1251.04,"body":"Financial Group. So they are now"},{"speaker":"Andy Hart","startTime":1251.04,"endTime":1251.04,"body":" "},{"speaker":"Andy Hart","startTime":1251.04,"endTime":1255.24,"body":"actively buying firms. They set"},{"speaker":"Andy Hart","startTime":1255.24,"endTime":1251.04,"body":" "},{"speaker":"Andy Hart","startTime":1251.04,"endTime":1255.24,"body":"up a new consolidator. What was"},{"speaker":"Andy Hart","startTime":1255.24,"endTime":1255.24,"body":" "},{"speaker":"Andy Hart","startTime":1255.24,"endTime":1257.4,"body":"interesting I read in the"},{"speaker":"Andy Hart","startTime":1257.4,"endTime":1255.24,"body":" "},{"speaker":"Andy Hart","startTime":1255.24,"endTime":1257.4,"body":"article is one of the main"},{"speaker":"Andy Hart","startTime":1257.4,"endTime":1257.4,"body":" "},{"speaker":"Andy Hart","startTime":1257.4,"endTime":1262.22,"body":"reasons they're doing this, or a"},{"speaker":"Andy Hart","startTime":1262.22,"endTime":1257.4,"body":" "},{"speaker":"Andy Hart","startTime":1257.4,"endTime":1262.22,"body":"contributing factor, tatton, who"},{"speaker":"Andy Hart","startTime":1262.22,"endTime":1262.22,"body":" "},{"speaker":"Andy Hart","startTime":1262.22,"endTime":1265.88,"body":"run, you know, an NPS, they've"},{"speaker":"Andy Hart","startTime":1265.88,"endTime":1262.22,"body":" "},{"speaker":"Andy Hart","startTime":1262.22,"endTime":1265.88,"body":"got 1100 firms that use their"},{"speaker":"Andy Hart","startTime":1265.88,"endTime":1265.88,"body":" "},{"speaker":"Andy Hart","startTime":1265.88,"endTime":1269.54,"body":"services, and what they've found"},{"speaker":"Andy Hart","startTime":1269.54,"endTime":1265.88,"body":" "},{"speaker":"Andy Hart","startTime":1265.88,"endTime":1269.54,"body":"is, when a firm that's using"},{"speaker":"Andy Hart","startTime":1269.54,"endTime":1269.54,"body":" "},{"speaker":"Andy Hart","startTime":1269.54,"endTime":1272.78,"body":"their services is bought,"},{"speaker":"Andy Hart","startTime":1272.78,"endTime":1269.54,"body":" "},{"speaker":"Andy Hart","startTime":1269.54,"endTime":1272.78,"body":"they're being told to move their"},{"speaker":"Andy Hart","startTime":1272.78,"endTime":1272.78,"body":" "},{"speaker":"Andy Hart","startTime":1272.78,"endTime":1276.38,"body":"investment assets away from"},{"speaker":"Andy Hart","startTime":1276.38,"endTime":1272.78,"body":" "},{"speaker":"Andy Hart","startTime":1272.78,"endTime":1276.38,"body":"tatton. So tatton thought, let's"},{"speaker":"Andy Hart","startTime":1276.38,"endTime":1276.38,"body":" "},{"speaker":"Andy Hart","startTime":1276.38,"endTime":1280.16,"body":"be on the front foot here. Let's"},{"speaker":"Andy Hart","startTime":1280.16,"endTime":1276.38,"body":" "},{"speaker":"Andy Hart","startTime":1276.38,"endTime":1280.16,"body":"set up a mechanism to buy firms."},{"speaker":"Andy Hart","startTime":1280.16,"endTime":1280.16,"body":" "},{"speaker":"Andy Hart","startTime":1280.16,"endTime":1282.7,"body":"Then we can buy the firms, help"},{"speaker":"Andy Hart","startTime":1282.7,"endTime":1280.16,"body":" "},{"speaker":"Andy Hart","startTime":1280.16,"endTime":1282.7,"body":"them grow, and they can still"},{"speaker":"Andy Hart","startTime":1282.7,"endTime":1282.7,"body":" "},{"speaker":"Andy Hart","startTime":1282.7,"endTime":1286.3,"body":"use our investment solutions."},{"speaker":"Andy Hart","startTime":1286.3,"endTime":1282.7,"body":" "},{"speaker":"Andy Hart","startTime":1282.7,"endTime":1286.3,"body":"Yes, a little bit like Pepsi"},{"speaker":"Andy Hart","startTime":1286.3,"endTime":1286.3,"body":" "},{"speaker":"Andy Hart","startTime":1286.3,"endTime":1288.94,"body":"owned something like 50,000"},{"speaker":"Andy Hart","startTime":1288.94,"endTime":1286.3,"body":" "},{"speaker":"Andy Hart","startTime":1286.3,"endTime":1288.94,"body":"restaurants around the world."},{"speaker":"Andy Hart","startTime":1288.94,"endTime":1288.94,"body":" "},{"speaker":"Andy Hart","startTime":1288.94,"endTime":1291.46,"body":"They buy the restaurants because"},{"speaker":"Andy Hart","startTime":1291.46,"endTime":1288.94,"body":" "},{"speaker":"Andy Hart","startTime":1288.94,"endTime":1291.46,"body":"they can then control the pipes,"},{"speaker":"Andy Hart","startTime":1291.46,"endTime":1291.58,"body":" "},{"speaker":"Andy Hart","startTime":1291.58,"endTime":1293.62,"body":"as in the Pepsi being shot"},{"speaker":"Andy Hart","startTime":1293.62,"endTime":1291.58,"body":" "},{"speaker":"Andy Hart","startTime":1291.58,"endTime":1293.62,"body":"through it, and then, you know,"},{"speaker":"Andy Hart","startTime":1293.62,"endTime":1293.62,"body":" "},{"speaker":"Andy Hart","startTime":1293.62,"endTime":1296.74,"body":"they don't start selling coke."},{"speaker":"Andy Hart","startTime":1296.74,"endTime":1293.62,"body":" "},{"speaker":"Andy Hart","startTime":1293.62,"endTime":1296.74,"body":"So, yeah, interesting. Paul"},{"speaker":"Andy Hart","startTime":1296.74,"endTime":1296.74,"body":" "},{"speaker":"Andy Hart","startTime":1296.74,"endTime":1301.32,"body":"Hogarth is, is a serious player,"},{"speaker":"Andy Hart","startTime":1301.32,"endTime":1296.74,"body":" "},{"speaker":"Andy Hart","startTime":1296.74,"endTime":1301.32,"body":"and I think you can probably do"},{"speaker":"Andy Hart","startTime":1301.32,"endTime":1301.32,"body":" "},{"speaker":"Andy Hart","startTime":1301.32,"endTime":1305.46,"body":"this quite well. So, yes, again,"},{"speaker":"Andy Hart","startTime":1305.46,"endTime":1301.32,"body":" "},{"speaker":"Andy Hart","startTime":1301.32,"endTime":1305.46,"body":"connected to the consolidator"},{"speaker":"Andy Hart","startTime":1305.46,"endTime":1305.46,"body":" "},{"speaker":"Andy Hart","startTime":1305.46,"endTime":1310.44,"body":"space. Yeah. So to buy, buying"},{"speaker":"Andy Hart","startTime":1310.44,"endTime":1305.46,"body":" "},{"speaker":"Andy Hart","startTime":1305.46,"endTime":1310.44,"body":"the companies, to protect the"},{"speaker":"Andy Hart","startTime":1310.44,"endTime":1310.44,"body":" "},{"speaker":"Andy Hart","startTime":1310.44,"endTime":1311.7,"body":"investment offering,"},{"speaker":"Carl Widger","startTime":1342.58,"endTime":1344.5,"body":"we'll, we'll be"},{"speaker":"Carl Widger","startTime":1344.5,"endTime":1342.58,"body":" "},{"speaker":"Carl Widger","startTime":1342.58,"endTime":1344.5,"body":"talking a bit more about that"},{"speaker":"Carl Widger","startTime":1344.5,"endTime":1344.5,"body":" "},{"speaker":"Carl Widger","startTime":1344.5,"endTime":1347.08,"body":"later on. It's an interesting"},{"speaker":"Carl Widger","startTime":1347.08,"endTime":1344.5,"body":" "},{"speaker":"Carl Widger","startTime":1344.5,"endTime":1347.08,"body":"concept, for sure."},{"speaker":"Nick Lincoln","startTime":1347.08,"endTime":1348.8799999999999,"body":"Okay, well, given"},{"speaker":"Nick Lincoln","startTime":1348.8799999999999,"endTime":1347.08,"body":" "},{"speaker":"Nick Lincoln","startTime":1347.08,"endTime":1348.8799999999999,"body":"that we are going to talk about"},{"speaker":"Nick Lincoln","startTime":1348.8799999999999,"endTime":1348.8799999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1348.8799999999999,"endTime":1352.08,"body":"that one, let's move on to the"},{"speaker":"Nick Lincoln","startTime":1352.08,"endTime":1348.8799999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1348.8799999999999,"endTime":1352.08,"body":"the next point then. 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So they've done away"},{"speaker":"Alan Smith","startTime":1433.28,"endTime":1429.48,"body":" "},{"speaker":"Alan Smith","startTime":1429.48,"endTime":1433.28,"body":"with that now, it seems, and"},{"speaker":"Alan Smith","startTime":1433.28,"endTime":1433.28,"body":" "},{"speaker":"Alan Smith","startTime":1433.28,"endTime":1435.5,"body":"they've got, and what they've"},{"speaker":"Alan Smith","startTime":1435.5,"endTime":1433.28,"body":" "},{"speaker":"Alan Smith","startTime":1433.28,"endTime":1435.5,"body":"done is, and it's probably, you"},{"speaker":"Alan Smith","startTime":1435.5,"endTime":1435.5,"body":" "},{"speaker":"Alan Smith","startTime":1435.5,"endTime":1437.78,"body":"know, fair and reasonable,"},{"speaker":"Alan Smith","startTime":1437.78,"endTime":1435.5,"body":" "},{"speaker":"Alan Smith","startTime":1435.5,"endTime":1437.78,"body":"they've done what all of us do,"},{"speaker":"Alan Smith","startTime":1437.78,"endTime":1437.78,"body":" "},{"speaker":"Alan Smith","startTime":1437.78,"endTime":1441.3799999999999,"body":"which is going to unpack the"},{"speaker":"Alan Smith","startTime":1441.3799999999999,"endTime":1437.78,"body":" "},{"speaker":"Alan Smith","startTime":1437.78,"endTime":1441.3799999999999,"body":"various components. IE, you pay"},{"speaker":"Alan Smith","startTime":1441.3799999999999,"endTime":1441.3799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1441.3799999999999,"endTime":1443.8999999999999,"body":"a certain amount for advice, you"},{"speaker":"Alan Smith","startTime":1443.8999999999999,"endTime":1441.3799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1441.3799999999999,"endTime":1443.8999999999999,"body":"pay a certain amount for the"},{"speaker":"Alan Smith","startTime":1443.8999999999999,"endTime":1443.8999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1443.8999999999999,"endTime":1446.54,"body":"product and the wrapper, and you"},{"speaker":"Alan Smith","startTime":1446.54,"endTime":1443.8999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1443.8999999999999,"endTime":1446.54,"body":"pay a certain amount for the"},{"speaker":"Alan Smith","startTime":1446.54,"endTime":1446.54,"body":" "},{"speaker":"Alan Smith","startTime":1446.54,"endTime":1450.52,"body":"actual investment, investment"},{"speaker":"Alan Smith","startTime":1450.52,"endTime":1446.54,"body":" "},{"speaker":"Alan Smith","startTime":1446.54,"endTime":1450.52,"body":"management. I mean, it's still"},{"speaker":"Alan Smith","startTime":1450.52,"endTime":1450.52,"body":" "},{"speaker":"Alan Smith","startTime":1450.52,"endTime":1455.5,"body":"kind of structured. I was just"},{"speaker":"Alan Smith","startTime":1455.5,"endTime":1450.52,"body":" "},{"speaker":"Alan Smith","startTime":1450.52,"endTime":1455.5,"body":"looking at it now, first 250,000"},{"speaker":"Alan Smith","startTime":1455.5,"endTime":1456.6399999999999,"body":" "},{"speaker":"Alan Smith","startTime":1456.6399999999999,"endTime":1460.72,"body":"initial advice charge 3% and it"},{"speaker":"Alan Smith","startTime":1460.72,"endTime":1456.6399999999999,"body":" "},{"speaker":"Alan Smith","startTime":1456.6399999999999,"endTime":1460.72,"body":"scales down. The next 250"},{"speaker":"Alan Smith","startTime":1460.72,"endTime":1461.44,"body":" "},{"speaker":"Alan Smith","startTime":1461.44,"endTime":1466.6,"body":"amounts over 500,001% and the"},{"speaker":"Alan Smith","startTime":1466.6,"endTime":1461.44,"body":" "},{"speaker":"Alan Smith","startTime":1461.44,"endTime":1466.6,"body":"ongoing charges is quite an"},{"speaker":"Alan Smith","startTime":1466.6,"endTime":1466.6,"body":" "},{"speaker":"Alan Smith","startTime":1466.6,"endTime":1471.6,"body":"interesting one. The ongoing"},{"speaker":"Alan Smith","startTime":1471.6,"endTime":1466.6,"body":" "},{"speaker":"Alan Smith","startTime":1466.6,"endTime":1471.6,"body":"charges for advice are 0.8% now,"},{"speaker":"Alan Smith","startTime":1471.6,"endTime":1471.6,"body":" "},{"speaker":"Alan Smith","startTime":1471.6,"endTime":1477.0,"body":"I happen to know that advisors"},{"speaker":"Alan Smith","startTime":1477.0,"endTime":1471.6,"body":" "},{"speaker":"Alan Smith","startTime":1471.6,"endTime":1477.0,"body":"don't retain all of that. For"},{"speaker":"Alan Smith","startTime":1477.0,"endTime":1477.0,"body":" "},{"speaker":"Alan Smith","startTime":1477.0,"endTime":1482.58,"body":"advisors, they used to get 0.5%"},{"speaker":"Alan Smith","startTime":1482.58,"endTime":1477.0,"body":" "},{"speaker":"Alan Smith","startTime":1477.0,"endTime":1482.58,"body":"as their fee ongoing for the"},{"speaker":"Alan Smith","startTime":1482.58,"endTime":1482.58,"body":" "},{"speaker":"Alan Smith","startTime":1482.58,"endTime":1485.1,"body":"advice that they deliver,"},{"speaker":"Alan Smith","startTime":1485.1,"endTime":1482.58,"body":" "},{"speaker":"Alan Smith","startTime":1482.58,"endTime":1485.1,"body":"they've had a little bit a"},{"speaker":"Alan Smith","startTime":1485.1,"endTime":1485.1,"body":" "},{"speaker":"Alan Smith","startTime":1485.1,"endTime":1491.0,"body":"microscopic uplift to that. They"},{"speaker":"Alan Smith","startTime":1491.0,"endTime":1485.1,"body":" "},{"speaker":"Alan Smith","startTime":1485.1,"endTime":1491.0,"body":"now retain 0.55% so a pay rise"},{"speaker":"Alan Smith","startTime":1491.0,"endTime":1491.0,"body":" "},{"speaker":"Alan Smith","startTime":1491.0,"endTime":1498.8,"body":"of 0.05% and SJP keep, they keep"},{"speaker":"Alan Smith","startTime":1498.8,"endTime":1491.0,"body":" "},{"speaker":"Alan Smith","startTime":1491.0,"endTime":1498.8,"body":"10% Yeah, 10% Yeah, okay, okay,"},{"speaker":"Alan Smith","startTime":1498.8,"endTime":1498.92,"body":" "},{"speaker":"Alan Smith","startTime":1498.92,"endTime":1503.06,"body":"10% of the fee, but, but, but"},{"speaker":"Alan Smith","startTime":1503.06,"endTime":1498.92,"body":" "},{"speaker":"Alan Smith","startTime":1498.92,"endTime":1503.06,"body":"the but the client. The client"},{"speaker":"Alan Smith","startTime":1503.06,"endTime":1503.06,"body":" "},{"speaker":"Alan Smith","startTime":1503.06,"endTime":1509.3,"body":"is charged. The client is"},{"speaker":"Alan Smith","startTime":1509.3,"endTime":1503.06,"body":" "},{"speaker":"Alan Smith","startTime":1503.06,"endTime":1509.3,"body":"charged 0.8% for advice, then"},{"speaker":"Alan Smith","startTime":1509.3,"endTime":1509.3,"body":" "},{"speaker":"Alan Smith","startTime":1509.3,"endTime":1512.74,"body":"separate product charges point"},{"speaker":"Alan Smith","startTime":1512.74,"endTime":1509.3,"body":" "},{"speaker":"Alan Smith","startTime":1509.3,"endTime":1512.74,"body":"three, 5% for pensions and"},{"speaker":"Alan Smith","startTime":1512.74,"endTime":1512.74,"body":" "},{"speaker":"Alan Smith","startTime":1512.74,"endTime":1516.3999999999999,"body":"investment bonds, bit less for"},{"speaker":"Alan Smith","startTime":1516.3999999999999,"endTime":1512.74,"body":" "},{"speaker":"Alan Smith","startTime":1512.74,"endTime":1516.3999999999999,"body":"unit trusts, ISIS, and then the"},{"speaker":"Alan Smith","startTime":1516.3999999999999,"endTime":1516.3999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1516.3999999999999,"endTime":1519.34,"body":"fund charge. And there was a bit"},{"speaker":"Alan Smith","startTime":1519.34,"endTime":1516.3999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1516.3999999999999,"endTime":1519.34,"body":"of to and fro on this."},{"speaker":"Alan Smith","startTime":1519.34,"endTime":1519.34,"body":" "},{"speaker":"Alan Smith","startTime":1519.34,"endTime":1523.06,"body":"Obviously, anyone posts anything"},{"speaker":"Alan Smith","startTime":1523.06,"endTime":1519.34,"body":" "},{"speaker":"Alan Smith","startTime":1519.34,"endTime":1523.06,"body":"about SJP online or LinkedIn"},{"speaker":"Alan Smith","startTime":1523.06,"endTime":1523.06,"body":" "},{"speaker":"Alan Smith","startTime":1523.06,"endTime":1527.56,"body":"against a hell of a lot of"},{"speaker":"Alan Smith","startTime":1527.56,"endTime":1523.06,"body":" "},{"speaker":"Alan Smith","startTime":1523.06,"endTime":1527.56,"body":"attraction so, but the ballpark"},{"speaker":"Alan Smith","startTime":1527.56,"endTime":1527.56,"body":" "},{"speaker":"Alan Smith","startTime":1527.56,"endTime":1535.62,"body":"is they're about 2% on. Going"},{"speaker":"Alan Smith","startTime":1535.62,"endTime":1527.56,"body":" "},{"speaker":"Alan Smith","startTime":1527.56,"endTime":1535.62,"body":"all in. So you think, no, if you"},{"speaker":"Alan Smith","startTime":1535.62,"endTime":1535.62,"body":" "},{"speaker":"Alan Smith","startTime":1535.62,"endTime":1538.44,"body":"take in, depends what fund you"},{"speaker":"Alan Smith","startTime":1538.44,"endTime":1535.62,"body":" "},{"speaker":"Alan Smith","startTime":1535.62,"endTime":1538.44,"body":"use. Of course, they do have"},{"speaker":"Alan Smith","startTime":1538.44,"endTime":1538.44,"body":" "},{"speaker":"Alan Smith","startTime":1538.44,"endTime":1541.68,"body":"some pretty low cost funds. But"},{"speaker":"Alan Smith","startTime":1541.68,"endTime":1538.44,"body":" "},{"speaker":"Alan Smith","startTime":1538.44,"endTime":1541.68,"body":"the kind of managed fund where a"},{"speaker":"Alan Smith","startTime":1541.68,"endTime":1541.68,"body":" "},{"speaker":"Alan Smith","startTime":1541.68,"endTime":1544.44,"body":"lot of people end up in or"},{"speaker":"Alan Smith","startTime":1544.44,"endTime":1541.68,"body":" "},{"speaker":"Alan Smith","startTime":1541.68,"endTime":1544.44,"body":"versions of that about point"},{"speaker":"Alan Smith","startTime":1544.44,"endTime":1544.44,"body":" "},{"speaker":"Alan Smith","startTime":1544.44,"endTime":1547.32,"body":"six, five, and then you've got"},{"speaker":"Alan Smith","startTime":1547.32,"endTime":1544.44,"body":" "},{"speaker":"Alan Smith","startTime":1544.44,"endTime":1547.32,"body":"the kind of the dealing charge,"},{"speaker":"Alan Smith","startTime":1547.32,"endTime":1547.32,"body":" "},{"speaker":"Alan Smith","startTime":1547.32,"endTime":1549.96,"body":"the trading costs, which in one"},{"speaker":"Alan Smith","startTime":1549.96,"endTime":1547.32,"body":" "},{"speaker":"Alan Smith","startTime":1547.32,"endTime":1549.96,"body":"example I looked at, was another"},{"speaker":"Alan Smith","startTime":1549.96,"endTime":1549.96,"body":" "},{"speaker":"Alan Smith","startTime":1549.96,"endTime":1554.36,"body":"0.6 so, yeah, about two, maybe"},{"speaker":"Alan Smith","startTime":1554.36,"endTime":1549.96,"body":" "},{"speaker":"Alan Smith","startTime":1549.96,"endTime":1554.36,"body":"just a shade under 2% so where"},{"speaker":"Alan Smith","startTime":1554.36,"endTime":1554.36,"body":" "},{"speaker":"Alan Smith","startTime":1554.36,"endTime":1557.54,"body":"does that sit? That's, I mean,"},{"speaker":"Alan Smith","startTime":1557.54,"endTime":1554.36,"body":" "},{"speaker":"Alan Smith","startTime":1554.36,"endTime":1557.54,"body":"not that price is everything, by"},{"speaker":"Alan Smith","startTime":1557.54,"endTime":1557.54,"body":" "},{"speaker":"Alan Smith","startTime":1557.54,"endTime":1560.12,"body":"any means, but just trying to"},{"speaker":"Alan Smith","startTime":1560.12,"endTime":1557.54,"body":" "},{"speaker":"Alan Smith","startTime":1557.54,"endTime":1560.12,"body":"position where they are because"},{"speaker":"Alan Smith","startTime":1560.12,"endTime":1560.12,"body":" "},{"speaker":"Alan Smith","startTime":1560.12,"endTime":1564.32,"body":"they, you know, we, you can all"},{"speaker":"Alan Smith","startTime":1564.32,"endTime":1560.12,"body":" "},{"speaker":"Alan Smith","startTime":1560.12,"endTime":1564.32,"body":"compare ourselves to them,"},{"speaker":"Alan Smith","startTime":1564.32,"endTime":1564.32,"body":" "},{"speaker":"Alan Smith","startTime":1564.32,"endTime":1567.3799999999999,"body":"medium, medium to high price"},{"speaker":"Alan Smith","startTime":1567.3799999999999,"endTime":1564.32,"body":" "},{"speaker":"Alan Smith","startTime":1564.32,"endTime":1567.3799999999999,"body":"right now. They're not,"},{"speaker":"Alan Smith","startTime":1567.3799999999999,"endTime":1567.3799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1567.3799999999999,"endTime":1571.6599999999999,"body":"necessarily, not the most"},{"speaker":"Alan Smith","startTime":1571.6599999999999,"endTime":1567.3799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1567.3799999999999,"endTime":1571.6599999999999,"body":"expensive. But on on that link"},{"speaker":"Alan Smith","startTime":1571.6599999999999,"endTime":1571.6599999999999,"body":" "},{"speaker":"Alan Smith","startTime":1571.6599999999999,"endTime":1574.8999999999999,"body":"you sent Alan, there's on that"},{"speaker":"Alan Smith","startTime":1574.8999999999999,"endTime":1571.6599999999999,"body":" "},{"speaker":"Alan Smith","startTime":1571.6599999999999,"endTime":1574.8999999999999,"body":"link you sent as a download PDF"},{"speaker":"Alan Smith","startTime":1574.8999999999999,"endTime":1574.8999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1574.8999999999999,"endTime":1577.8999999999999,"body":"that breaks it down in an insane"},{"speaker":"Alan Smith","startTime":1577.8999999999999,"endTime":1574.8999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1574.8999999999999,"endTime":1577.8999999999999,"body":"amount of detail. It's very Yes,"},{"speaker":"Alan Smith","startTime":1577.8999999999999,"endTime":1577.8999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1577.8999999999999,"endTime":1582.46,"body":"I read it. No, the PDF, yeah,"},{"speaker":"Alan Smith","startTime":1582.46,"endTime":1577.8999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1577.8999999999999,"endTime":1582.46,"body":"PDF has got all the total fees,"},{"speaker":"Alan Smith","startTime":1582.46,"endTime":1583.0,"body":" "},{"speaker":"Alan Smith","startTime":1583.0,"endTime":1588.22,"body":"but most of way under 2% Yeah,"},{"speaker":"Alan Smith","startTime":1588.22,"endTime":1583.0,"body":" "},{"speaker":"Alan Smith","startTime":1583.0,"endTime":1588.22,"body":"if you really want to do a"},{"speaker":"Alan Smith","startTime":1588.22,"endTime":1588.3999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1588.3999999999999,"endTime":1591.24,"body":"proper analysis, there's another"},{"speaker":"Alan Smith","startTime":1591.24,"endTime":1588.3999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1588.3999999999999,"endTime":1591.24,"body":"you go to then download another"},{"speaker":"Alan Smith","startTime":1591.24,"endTime":1591.24,"body":" "},{"speaker":"Alan Smith","startTime":1591.24,"endTime":1595.3799999999999,"body":"link, which is dealing costs,"},{"speaker":"Alan Smith","startTime":1595.3799999999999,"endTime":1591.24,"body":" "},{"speaker":"Alan Smith","startTime":1591.24,"endTime":1595.3799999999999,"body":"which is to say, you know, rate"},{"speaker":"Alan Smith","startTime":1595.3799999999999,"endTime":1595.3799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1595.3799999999999,"endTime":1597.96,"body":"depends on what they are. But in"},{"speaker":"Alan Smith","startTime":1597.96,"endTime":1595.3799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1595.3799999999999,"endTime":1597.96,"body":"some of them, the kind of quite"},{"speaker":"Alan Smith","startTime":1597.96,"endTime":1597.96,"body":" "},{"speaker":"Alan Smith","startTime":1597.96,"endTime":1600.84,"body":"popular funds that see. The one"},{"speaker":"Alan Smith","startTime":1600.84,"endTime":1597.96,"body":" "},{"speaker":"Alan Smith","startTime":1597.96,"endTime":1600.84,"body":"I saw was another an extra 0.6%"},{"speaker":"Alan Smith","startTime":1600.84,"endTime":1602.04,"body":" "},{"speaker":"Alan Smith","startTime":1602.04,"endTime":1604.26,"body":"but regardless, it's"},{"speaker":"Carl Widger","startTime":1604.32,"endTime":1608.1599999999999,"body":"not a vanguard and"},{"speaker":"Carl Widger","startTime":1608.1599999999999,"endTime":1604.32,"body":" "},{"speaker":"Carl Widger","startTime":1604.32,"endTime":1608.1599999999999,"body":"passive index. They don't"},{"speaker":"Alan Smith","startTime":1608.1599999999999,"endTime":1610.76,"body":"have Vanguard and"},{"speaker":"Alan Smith","startTime":1610.76,"endTime":1608.1599999999999,"body":" "},{"speaker":"Alan Smith","startTime":1608.1599999999999,"endTime":1610.76,"body":"index funds. As yet, I"},{"speaker":"Alan Smith","startTime":1610.76,"endTime":1610.76,"body":" "},{"speaker":"Alan Smith","startTime":1610.76,"endTime":1615.02,"body":"understand they're they're"},{"speaker":"Alan Smith","startTime":1615.02,"endTime":1610.76,"body":" "},{"speaker":"Alan Smith","startTime":1610.76,"endTime":1615.02,"body":"coming. I don't know when. Yeah."},{"speaker":"Andy Hart","startTime":1615.02,"endTime":1616.52,"body":"I mean, all the"},{"speaker":"Andy Hart","startTime":1616.52,"endTime":1615.02,"body":" "},{"speaker":"Andy Hart","startTime":1615.02,"endTime":1616.52,"body":"points you made, Alan, are"},{"speaker":"Andy Hart","startTime":1616.52,"endTime":1616.52,"body":" "},{"speaker":"Andy Hart","startTime":1616.52,"endTime":1620.42,"body":"right. Yeah, there's eagerly,"},{"speaker":"Andy Hart","startTime":1620.42,"endTime":1616.52,"body":" "},{"speaker":"Andy Hart","startTime":1616.52,"endTime":1620.42,"body":"eagerly awaited their change to"},{"speaker":"Andy Hart","startTime":1620.42,"endTime":1620.78,"body":" "},{"speaker":"Andy Hart","startTime":1620.78,"endTime":1624.92,"body":"clear, transparent fees, no exit"},{"speaker":"Andy Hart","startTime":1624.92,"endTime":1620.78,"body":" "},{"speaker":"Andy Hart","startTime":1620.78,"endTime":1624.92,"body":"penalties. It has been pushed"},{"speaker":"Andy Hart","startTime":1624.92,"endTime":1624.92,"body":" "},{"speaker":"Andy Hart","startTime":1624.92,"endTime":1627.62,"body":"on, but it's came in, came in."},{"speaker":"Andy Hart","startTime":1627.62,"endTime":1624.92,"body":" "},{"speaker":"Andy Hart","startTime":1624.92,"endTime":1627.62,"body":"Now there'll be a bit of a"},{"speaker":"Andy Hart","startTime":1627.62,"endTime":1627.62,"body":" "},{"speaker":"Andy Hart","startTime":1627.62,"endTime":1630.46,"body":"transitional period to it. They"},{"speaker":"Andy Hart","startTime":1630.46,"endTime":1627.62,"body":" "},{"speaker":"Andy Hart","startTime":1627.62,"endTime":1630.46,"body":"are the biggest by an absolute"},{"speaker":"Andy Hart","startTime":1630.46,"endTime":1630.46,"body":" "},{"speaker":"Andy Hart","startTime":1630.46,"endTime":1633.22,"body":"mile, I think, for a huge firm,"},{"speaker":"Andy Hart","startTime":1633.22,"endTime":1630.46,"body":" "},{"speaker":"Andy Hart","startTime":1630.46,"endTime":1633.22,"body":"this is very transparent."},{"speaker":"Carl Widger","startTime":1634.18,"endTime":1637.18,"body":"I couldn't, I"},{"speaker":"Carl Widger","startTime":1637.18,"endTime":1634.18,"body":" "},{"speaker":"Carl Widger","startTime":1634.18,"endTime":1637.18,"body":"couldn't agree with you more. I"},{"speaker":"Carl Widger","startTime":1637.18,"endTime":1637.18,"body":" "},{"speaker":"Carl Widger","startTime":1637.18,"endTime":1638.08,"body":"think, like,"},{"speaker":"Andy Hart","startTime":1641.1399999999999,"endTime":1644.02,"body":"oh yes, the stock"},{"speaker":"Andy Hart","startTime":1644.02,"endTime":1641.1399999999999,"body":" "},{"speaker":"Andy Hart","startTime":1641.1399999999999,"endTime":1644.02,"body":"price has roughly tripled since"},{"speaker":"Andy Hart","startTime":1644.02,"endTime":1644.02,"body":" "},{"speaker":"Andy Hart","startTime":1644.02,"endTime":1646.3,"body":"it hit a rock bottom or"},{"speaker":"Andy Hart","startTime":1646.3,"endTime":1644.02,"body":" "},{"speaker":"Andy Hart","startTime":1644.02,"endTime":1646.3,"body":"whatever. So yeah, the markets"},{"speaker":"Andy Hart","startTime":1646.3,"endTime":1646.3,"body":" "},{"speaker":"Andy Hart","startTime":1646.3,"endTime":1650.2,"body":"quite, you know, excited about"},{"speaker":"Andy Hart","startTime":1650.2,"endTime":1646.3,"body":" "},{"speaker":"Andy Hart","startTime":1646.3,"endTime":1650.2,"body":"exactly."},{"speaker":"Carl Widger","startTime":1650.2,"endTime":1652.68,"body":"And I look, I think"},{"speaker":"Carl Widger","startTime":1652.68,"endTime":1650.2,"body":" "},{"speaker":"Carl Widger","startTime":1650.2,"endTime":1652.68,"body":"all credit to them. And if you"},{"speaker":"Carl Widger","startTime":1652.68,"endTime":1652.68,"body":" "},{"speaker":"Carl Widger","startTime":1652.68,"endTime":1656.3999999999999,"body":"go back to the podcast where"},{"speaker":"Carl Widger","startTime":1656.3999999999999,"endTime":1652.68,"body":" "},{"speaker":"Carl Widger","startTime":1652.68,"endTime":1656.3999999999999,"body":"they're put, their stock price"},{"speaker":"Carl Widger","startTime":1656.3999999999999,"endTime":1656.3999999999999,"body":" "},{"speaker":"Carl Widger","startTime":1656.3999999999999,"endTime":1659.28,"body":"went down. I said, Watch this"},{"speaker":"Carl Widger","startTime":1659.28,"endTime":1656.3999999999999,"body":" "},{"speaker":"Carl Widger","startTime":1656.3999999999999,"endTime":1659.28,"body":"space. These guys are making"},{"speaker":"Carl Widger","startTime":1659.28,"endTime":1659.28,"body":" "},{"speaker":"Carl Widger","startTime":1659.28,"endTime":1662.34,"body":"changes this I would be"},{"speaker":"Carl Widger","startTime":1662.34,"endTime":1659.28,"body":" "},{"speaker":"Carl Widger","startTime":1659.28,"endTime":1662.34,"body":"investing now in the long term,"},{"speaker":"Carl Widger","startTime":1662.34,"endTime":1662.3999999999999,"body":" "},{"speaker":"Carl Widger","startTime":1662.3999999999999,"endTime":1665.34,"body":"in such a space. I think it's"},{"speaker":"Carl Widger","startTime":1665.34,"endTime":1662.3999999999999,"body":" "},{"speaker":"Carl Widger","startTime":1662.3999999999999,"endTime":1665.34,"body":"brilliant. I think they've done"},{"speaker":"Carl Widger","startTime":1665.34,"endTime":1665.34,"body":" "},{"speaker":"Carl Widger","startTime":1665.34,"endTime":1667.8,"body":"everything really, really well"},{"speaker":"Carl Widger","startTime":1667.8,"endTime":1665.34,"body":" "},{"speaker":"Carl Widger","startTime":1665.34,"endTime":1667.8,"body":"and really transparently. I"},{"speaker":"Carl Widger","startTime":1667.8,"endTime":1667.8,"body":" "},{"speaker":"Carl Widger","startTime":1667.8,"endTime":1668.46,"body":"think it's really"},{"speaker":"Andy Hart","startTime":1669.0,"endTime":1671.3,"body":"good. It is only"},{"speaker":"Andy Hart","startTime":1671.3,"endTime":1669.0,"body":" "},{"speaker":"Andy Hart","startTime":1669.0,"endTime":1671.3,"body":"transparent as I say, the large"},{"speaker":"Andy Hart","startTime":1671.3,"endTime":1671.3,"body":" "},{"speaker":"Andy Hart","startTime":1671.3,"endTime":1674.24,"body":"DFMS are just smoke and mirrors"},{"speaker":"Andy Hart","startTime":1674.24,"endTime":1671.3,"body":" "},{"speaker":"Andy Hart","startTime":1671.3,"endTime":1674.24,"body":"still in relation to fees, is"},{"speaker":"Andy Hart","startTime":1674.24,"endTime":1674.24,"body":" "},{"speaker":"Andy Hart","startTime":1674.24,"endTime":1677.84,"body":"trying to get that for them is"},{"speaker":"Andy Hart","startTime":1677.84,"endTime":1674.24,"body":" "},{"speaker":"Andy Hart","startTime":1674.24,"endTime":1677.84,"body":"insane. They have launched an"},{"speaker":"Andy Hart","startTime":1677.84,"endTime":1677.84,"body":" "},{"speaker":"Andy Hart","startTime":1677.84,"endTime":1683.42,"body":"insanely low international"},{"speaker":"Andy Hart","startTime":1683.42,"endTime":1677.84,"body":" "},{"speaker":"Andy Hart","startTime":1677.84,"endTime":1683.42,"body":"equity fund call 0.09% it's"},{"speaker":"Andy Hart","startTime":1683.42,"endTime":1683.42,"body":" "},{"speaker":"Andy Hart","startTime":1683.42,"endTime":1688.34,"body":"still classed as active, but the"},{"speaker":"Andy Hart","startTime":1688.34,"endTime":1683.42,"body":" "},{"speaker":"Andy Hart","startTime":1683.42,"endTime":1688.34,"body":"ongoing fee is insanely low, so"},{"speaker":"Andy Hart","startTime":1688.34,"endTime":1688.34,"body":" "},{"speaker":"Andy Hart","startTime":1688.34,"endTime":1692.3799999999999,"body":"I'm just thinking of that as a"},{"speaker":"Andy Hart","startTime":1692.3799999999999,"endTime":1688.34,"body":" "},{"speaker":"Andy Hart","startTime":1688.34,"endTime":1692.3799999999999,"body":"passive play. That's one of the"},{"speaker":"Andy Hart","startTime":1692.3799999999999,"endTime":1692.3799999999999,"body":" "},{"speaker":"Andy Hart","startTime":1692.3799999999999,"endTime":1695.02,"body":"lowest fees in the whole of the"},{"speaker":"Andy Hart","startTime":1695.02,"endTime":1692.3799999999999,"body":" "},{"speaker":"Andy Hart","startTime":1692.3799999999999,"endTime":1695.02,"body":"UK. So if a client is invested"},{"speaker":"Andy Hart","startTime":1695.02,"endTime":1695.02,"body":" "},{"speaker":"Andy Hart","startTime":1695.02,"endTime":1699.6399999999999,"body":"in that, which is 100% global"},{"speaker":"Andy Hart","startTime":1699.6399999999999,"endTime":1695.02,"body":" "},{"speaker":"Andy Hart","startTime":1695.02,"endTime":1699.6399999999999,"body":"equities, it's point 8.27, and"},{"speaker":"Andy Hart","startTime":1699.6399999999999,"endTime":1699.6399999999999,"body":" "},{"speaker":"Andy Hart","startTime":1699.6399999999999,"endTime":1706.24,"body":"point 09, all in for 1.16 that's"},{"speaker":"Andy Hart","startTime":1706.24,"endTime":1699.6399999999999,"body":" "},{"speaker":"Andy Hart","startTime":1699.6399999999999,"endTime":1706.24,"body":"insane. And again, St James's"},{"speaker":"Andy Hart","startTime":1706.24,"endTime":1706.24,"body":" "},{"speaker":"Andy Hart","startTime":1706.24,"endTime":1710.34,"body":"place provide human advisors."},{"speaker":"Andy Hart","startTime":1710.34,"endTime":1706.24,"body":" "},{"speaker":"Andy Hart","startTime":1706.24,"endTime":1710.34,"body":"The Ask the investment only"},{"speaker":"Andy Hart","startTime":1710.34,"endTime":1711.0,"body":" "},{"speaker":"Andy Hart","startTime":1711.0,"endTime":1715.74,"body":"individuals DFMS. They provide"},{"speaker":"Andy Hart","startTime":1715.74,"endTime":1711.0,"body":" "},{"speaker":"Andy Hart","startTime":1711.0,"endTime":1715.74,"body":"no human assistance. So all in"},{"speaker":"Andy Hart","startTime":1715.74,"endTime":1715.74,"body":" "},{"speaker":"Andy Hart","startTime":1715.74,"endTime":1718.8,"body":"for 1.16 are getting a human"},{"speaker":"Andy Hart","startTime":1718.8,"endTime":1715.74,"body":" "},{"speaker":"Andy Hart","startTime":1715.74,"endTime":1718.8,"body":"advisor, holding your hand,"},{"speaker":"Andy Hart","startTime":1718.8,"endTime":1719.22,"body":" "},{"speaker":"Andy Hart","startTime":1719.22,"endTime":1721.62,"body":"coaching you through everything,"},{"speaker":"Andy Hart","startTime":1721.62,"endTime":1719.22,"body":" "},{"speaker":"Andy Hart","startTime":1719.22,"endTime":1721.62,"body":"building you a financial plan."},{"speaker":"Andy Hart","startTime":1721.62,"endTime":1721.62,"body":" "},{"speaker":"Andy Hart","startTime":1721.62,"endTime":1725.34,"body":"So I think it's, it's, it's a"},{"speaker":"Andy Hart","startTime":1725.34,"endTime":1721.62,"body":" "},{"speaker":"Andy Hart","startTime":1721.62,"endTime":1725.34,"body":"really compelling offering."},{"speaker":"Alan Smith","startTime":1725.8799999999999,"endTime":1729.48,"body":"They're absolutely"},{"speaker":"Alan Smith","startTime":1729.48,"endTime":1725.8799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1725.8799999999999,"endTime":1729.48,"body":"just changing the it's like the"},{"speaker":"Alan Smith","startTime":1729.48,"endTime":1729.6,"body":" "},{"speaker":"Alan Smith","startTime":1729.6,"endTime":1735.56,"body":"the old guard is changing. You"},{"speaker":"Alan Smith","startTime":1735.56,"endTime":1729.6,"body":" "},{"speaker":"Alan Smith","startTime":1729.6,"endTime":1735.56,"body":"know, we existence. They've had"},{"speaker":"Alan Smith","startTime":1735.56,"endTime":1735.56,"body":" "},{"speaker":"Alan Smith","startTime":1735.56,"endTime":1738.44,"body":"a whole clear out of some of the"},{"speaker":"Alan Smith","startTime":1738.44,"endTime":1735.56,"body":" "},{"speaker":"Alan Smith","startTime":1735.56,"endTime":1738.44,"body":"people have been around for"},{"speaker":"Alan Smith","startTime":1738.44,"endTime":1738.44,"body":" "},{"speaker":"Alan Smith","startTime":1738.44,"endTime":1741.62,"body":"years. And so it's, it's, you"},{"speaker":"Alan Smith","startTime":1741.62,"endTime":1738.44,"body":" "},{"speaker":"Alan Smith","startTime":1738.44,"endTime":1741.62,"body":"know, it's a bit of a gamble. I"},{"speaker":"Alan Smith","startTime":1741.62,"endTime":1741.62,"body":" "},{"speaker":"Alan Smith","startTime":1741.62,"endTime":1744.02,"body":"know there's quite a few senior"},{"speaker":"Alan Smith","startTime":1744.02,"endTime":1741.62,"body":" "},{"speaker":"Alan Smith","startTime":1741.62,"endTime":1744.02,"body":"advisors are not thrilled with"},{"speaker":"Alan Smith","startTime":1744.02,"endTime":1744.02,"body":" "},{"speaker":"Alan Smith","startTime":1744.02,"endTime":1744.44,"body":"everything."},{"speaker":"Andy Hart","startTime":1744.44,"endTime":1746.6,"body":"I think, I think the"},{"speaker":"Andy Hart","startTime":1746.6,"endTime":1744.44,"body":" "},{"speaker":"Andy Hart","startTime":1744.44,"endTime":1746.6,"body":"initial fees are still a little"},{"speaker":"Andy Hart","startTime":1746.6,"endTime":1746.6,"body":" "},{"speaker":"Andy Hart","startTime":1746.6,"endTime":1749.18,"body":"bit too punchy. Yeah, I operate."},{"speaker":"Alan Smith","startTime":1750.1399999999999,"endTime":1752.92,"body":"You can discount"},{"speaker":"Alan Smith","startTime":1752.92,"endTime":1750.1399999999999,"body":" "},{"speaker":"Alan Smith","startTime":1750.1399999999999,"endTime":1752.92,"body":"them if you want to. I'm just"},{"speaker":"Alan Smith","startTime":1752.92,"endTime":1752.92,"body":" "},{"speaker":"Alan Smith","startTime":1752.92,"endTime":1753.22,"body":"saying"},{"speaker":"Andy Hart","startTime":1753.519,"endTime":1757.239,"body":"the headline initial"},{"speaker":"Andy Hart","startTime":1757.239,"endTime":1753.519,"body":" "},{"speaker":"Andy Hart","startTime":1753.519,"endTime":1757.239,"body":"fees, I think are too punchy."},{"speaker":"Andy Hart","startTime":1757.239,"endTime":1757.239,"body":" "},{"speaker":"Andy Hart","startTime":1757.239,"endTime":1759.879,"body":"But you know, I'm not running"},{"speaker":"Andy Hart","startTime":1759.879,"endTime":1757.239,"body":" "},{"speaker":"Andy Hart","startTime":1757.239,"endTime":1759.879,"body":"the footsie 100 business. I'm"},{"speaker":"Andy Hart","startTime":1759.879,"endTime":1759.879,"body":" "},{"speaker":"Andy Hart","startTime":1759.879,"endTime":1762.519,"body":"running, you know, little old me"},{"speaker":"Andy Hart","startTime":1762.519,"endTime":1759.879,"body":" "},{"speaker":"Andy Hart","startTime":1759.879,"endTime":1762.519,"body":"in a chicken shed. So I can take"},{"speaker":"Andy Hart","startTime":1762.519,"endTime":1762.519,"body":" "},{"speaker":"Andy Hart","startTime":1762.519,"endTime":1765.579,"body":"a hit on the initial fees. My"},{"speaker":"Andy Hart","startTime":1765.579,"endTime":1762.519,"body":" "},{"speaker":"Andy Hart","startTime":1762.519,"endTime":1765.579,"body":"ongoing fees are very similar."},{"speaker":"Andy Hart","startTime":1765.579,"endTime":1765.699,"body":" "},{"speaker":"Andy Hart","startTime":1765.699,"endTime":1768.759,"body":"My overall fee that I charge"},{"speaker":"Andy Hart","startTime":1768.759,"endTime":1765.699,"body":" "},{"speaker":"Andy Hart","startTime":1765.699,"endTime":1768.759,"body":"ongoing clients is about point"},{"speaker":"Andy Hart","startTime":1768.759,"endTime":1768.759,"body":" "},{"speaker":"Andy Hart","startTime":1768.759,"endTime":1772.619,"body":"seven nine on aggregate across"},{"speaker":"Andy Hart","startTime":1772.619,"endTime":1768.759,"body":" "},{"speaker":"Andy Hart","startTime":1768.759,"endTime":1772.619,"body":"all the money I looked after my"},{"speaker":"Andy Hart","startTime":1772.619,"endTime":1772.619,"body":" "},{"speaker":"Andy Hart","startTime":1772.619,"endTime":1777.899,"body":"ongoing platform Allen's is very"},{"speaker":"Andy Hart","startTime":1777.899,"endTime":1772.619,"body":" "},{"speaker":"Andy Hart","startTime":1772.619,"endTime":1777.899,"body":"similar. Don't be deceived."},{"speaker":"Andy Hart","startTime":1777.899,"endTime":1777.899,"body":" "},{"speaker":"Andy Hart","startTime":1777.899,"endTime":1782.819,"body":"Listeners, my ongoing platform"},{"speaker":"Andy Hart","startTime":1782.819,"endTime":1777.899,"body":" "},{"speaker":"Andy Hart","startTime":1777.899,"endTime":1782.819,"body":"fee is about point two, five and"},{"speaker":"Andy Hart","startTime":1782.819,"endTime":1782.819,"body":" "},{"speaker":"Andy Hart","startTime":1782.819,"endTime":1786.899,"body":"one going investment management"},{"speaker":"Andy Hart","startTime":1786.899,"endTime":1782.819,"body":" "},{"speaker":"Andy Hart","startTime":1782.819,"endTime":1786.899,"body":"is about point three. So it's,"},{"speaker":"Andy Hart","startTime":1786.899,"endTime":1786.899,"body":" "},{"speaker":"Andy Hart","startTime":1786.899,"endTime":1790.459,"body":"it's, it's, it's on par. But"},{"speaker":"Andy Hart","startTime":1790.459,"endTime":1786.899,"body":" "},{"speaker":"Andy Hart","startTime":1786.899,"endTime":1790.459,"body":"obviously everything it depends"},{"speaker":"Andy Hart","startTime":1790.459,"endTime":1790.459,"body":" "},{"speaker":"Andy Hart","startTime":1790.459,"endTime":1791.599,"body":"on the individual you get."},{"speaker":"Alan Smith","startTime":1792.44,"endTime":1794.6,"body":"Yeah, yeah,"},{"speaker":"Alan Smith","startTime":1794.6,"endTime":1792.44,"body":" "},{"speaker":"Alan Smith","startTime":1792.44,"endTime":1794.6,"body":"everything eventually kind of"},{"speaker":"Alan Smith","startTime":1794.6,"endTime":1794.78,"body":" "},{"speaker":"Alan Smith","startTime":1794.78,"endTime":1799.46,"body":"consolidates around a particular"},{"speaker":"Alan Smith","startTime":1799.46,"endTime":1794.78,"body":" "},{"speaker":"Alan Smith","startTime":1794.78,"endTime":1799.46,"body":"fee structure. But the biggest"},{"speaker":"Alan Smith","startTime":1799.46,"endTime":1799.46,"body":" "},{"speaker":"Alan Smith","startTime":1799.46,"endTime":1801.86,"body":"challenge of all this thing,"},{"speaker":"Alan Smith","startTime":1801.86,"endTime":1799.46,"body":" "},{"speaker":"Alan Smith","startTime":1799.46,"endTime":1801.86,"body":"which is why it's impossible to"},{"speaker":"Alan Smith","startTime":1801.86,"endTime":1801.86,"body":" "},{"speaker":"Alan Smith","startTime":1801.86,"endTime":1804.1399999999999,"body":"compare apples with apples, is"},{"speaker":"Alan Smith","startTime":1804.1399999999999,"endTime":1801.86,"body":" "},{"speaker":"Alan Smith","startTime":1801.86,"endTime":1804.1399999999999,"body":"you don't know what service"},{"speaker":"Alan Smith","startTime":1804.1399999999999,"endTime":1804.1399999999999,"body":" "},{"speaker":"Alan Smith","startTime":1804.1399999999999,"endTime":1806.3,"body":"you're getting. You know, we do"},{"speaker":"Alan Smith","startTime":1806.3,"endTime":1804.1399999999999,"body":" "},{"speaker":"Alan Smith","startTime":1804.1399999999999,"endTime":1806.3,"body":"full fat financial planning,"},{"speaker":"Alan Smith","startTime":1806.3,"endTime":1806.3,"body":" "},{"speaker":"Alan Smith","startTime":1806.3,"endTime":1810.1399999999999,"body":"comprehensive and see"},{"speaker":"Alan Smith","startTime":1810.1399999999999,"endTime":1806.3,"body":" "},{"speaker":"Alan Smith","startTime":1806.3,"endTime":1810.1399999999999,"body":"individuals simply asset"},{"speaker":"Alan Smith","startTime":1810.1399999999999,"endTime":1810.1399999999999,"body":" "},{"speaker":"Alan Smith","startTime":1810.1399999999999,"endTime":1813.8799999999999,"body":"gathering, pension transfers,"},{"speaker":"Alan Smith","startTime":1813.8799999999999,"endTime":1810.1399999999999,"body":" "},{"speaker":"Alan Smith","startTime":1810.1399999999999,"endTime":1813.8799999999999,"body":"blah, blah, blah, boring and the"},{"speaker":"Alan Smith","startTime":1813.8799999999999,"endTime":1813.8799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1813.8799999999999,"endTime":1817.42,"body":"charge in the same and or more."},{"speaker":"Alan Smith","startTime":1817.42,"endTime":1813.8799999999999,"body":" "},{"speaker":"Alan Smith","startTime":1813.8799999999999,"endTime":1817.42,"body":"So yes, that's an ongoing"},{"speaker":"Alan Smith","startTime":1817.42,"endTime":1817.6,"body":" "},{"speaker":"Alan Smith","startTime":1817.6,"endTime":1822.76,"body":"debate. Is it? I heard a rumor"},{"speaker":"Alan Smith","startTime":1822.76,"endTime":1817.6,"body":" "},{"speaker":"Alan Smith","startTime":1817.6,"endTime":1822.76,"body":"that there might be somebody"},{"speaker":"Alan Smith","startTime":1822.76,"endTime":1822.76,"body":" "},{"speaker":"Alan Smith","startTime":1822.76,"endTime":1826.84,"body":"from SJP coming on as a future"},{"speaker":"Alan Smith","startTime":1826.84,"endTime":1822.76,"body":" "},{"speaker":"Alan Smith","startTime":1822.76,"endTime":1826.84,"body":"potential guest, just to chat"},{"speaker":"Alan Smith","startTime":1826.84,"endTime":1826.84,"body":" "},{"speaker":"Alan Smith","startTime":1826.84,"endTime":1831.24,"body":"this through. Maybe not as far"},{"speaker":"Alan Smith","startTime":1831.24,"endTime":1826.84,"body":" "},{"speaker":"Alan Smith","startTime":1826.84,"endTime":1831.24,"body":"as this week. Was a deny, as"},{"speaker":"Nick Lincoln","startTime":1831.54,"endTime":1832.5,"body":"far as I'm aware."},{"speaker":"Alan Smith","startTime":1833.1,"endTime":1837.8999999999999,"body":"Okay, okay, you"},{"speaker":"Alan Smith","startTime":1837.8999999999999,"endTime":1833.1,"body":" "},{"speaker":"Alan Smith","startTime":1833.1,"endTime":1837.8999999999999,"body":"posted that online. But then"},{"speaker":"Alan Smith","startTime":1837.8999999999999,"endTime":1837.8999999999999,"body":" "},{"speaker":"Alan Smith","startTime":1837.8999999999999,"endTime":1838.1399999999999,"body":"again,"},{"speaker":"Nick Lincoln","startTime":1838.2,"endTime":1840.48,"body":"yeah, then yes,"},{"speaker":"Nick Lincoln","startTime":1840.48,"endTime":1838.2,"body":" "},{"speaker":"Nick Lincoln","startTime":1838.2,"endTime":1840.48,"body":"and then the person you teed up"},{"speaker":"Nick Lincoln","startTime":1840.48,"endTime":1840.48,"body":" "},{"speaker":"Nick Lincoln","startTime":1840.48,"endTime":1841.5,"body":"said he didn't want"},{"speaker":"Alan Smith","startTime":1843.6599999999999,"endTime":1846.18,"body":"to come on, yeah? So"},{"speaker":"Alan Smith","startTime":1846.18,"endTime":1843.6599999999999,"body":" "},{"speaker":"Alan Smith","startTime":1843.6599999999999,"endTime":1846.18,"body":"great, I got replacement, don't"},{"speaker":"Alan Smith","startTime":1846.18,"endTime":1846.18,"body":" "},{"speaker":"Alan Smith","startTime":1846.18,"endTime":1846.42,"body":"worry."},{"speaker":"Nick Lincoln","startTime":1846.779,"endTime":1848.819,"body":"Yeah, yeah, he"},{"speaker":"Nick Lincoln","startTime":1848.819,"endTime":1846.779,"body":" "},{"speaker":"Nick Lincoln","startTime":1846.779,"endTime":1848.819,"body":"can't do the date that I said he"},{"speaker":"Nick Lincoln","startTime":1848.819,"endTime":1848.819,"body":" "},{"speaker":"Nick Lincoln","startTime":1848.819,"endTime":1851.299,"body":"had needed to do. So we're"},{"speaker":"Nick Lincoln","startTime":1851.299,"endTime":1848.819,"body":" "},{"speaker":"Nick Lincoln","startTime":1848.819,"endTime":1851.299,"body":"seeing him in January. All"},{"speaker":"Nick Lincoln","startTime":1851.299,"endTime":1851.299,"body":" "},{"speaker":"Nick Lincoln","startTime":1851.299,"endTime":1851.539,"body":"right,"},{"speaker":"Unknown","startTime":1851.6,"endTime":1857.24,"body":"okay. All right. Back"},{"speaker":"Unknown","startTime":1857.24,"endTime":1851.6,"body":" "},{"speaker":"Unknown","startTime":1851.6,"endTime":1857.24,"body":"end, thanks for the heads up."},{"speaker":"Nick Lincoln","startTime":1857.239,"endTime":1862.279,"body":"Nick right. Are we"},{"speaker":"Nick Lincoln","startTime":1862.279,"endTime":1857.239,"body":" "},{"speaker":"Nick Lincoln","startTime":1857.239,"endTime":1862.279,"body":"done on SGP? Or do you want to"},{"speaker":"Nick Lincoln","startTime":1862.279,"endTime":1862.279,"body":" "},{"speaker":"Nick Lincoln","startTime":1862.279,"endTime":1867.379,"body":"have another half an hour done?"},{"speaker":"Nick Lincoln","startTime":1867.379,"endTime":1862.279,"body":" "},{"speaker":"Nick Lincoln","startTime":1862.279,"endTime":1867.379,"body":"Okay? Kind of linking in with us"},{"speaker":"Nick Lincoln","startTime":1867.379,"endTime":1867.379,"body":" "},{"speaker":"Nick Lincoln","startTime":1867.379,"endTime":1870.079,"body":"with SJP a little bit. I had a"},{"speaker":"Nick Lincoln","startTime":1870.079,"endTime":1867.379,"body":" "},{"speaker":"Nick Lincoln","startTime":1867.379,"endTime":1870.079,"body":"nice email from a guy called"},{"speaker":"Nick Lincoln","startTime":1870.079,"endTime":1870.079,"body":" "},{"speaker":"Nick Lincoln","startTime":1870.079,"endTime":1873.1589999999999,"body":"Joseph Sykes, I'll read out in"},{"speaker":"Nick Lincoln","startTime":1873.1589999999999,"endTime":1870.079,"body":" "},{"speaker":"Nick Lincoln","startTime":1870.079,"endTime":1873.1589999999999,"body":"full, Hi, Nick. I was listening"},{"speaker":"Nick Lincoln","startTime":1873.1589999999999,"endTime":1873.1589999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1873.1589999999999,"endTime":1875.559,"body":"to the podcast on my way to a"},{"speaker":"Nick Lincoln","startTime":1875.559,"endTime":1873.1589999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1873.1589999999999,"endTime":1875.559,"body":"client meeting yesterday, and"},{"speaker":"Nick Lincoln","startTime":1875.559,"endTime":1875.559,"body":" "},{"speaker":"Nick Lincoln","startTime":1875.559,"endTime":1878.559,"body":"wanted to echo the impact the"},{"speaker":"Nick Lincoln","startTime":1878.559,"endTime":1875.559,"body":" "},{"speaker":"Nick Lincoln","startTime":1875.559,"endTime":1878.559,"body":"podcast has had on me. You were"},{"speaker":"Nick Lincoln","startTime":1878.559,"endTime":1878.559,"body":" "},{"speaker":"Nick Lincoln","startTime":1878.559,"endTime":1881.259,"body":"talking about Max and how he"},{"speaker":"Nick Lincoln","startTime":1881.259,"endTime":1878.559,"body":" "},{"speaker":"Nick Lincoln","startTime":1878.559,"endTime":1881.259,"body":"decided to leave a practice and"},{"speaker":"Nick Lincoln","startTime":1881.259,"endTime":1881.259,"body":" "},{"speaker":"Nick Lincoln","startTime":1881.259,"endTime":1883.539,"body":"go his own way. I think that was"},{"speaker":"Nick Lincoln","startTime":1883.539,"endTime":1881.259,"body":" "},{"speaker":"Nick Lincoln","startTime":1881.259,"endTime":1883.539,"body":"via you Alan, that's that"},{"speaker":"Nick Lincoln","startTime":1883.539,"endTime":1883.539,"body":" "},{"speaker":"Nick Lincoln","startTime":1883.539,"endTime":1886.719,"body":"particular story. Okay, I have a"},{"speaker":"Nick Lincoln","startTime":1886.719,"endTime":1883.539,"body":" "},{"speaker":"Nick Lincoln","startTime":1883.539,"endTime":1886.719,"body":"similar story. I wasn't an"},{"speaker":"Nick Lincoln","startTime":1886.719,"endTime":1886.719,"body":" "},{"speaker":"Nick Lincoln","startTime":1886.719,"endTime":1889.359,"body":"advisor in an SJP partner"},{"speaker":"Nick Lincoln","startTime":1889.359,"endTime":1886.719,"body":" "},{"speaker":"Nick Lincoln","startTime":1886.719,"endTime":1889.359,"body":"practice. Don't get me wrong. It"},{"speaker":"Nick Lincoln","startTime":1889.359,"endTime":1889.359,"body":" "},{"speaker":"Nick Lincoln","startTime":1889.359,"endTime":1892.559,"body":"wasn't bad, good people and"},{"speaker":"Nick Lincoln","startTime":1892.559,"endTime":1889.359,"body":" "},{"speaker":"Nick Lincoln","startTime":1889.359,"endTime":1892.559,"body":"doing a fair job, but it felt"},{"speaker":"Nick Lincoln","startTime":1892.559,"endTime":1892.559,"body":" "},{"speaker":"Nick Lincoln","startTime":1892.559,"endTime":1895.859,"body":"stale.  I also didn't"},{"speaker":"Nick Lincoln","startTime":1895.859,"endTime":1895.859,"body":" "},{"speaker":"Nick Lincoln","startTime":1895.859,"endTime":1898.379,"body":"have equity, so it never really"},{"speaker":"Nick Lincoln","startTime":1898.379,"endTime":1895.859,"body":" "},{"speaker":"Nick Lincoln","startTime":1895.859,"endTime":1898.379,"body":"felt like I had to stay in the"},{"speaker":"Nick Lincoln","startTime":1898.379,"endTime":1898.379,"body":" "},{"speaker":"Nick Lincoln","startTime":1898.379,"endTime":1901.619,"body":"direction we were going. I"},{"speaker":"Nick Lincoln","startTime":1901.619,"endTime":1898.379,"body":" "},{"speaker":"Nick Lincoln","startTime":1898.379,"endTime":1901.619,"body":"decided to take the leap in May"},{"speaker":"Nick Lincoln","startTime":1901.619,"endTime":1901.619,"body":" "},{"speaker":"Nick Lincoln","startTime":1901.619,"endTime":1906.239,"body":"and set up on my own with valid,"},{"speaker":"Nick Lincoln","startTime":1906.239,"endTime":1901.619,"body":" "},{"speaker":"Nick Lincoln","startTime":1901.619,"endTime":1906.239,"body":"valid path. There's never the"},{"speaker":"Nick Lincoln","startTime":1906.239,"endTime":1906.239,"body":" "},{"speaker":"Nick Lincoln","startTime":1906.239,"endTime":1909.1789999999999,"body":"perfect time. I just moved"},{"speaker":"Nick Lincoln","startTime":1909.1789999999999,"endTime":1906.239,"body":" "},{"speaker":"Nick Lincoln","startTime":1906.239,"endTime":1909.1789999999999,"body":"house, and my wife and I just"},{"speaker":"Nick Lincoln","startTime":1909.1789999999999,"endTime":1909.1789999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1909.1789999999999,"endTime":1912.079,"body":"had our first daughter in April."},{"speaker":"Nick Lincoln","startTime":1912.079,"endTime":1909.1789999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1909.1789999999999,"endTime":1912.079,"body":"Bloody hell. Joseph sites, good"},{"speaker":"Nick Lincoln","startTime":1912.079,"endTime":1912.079,"body":" "},{"speaker":"Nick Lincoln","startTime":1912.079,"endTime":1914.719,"body":"man. Anyway, since listening"},{"speaker":"Nick Lincoln","startTime":1914.719,"endTime":1912.079,"body":" "},{"speaker":"Nick Lincoln","startTime":1912.079,"endTime":1914.719,"body":"trap has been great and helped"},{"speaker":"Nick Lincoln","startTime":1914.719,"endTime":1914.719,"body":" "},{"speaker":"Nick Lincoln","startTime":1914.719,"endTime":1917.059,"body":"me think about the service I"},{"speaker":"Nick Lincoln","startTime":1917.059,"endTime":1914.719,"body":" "},{"speaker":"Nick Lincoln","startTime":1914.719,"endTime":1917.059,"body":"wanted to give to clients and"},{"speaker":"Nick Lincoln","startTime":1917.059,"endTime":1917.059,"body":" "},{"speaker":"Nick Lincoln","startTime":1917.059,"endTime":1919.459,"body":"the business I want to build."},{"speaker":"Nick Lincoln","startTime":1919.459,"endTime":1917.059,"body":" "},{"speaker":"Nick Lincoln","startTime":1917.059,"endTime":1919.459,"body":"Ironically, I started listening"},{"speaker":"Nick Lincoln","startTime":1919.459,"endTime":1919.459,"body":" "},{"speaker":"Nick Lincoln","startTime":1919.459,"endTime":1922.819,"body":"around the SJP episode, which I"},{"speaker":"Nick Lincoln","startTime":1922.819,"endTime":1919.459,"body":" "},{"speaker":"Nick Lincoln","startTime":1919.459,"endTime":1922.819,"body":"guess was the first one put out,"},{"speaker":"Nick Lincoln","startTime":1922.819,"endTime":1922.819,"body":" "},{"speaker":"Nick Lincoln","startTime":1922.819,"endTime":1925.399,"body":"which is one of our most"},{"speaker":"Nick Lincoln","startTime":1925.399,"endTime":1922.819,"body":" "},{"speaker":"Nick Lincoln","startTime":1922.819,"endTime":1925.399,"body":"listened to episodes around the"},{"speaker":"Nick Lincoln","startTime":1925.399,"endTime":1925.399,"body":" "},{"speaker":"Nick Lincoln","startTime":1925.399,"endTime":1928.879,"body":"thing with SJP. So thank you for"},{"speaker":"Nick Lincoln","startTime":1928.879,"endTime":1925.399,"body":" "},{"speaker":"Nick Lincoln","startTime":1925.399,"endTime":1928.879,"body":"that. Joe Sykes, and there. Wow."},{"speaker":"Nick Lincoln","startTime":1928.879,"endTime":1929.1789999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1929.1789999999999,"endTime":1932.019,"body":"Wow. Good man. Good luck, good"},{"speaker":"Nick Lincoln","startTime":1932.019,"endTime":1929.1789999999999,"body":" "},{"speaker":"Nick Lincoln","startTime":1929.1789999999999,"endTime":1932.019,"body":"luck, good luck. Yeah,"},{"speaker":"Nick Lincoln","startTime":1932.019,"endTime":1932.019,"body":" "},{"speaker":"Nick Lincoln","startTime":1932.019,"endTime":1937.359,"body":"tremendous tree men, dos right."},{"speaker":"Nick Lincoln","startTime":1937.359,"endTime":1932.019,"body":" "},{"speaker":"Nick Lincoln","startTime":1932.019,"endTime":1937.359,"body":"What's next on the slate? Slate,"},{"speaker":"Nick Lincoln","startTime":1937.359,"endTime":1937.359,"body":" "},{"speaker":"Nick Lincoln","startTime":1937.359,"endTime":1942.459,"body":"Oh, watch, oh, this story. Oh,"},{"speaker":"Nick Lincoln","startTime":1942.459,"endTime":1937.359,"body":" "},{"speaker":"Nick Lincoln","startTime":1937.359,"endTime":1942.459,"body":"this is that. This is, yeah, go"},{"speaker":"Nick Lincoln","startTime":1942.459,"endTime":1942.459,"body":" "},{"speaker":"Nick Lincoln","startTime":1942.459,"endTime":1946.299,"body":"on case football is, sorry,"},{"speaker":"Carl Widger","startTime":1947.86,"endTime":1952.5,"body":"yeah, I Yeah. I saw"},{"speaker":"Carl Widger","startTime":1952.5,"endTime":1947.86,"body":" "},{"speaker":"Carl Widger","startTime":1947.86,"endTime":1952.5,"body":"this on a number of kind of news"},{"speaker":"Carl Widger","startTime":1952.5,"endTime":1952.5,"body":" "},{"speaker":"Carl Widger","startTime":1952.5,"endTime":1956.7,"body":"outlets talking about"},{"speaker":"Carl Widger","startTime":1956.7,"endTime":1952.5,"body":" "},{"speaker":"Carl Widger","startTime":1952.5,"endTime":1956.7,"body":"footballers, Danny Murphy,"},{"speaker":"Carl Widger","startTime":1956.7,"endTime":1956.7,"body":" "},{"speaker":"Carl Widger","startTime":1956.7,"endTime":1960.12,"body":"who's, who's on match of the"},{"speaker":"Carl Widger","startTime":1960.12,"endTime":1956.7,"body":" "},{"speaker":"Carl Widger","startTime":1956.7,"endTime":1960.12,"body":"day, isn't he? And Brian Dean"},{"speaker":"Carl Widger","startTime":1960.12,"endTime":1960.12,"body":" "},{"speaker":"Carl Widger","startTime":1960.12,"endTime":1962.8799999999999,"body":"and I think rod Wallace. I was"},{"speaker":"Carl Widger","startTime":1962.8799999999999,"endTime":1960.12,"body":" "},{"speaker":"Carl Widger","startTime":1960.12,"endTime":1962.8799999999999,"body":"kind of interested in this,"},{"speaker":"Carl Widger","startTime":1962.8799999999999,"endTime":1962.8799999999999,"body":" "},{"speaker":"Carl Widger","startTime":1962.8799999999999,"endTime":1965.6399999999999,"body":"because these were all guys who"},{"speaker":"Carl Widger","startTime":1965.6399999999999,"endTime":1962.8799999999999,"body":" "},{"speaker":"Carl Widger","startTime":1962.8799999999999,"endTime":1965.6399999999999,"body":"were playing when I was, you"},{"speaker":"Carl Widger","startTime":1965.6399999999999,"endTime":1965.6399999999999,"body":" "},{"speaker":"Carl Widger","startTime":1965.6399999999999,"endTime":1971.36,"body":"know, probably 20. But yeah, so"},{"speaker":"Carl Widger","startTime":1971.36,"endTime":1965.6399999999999,"body":" "},{"speaker":"Carl Widger","startTime":1965.6399999999999,"endTime":1971.36,"body":"a sad story about what's Andy"},{"speaker":"Carl Widger","startTime":1971.36,"endTime":1971.36,"body":" "},{"speaker":"Carl Widger","startTime":1971.36,"endTime":1975.56,"body":"doing anyway, a sad story about"},{"speaker":"Carl Widger","startTime":1975.56,"endTime":1971.36,"body":" "},{"speaker":"Carl Widger","startTime":1971.36,"endTime":1975.56,"body":"footballers getting caught out"},{"speaker":"Carl Widger","startTime":1975.56,"endTime":1975.56,"body":" "},{"speaker":"Carl Widger","startTime":1975.56,"endTime":1978.62,"body":"with kind of dodgy investments,"},{"speaker":"Carl Widger","startTime":1978.62,"endTime":1975.56,"body":" "},{"speaker":"Carl Widger","startTime":1975.56,"endTime":1978.62,"body":"or they claim to be dodgy"},{"speaker":"Carl Widger","startTime":1978.62,"endTime":1978.62,"body":" "},{"speaker":"Carl Widger","startTime":1978.62,"endTime":1982.3999999999999,"body":"investments via a firm called"},{"speaker":"Carl Widger","startTime":1982.3999999999999,"endTime":1978.62,"body":" "},{"speaker":"Carl Widger","startTime":1978.62,"endTime":1982.3999999999999,"body":"kings bridge. The interesting"},{"speaker":"Carl Widger","startTime":1982.3999999999999,"endTime":1982.3999999999999,"body":" "},{"speaker":"Carl Widger","startTime":1982.3999999999999,"endTime":1987.74,"body":"thing about this is, well, it's"},{"speaker":"Carl Widger","startTime":1987.74,"endTime":1982.3999999999999,"body":" "},{"speaker":"Carl Widger","startTime":1982.3999999999999,"endTime":1987.74,"body":"not very interesting in that"},{"speaker":"Carl Widger","startTime":1987.74,"endTime":1987.74,"body":" "},{"speaker":"Carl Widger","startTime":1987.74,"endTime":1991.0,"body":"this continues to happen,"},{"speaker":"Carl Widger","startTime":1991.0,"endTime":1987.74,"body":" "},{"speaker":"Carl Widger","startTime":1987.74,"endTime":1991.0,"body":"especially to that era of"},{"speaker":"Carl Widger","startTime":1991.0,"endTime":1991.0,"body":" "},{"speaker":"Carl Widger","startTime":1991.0,"endTime":1993.94,"body":"football, or it seems,"},{"speaker":"Carl Widger","startTime":1993.94,"endTime":1991.0,"body":" "},{"speaker":"Carl Widger","startTime":1991.0,"endTime":1993.94,"body":"hopefully, the guys who were"},{"speaker":"Carl Widger","startTime":1993.94,"endTime":1994.42,"body":" "},{"speaker":"Carl Widger","startTime":1994.42,"endTime":1998.44,"body":"looking after this niche are"},{"speaker":"Carl Widger","startTime":1998.44,"endTime":1994.42,"body":" "},{"speaker":"Carl Widger","startTime":1994.42,"endTime":1998.44,"body":"doing a much better job. We know"},{"speaker":"Carl Widger","startTime":1998.44,"endTime":1998.44,"body":" "},{"speaker":"Carl Widger","startTime":1998.44,"endTime":2002.76,"body":"some of them, and I know that"},{"speaker":"Carl Widger","startTime":2002.76,"endTime":1998.44,"body":" "},{"speaker":"Carl Widger","startTime":1998.44,"endTime":2002.76,"body":"they're doing great work. But"},{"speaker":"Carl Widger","startTime":2002.76,"endTime":2002.76,"body":" "},{"speaker":"Carl Widger","startTime":2002.76,"endTime":2007.02,"body":"yeah, it's, it's, I don't know,"},{"speaker":"Carl Widger","startTime":2007.02,"endTime":2002.76,"body":" "},{"speaker":"Carl Widger","startTime":2002.76,"endTime":2007.02,"body":"does part of me with this kind"},{"speaker":"Carl Widger","startTime":2007.02,"endTime":2007.02,"body":" "},{"speaker":"Carl Widger","startTime":2007.02,"endTime":2010.7,"body":"of going like, some of the"},{"speaker":"Carl Widger","startTime":2010.7,"endTime":2007.02,"body":" "},{"speaker":"Carl Widger","startTime":2007.02,"endTime":2010.7,"body":"detail around the story is like,"},{"speaker":"Carl Widger","startTime":2010.7,"endTime":2010.7,"body":" "},{"speaker":"Carl Widger","startTime":2010.7,"endTime":2015.1399999999999,"body":"would you not have maybe asked a"},{"speaker":"Carl Widger","startTime":2015.1399999999999,"endTime":2010.7,"body":" "},{"speaker":"Carl Widger","startTime":2010.7,"endTime":2015.1399999999999,"body":"question or two and but it just"},{"speaker":"Carl Widger","startTime":2015.1399999999999,"endTime":2015.1399999999999,"body":" "},{"speaker":"Carl Widger","startTime":2015.1399999999999,"endTime":2017.78,"body":"goes to show, you know, the kind"},{"speaker":"Carl Widger","startTime":2017.78,"endTime":2015.1399999999999,"body":" "},{"speaker":"Carl Widger","startTime":2015.1399999999999,"endTime":2017.78,"body":"of herd instinct, you know, if"},{"speaker":"Carl Widger","startTime":2017.78,"endTime":2017.78,"body":" "},{"speaker":"Carl Widger","startTime":2017.78,"endTime":2020.06,"body":"you get kind of one in a group,"},{"speaker":"Carl Widger","startTime":2020.06,"endTime":2017.78,"body":" "},{"speaker":"Carl Widger","startTime":2017.78,"endTime":2020.06,"body":"you'll get a whole bunch of"},{"speaker":"Carl Widger","startTime":2020.06,"endTime":2020.06,"body":" "},{"speaker":"Carl Widger","startTime":2020.06,"endTime":2022.82,"body":"them. And these guys were"},{"speaker":"Carl Widger","startTime":2022.82,"endTime":2020.06,"body":" "},{"speaker":"Carl Widger","startTime":2020.06,"endTime":2022.82,"body":"getting these footballers. So"},{"speaker":"Carl Widger","startTime":2022.82,"endTime":2023.96,"body":" "},{"speaker":"Carl Widger","startTime":2023.96,"endTime":2026.48,"body":"there's two lessons from this if"},{"speaker":"Carl Widger","startTime":2026.48,"endTime":2023.96,"body":" "},{"speaker":"Carl Widger","startTime":2023.96,"endTime":2026.48,"body":"you're doing your marketing,"},{"speaker":"Carl Widger","startTime":2026.48,"endTime":2026.48,"body":" "},{"speaker":"Carl Widger","startTime":2026.48,"endTime":2029.18,"body":"niching works clearly, because"},{"speaker":"Carl Widger","startTime":2029.18,"endTime":2026.48,"body":" "},{"speaker":"Carl Widger","startTime":2026.48,"endTime":2029.18,"body":"they all started talking to each"},{"speaker":"Carl Widger","startTime":2029.18,"endTime":2029.18,"body":" "},{"speaker":"Carl Widger","startTime":2029.18,"endTime":2034.12,"body":"other, they all loaded into this"},{"speaker":"Carl Widger","startTime":2034.12,"endTime":2029.18,"body":" "},{"speaker":"Carl Widger","startTime":2029.18,"endTime":2034.12,"body":"kings bridge firm who I don't"},{"speaker":"Carl Widger","startTime":2034.12,"endTime":2034.12,"body":" "},{"speaker":"Carl Widger","startTime":2034.12,"endTime":2036.8799999999999,"body":"know if they did anything wrong,"},{"speaker":"Carl Widger","startTime":2036.8799999999999,"endTime":2034.12,"body":" "},{"speaker":"Carl Widger","startTime":2034.12,"endTime":2036.8799999999999,"body":"just putting down that on record"},{"speaker":"Carl Widger","startTime":2036.8799999999999,"endTime":2036.94,"body":" "},{"speaker":"Carl Widger","startTime":2036.94,"endTime":2042.28,"body":"there are, there are accusations"},{"speaker":"Carl Widger","startTime":2042.28,"endTime":2036.94,"body":" "},{"speaker":"Carl Widger","startTime":2036.94,"endTime":2042.28,"body":"of fraudulent behavior, which"},{"speaker":"Carl Widger","startTime":2042.28,"endTime":2042.28,"body":" "},{"speaker":"Carl Widger","startTime":2042.28,"endTime":2045.6399999999999,"body":"I'm sure will come out in the"},{"speaker":"Carl Widger","startTime":2045.6399999999999,"endTime":2042.28,"body":" "},{"speaker":"Carl Widger","startTime":2042.28,"endTime":2045.6399999999999,"body":"court of law in the UK. But"},{"speaker":"Carl Widger","startTime":2045.6399999999999,"endTime":2046.0,"body":" "},{"speaker":"Carl Widger","startTime":2046.0,"endTime":2050.5,"body":"yeah, look, it's just sad, isn't"},{"speaker":"Carl Widger","startTime":2050.5,"endTime":2046.0,"body":" "},{"speaker":"Carl Widger","startTime":2046.0,"endTime":2050.5,"body":"it? Let's hope there'll always"},{"speaker":"Carl Widger","startTime":2050.5,"endTime":2050.56,"body":" "},{"speaker":"Carl Widger","startTime":2050.56,"endTime":2054.36,"body":"be the guys trying to pull"},{"speaker":"Carl Widger","startTime":2054.36,"endTime":2050.56,"body":" "},{"speaker":"Carl Widger","startTime":2050.56,"endTime":2054.36,"body":"strokes and pull one over on put"},{"speaker":"Carl Widger","startTime":2054.36,"endTime":2054.36,"body":" "},{"speaker":"Carl Widger","startTime":2054.36,"endTime":2058.56,"body":"one over on investors who don't"},{"speaker":"Carl Widger","startTime":2058.56,"endTime":2054.36,"body":" "},{"speaker":"Carl Widger","startTime":2054.36,"endTime":2058.56,"body":"necessarily understand what"},{"speaker":"Carl Widger","startTime":2058.56,"endTime":2058.56,"body":" "},{"speaker":"Carl Widger","startTime":2058.56,"endTime":2063.42,"body":"they're getting into. But on the"},{"speaker":"Carl Widger","startTime":2063.42,"endTime":2058.56,"body":" "},{"speaker":"Carl Widger","startTime":2058.56,"endTime":2063.42,"body":"other hand, some of the detail"},{"speaker":"Carl Widger","startTime":2063.42,"endTime":2063.42,"body":" "},{"speaker":"Carl Widger","startTime":2063.42,"endTime":2067.56,"body":"you're like at what point do you"},{"speaker":"Carl Widger","startTime":2067.56,"endTime":2063.42,"body":" "},{"speaker":"Carl Widger","startTime":2063.42,"endTime":2067.56,"body":"go Hold up? Can I just check"},{"speaker":"Carl Widger","startTime":2067.56,"endTime":2067.62,"body":" "},{"speaker":"Carl Widger","startTime":2067.62,"endTime":2071.36,"body":"please, or maybe get a second"},{"speaker":"Carl Widger","startTime":2071.36,"endTime":2067.62,"body":" "},{"speaker":"Carl Widger","startTime":2067.62,"endTime":2071.36,"body":"opinion from somebody? So yeah,"},{"speaker":"Carl Widger","startTime":2071.36,"endTime":2071.42,"body":" "},{"speaker":"Carl Widger","startTime":2071.42,"endTime":2074.2400000000002,"body":"it's just an interesting story"},{"speaker":"Carl Widger","startTime":2074.2400000000002,"endTime":2071.42,"body":" "},{"speaker":"Carl Widger","startTime":2071.42,"endTime":2074.2400000000002,"body":"Ultra because they're famous"},{"speaker":"Carl Widger","startTime":2074.2400000000002,"endTime":2074.2400000000002,"body":" "},{"speaker":"Carl Widger","startTime":2074.2400000000002,"endTime":2075.7400000000002,"body":"people, and we know who they are"},{"speaker":"Carl Widger","startTime":2075.7400000000002,"endTime":2074.2400000000002,"body":" "},{"speaker":"Carl Widger","startTime":2074.2400000000002,"endTime":2075.7400000000002,"body":"anyway."},{"speaker":"Andy Hart","startTime":2075.739,"endTime":2078.619,"body":"Sorry, yeah, this has"},{"speaker":"Andy Hart","startTime":2078.619,"endTime":2075.739,"body":" "},{"speaker":"Andy Hart","startTime":2075.739,"endTime":2078.619,"body":"been a common theme, and a lot"},{"speaker":"Andy Hart","startTime":2078.619,"endTime":2078.619,"body":" "},{"speaker":"Andy Hart","startTime":2078.619,"endTime":2081.499,"body":"of footballers have run into"},{"speaker":"Andy Hart","startTime":2081.499,"endTime":2078.619,"body":" "},{"speaker":"Andy Hart","startTime":2078.619,"endTime":2081.499,"body":"problems with investments. And"},{"speaker":"Andy Hart","startTime":2081.499,"endTime":2081.499,"body":" "},{"speaker":"Andy Hart","startTime":2081.499,"endTime":2084.739,"body":"yeah, there's a BBC program on"},{"speaker":"Andy Hart","startTime":2084.739,"endTime":2081.499,"body":" "},{"speaker":"Andy Hart","startTime":2081.499,"endTime":2084.739,"body":"it, annoying. They haven't"},{"speaker":"Andy Hart","startTime":2084.739,"endTime":2084.739,"body":" "},{"speaker":"Andy Hart","startTime":2084.739,"endTime":2088.699,"body":"watched it because I've been out"},{"speaker":"Andy Hart","startTime":2088.699,"endTime":2084.739,"body":" "},{"speaker":"Andy Hart","startTime":2084.739,"endTime":2088.699,"body":"and about. So maybe you guys"},{"speaker":"Andy Hart","startTime":2088.699,"endTime":2088.999,"body":" "},{"speaker":"Andy Hart","startTime":2088.999,"endTime":2091.179,"body":"watch that when you can."},{"speaker":"Andy Hart","startTime":2091.179,"endTime":2088.999,"body":" "},{"speaker":"Andy Hart","startTime":2088.999,"endTime":2091.179,"body":"Apparently, an advisor I'm out"},{"speaker":"Andy Hart","startTime":2091.179,"endTime":2091.179,"body":" "},{"speaker":"Andy Hart","startTime":2091.179,"endTime":2095.439,"body":"with here, Keith button. He told"},{"speaker":"Andy Hart","startTime":2095.439,"endTime":2091.179,"body":" "},{"speaker":"Andy Hart","startTime":2091.179,"endTime":2095.439,"body":"me about the story in a little"},{"speaker":"Andy Hart","startTime":2095.439,"endTime":2095.439,"body":" "},{"speaker":"Andy Hart","startTime":2095.439,"endTime":2098.679,"body":"bit more depth. What one thing"},{"speaker":"Andy Hart","startTime":2098.679,"endTime":2095.439,"body":" "},{"speaker":"Andy Hart","startTime":2095.439,"endTime":2098.679,"body":"I'm going to raise on this point"},{"speaker":"Andy Hart","startTime":2098.679,"endTime":2098.739,"body":" "},{"speaker":"Andy Hart","startTime":2098.739,"endTime":2103.419,"body":"is, we have legislation in the"},{"speaker":"Andy Hart","startTime":2103.419,"endTime":2098.739,"body":" "},{"speaker":"Andy Hart","startTime":2098.739,"endTime":2103.419,"body":"UK now about vulnerable clients."},{"speaker":"Andy Hart","startTime":2103.419,"endTime":2104.019,"body":" "},{"speaker":"Andy Hart","startTime":2104.019,"endTime":2107.199,"body":"Now, I think young footballers,"},{"speaker":"Andy Hart","startTime":2107.199,"endTime":2104.019,"body":" "},{"speaker":"Andy Hart","startTime":2104.019,"endTime":2107.199,"body":"regardless of how rich they are"},{"speaker":"Andy Hart","startTime":2107.199,"endTime":2107.199,"body":" "},{"speaker":"Andy Hart","startTime":2107.199,"endTime":2109.659,"body":"and how much money they've got"},{"speaker":"Andy Hart","startTime":2109.659,"endTime":2107.199,"body":" "},{"speaker":"Andy Hart","startTime":2107.199,"endTime":2109.659,"body":"and how flash their cars are,"},{"speaker":"Andy Hart","startTime":2109.659,"endTime":2109.959,"body":" "},{"speaker":"Andy Hart","startTime":2109.959,"endTime":2113.519,"body":"they're insanely vulnerable."},{"speaker":"Andy Hart","startTime":2113.519,"endTime":2109.959,"body":" "},{"speaker":"Andy Hart","startTime":2109.959,"endTime":2113.519,"body":"They might not think that, and"},{"speaker":"Andy Hart","startTime":2113.519,"endTime":2113.519,"body":" "},{"speaker":"Andy Hart","startTime":2113.519,"endTime":2117.959,"body":"then bringing that up with a 20"},{"speaker":"Andy Hart","startTime":2117.959,"endTime":2113.519,"body":" "},{"speaker":"Andy Hart","startTime":2113.519,"endTime":2117.959,"body":"year old Strapping, you know,"},{"speaker":"Andy Hart","startTime":2117.959,"endTime":2118.079,"body":" "},{"speaker":"Andy Hart","startTime":2118.079,"endTime":2120.5389999999998,"body":"wealthy, multi millionaire"},{"speaker":"Andy Hart","startTime":2120.5389999999998,"endTime":2118.079,"body":" "},{"speaker":"Andy Hart","startTime":2118.079,"endTime":2120.5389999999998,"body":"footballer, but they are."},{"speaker":"Andy Hart","startTime":2120.5389999999998,"endTime":2120.5389999999998,"body":" "},{"speaker":"Andy Hart","startTime":2120.5389999999998,"endTime":2123.719,"body":"They're insanely vulnerable,"},{"speaker":"Andy Hart","startTime":2123.719,"endTime":2120.5389999999998,"body":" "},{"speaker":"Andy Hart","startTime":2120.5389999999998,"endTime":2123.719,"body":"vulnerable clients. Legislation"},{"speaker":"Andy Hart","startTime":2123.719,"endTime":2123.719,"body":" "},{"speaker":"Andy Hart","startTime":2123.719,"endTime":2128.099,"body":"in the UK is infiltrated"},{"speaker":"Andy Hart","startTime":2128.099,"endTime":2123.719,"body":" "},{"speaker":"Andy Hart","startTime":2123.719,"endTime":2128.099,"body":"everywhere. But yeah, I just, I"},{"speaker":"Andy Hart","startTime":2128.099,"endTime":2128.099,"body":" "},{"speaker":"Andy Hart","startTime":2128.099,"endTime":2131.179,"body":"just, I just thought, if"},{"speaker":"Andy Hart","startTime":2131.179,"endTime":2128.099,"body":" "},{"speaker":"Andy Hart","startTime":2128.099,"endTime":2131.179,"body":"anyone's. Vulnerable. It's"},{"speaker":"Andy Hart","startTime":2131.179,"endTime":2131.179,"body":" "},{"speaker":"Andy Hart","startTime":2131.179,"endTime":2135.079,"body":"southern wealth from, you know,"},{"speaker":"Andy Hart","startTime":2135.079,"endTime":2131.179,"body":" "},{"speaker":"Andy Hart","startTime":2131.179,"endTime":2135.079,"body":"young footballers who often come"},{"speaker":"Andy Hart","startTime":2135.079,"endTime":2135.079,"body":" "},{"speaker":"Andy Hart","startTime":2135.079,"endTime":2137.419,"body":"from backgrounds where they"},{"speaker":"Andy Hart","startTime":2137.419,"endTime":2135.079,"body":" "},{"speaker":"Andy Hart","startTime":2135.079,"endTime":2137.419,"body":"don't have a lot of people that"},{"speaker":"Andy Hart","startTime":2137.419,"endTime":2137.419,"body":" "},{"speaker":"Andy Hart","startTime":2137.419,"endTime":2139.639,"body":"are smart around money, slightly"},{"speaker":"Andy Hart","startTime":2139.639,"endTime":2137.419,"body":" "},{"speaker":"Andy Hart","startTime":2137.419,"endTime":2139.639,"body":"different to the rugby"},{"speaker":"Andy Hart","startTime":2139.639,"endTime":2139.639,"body":" "},{"speaker":"Andy Hart","startTime":2139.639,"endTime":2142.099,"body":"backgrounds they often"},{"speaker":"Andy Hart","startTime":2142.099,"endTime":2139.639,"body":" "},{"speaker":"Andy Hart","startTime":2139.639,"endTime":2142.099,"body":"surrounded by people that, you"},{"speaker":"Andy Hart","startTime":2142.099,"endTime":2142.099,"body":" "},{"speaker":"Andy Hart","startTime":2142.099,"endTime":2145.819,"body":"know, they can bounce ideas off"},{"speaker":"Andy Hart","startTime":2145.819,"endTime":2142.099,"body":" "},{"speaker":"Andy Hart","startTime":2142.099,"endTime":2145.819,"body":"as a massive generalization. So"},{"speaker":"Andy Hart","startTime":2145.819,"endTime":2145.819,"body":" "},{"speaker":"Andy Hart","startTime":2145.819,"endTime":2148.699,"body":"they're insanely vulnerable. And"},{"speaker":"Andy Hart","startTime":2148.699,"endTime":2145.819,"body":" "},{"speaker":"Andy Hart","startTime":2145.819,"endTime":2148.699,"body":"I would like the vulnerable"},{"speaker":"Andy Hart","startTime":2148.699,"endTime":2148.699,"body":" "},{"speaker":"Andy Hart","startTime":2148.699,"endTime":2152.5589999999997,"body":"client regime to recognize that."},{"speaker":"Andy Hart","startTime":2152.5589999999997,"endTime":2148.699,"body":" "},{"speaker":"Andy Hart","startTime":2148.699,"endTime":2152.5589999999997,"body":"So, yeah, that's more,"},{"speaker":"Carl Widger","startTime":2152.56,"endTime":2154.72,"body":"yeah, I guess it's"},{"speaker":"Carl Widger","startTime":2154.72,"endTime":2152.56,"body":" "},{"speaker":"Carl Widger","startTime":2152.56,"endTime":2154.72,"body":"a difficult and, like,"},{"speaker":"Carl Widger","startTime":2154.72,"endTime":2154.7799999999997,"body":" "},{"speaker":"Carl Widger","startTime":2154.7799999999997,"endTime":2157.72,"body":"lucrative, but a difficult"},{"speaker":"Carl Widger","startTime":2157.72,"endTime":2154.7799999999997,"body":" "},{"speaker":"Carl Widger","startTime":2154.7799999999997,"endTime":2157.72,"body":"market to operate in. So one of"},{"speaker":"Carl Widger","startTime":2157.72,"endTime":2157.72,"body":" "},{"speaker":"Carl Widger","startTime":2157.72,"endTime":2160.84,"body":"the advisors we know, was"},{"speaker":"Carl Widger","startTime":2160.84,"endTime":2157.72,"body":" "},{"speaker":"Carl Widger","startTime":2157.72,"endTime":2160.84,"body":"telling the story, you know,"},{"speaker":"Carl Widger","startTime":2160.84,"endTime":2160.84,"body":" "},{"speaker":"Carl Widger","startTime":2160.84,"endTime":2167.02,"body":"about a famous guy, 21 signed a"},{"speaker":"Carl Widger","startTime":2167.02,"endTime":2160.84,"body":" "},{"speaker":"Carl Widger","startTime":2160.84,"endTime":2167.02,"body":"mega deal, but he's dealing with"},{"speaker":"Carl Widger","startTime":2167.02,"endTime":2167.08,"body":" "},{"speaker":"Carl Widger","startTime":2167.08,"endTime":2171.72,"body":"his girlfriend, his father, his"},{"speaker":"Carl Widger","startTime":2171.72,"endTime":2167.08,"body":" "},{"speaker":"Carl Widger","startTime":2167.08,"endTime":2171.72,"body":"brothers, his sisters, is, you"},{"speaker":"Carl Widger","startTime":2171.72,"endTime":2171.72,"body":" "},{"speaker":"Carl Widger","startTime":2171.72,"endTime":2174.48,"body":"know that it's not just this one"},{"speaker":"Carl Widger","startTime":2174.48,"endTime":2171.72,"body":" "},{"speaker":"Carl Widger","startTime":2171.72,"endTime":2174.48,"body":"person, and there's people"},{"speaker":"Carl Widger","startTime":2174.48,"endTime":2174.48,"body":" "},{"speaker":"Carl Widger","startTime":2174.48,"endTime":2180.9,"body":"ringing and there is asking, oh,"},{"speaker":"Carl Widger","startTime":2180.9,"endTime":2174.48,"body":" "},{"speaker":"Carl Widger","startTime":2174.48,"endTime":2180.9,"body":"yeah, yeah, that's that's"},{"speaker":"Carl Widger","startTime":2180.9,"endTime":2180.9,"body":" "},{"speaker":"Carl Widger","startTime":2180.9,"endTime":2183.12,"body":"difficult. Those boys. Boys"},{"speaker":"Carl Widger","startTime":2183.12,"endTime":2180.9,"body":" "},{"speaker":"Carl Widger","startTime":2180.9,"endTime":2183.12,"body":"earned their fees. For sure."},{"speaker":"Nick Lincoln","startTime":2183.3,"endTime":2186.3,"body":"Even one thing,"},{"speaker":"Nick Lincoln","startTime":2186.3,"endTime":2183.3,"body":" "},{"speaker":"Nick Lincoln","startTime":2183.3,"endTime":2186.3,"body":"one thing I take away from that"},{"speaker":"Nick Lincoln","startTime":2186.3,"endTime":2186.48,"body":" "},{"speaker":"Nick Lincoln","startTime":2186.48,"endTime":2189.6,"body":"story, is reading that story, if"},{"speaker":"Nick Lincoln","startTime":2189.6,"endTime":2186.48,"body":" "},{"speaker":"Nick Lincoln","startTime":2186.48,"endTime":2189.6,"body":"you're if you're Joe Public,"},{"speaker":"Nick Lincoln","startTime":2189.6,"endTime":2189.66,"body":" "},{"speaker":"Nick Lincoln","startTime":2189.66,"endTime":2194.36,"body":"listen to this city street. If"},{"speaker":"Nick Lincoln","startTime":2194.36,"endTime":2189.66,"body":" "},{"speaker":"Nick Lincoln","startTime":2189.66,"endTime":2194.36,"body":"your advisor says you want to go"},{"speaker":"Nick Lincoln","startTime":2194.36,"endTime":2194.36,"body":" "},{"speaker":"Nick Lincoln","startTime":2194.36,"endTime":2198.14,"body":"on holiday with me, that's a red"},{"speaker":"Nick Lincoln","startTime":2198.14,"endTime":2194.36,"body":" "},{"speaker":"Nick Lincoln","startTime":2194.36,"endTime":2198.14,"body":"flag. Okay, these guys want"},{"speaker":"Nick Lincoln","startTime":2198.14,"endTime":2198.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2198.14,"endTime":2201.02,"body":"these these these guys, these"},{"speaker":"Nick Lincoln","startTime":2201.02,"endTime":2198.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2198.14,"endTime":2201.02,"body":"advisors, in quotes, is that,"},{"speaker":"Nick Lincoln","startTime":2201.02,"endTime":2201.2,"body":" "},{"speaker":"Nick Lincoln","startTime":2201.2,"endTime":2204.62,"body":"yeah, in quotes, these advisors"},{"speaker":"Nick Lincoln","startTime":2204.62,"endTime":2201.2,"body":" "},{"speaker":"Nick Lincoln","startTime":2201.2,"endTime":2204.62,"body":"took their clients on holiday."},{"speaker":"Nick Lincoln","startTime":2204.62,"endTime":2204.62,"body":" "},{"speaker":"Nick Lincoln","startTime":2204.62,"endTime":2208.52,"body":"That is a flag of enormous"},{"speaker":"Nick Lincoln","startTime":2208.52,"endTime":2204.62,"body":" "},{"speaker":"Nick Lincoln","startTime":2204.62,"endTime":2208.52,"body":"proportions, of a red hue."},{"speaker":"Nick Lincoln","startTime":2208.52,"endTime":2208.52,"body":" "},{"speaker":"Nick Lincoln","startTime":2208.52,"endTime":2211.54,"body":"That's what I would say. Um,"},{"speaker":"Nick Lincoln","startTime":2211.54,"endTime":2208.52,"body":" "},{"speaker":"Nick Lincoln","startTime":2208.52,"endTime":2211.54,"body":"Smithy, your hand is"},{"speaker":"Alan Smith","startTime":2213.22,"endTime":2215.98,"body":"raised this,"},{"speaker":"Alan Smith","startTime":2215.98,"endTime":2213.22,"body":" "},{"speaker":"Alan Smith","startTime":2213.22,"endTime":2215.98,"body":"unfortunately, is a kind of well"},{"speaker":"Alan Smith","startTime":2215.98,"endTime":2215.98,"body":" "},{"speaker":"Alan Smith","startTime":2215.98,"endTime":2218.98,"body":"trodden path, isn't it? Nick"},{"speaker":"Alan Smith","startTime":2218.98,"endTime":2215.98,"body":" "},{"speaker":"Alan Smith","startTime":2215.98,"endTime":2218.98,"body":"you're one of your favorite"},{"speaker":"Alan Smith","startTime":2218.98,"endTime":2218.98,"body":" "},{"speaker":"Alan Smith","startTime":2218.98,"endTime":2223.36,"body":"sports, the NFL in the States,"},{"speaker":"Alan Smith","startTime":2223.36,"endTime":2218.98,"body":" "},{"speaker":"Alan Smith","startTime":2218.98,"endTime":2223.36,"body":"and basketball, what have you."},{"speaker":"Alan Smith","startTime":2223.36,"endTime":2223.36,"body":" "},{"speaker":"Alan Smith","startTime":2223.36,"endTime":2226.72,"body":"There are unlimited number I cut"},{"speaker":"Alan Smith","startTime":2226.72,"endTime":2223.36,"body":" "},{"speaker":"Alan Smith","startTime":2223.36,"endTime":2226.72,"body":"that. There is some horrendous"},{"speaker":"Alan Smith","startTime":2226.72,"endTime":2226.72,"body":" "},{"speaker":"Alan Smith","startTime":2226.72,"endTime":2231.18,"body":"statistic about I'm just going"},{"speaker":"Alan Smith","startTime":2231.18,"endTime":2226.72,"body":" "},{"speaker":"Alan Smith","startTime":2226.72,"endTime":2231.18,"body":"to guess it's about the 70% of"},{"speaker":"Alan Smith","startTime":2231.18,"endTime":2231.42,"body":" "},{"speaker":"Alan Smith","startTime":2231.42,"endTime":2235.62,"body":"American football players who"},{"speaker":"Alan Smith","startTime":2235.62,"endTime":2231.42,"body":" "},{"speaker":"Alan Smith","startTime":2231.42,"endTime":2235.62,"body":"retire, you know, multi multi"},{"speaker":"Alan Smith","startTime":2235.62,"endTime":2235.62,"body":" "},{"speaker":"Alan Smith","startTime":2235.62,"endTime":2240.24,"body":"millionaires become bankrupt."},{"speaker":"Alan Smith","startTime":2240.24,"endTime":2235.62,"body":" "},{"speaker":"Alan Smith","startTime":2235.62,"endTime":2240.24,"body":"They just make bad decisions"},{"speaker":"Alan Smith","startTime":2240.24,"endTime":2240.24,"body":" "},{"speaker":"Alan Smith","startTime":2240.24,"endTime":2242.94,"body":"with the money. There's a few"},{"speaker":"Alan Smith","startTime":2242.94,"endTime":2240.24,"body":" "},{"speaker":"Alan Smith","startTime":2240.24,"endTime":2242.94,"body":"exceptions who become"},{"speaker":"Alan Smith","startTime":2242.94,"endTime":2243.18,"body":" "},{"speaker":"Alan Smith","startTime":2243.18,"endTime":2244.98,"body":"ridiculously wealthy, wealthy,"},{"speaker":"Alan Smith","startTime":2244.98,"endTime":2243.18,"body":" "},{"speaker":"Alan Smith","startTime":2243.18,"endTime":2244.98,"body":"yeah,"},{"speaker":"Nick Lincoln","startTime":2245.22,"endTime":2247.62,"body":"yeah. Well, a lot"},{"speaker":"Nick Lincoln","startTime":2247.62,"endTime":2245.22,"body":" "},{"speaker":"Nick Lincoln","startTime":2245.22,"endTime":2247.62,"body":"of those players really do come"},{"speaker":"Nick Lincoln","startTime":2247.62,"endTime":2247.62,"body":" "},{"speaker":"Nick Lincoln","startTime":2247.62,"endTime":2251.48,"body":"from very deprived backgrounds."},{"speaker":"Nick Lincoln","startTime":2251.48,"endTime":2247.62,"body":" "},{"speaker":"Nick Lincoln","startTime":2247.62,"endTime":2251.48,"body":"I mean, properly deprived,"},{"speaker":"Alan Smith","startTime":2251.48,"endTime":2253.52,"body":"but unfortunately,"},{"speaker":"Alan Smith","startTime":2253.52,"endTime":2251.48,"body":" "},{"speaker":"Alan Smith","startTime":2251.48,"endTime":2253.52,"body":"and it's the same across motor"},{"speaker":"Alan Smith","startTime":2253.52,"endTime":2253.52,"body":" "},{"speaker":"Alan Smith","startTime":2253.52,"endTime":2256.82,"body":"sport as well. You can see"},{"speaker":"Alan Smith","startTime":2256.82,"endTime":2253.52,"body":" "},{"speaker":"Alan Smith","startTime":2253.52,"endTime":2256.82,"body":"boxers and a number of other"},{"speaker":"Alan Smith","startTime":2256.82,"endTime":2256.82,"body":" "},{"speaker":"Alan Smith","startTime":2256.82,"endTime":2261.02,"body":"sports. And unfortunately, does"},{"speaker":"Alan Smith","startTime":2261.02,"endTime":2256.82,"body":" "},{"speaker":"Alan Smith","startTime":2256.82,"endTime":2261.02,"body":"seem to attract kind of people"},{"speaker":"Alan Smith","startTime":2261.02,"endTime":2261.02,"body":" "},{"speaker":"Alan Smith","startTime":2261.02,"endTime":2264.5,"body":"with, you know, unscrupulous"},{"speaker":"Alan Smith","startTime":2264.5,"endTime":2261.02,"body":" "},{"speaker":"Alan Smith","startTime":2261.02,"endTime":2264.5,"body":"ideas about what they should do"},{"speaker":"Alan Smith","startTime":2264.5,"endTime":2264.5,"body":" "},{"speaker":"Alan Smith","startTime":2264.5,"endTime":2266.96,"body":"with the money. And these people"},{"speaker":"Alan Smith","startTime":2266.96,"endTime":2264.5,"body":" "},{"speaker":"Alan Smith","startTime":2264.5,"endTime":2266.96,"body":"just, you know, they want to"},{"speaker":"Alan Smith","startTime":2266.96,"endTime":2266.96,"body":" "},{"speaker":"Alan Smith","startTime":2266.96,"endTime":2270.22,"body":"trust somebody, and somebody"},{"speaker":"Alan Smith","startTime":2270.22,"endTime":2266.96,"body":" "},{"speaker":"Alan Smith","startTime":2266.96,"endTime":2270.22,"body":"will come along and what would"},{"speaker":"Alan Smith","startTime":2270.22,"endTime":2270.22,"body":" "},{"speaker":"Alan Smith","startTime":2270.22,"endTime":2273.7599999999998,"body":"appear to be, allegedly, you"},{"speaker":"Alan Smith","startTime":2273.7599999999998,"endTime":2270.22,"body":" "},{"speaker":"Alan Smith","startTime":2270.22,"endTime":2273.7599999999998,"body":"know, take advantage of them. So"},{"speaker":"Alan Smith","startTime":2273.7599999999998,"endTime":2273.7599999999998,"body":" "},{"speaker":"Alan Smith","startTime":2273.7599999999998,"endTime":2277.06,"body":"be interesting, is this, this is"},{"speaker":"Alan Smith","startTime":2277.06,"endTime":2273.7599999999998,"body":" "},{"speaker":"Alan Smith","startTime":2273.7599999999998,"endTime":2277.06,"body":"going to court? Is it Carl, is"},{"speaker":"Alan Smith","startTime":2277.06,"endTime":2277.06,"body":" "},{"speaker":"Alan Smith","startTime":2277.06,"endTime":2278.74,"body":"it the whole thing is going to"},{"speaker":"Alan Smith","startTime":2278.74,"endTime":2277.06,"body":" "},{"speaker":"Alan Smith","startTime":2277.06,"endTime":2278.74,"body":"end up with,"},{"speaker":"Carl Widger","startTime":2278.86,"endTime":2282.52,"body":"yeah, I think they"},{"speaker":"Carl Widger","startTime":2282.52,"endTime":2278.86,"body":" "},{"speaker":"Carl Widger","startTime":2278.86,"endTime":2282.52,"body":"were outside. It was, yeah, they"},{"speaker":"Carl Widger","startTime":2282.52,"endTime":2282.52,"body":" "},{"speaker":"Carl Widger","startTime":2282.52,"endTime":2285.1,"body":"were doing a kind of"},{"speaker":"Carl Widger","startTime":2285.1,"endTime":2282.52,"body":" "},{"speaker":"Carl Widger","startTime":2282.52,"endTime":2285.1,"body":"demonstration March, like, I'm"},{"speaker":"Carl Widger","startTime":2285.1,"endTime":2285.1,"body":" "},{"speaker":"Carl Widger","startTime":2285.1,"endTime":2288.16,"body":"like, oh, man, just got a really"},{"speaker":"Carl Widger","startTime":2288.16,"endTime":2285.1,"body":" "},{"speaker":"Carl Widger","startTime":2285.1,"endTime":2288.16,"body":"good solicitor and take it to"},{"speaker":"Carl Widger","startTime":2288.16,"endTime":2288.16,"body":" "},{"speaker":"Carl Widger","startTime":2288.16,"endTime":2288.94,"body":"court like, you know."},{"speaker":"Alan Smith","startTime":2288.94,"endTime":2293.34,"body":"So, yes, we would"},{"speaker":"Alan Smith","startTime":2293.34,"endTime":2288.94,"body":" "},{"speaker":"Alan Smith","startTime":2288.94,"endTime":2293.34,"body":"say, you know, and it's hard,"},{"speaker":"Alan Smith","startTime":2293.34,"endTime":2293.34,"body":" "},{"speaker":"Alan Smith","startTime":2293.34,"endTime":2296.1,"body":"but you know, word of mouth, as"},{"speaker":"Alan Smith","startTime":2296.1,"endTime":2293.34,"body":" "},{"speaker":"Alan Smith","startTime":2293.34,"endTime":2296.1,"body":"you said at the top of this,"},{"speaker":"Alan Smith","startTime":2296.1,"endTime":2296.16,"body":" "},{"speaker":"Alan Smith","startTime":2296.16,"endTime":2301.14,"body":"Carl, we do know a couple of"},{"speaker":"Alan Smith","startTime":2347.22,"endTime":2342.24,"body":" "},{"speaker":"Alan Smith","startTime":2296.16,"endTime":2301.14,"body":"excellent, independent advisors"},{"speaker":"Alan Smith","startTime":2347.22,"endTime":2347.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":2347.2799999999997,"endTime":2350.4,"body":"who can deliver advice to them,"},{"speaker":"Alan Smith","startTime":2350.4,"endTime":2347.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":2347.2799999999997,"endTime":2350.4,"body":"but it's hard to find them, I"},{"speaker":"Alan Smith","startTime":2350.4,"endTime":2350.4,"body":" "},{"speaker":"Alan Smith","startTime":2350.4,"endTime":2352.68,"body":"guess, because these guys did go"},{"speaker":"Alan Smith","startTime":2352.68,"endTime":2350.4,"body":" "},{"speaker":"Alan Smith","startTime":2350.4,"endTime":2352.68,"body":"through word of mouth,"},{"speaker":"Carl Widger","startTime":2353.16,"endTime":2355.92,"body":"Muse, Muse Andy"},{"speaker":"Carl Widger","startTime":2355.92,"endTime":2353.16,"body":" "},{"speaker":"Carl Widger","startTime":2353.16,"endTime":2355.92,"body":"does a lot of background."},{"speaker":"Nick Lincoln","startTime":2355.92,"endTime":2359.2999999999997,"body":"Sorry, yeah, I"},{"speaker":"Nick Lincoln","startTime":2359.2999999999997,"endTime":2355.92,"body":" "},{"speaker":"Nick Lincoln","startTime":2355.92,"endTime":2359.2999999999997,"body":"think, I think our lunch club"},{"speaker":"Nick Lincoln","startTime":2359.2999999999997,"endTime":2359.2999999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2359.2999999999997,"endTime":2361.94,"body":"Dirk is drilling into a bank"},{"speaker":"Nick Lincoln","startTime":2361.94,"endTime":2359.2999999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2359.2999999999997,"endTime":2361.94,"body":"vault somewhere in Cape Town."},{"speaker":"Nick Lincoln","startTime":2361.94,"endTime":2361.94,"body":" "},{"speaker":"Nick Lincoln","startTime":2361.94,"endTime":2365.12,"body":"And there's also similar change"},{"speaker":"Nick Lincoln","startTime":2365.12,"endTime":2361.94,"body":" "},{"speaker":"Nick Lincoln","startTime":2361.94,"endTime":2365.12,"body":"to be chased by a squadron"},{"speaker":"Carl Widger","startTime":2365.12,"endTime":2367.58,"body":"of police cars."},{"speaker":"Carl Widger","startTime":2367.58,"endTime":2365.12,"body":" "},{"speaker":"Carl Widger","startTime":2365.12,"endTime":2367.58,"body":"It's, it's the police with the"},{"speaker":"Carl Widger","startTime":2367.58,"endTime":2367.64,"body":" "},{"speaker":"Carl Widger","startTime":2367.64,"endTime":2371.3599999999997,"body":"strait jackets outside Andy's"},{"speaker":"Carl Widger","startTime":2371.3599999999997,"endTime":2367.64,"body":" "},{"speaker":"Carl Widger","startTime":2367.64,"endTime":2371.3599999999997,"body":"apartment banging on the door."},{"speaker":"Nick Lincoln","startTime":2372.38,"endTime":2375.02,"body":"Good stuff. 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Paul"},{"speaker":"Andy Hart","startTime":2395.98,"endTime":2391.7799999999997,"body":" "},{"speaker":"Andy Hart","startTime":2391.7799999999997,"endTime":2395.98,"body":"mccauber is the guy that sort of"},{"speaker":"Andy Hart","startTime":2395.98,"endTime":2395.98,"body":" "},{"speaker":"Andy Hart","startTime":2395.98,"endTime":2399.2999999999997,"body":"runs it, and Stevie is another"},{"speaker":"Andy Hart","startTime":2399.2999999999997,"endTime":2395.98,"body":" "},{"speaker":"Andy Hart","startTime":2395.98,"endTime":2399.2999999999997,"body":"good financial advisor. Runs it"},{"speaker":"Andy Hart","startTime":2399.2999999999997,"endTime":2399.2999999999997,"body":" "},{"speaker":"Andy Hart","startTime":2399.2999999999997,"endTime":2403.62,"body":"with them. They're actively"},{"speaker":"Andy Hart","startTime":2403.62,"endTime":2399.2999999999997,"body":" "},{"speaker":"Andy Hart","startTime":2399.2999999999997,"endTime":2403.62,"body":"looking for decent advisors and"},{"speaker":"Andy Hart","startTime":2403.62,"endTime":2403.62,"body":" "},{"speaker":"Andy Hart","startTime":2403.62,"endTime":2406.68,"body":"para planners and people in the"},{"speaker":"Andy Hart","startTime":2406.68,"endTime":2403.62,"body":" "},{"speaker":"Andy Hart","startTime":2403.62,"endTime":2406.68,"body":"profession that want to join it"},{"speaker":"Andy Hart","startTime":2406.68,"endTime":2406.68,"body":" "},{"speaker":"Andy Hart","startTime":2406.68,"endTime":2410.88,"body":"and they can add value. Paul's"},{"speaker":"Andy Hart","startTime":2410.88,"endTime":2406.68,"body":" "},{"speaker":"Andy Hart","startTime":2406.68,"endTime":2410.88,"body":"email is in the slate,"},{"speaker":"Andy Hart","startTime":2410.88,"endTime":2410.88,"body":" "},{"speaker":"Andy Hart","startTime":2410.88,"endTime":2413.58,"body":"apparently I'm calling it, which"},{"speaker":"Andy Hart","startTime":2413.58,"endTime":2410.88,"body":" "},{"speaker":"Andy Hart","startTime":2410.88,"endTime":2413.58,"body":"is the show notes, the so called"},{"speaker":"Andy Hart","startTime":2413.58,"endTime":2413.58,"body":" "},{"speaker":"Andy Hart","startTime":2413.58,"endTime":2416.16,"body":"show notes. So if you are in"},{"speaker":"Andy Hart","startTime":2416.16,"endTime":2413.58,"body":" "},{"speaker":"Andy Hart","startTime":2413.58,"endTime":2416.16,"body":"Northern Ireland and you are of"},{"speaker":"Andy Hart","startTime":2416.16,"endTime":2416.2799999999997,"body":" "},{"speaker":"Andy Hart","startTime":2416.2799999999997,"endTime":2420.68,"body":"the similar ilk to other fellow"},{"speaker":"Andy Hart","startTime":2420.68,"endTime":2416.2799999999997,"body":" "},{"speaker":"Andy Hart","startTime":2416.2799999999997,"endTime":2420.68,"body":"TRAPPIST, then reach out to Paul"},{"speaker":"Andy Hart","startTime":2420.68,"endTime":2420.68,"body":" "},{"speaker":"Andy Hart","startTime":2420.68,"endTime":2423.38,"body":"and he'll give you the details"},{"speaker":"Andy Hart","startTime":2423.38,"endTime":2420.68,"body":" "},{"speaker":"Andy Hart","startTime":2420.68,"endTime":2423.38,"body":"about the meetup. So again, just"},{"speaker":"Andy Hart","startTime":2423.38,"endTime":2423.38,"body":" "},{"speaker":"Andy Hart","startTime":2423.38,"endTime":2427.4,"body":"a bit of a shout out for trap"},{"speaker":"Andy Hart","startTime":2427.4,"endTime":2423.38,"body":" "},{"speaker":"Andy Hart","startTime":2423.38,"endTime":2427.4,"body":"that, obviously we've had a bit"},{"speaker":"Andy Hart","startTime":2427.4,"endTime":2427.4,"body":" "},{"speaker":"Andy Hart","startTime":2427.4,"endTime":2430.3399999999997,"body":"of a nudge for those guys to set"},{"speaker":"Andy Hart","startTime":2430.3399999999997,"endTime":2427.4,"body":" "},{"speaker":"Andy Hart","startTime":2427.4,"endTime":2430.3399999999997,"body":"that up. So yeah, keeping the"},{"speaker":"Andy Hart","startTime":2430.3399999999997,"endTime":2430.88,"body":" "},{"speaker":"Andy Hart","startTime":2430.88,"endTime":2436.96,"body":"good message going. Probably"},{"speaker":"Andy Hart","startTime":2436.96,"endTime":2430.88,"body":" "},{"speaker":"Andy Hart","startTime":2430.88,"endTime":2436.96,"body":"inspired by Rogers example,"},{"speaker":"Andy Hart","startTime":2436.96,"endTime":2437.2599999999998,"body":" "},{"speaker":"Andy Hart","startTime":2437.2599999999998,"endTime":2440.7999999999997,"body":"Carl, they were, he did say,"},{"speaker":"Andy Hart","startTime":2440.7999999999997,"endTime":2437.2599999999998,"body":" "},{"speaker":"Andy Hart","startTime":2437.2599999999998,"endTime":2440.7999999999997,"body":"maybe mentioned to Carl, you'll"},{"speaker":"Andy Hart","startTime":2440.7999999999997,"endTime":2440.7999999999997,"body":" "},{"speaker":"Andy Hart","startTime":2440.7999999999997,"endTime":2443.98,"body":"do an all Island meet up one"},{"speaker":"Andy Hart","startTime":2443.98,"endTime":2440.7999999999997,"body":" "},{"speaker":"Andy Hart","startTime":2440.7999999999997,"endTime":2443.98,"body":"time when, when both groups were"},{"speaker":"Andy Hart","startTime":2443.98,"endTime":2443.98,"body":" "},{"speaker":"Andy Hart","startTime":2443.98,"endTime":2445.54,"body":"established, if they"},{"speaker":"Carl Widger","startTime":2445.6,"endTime":2446.7999999999997,"body":"pay enough, they're"},{"speaker":"Carl Widger","startTime":2446.7999999999997,"endTime":2445.6,"body":" "},{"speaker":"Carl Widger","startTime":2445.6,"endTime":2446.7999999999997,"body":"more I think"},{"speaker":"Alan Smith","startTime":2450.16,"endTime":2452.14,"body":"I mentioned before"},{"speaker":"Alan Smith","startTime":2452.14,"endTime":2450.16,"body":" "},{"speaker":"Alan Smith","startTime":2450.16,"endTime":2452.14,"body":"as well, there's a group in"},{"speaker":"Alan Smith","startTime":2452.14,"endTime":2452.14,"body":" "},{"speaker":"Alan Smith","startTime":2452.14,"endTime":2456.96,"body":"Glasgow. Lisa Johnston is"},{"speaker":"Alan Smith","startTime":2456.96,"endTime":2452.14,"body":" "},{"speaker":"Alan Smith","startTime":2452.14,"endTime":2456.96,"body":"organizing that group, I'm not"},{"speaker":"Alan Smith","startTime":2456.96,"endTime":2456.96,"body":" "},{"speaker":"Alan Smith","startTime":2456.96,"endTime":2461.94,"body":"sure, meeting. Oh, cool. So be"},{"speaker":"Alan Smith","startTime":2461.94,"endTime":2456.96,"body":" "},{"speaker":"Alan Smith","startTime":2456.96,"endTime":2461.94,"body":"great, you know, hope there's,"},{"speaker":"Alan Smith","startTime":2461.94,"endTime":2462.0,"body":" "},{"speaker":"Alan Smith","startTime":2462.0,"endTime":2466.8599999999997,"body":"there's this sort of trap"},{"speaker":"Alan Smith","startTime":2466.8599999999997,"endTime":2462.0,"body":" "},{"speaker":"Alan Smith","startTime":2462.0,"endTime":2466.8599999999997,"body":"inspired mastermind groups all"},{"speaker":"Alan Smith","startTime":2466.8599999999997,"endTime":2466.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":2466.8599999999997,"endTime":2470.3399999999997,"body":"over the country springing up. I"},{"speaker":"Alan Smith","startTime":2470.3399999999997,"endTime":2466.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":2466.8599999999997,"endTime":2470.3399999999997,"body":"was with an advisor last week"},{"speaker":"Alan Smith","startTime":2470.3399999999997,"endTime":2470.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2470.3399999999997,"endTime":2473.2799999999997,"body":"who was talking about that just"},{"speaker":"Alan Smith","startTime":2473.2799999999997,"endTime":2470.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2470.3399999999997,"endTime":2473.2799999999997,"body":"really, really, would love to,"},{"speaker":"Alan Smith","startTime":2473.2799999999997,"endTime":2473.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2473.3399999999997,"endTime":2475.5,"body":"you know, meet like minded"},{"speaker":"Alan Smith","startTime":2475.5,"endTime":2473.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2473.3399999999997,"endTime":2475.5,"body":"people and just kick around"},{"speaker":"Alan Smith","startTime":2475.5,"endTime":2475.5,"body":" "},{"speaker":"Alan Smith","startTime":2475.5,"endTime":2476.04,"body":"thoughts. And I."},{"speaker":"Andy Hart","startTime":2476.12,"endTime":2479.0,"body":"Years so we could get"},{"speaker":"Andy Hart","startTime":2479.0,"endTime":2476.12,"body":" "},{"speaker":"Andy Hart","startTime":2476.12,"endTime":2479.0,"body":"our act together. 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No, I think"},{"speaker":"Carl Widger","startTime":2487.7,"endTime":2489.98,"body":"you was right"},{"speaker":"Carl Widger","startTime":2489.98,"endTime":2487.7,"body":" "},{"speaker":"Carl Widger","startTime":2487.7,"endTime":2489.98,"body":"together. Genuinely don't"},{"speaker":"Carl Widger","startTime":2489.98,"endTime":2489.98,"body":" "},{"speaker":"Carl Widger","startTime":2489.98,"endTime":2492.2,"body":"underestimate this, because I"},{"speaker":"Carl Widger","startTime":2492.2,"endTime":2489.98,"body":" "},{"speaker":"Carl Widger","startTime":2489.98,"endTime":2492.2,"body":"would say it was"},{"speaker":"Carl Widger","startTime":2492.2,"endTime":2492.2,"body":" "},{"speaker":"Carl Widger","startTime":2492.2,"endTime":2497.62,"body":"transformational for our"},{"speaker":"Carl Widger","startTime":2497.62,"endTime":2492.2,"body":" "},{"speaker":"Carl Widger","startTime":2492.2,"endTime":2497.62,"body":"business when I met you guys,"},{"speaker":"Carl Widger","startTime":2497.62,"endTime":2497.62,"body":" "},{"speaker":"Carl Widger","startTime":2497.62,"endTime":2501.7599999999998,"body":"and we started exchanging ideas."},{"speaker":"Carl Widger","startTime":2501.7599999999998,"endTime":2497.62,"body":" "},{"speaker":"Carl Widger","startTime":2497.62,"endTime":2501.7599999999998,"body":"No, I absolutely, genuinely"},{"speaker":"Carl Widger","startTime":2501.7599999999998,"endTime":2502.0,"body":" "},{"speaker":"Carl Widger","startTime":2502.0,"endTime":2506.62,"body":"never said that. No, it's not,"},{"speaker":"Carl Widger","startTime":2506.62,"endTime":2502.0,"body":" "},{"speaker":"Carl Widger","startTime":2502.0,"endTime":2506.62,"body":"it's definitely not the first"},{"speaker":"Carl Widger","startTime":2506.62,"endTime":2506.62,"body":" "},{"speaker":"Carl Widger","startTime":2506.62,"endTime":2509.62,"body":"time I've said it. It was"},{"speaker":"Carl Widger","startTime":2509.62,"endTime":2506.62,"body":" "},{"speaker":"Carl Widger","startTime":2506.62,"endTime":2509.62,"body":"transformational, because I had"},{"speaker":"Carl Widger","startTime":2509.62,"endTime":2509.62,"body":" "},{"speaker":"Carl Widger","startTime":2509.62,"endTime":2513.7599999999998,"body":"all these like doubts in my mind"},{"speaker":"Carl Widger","startTime":2513.7599999999998,"endTime":2509.62,"body":" "},{"speaker":"Carl Widger","startTime":2509.62,"endTime":2513.7599999999998,"body":"and and when I was able to just"},{"speaker":"Carl Widger","startTime":2513.7599999999998,"endTime":2513.7599999999998,"body":" "},{"speaker":"Carl Widger","startTime":2513.7599999999998,"endTime":2514.54,"body":"talk them out, and"},{"speaker":"Unknown","startTime":2514.54,"endTime":2516.2999999999997,"body":"are we magnified them?"},{"speaker":"Carl Widger","startTime":2516.42,"endTime":2519.9,"body":"Yeah, okay, there's"},{"speaker":"Carl Widger","startTime":2519.9,"endTime":2516.42,"body":" "},{"speaker":"Carl Widger","startTime":2516.42,"endTime":2519.9,"body":"other crazy there's other crazy"},{"speaker":"Carl Widger","startTime":2519.9,"endTime":2519.9,"body":" "},{"speaker":"Carl Widger","startTime":2519.9,"endTime":2520.2,"body":"people."},{"speaker":"Alan Smith","startTime":2520.439,"endTime":2522.5989999999997,"body":"That's good, no,"},{"speaker":"Alan Smith","startTime":2522.5989999999997,"endTime":2520.439,"body":" "},{"speaker":"Alan Smith","startTime":2520.439,"endTime":2522.5989999999997,"body":"there's a load of value in"},{"speaker":"Alan Smith","startTime":2522.5989999999997,"endTime":2522.5989999999997,"body":" "},{"speaker":"Alan Smith","startTime":2522.5989999999997,"endTime":2523.859,"body":"meeting up with sharing."},{"speaker":"Andy Hart","startTime":2524.64,"endTime":2526.8599999999997,"body":"Masterminds are the"},{"speaker":"Andy Hart","startTime":2526.8599999999997,"endTime":2524.64,"body":" "},{"speaker":"Andy Hart","startTime":2524.64,"endTime":2526.8599999999997,"body":"number one way to accelerate"},{"speaker":"Andy Hart","startTime":2526.8599999999997,"endTime":2526.8599999999997,"body":" "},{"speaker":"Andy Hart","startTime":2526.8599999999997,"endTime":2529.5,"body":"your life and career is in, is"},{"speaker":"Andy Hart","startTime":2529.5,"endTime":2526.8599999999997,"body":" "},{"speaker":"Andy Hart","startTime":2526.8599999999997,"endTime":2529.5,"body":"in Think and Grow Rich,"},{"speaker":"Carl Widger","startTime":2531.18,"endTime":2534.72,"body":"wasn't it just that"},{"speaker":"Carl Widger","startTime":2534.72,"endTime":2531.18,"body":" "},{"speaker":"Carl Widger","startTime":2531.18,"endTime":2534.72,"body":"stamp to say, Yeah, you're on"},{"speaker":"Carl Widger","startTime":2534.72,"endTime":2534.72,"body":" "},{"speaker":"Carl Widger","startTime":2534.72,"endTime":2537.2,"body":"the right track. Keep going,"},{"speaker":"Carl Widger","startTime":2537.2,"endTime":2534.72,"body":" "},{"speaker":"Carl Widger","startTime":2534.72,"endTime":2537.2,"body":"yeah? Or stick with the plan."},{"speaker":"Carl Widger","startTime":2537.2,"endTime":2537.2,"body":" "},{"speaker":"Carl Widger","startTime":2537.2,"endTime":2538.4,"body":"Just, just drive on."},{"speaker":"Nick Lincoln","startTime":2538.4,"endTime":2541.22,"body":"Yeah, no, totally,"},{"speaker":"Nick Lincoln","startTime":2541.22,"endTime":2538.4,"body":" "},{"speaker":"Nick Lincoln","startTime":2538.4,"endTime":2541.22,"body":"totally, get with that."},{"speaker":"Nick Lincoln","startTime":2541.22,"endTime":2546.7999999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2546.7999999999997,"endTime":2551.66,"body":"Okay, so there's a UK based"},{"speaker":"Nick Lincoln","startTime":2551.66,"endTime":2546.7999999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2546.7999999999997,"endTime":2551.66,"body":"company called callous stone,"},{"speaker":"Nick Lincoln","startTime":2551.66,"endTime":2551.66,"body":" "},{"speaker":"Nick Lincoln","startTime":2551.66,"endTime":2554.2999999999997,"body":"and they monitor the fund, UK"},{"speaker":"Nick Lincoln","startTime":2554.2999999999997,"endTime":2551.66,"body":" "},{"speaker":"Nick Lincoln","startTime":2551.66,"endTime":2554.2999999999997,"body":"fund market, the retail"},{"speaker":"Nick Lincoln","startTime":2554.2999999999997,"endTime":2554.2999999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2554.2999999999997,"endTime":2558.8199999999997,"body":"investment fund market, and we"},{"speaker":"Nick Lincoln","startTime":2558.8199999999997,"endTime":2554.2999999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2554.2999999999997,"endTime":2558.8199999999997,"body":"know that what was it back in"},{"speaker":"Nick Lincoln","startTime":2558.8199999999997,"endTime":2558.8199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2558.8199999999997,"endTime":2561.94,"body":"April that we had the Trump"},{"speaker":"Nick Lincoln","startTime":2561.94,"endTime":2558.8199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2558.8199999999997,"endTime":2561.94,"body":"tariffs introduced and"},{"speaker":"Nick Lincoln","startTime":2561.94,"endTime":2561.94,"body":" "},{"speaker":"Nick Lincoln","startTime":2561.94,"endTime":2564.3399999999997,"body":"everything kind of went hair and"},{"speaker":"Nick Lincoln","startTime":2564.3399999999997,"endTime":2561.94,"body":" "},{"speaker":"Nick Lincoln","startTime":2561.94,"endTime":2564.3399999999997,"body":"scare them. And, you know, the"},{"speaker":"Nick Lincoln","startTime":2564.3399999999997,"endTime":2564.3399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2564.3399999999997,"endTime":2567.46,"body":"dialectic media said this is the"},{"speaker":"Nick Lincoln","startTime":2567.46,"endTime":2564.3399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2564.3399999999997,"endTime":2567.46,"body":"end of times. Well, often an"},{"speaker":"Nick Lincoln","startTime":2567.46,"endTime":2567.46,"body":" "},{"speaker":"Nick Lincoln","startTime":2567.46,"endTime":2570.3399999999997,"body":"initial flutter that markets"},{"speaker":"Nick Lincoln","startTime":2570.3399999999997,"endTime":2567.46,"body":" "},{"speaker":"Nick Lincoln","startTime":2567.46,"endTime":2570.3399999999997,"body":"have resumed their very strong"},{"speaker":"Nick Lincoln","startTime":2570.3399999999997,"endTime":2570.3399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2570.3399999999997,"endTime":2575.44,"body":"upward growth of the last decade"},{"speaker":"Nick Lincoln","startTime":2575.44,"endTime":2570.3399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2570.3399999999997,"endTime":2575.44,"body":"or so, really, to an amazing"},{"speaker":"Nick Lincoln","startTime":2575.44,"endTime":2575.44,"body":" "},{"speaker":"Nick Lincoln","startTime":2575.44,"endTime":2578.4,"body":"degree. However, that doesn't"},{"speaker":"Nick Lincoln","startTime":2578.4,"endTime":2575.44,"body":" "},{"speaker":"Nick Lincoln","startTime":2575.44,"endTime":2578.4,"body":"seem to have much weight with UK"},{"speaker":"Nick Lincoln","startTime":2578.4,"endTime":2578.46,"body":" "},{"speaker":"Nick Lincoln","startTime":2578.46,"endTime":2581.04,"body":"investors. Now, I'm going to"},{"speaker":"Nick Lincoln","startTime":2581.04,"endTime":2578.46,"body":" "},{"speaker":"Nick Lincoln","startTime":2578.46,"endTime":2581.04,"body":"quote from this article that"},{"speaker":"Nick Lincoln","startTime":2581.04,"endTime":2581.04,"body":" "},{"speaker":"Nick Lincoln","startTime":2581.04,"endTime":2583.5,"body":"callistone emailed me, and I'll"},{"speaker":"Nick Lincoln","startTime":2583.5,"endTime":2581.04,"body":" "},{"speaker":"Nick Lincoln","startTime":2581.04,"endTime":2583.5,"body":"put a link to in circle show"},{"speaker":"Nick Lincoln","startTime":2583.5,"endTime":2583.5,"body":" "},{"speaker":"Nick Lincoln","startTime":2583.5,"endTime":2586.14,"body":"notes. I don't know whether"},{"speaker":"Nick Lincoln","startTime":2586.14,"endTime":2583.5,"body":" "},{"speaker":"Nick Lincoln","startTime":2583.5,"endTime":2586.14,"body":"these figures apply just to pure"},{"speaker":"Nick Lincoln","startTime":2586.14,"endTime":2586.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2586.14,"endTime":2590.88,"body":"direct investors or advise"},{"speaker":"Nick Lincoln","startTime":2590.88,"endTime":2586.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2586.14,"endTime":2590.88,"body":"directors and direct investors,"},{"speaker":"Nick Lincoln","startTime":2590.88,"endTime":2590.88,"body":" "},{"speaker":"Nick Lincoln","startTime":2590.88,"endTime":2595.3199999999997,"body":"but anyway, investors withdrew"},{"speaker":"Nick Lincoln","startTime":2595.3199999999997,"endTime":2590.88,"body":" "},{"speaker":"Nick Lincoln","startTime":2590.88,"endTime":2595.3199999999997,"body":"1.3 billion from equity funds up"},{"speaker":"Nick Lincoln","startTime":2595.3199999999997,"endTime":2595.3199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2595.3199999999997,"endTime":2600.14,"body":"from 1.1 3 billion in July,"},{"speaker":"Nick Lincoln","startTime":2600.14,"endTime":2595.3199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2595.3199999999997,"endTime":2600.14,"body":"marking the worst bout of"},{"speaker":"Nick Lincoln","startTime":2600.14,"endTime":2600.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2600.14,"endTime":2604.2799999999997,"body":"outflow since the summer of 2022"},{"speaker":"Nick Lincoln","startTime":2604.2799999999997,"endTime":2600.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2600.14,"endTime":2604.2799999999997,"body":"meanwhile, safe haven money"},{"speaker":"Nick Lincoln","startTime":2604.2799999999997,"endTime":2604.2799999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2604.2799999999997,"endTime":2607.52,"body":"market funds enjoyed their best"},{"speaker":"Nick Lincoln","startTime":2607.52,"endTime":2604.2799999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2604.2799999999997,"endTime":2607.52,"body":"month in two years. In August,"},{"speaker":"Nick Lincoln","startTime":2607.52,"endTime":2607.64,"body":" "},{"speaker":"Nick Lincoln","startTime":2607.64,"endTime":2611.7799999999997,"body":"investors added a net 630, 3"},{"speaker":"Nick Lincoln","startTime":2611.7799999999997,"endTime":2607.64,"body":" "},{"speaker":"Nick Lincoln","startTime":2607.64,"endTime":2611.7799999999997,"body":"million to their holdings. Fund"},{"speaker":"Nick Lincoln","startTime":2611.7799999999997,"endTime":2611.7799999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2611.7799999999997,"endTime":2614.6,"body":"investors are wary, clearly,"},{"speaker":"Nick Lincoln","startTime":2614.6,"endTime":2611.7799999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2611.7799999999997,"endTime":2614.6,"body":"fearing a correction is around"},{"speaker":"Nick Lincoln","startTime":2614.6,"endTime":2614.6,"body":" "},{"speaker":"Nick Lincoln","startTime":2614.6,"endTime":2617.5,"body":"the corner. 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And"},{"speaker":"Nick Lincoln","startTime":2624.2799999999997,"endTime":2620.7999999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2620.7999999999997,"endTime":2624.2799999999997,"body":"there's not some graphs in there"},{"speaker":"Nick Lincoln","startTime":2624.2799999999997,"endTime":2624.2799999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2624.2799999999997,"endTime":2627.52,"body":"as well and so forth, just"},{"speaker":"Nick Lincoln","startTime":2627.52,"endTime":2624.2799999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2624.2799999999997,"endTime":2627.52,"body":"showing that since January 23"},{"speaker":"Nick Lincoln","startTime":2627.52,"endTime":2628.66,"body":" "},{"speaker":"Nick Lincoln","startTime":2628.66,"endTime":2633.04,"body":"every month since January 23 UK"},{"speaker":"Nick Lincoln","startTime":2633.04,"endTime":2628.66,"body":" "},{"speaker":"Nick Lincoln","startTime":2628.66,"endTime":2633.04,"body":"funds have had outflows. 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So you've already got to"},{"speaker":"Nick Lincoln","startTime":2641.8199999999997,"endTime":2639.06,"body":" "},{"speaker":"Nick Lincoln","startTime":2639.06,"endTime":2641.8199999999997,"body":"work out what's going to happen"},{"speaker":"Nick Lincoln","startTime":2641.8199999999997,"endTime":2641.8199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2641.8199999999997,"endTime":2645.48,"body":"as and when we do get some kind"},{"speaker":"Nick Lincoln","startTime":2645.48,"endTime":2641.8199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2641.8199999999997,"endTime":2645.48,"body":"of temporary decline as I don't"},{"speaker":"Nick Lincoln","startTime":2645.48,"endTime":2645.48,"body":" "},{"speaker":"Nick Lincoln","startTime":2645.48,"endTime":2648.8399999999997,"body":"know if that's advised funds in"},{"speaker":"Nick Lincoln","startTime":2648.8399999999997,"endTime":2645.48,"body":" "},{"speaker":"Nick Lincoln","startTime":2645.48,"endTime":2648.8399999999997,"body":"there as well, but it's Nick you"},{"speaker":"Nick Lincoln","startTime":2648.8399999999997,"endTime":2648.8399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2648.8399999999997,"endTime":2648.96,"body":"know?"},{"speaker":"Alan Smith","startTime":2648.96,"endTime":2652.62,"body":"I'm pretty sure it"},{"speaker":"Alan Smith","startTime":2652.62,"endTime":2648.96,"body":" "},{"speaker":"Alan Smith","startTime":2648.96,"endTime":2652.62,"body":"is advised funds as well. Just"},{"speaker":"Alan Smith","startTime":2652.62,"endTime":2652.62,"body":" "},{"speaker":"Alan Smith","startTime":2652.62,"endTime":2655.56,"body":"it's all funds. In fact,"},{"speaker":"Alan Smith","startTime":2655.56,"endTime":2652.62,"body":" "},{"speaker":"Alan Smith","startTime":2652.62,"endTime":2655.56,"body":"probably a significant part of"},{"speaker":"Alan Smith","startTime":2655.56,"endTime":2655.56,"body":" "},{"speaker":"Alan Smith","startTime":2655.56,"endTime":2658.64,"body":"that is advised portfolio"},{"speaker":"Alan Smith","startTime":2658.64,"endTime":2655.56,"body":" "},{"speaker":"Alan Smith","startTime":2655.56,"endTime":2658.64,"body":"managers, discretionary"},{"speaker":"Alan Smith","startTime":2658.64,"endTime":2659.18,"body":" "},{"speaker":"Alan Smith","startTime":2659.18,"endTime":2660.44,"body":"managers, etc."},{"speaker":"Nick Lincoln","startTime":2660.44,"endTime":2662.12,"body":"Well, they've"},{"speaker":"Nick Lincoln","startTime":2662.12,"endTime":2660.44,"body":" "},{"speaker":"Nick Lincoln","startTime":2660.44,"endTime":2662.12,"body":"left. They've taken millions and"},{"speaker":"Nick Lincoln","startTime":2662.12,"endTime":2662.12,"body":" "},{"speaker":"Nick Lincoln","startTime":2662.12,"endTime":2664.1,"body":"billions on the table then the"},{"speaker":"Nick Lincoln","startTime":2664.1,"endTime":2662.12,"body":" "},{"speaker":"Nick Lincoln","startTime":2662.12,"endTime":2664.1,"body":"last couple of"},{"speaker":"Alan Smith","startTime":2664.1,"endTime":2666.14,"body":"months have but they"},{"speaker":"Alan Smith","startTime":2666.14,"endTime":2664.1,"body":" "},{"speaker":"Alan Smith","startTime":2664.1,"endTime":2666.14,"body":"always do, yeah, every time. You"},{"speaker":"Alan Smith","startTime":2666.14,"endTime":2666.14,"body":" "},{"speaker":"Alan Smith","startTime":2666.14,"endTime":2667.3399999999997,"body":"know, this is why we're here,"},{"speaker":"Nick Lincoln","startTime":2668.06,"endTime":2669.98,"body":"isn't it? 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Do you think genuine"},{"speaker":"Carl Widger","startTime":2696.66,"endTime":2694.54,"body":" "},{"speaker":"Carl Widger","startTime":2694.54,"endTime":2696.66,"body":"question?"},{"speaker":"Nick Lincoln","startTime":2697.2599999999998,"endTime":2698.8199999999997,"body":"It's certainly"},{"speaker":"Nick Lincoln","startTime":2698.8199999999997,"endTime":2697.2599999999998,"body":" "},{"speaker":"Nick Lincoln","startTime":2697.2599999999998,"endTime":2698.8199999999997,"body":"something must be on the UK"},{"speaker":"Nick Lincoln","startTime":2698.8199999999997,"endTime":2698.8199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2698.8199999999997,"endTime":2702.18,"body":"fund, because so the UK equity"},{"speaker":"Nick Lincoln","startTime":2702.18,"endTime":2698.8199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2698.8199999999997,"endTime":2702.18,"body":"sectors has outflows month on"},{"speaker":"Nick Lincoln","startTime":2702.18,"endTime":2702.18,"body":" "},{"speaker":"Nick Lincoln","startTime":2702.18,"endTime":2706.56,"body":"month by one month since January"},{"speaker":"Nick Lincoln","startTime":2706.56,"endTime":2702.18,"body":" "},{"speaker":"Nick Lincoln","startTime":2702.18,"endTime":2706.56,"body":"2023, every month since then,"},{"speaker":"Nick Lincoln","startTime":2706.56,"endTime":2706.56,"body":" "},{"speaker":"Nick Lincoln","startTime":2706.56,"endTime":2709.2,"body":"there have been a net flows out"},{"speaker":"Nick Lincoln","startTime":2709.2,"endTime":2706.56,"body":" "},{"speaker":"Nick Lincoln","startTime":2706.56,"endTime":2709.2,"body":"of UK equity funds,"},{"speaker":"Andy Hart","startTime":2709.68,"endTime":2712.68,"body":"and it's been going"},{"speaker":"Andy Hart","startTime":2712.68,"endTime":2709.68,"body":" "},{"speaker":"Andy Hart","startTime":2709.68,"endTime":2712.68,"body":"up during that whole time, Nick"},{"speaker":"Andy Hart","startTime":2712.68,"endTime":2712.68,"body":" "},{"speaker":"Andy Hart","startTime":2712.68,"endTime":2713.1,"body":"generally,"},{"speaker":"Nick Lincoln","startTime":2713.519,"endTime":2715.679,"body":"under the footsie"},{"speaker":"Nick Lincoln","startTime":2715.679,"endTime":2713.519,"body":" "},{"speaker":"Nick Lincoln","startTime":2713.519,"endTime":2715.679,"body":"and not the no is, you know,"},{"speaker":"Nick Lincoln","startTime":2715.679,"endTime":2715.679,"body":" "},{"speaker":"Nick Lincoln","startTime":2715.679,"endTime":2719.179,"body":"nine, nine over through the 9000"},{"speaker":"Nick Lincoln","startTime":2719.179,"endTime":2715.679,"body":" "},{"speaker":"Nick Lincoln","startTime":2715.679,"endTime":2719.179,"body":"mark, isn't it? 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I mean, everything is a"},{"speaker":"Nick Lincoln","startTime":2727.5789999999997,"endTime":2727.5789999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2727.5789999999997,"endTime":2731.179,"body":"bit negative in the UK, but that"},{"speaker":"Nick Lincoln","startTime":2731.179,"endTime":2727.5789999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2727.5789999999997,"endTime":2731.179,"body":"shouldn't affect how you invest"},{"speaker":"Nick Lincoln","startTime":2731.179,"endTime":2731.179,"body":" "},{"speaker":"Nick Lincoln","startTime":2731.179,"endTime":2735.439,"body":"in global equities. If you're"},{"speaker":"Nick Lincoln","startTime":2735.439,"endTime":2731.179,"body":" "},{"speaker":"Nick Lincoln","startTime":2731.179,"endTime":2735.439,"body":"projecting your downbeat view of"},{"speaker":"Nick Lincoln","startTime":2735.439,"endTime":2735.439,"body":" "},{"speaker":"Nick Lincoln","startTime":2735.439,"endTime":2738.459,"body":"your own country's economy on"},{"speaker":"Nick Lincoln","startTime":2738.459,"endTime":2735.439,"body":" "},{"speaker":"Nick Lincoln","startTime":2735.439,"endTime":2738.459,"body":"the world economy, aren't you?"},{"speaker":"Nick Lincoln","startTime":2738.459,"endTime":2738.459,"body":" "},{"speaker":"Nick Lincoln","startTime":2738.459,"endTime":2740.859,"body":"And that's not so the whole"},{"speaker":"Nick Lincoln","startTime":2740.859,"endTime":2738.459,"body":" "},{"speaker":"Nick Lincoln","startTime":2738.459,"endTime":2740.859,"body":"reason you have a global economy"},{"speaker":"Nick Lincoln","startTime":2740.859,"endTime":2740.859,"body":" "},{"speaker":"Nick Lincoln","startTime":2740.859,"endTime":2743.499,"body":"is that you're not a global"},{"speaker":"Nick Lincoln","startTime":2743.499,"endTime":2740.859,"body":" "},{"speaker":"Nick Lincoln","startTime":2740.859,"endTime":2743.499,"body":"equity portfolio, is that you're"},{"speaker":"Nick Lincoln","startTime":2743.499,"endTime":2743.499,"body":" "},{"speaker":"Nick Lincoln","startTime":2743.499,"endTime":2746.379,"body":"not really bothered what happens"},{"speaker":"Nick Lincoln","startTime":2746.379,"endTime":2743.499,"body":" "},{"speaker":"Nick Lincoln","startTime":2743.499,"endTime":2746.379,"body":"to your domestic market. You"},{"speaker":"Nick Lincoln","startTime":2746.379,"endTime":2746.379,"body":" "},{"speaker":"Nick Lincoln","startTime":2746.379,"endTime":2747.0389999999998,"body":"know, because there's"},{"speaker":"Alan Smith","startTime":2747.2799999999997,"endTime":2749.44,"body":"a whole the numbers"},{"speaker":"Alan Smith","startTime":2749.44,"endTime":2747.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":2747.2799999999997,"endTime":2749.44,"body":"right now around what was kind"},{"speaker":"Alan Smith","startTime":2749.44,"endTime":2749.44,"body":" "},{"speaker":"Alan Smith","startTime":2749.44,"endTime":2752.2599999999998,"body":"of the mag seven, and is now"},{"speaker":"Alan Smith","startTime":2752.2599999999998,"endTime":2749.44,"body":" "},{"speaker":"Alan Smith","startTime":2749.44,"endTime":2752.2599999999998,"body":"probably extended up to about"},{"speaker":"Alan Smith","startTime":2752.2599999999998,"endTime":2752.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":2752.2599999999998,"endTime":2756.6,"body":"1010, companies, you know, they"},{"speaker":"Alan Smith","startTime":2756.6,"endTime":2752.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":2752.2599999999998,"endTime":2756.6,"body":"are just, they are driving."},{"speaker":"Alan Smith","startTime":2756.6,"endTime":2756.6,"body":" "},{"speaker":"Alan Smith","startTime":2756.6,"endTime":2759.7799999999997,"body":"There's about 10 companies"},{"speaker":"Alan Smith","startTime":2759.7799999999997,"endTime":2756.6,"body":" "},{"speaker":"Alan Smith","startTime":2756.6,"endTime":2759.7799999999997,"body":"globally that are driving the"},{"speaker":"Alan Smith","startTime":2759.7799999999997,"endTime":2759.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":2759.7799999999997,"endTime":2763.3199999999997,"body":"majority of the returns. 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I think Nvidia"},{"speaker":"Andy Hart","startTime":2790.52,"endTime":2787.16,"body":" "},{"speaker":"Andy Hart","startTime":2787.16,"endTime":2790.52,"body":"owns it represents 8% of the"},{"speaker":"Andy Hart","startTime":2790.52,"endTime":2790.52,"body":" "},{"speaker":"Andy Hart","startTime":2790.52,"endTime":2793.46,"body":"market on its own. So yeah, it's"},{"speaker":"Andy Hart","startTime":2793.46,"endTime":2790.52,"body":" "},{"speaker":"Andy Hart","startTime":2790.52,"endTime":2793.46,"body":"odd skewing going on at the"},{"speaker":"Andy Hart","startTime":2793.46,"endTime":2793.46,"body":" "},{"speaker":"Andy Hart","startTime":2793.46,"endTime":2797.06,"body":"moment, but those 10 companies"},{"speaker":"Andy Hart","startTime":2797.06,"endTime":2793.46,"body":" "},{"speaker":"Andy Hart","startTime":2793.46,"endTime":2797.06,"body":"you see, if you live long"},{"speaker":"Andy Hart","startTime":2797.06,"endTime":2797.06,"body":" "},{"speaker":"Andy Hart","startTime":2797.06,"endTime":2800.2599999999998,"body":"enough, you see everything. In"},{"speaker":"Andy Hart","startTime":2800.2599999999998,"endTime":2797.06,"body":" "},{"speaker":"Andy Hart","startTime":2797.06,"endTime":2800.2599999999998,"body":"the better market. So this is"},{"speaker":"Andy Hart","startTime":2800.2599999999998,"endTime":2800.2599999999998,"body":" "},{"speaker":"Andy Hart","startTime":2800.2599999999998,"endTime":2802.3599999999997,"body":"sure another thing that we've"},{"speaker":"Andy Hart","startTime":2802.3599999999997,"endTime":2800.2599999999998,"body":" "},{"speaker":"Andy Hart","startTime":2800.2599999999998,"endTime":2802.3599999999997,"body":"never seen before, that we're"},{"speaker":"Andy Hart","startTime":2802.3599999999997,"endTime":2802.3599999999997,"body":" "},{"speaker":"Andy Hart","startTime":2802.3599999999997,"endTime":2804.04,"body":"seeing, you know, for the first"},{"speaker":"Andy Hart","startTime":2804.04,"endTime":2802.3599999999997,"body":" "},{"speaker":"Andy Hart","startTime":2802.3599999999997,"endTime":2804.04,"body":"time. So yeah,"},{"speaker":"Alan Smith","startTime":2804.1,"endTime":2808.42,"body":"little fact, those"},{"speaker":"Alan Smith","startTime":2808.42,"endTime":2804.1,"body":" "},{"speaker":"Alan Smith","startTime":2804.1,"endTime":2808.42,"body":"10 companies are greater than"},{"speaker":"Alan Smith","startTime":2808.42,"endTime":2808.42,"body":" "},{"speaker":"Alan Smith","startTime":2808.42,"endTime":2811.8399999999997,"body":"the combined market cap of all"},{"speaker":"Alan Smith","startTime":2811.8399999999997,"endTime":2808.42,"body":" "},{"speaker":"Alan Smith","startTime":2808.42,"endTime":2811.8399999999997,"body":"the European not just the UK,"},{"speaker":"Alan Smith","startTime":2811.8399999999997,"endTime":2812.08,"body":" "},{"speaker":"Alan Smith","startTime":2812.08,"endTime":2815.5,"body":"all the European listed markets."},{"speaker":"Alan Smith","startTime":2815.5,"endTime":2812.08,"body":" "},{"speaker":"Alan Smith","startTime":2812.08,"endTime":2815.5,"body":"10 companies greater than all of"},{"speaker":"Alan Smith","startTime":2815.5,"endTime":2815.5,"body":" "},{"speaker":"Alan Smith","startTime":2815.5,"endTime":2820.2,"body":"them added together, is mad. But"},{"speaker":"Alan Smith","startTime":2820.2,"endTime":2815.5,"body":" "},{"speaker":"Alan Smith","startTime":2815.5,"endTime":2820.2,"body":"hey, there we go."},{"speaker":"Nick Lincoln","startTime":2820.74,"endTime":2822.48,"body":"Yeah, I'm just"},{"speaker":"Nick Lincoln","startTime":2822.48,"endTime":2820.74,"body":" "},{"speaker":"Nick Lincoln","startTime":2820.74,"endTime":2822.48,"body":"checking the global equity"},{"speaker":"Nick Lincoln","startTime":2822.48,"endTime":2822.48,"body":" "},{"speaker":"Nick Lincoln","startTime":2822.48,"endTime":2825.54,"body":"portfolio that I use with my own"},{"speaker":"Nick Lincoln","startTime":2825.54,"endTime":2822.48,"body":" "},{"speaker":"Nick Lincoln","startTime":2822.48,"endTime":2825.54,"body":"money and my clients money"},{"speaker":"Nick Lincoln","startTime":2825.54,"endTime":2826.2599999999998,"body":" "},{"speaker":"Nick Lincoln","startTime":2826.2599999999998,"endTime":2829.74,"body":"massively, and Nvidia coming in"},{"speaker":"Nick Lincoln","startTime":2829.74,"endTime":2826.2599999999998,"body":" "},{"speaker":"Nick Lincoln","startTime":2826.2599999999998,"endTime":2829.74,"body":"at two and a half percent. So"},{"speaker":"Nick Lincoln","startTime":2829.74,"endTime":2829.74,"body":" "},{"speaker":"Nick Lincoln","startTime":2829.74,"endTime":2831.96,"body":"even, even if they're number"},{"speaker":"Nick Lincoln","startTime":2831.96,"endTime":2829.74,"body":" "},{"speaker":"Nick Lincoln","startTime":2829.74,"endTime":2831.96,"body":"one, are they number one"},{"speaker":"Nick Lincoln","startTime":2831.96,"endTime":2831.96,"body":" "},{"speaker":"Nick Lincoln","startTime":2831.96,"endTime":2834.72,"body":"holding? Yeah, number one."},{"speaker":"Nick Lincoln","startTime":2834.72,"endTime":2831.96,"body":" "},{"speaker":"Nick Lincoln","startTime":2831.96,"endTime":2834.72,"body":"Amazon, second. But it's not 8%"},{"speaker":"Nick Lincoln","startTime":2834.72,"endTime":2835.08,"body":" "},{"speaker":"Nick Lincoln","startTime":2835.08,"endTime":2839.0,"body":"9% it's, but it's, they're"},{"speaker":"Nick Lincoln","startTime":2839.0,"endTime":2835.08,"body":" "},{"speaker":"Nick Lincoln","startTime":2835.08,"endTime":2839.0,"body":"still, you know, Microsoft"},{"speaker":"Nick Lincoln","startTime":2839.0,"endTime":2839.0,"body":" "},{"speaker":"Nick Lincoln","startTime":2839.0,"endTime":2842.7799999999997,"body":"companies, yeah, that's right,"},{"speaker":"Nick Lincoln","startTime":2842.7799999999997,"endTime":2839.0,"body":" "},{"speaker":"Nick Lincoln","startTime":2839.0,"endTime":2842.7799999999997,"body":"that's right. Yeah, own 14,000"},{"speaker":"Nick Lincoln","startTime":2842.7799999999997,"endTime":2843.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2843.14,"endTime":2846.3199999999997,"body":"of the bank comes into the world"},{"speaker":"Nick Lincoln","startTime":2846.3199999999997,"endTime":2843.14,"body":" "},{"speaker":"Nick Lincoln","startTime":2843.14,"endTime":2846.3199999999997,"body":"in one hit. Why not? Right?"},{"speaker":"Nick Lincoln","startTime":2846.3199999999997,"endTime":2846.38,"body":" "},{"speaker":"Nick Lincoln","startTime":2846.38,"endTime":2849.3199999999997,"body":"Okay, well, I'm conscious that"},{"speaker":"Nick Lincoln","startTime":2849.3199999999997,"endTime":2846.38,"body":" "},{"speaker":"Nick Lincoln","startTime":2846.38,"endTime":2849.3199999999997,"body":"we're at 46 minutes, and we"},{"speaker":"Nick Lincoln","startTime":2849.3199999999997,"endTime":2849.3199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2849.3199999999997,"endTime":2851.6,"body":"still got some more things on"},{"speaker":"Nick Lincoln","startTime":2851.6,"endTime":2849.3199999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":2849.3199999999997,"endTime":2851.6,"body":"the slate. So quickly wrap"},{"speaker":"Nick Lincoln","startTime":2851.6,"endTime":2851.6,"body":" "},{"speaker":"Nick Lincoln","startTime":2851.6,"endTime":2854.12,"body":"through these as smithy Carlyle"},{"speaker":"Nick Lincoln","startTime":2854.12,"endTime":2851.6,"body":" "},{"speaker":"Nick Lincoln","startTime":2851.6,"endTime":2854.12,"body":"Group."},{"speaker":"Alan Smith","startTime":2855.14,"endTime":2857.08,"body":"Just a quick one to"},{"speaker":"Alan Smith","startTime":2857.08,"endTime":2855.14,"body":" "},{"speaker":"Alan Smith","startTime":2855.14,"endTime":2857.08,"body":"acknowledge this. I found this"},{"speaker":"Alan Smith","startTime":2857.08,"endTime":2857.08,"body":" "},{"speaker":"Alan Smith","startTime":2857.08,"endTime":2861.4,"body":"is quite interesting,"},{"speaker":"Alan Smith","startTime":2861.4,"endTime":2857.08,"body":" "},{"speaker":"Alan Smith","startTime":2857.08,"endTime":2861.4,"body":"Intelligent Office in teleflow,"},{"speaker":"Alan Smith","startTime":2861.4,"endTime":2861.4,"body":" "},{"speaker":"Alan Smith","startTime":2861.4,"endTime":2865.48,"body":"io, whatever you want to call"},{"speaker":"Alan Smith","startTime":2865.48,"endTime":2861.4,"body":" "},{"speaker":"Alan Smith","startTime":2861.4,"endTime":2865.48,"body":"them, that they, you know, we"},{"speaker":"Alan Smith","startTime":2865.48,"endTime":2865.48,"body":" "},{"speaker":"Alan Smith","startTime":2865.48,"endTime":2867.64,"body":"work with them. Have worked with"},{"speaker":"Alan Smith","startTime":2867.64,"endTime":2865.48,"body":" "},{"speaker":"Alan Smith","startTime":2865.48,"endTime":2867.64,"body":"them for years. They are the"},{"speaker":"Alan Smith","startTime":2867.64,"endTime":2867.64,"body":" "},{"speaker":"Alan Smith","startTime":2867.64,"endTime":2873.3399999999997,"body":"dominant player in the financial"},{"speaker":"Alan Smith","startTime":2873.3399999999997,"endTime":2867.64,"body":" "},{"speaker":"Alan Smith","startTime":2867.64,"endTime":2873.3399999999997,"body":"planning kind of CRM, you know,"},{"speaker":"Alan Smith","startTime":2873.3399999999997,"endTime":2873.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2873.3399999999997,"endTime":2878.7,"body":"management systems. I believe"},{"speaker":"Alan Smith","startTime":2878.7,"endTime":2873.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2873.3399999999997,"endTime":2878.7,"body":"they account for about 50% the"},{"speaker":"Alan Smith","startTime":2878.7,"endTime":2878.7,"body":" "},{"speaker":"Alan Smith","startTime":2878.7,"endTime":2881.94,"body":"marketplace. I know a lot of"},{"speaker":"Alan Smith","startTime":2881.94,"endTime":2878.7,"body":" "},{"speaker":"Alan Smith","startTime":2878.7,"endTime":2881.94,"body":"people kind of moan about them."},{"speaker":"Alan Smith","startTime":2881.94,"endTime":2881.94,"body":" "},{"speaker":"Alan Smith","startTime":2881.94,"endTime":2884.4,"body":"We've got a pretty good"},{"speaker":"Alan Smith","startTime":2884.4,"endTime":2881.94,"body":" "},{"speaker":"Alan Smith","startTime":2881.94,"endTime":2884.4,"body":"relationship with them because"},{"speaker":"Alan Smith","startTime":2884.4,"endTime":2884.4,"body":" "},{"speaker":"Alan Smith","startTime":2884.4,"endTime":2887.3399999999997,"body":"they we understand how this"},{"speaker":"Alan Smith","startTime":2887.3399999999997,"endTime":2884.4,"body":" "},{"speaker":"Alan Smith","startTime":2884.4,"endTime":2887.3399999999997,"body":"system works. Is it perfect?"},{"speaker":"Alan Smith","startTime":2887.3399999999997,"endTime":2887.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2887.3399999999997,"endTime":2890.88,"body":"Certainly not. Are they trying"},{"speaker":"Alan Smith","startTime":2890.88,"endTime":2887.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":2887.3399999999997,"endTime":2890.88,"body":"to improve? Yes, I believe so. I"},{"speaker":"Alan Smith","startTime":2890.88,"endTime":2890.94,"body":" "},{"speaker":"Alan Smith","startTime":2890.94,"endTime":2893.58,"body":"find it's quite interesting."},{"speaker":"Alan Smith","startTime":2893.58,"endTime":2890.94,"body":" "},{"speaker":"Alan Smith","startTime":2890.94,"endTime":2893.58,"body":"Carlyle Group, all of you will"},{"speaker":"Alan Smith","startTime":2893.58,"endTime":2893.58,"body":" "},{"speaker":"Alan Smith","startTime":2893.58,"endTime":2895.98,"body":"probably know, to one degree"},{"speaker":"Alan Smith","startTime":2895.98,"endTime":2893.58,"body":" "},{"speaker":"Alan Smith","startTime":2893.58,"endTime":2895.98,"body":"another, are one of the biggest"},{"speaker":"Alan Smith","startTime":2895.98,"endTime":2895.98,"body":" "},{"speaker":"Alan Smith","startTime":2895.98,"endTime":2900.38,"body":"kind of back to private equity"},{"speaker":"Alan Smith","startTime":2900.38,"endTime":2895.98,"body":" "},{"speaker":"Alan Smith","startTime":2895.98,"endTime":2900.38,"body":"companies in the world. 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It's just, I've"},{"speaker":"Alan Smith","startTime":2953.88,"endTime":2951.24,"body":" "},{"speaker":"Alan Smith","startTime":2951.24,"endTime":2953.88,"body":"heard a lot about as well"},{"speaker":"Alan Smith","startTime":2953.88,"endTime":2953.88,"body":" "},{"speaker":"Alan Smith","startTime":2953.88,"endTime":2958.7599999999998,"body":"recently, and so it's just going"},{"speaker":"Alan Smith","startTime":2958.7599999999998,"endTime":2953.88,"body":" "},{"speaker":"Alan Smith","startTime":2953.88,"endTime":2958.7599999999998,"body":"to be quite interesting. 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I think"},{"speaker":"Andy Hart","startTime":2979.3599999999997,"endTime":2976.64,"body":" "},{"speaker":"Andy Hart","startTime":2976.64,"endTime":2979.3599999999997,"body":"it's huge news. Alan, as you"},{"speaker":"Andy Hart","startTime":2979.3599999999997,"endTime":2979.3599999999997,"body":" "},{"speaker":"Andy Hart","startTime":2979.3599999999997,"endTime":2985.72,"body":"say, 50% of advisors use them."},{"speaker":"Andy Hart","startTime":2985.72,"endTime":2979.3599999999997,"body":" "},{"speaker":"Andy Hart","startTime":2979.3599999999997,"endTime":2985.72,"body":"Yeah, obviously it shows that"},{"speaker":"Andy Hart","startTime":2985.72,"endTime":2985.72,"body":" "},{"speaker":"Andy Hart","startTime":2985.72,"endTime":2990.22,"body":"Carlyle think it's a wonderful"},{"speaker":"Andy Hart","startTime":2990.22,"endTime":2985.72,"body":" "},{"speaker":"Andy Hart","startTime":2985.72,"endTime":2990.22,"body":"business. 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And you're right,"},{"speaker":"Andy Hart","startTime":2996.72,"endTime":2993.94,"body":" "},{"speaker":"Andy Hart","startTime":2993.94,"endTime":2996.72,"body":"because all the other players"},{"speaker":"Andy Hart","startTime":2996.72,"endTime":2996.72,"body":" "},{"speaker":"Andy Hart","startTime":2996.72,"endTime":3000.5,"body":"circling and trying to, you"},{"speaker":"Andy Hart","startTime":3000.5,"endTime":2996.72,"body":" "},{"speaker":"Andy Hart","startTime":2996.72,"endTime":3000.5,"body":"know, work out what they're"},{"speaker":"Andy Hart","startTime":3000.5,"endTime":3000.5,"body":" "},{"speaker":"Andy Hart","startTime":3000.5,"endTime":3003.68,"body":"doing with AI and the future"},{"speaker":"Andy Hart","startTime":3003.68,"endTime":3000.5,"body":" "},{"speaker":"Andy Hart","startTime":3000.5,"endTime":3003.68,"body":"roadmaps. 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The"},{"speaker":"Andy Hart","startTime":3011.72,"endTime":3006.92,"body":" "},{"speaker":"Andy Hart","startTime":3006.92,"endTime":3011.72,"body":"fees start to increase over time"},{"speaker":"Andy Hart","startTime":3011.72,"endTime":3011.72,"body":" "},{"speaker":"Andy Hart","startTime":3011.72,"endTime":3014.96,"body":"as these private equity"},{"speaker":"Andy Hart","startTime":3014.96,"endTime":3011.72,"body":" "},{"speaker":"Andy Hart","startTime":3011.72,"endTime":3014.96,"body":"companies try and get their, you"},{"speaker":"Andy Hart","startTime":3014.96,"endTime":3014.96,"body":" "},{"speaker":"Andy Hart","startTime":3014.96,"endTime":3017.3199999999997,"body":"know, squeeze as much juice as"},{"speaker":"Andy Hart","startTime":3017.3199999999997,"endTime":3014.96,"body":" "},{"speaker":"Andy Hart","startTime":3014.96,"endTime":3017.3199999999997,"body":"they can. So yeah, this is huge"},{"speaker":"Andy Hart","startTime":3017.3199999999997,"endTime":3017.3199999999997,"body":" "},{"speaker":"Andy Hart","startTime":3017.3199999999997,"endTime":3020.3199999999997,"body":"news for UK financial services,"},{"speaker":"Andy Hart","startTime":3020.3199999999997,"endTime":3017.3199999999997,"body":" "},{"speaker":"Andy Hart","startTime":3017.3199999999997,"endTime":3020.3199999999997,"body":"but it's also quite a compliment"},{"speaker":"Andy Hart","startTime":3020.3199999999997,"endTime":3020.3199999999997,"body":" "},{"speaker":"Andy Hart","startTime":3020.3199999999997,"endTime":3024.3399999999997,"body":"that such a, you know,"},{"speaker":"Andy Hart","startTime":3024.3399999999997,"endTime":3020.3199999999997,"body":" "},{"speaker":"Andy Hart","startTime":3020.3199999999997,"endTime":3024.3399999999997,"body":"formidable brand has bought, you"},{"speaker":"Andy Hart","startTime":3024.3399999999997,"endTime":3024.3399999999997,"body":" "},{"speaker":"Andy Hart","startTime":3024.3399999999997,"endTime":3026.62,"body":"know, our biggest player in this"},{"speaker":"Andy Hart","startTime":3026.62,"endTime":3024.3399999999997,"body":" "},{"speaker":"Andy Hart","startTime":3024.3399999999997,"endTime":3026.62,"body":"space. 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There email from"},{"speaker":"Nick Lincoln","startTime":3038.3399999999997,"endTime":3033.2799999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":3033.2799999999997,"endTime":3038.3399999999997,"body":"my beloved, which is always a"},{"speaker":"Nick Lincoln","startTime":3038.3399999999997,"endTime":3038.3399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":3038.3399999999997,"endTime":3041.3399999999997,"body":"dangerous sign. Okay, wealth"},{"speaker":"Nick Lincoln","startTime":3041.3399999999997,"endTime":3038.3399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":3038.3399999999997,"endTime":3041.3399999999997,"body":"levies,"},{"speaker":"Carl Widger","startTime":3042.66,"endTime":3046.2599999999998,"body":"college levies."},{"speaker":"Carl Widger","startTime":3046.2599999999998,"endTime":3042.66,"body":" "},{"speaker":"Carl Widger","startTime":3042.66,"endTime":3046.2599999999998,"body":"That's me, yeah, very, very"},{"speaker":"Carl Widger","startTime":3046.2599999999998,"endTime":3046.2599999999998,"body":" "},{"speaker":"Carl Widger","startTime":3046.2599999999998,"endTime":3050.1,"body":"briefly on this, you guys have"},{"speaker":"Carl Widger","startTime":3050.1,"endTime":3046.2599999999998,"body":" "},{"speaker":"Carl Widger","startTime":3046.2599999999998,"endTime":3050.1,"body":"spoken about the possibility of"},{"speaker":"Carl Widger","startTime":3050.1,"endTime":3050.4,"body":" "},{"speaker":"Carl Widger","startTime":3050.4,"endTime":3054.66,"body":"wealth levies and some stuff"},{"speaker":"Carl Widger","startTime":3054.66,"endTime":3050.4,"body":" "},{"speaker":"Carl Widger","startTime":3050.4,"endTime":3054.66,"body":"that has been introduced that"},{"speaker":"Carl Widger","startTime":3054.66,"endTime":3054.8399999999997,"body":" "},{"speaker":"Carl Widger","startTime":3054.8399999999997,"endTime":3057.7999999999997,"body":"you know, high net worth guys"},{"speaker":"Carl Widger","startTime":3057.7999999999997,"endTime":3054.8399999999997,"body":" "},{"speaker":"Carl Widger","startTime":3054.8399999999997,"endTime":3057.7999999999997,"body":"are leaving the country. There's"},{"speaker":"Carl Widger","startTime":3057.7999999999997,"endTime":3057.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3057.7999999999997,"endTime":3061.4,"body":"a little bit of talk about it"},{"speaker":"Carl Widger","startTime":3061.4,"endTime":3057.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3057.7999999999997,"endTime":3061.4,"body":"again here. There's a very good"},{"speaker":"Carl Widger","startTime":3061.4,"endTime":3061.4,"body":" "},{"speaker":"Carl Widger","startTime":3061.4,"endTime":3067.7599999999998,"body":"article by Peter Kinsler on the"},{"speaker":"Carl Widger","startTime":3067.7599999999998,"endTime":3061.4,"body":" "},{"speaker":"Carl Widger","startTime":3061.4,"endTime":3067.7599999999998,"body":"danger and the minimal impact in"},{"speaker":"Carl Widger","startTime":3067.7599999999998,"endTime":3067.7599999999998,"body":" "},{"speaker":"Carl Widger","startTime":3067.7599999999998,"endTime":3069.8599999999997,"body":"terms of the amount of money"},{"speaker":"Carl Widger","startTime":3069.8599999999997,"endTime":3067.7599999999998,"body":" "},{"speaker":"Carl Widger","startTime":3067.7599999999998,"endTime":3069.8599999999997,"body":"that it would raise and the"},{"speaker":"Carl Widger","startTime":3069.8599999999997,"endTime":3069.8599999999997,"body":" "},{"speaker":"Carl Widger","startTime":3069.8599999999997,"endTime":3073.22,"body":"unintended consequences. It's"},{"speaker":"Carl Widger","startTime":3073.22,"endTime":3069.8599999999997,"body":" "},{"speaker":"Carl Widger","startTime":3069.8599999999997,"endTime":3073.22,"body":"very well written piece, but,"},{"speaker":"Carl Widger","startTime":3073.22,"endTime":3073.2799999999997,"body":" "},{"speaker":"Carl Widger","startTime":3073.2799999999997,"endTime":3076.6,"body":"but the last is kind of his"},{"speaker":"Carl Widger","startTime":3076.6,"endTime":3073.2799999999997,"body":" "},{"speaker":"Carl Widger","startTime":3073.2799999999997,"endTime":3076.6,"body":"conclusion to. Was the end. I"},{"speaker":"Carl Widger","startTime":3076.6,"endTime":3076.6,"body":" "},{"speaker":"Carl Widger","startTime":3076.6,"endTime":3079.54,"body":"thought was really good. It's"},{"speaker":"Carl Widger","startTime":3079.54,"endTime":3076.6,"body":" "},{"speaker":"Carl Widger","startTime":3076.6,"endTime":3079.54,"body":"like, okay, if you wanted to"},{"speaker":"Carl Widger","startTime":3079.54,"endTime":3079.54,"body":" "},{"speaker":"Carl Widger","startTime":3079.54,"endTime":3083.38,"body":"raise a shitload of money from"},{"speaker":"Carl Widger","startTime":3083.38,"endTime":3079.54,"body":" "},{"speaker":"Carl Widger","startTime":3079.54,"endTime":3083.38,"body":"the wealthy, means test,"},{"speaker":"Carl Widger","startTime":3083.38,"endTime":3083.38,"body":" "},{"speaker":"Carl Widger","startTime":3083.38,"endTime":3087.1,"body":"children's benefit, so the"},{"speaker":"Carl Widger","startTime":3087.1,"endTime":3083.38,"body":" "},{"speaker":"Carl Widger","startTime":3083.38,"endTime":3087.1,"body":"people who don't need it don't"},{"speaker":"Carl Widger","startTime":3087.1,"endTime":3087.1,"body":" "},{"speaker":"Carl Widger","startTime":3087.1,"endTime":3092.02,"body":"get it. I've actually spoken"},{"speaker":"Carl Widger","startTime":3092.02,"endTime":3087.1,"body":" "},{"speaker":"Carl Widger","startTime":3087.1,"endTime":3092.02,"body":"about that before. It's a, it's"},{"speaker":"Carl Widger","startTime":3092.02,"endTime":3092.02,"body":" "},{"speaker":"Carl Widger","startTime":3092.02,"endTime":3097.98,"body":"so obvious. It is so obvious."},{"speaker":"Carl Widger","startTime":3097.98,"endTime":3092.02,"body":" "},{"speaker":"Carl Widger","startTime":3092.02,"endTime":3097.98,"body":"And it's, you know, I don't"},{"speaker":"Carl Widger","startTime":3097.98,"endTime":3097.98,"body":" "},{"speaker":"Carl Widger","startTime":3097.98,"endTime":3102.6,"body":"know. Is it a we've already got"},{"speaker":"Carl Widger","startTime":3102.6,"endTime":3097.98,"body":" "},{"speaker":"Carl Widger","startTime":3097.98,"endTime":3102.6,"body":"that? Yeah, we don't. So we went"},{"speaker":"Carl Widger","startTime":3102.6,"endTime":3102.6,"body":" "},{"speaker":"Carl Widger","startTime":3102.6,"endTime":3103.8599999999997,"body":"to, you know, the everybody"},{"speaker":"Alan Smith","startTime":3103.8599999999997,"endTime":3106.74,"body":"Child, child"},{"speaker":"Alan Smith","startTime":3106.74,"endTime":3103.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":3103.8599999999997,"endTime":3106.74,"body":"benefit, child everyone got, and"},{"speaker":"Alan Smith","startTime":3106.74,"endTime":3106.74,"body":" "},{"speaker":"Alan Smith","startTime":3106.74,"endTime":3109.2599999999998,"body":"then, and then they completely"},{"speaker":"Alan Smith","startTime":3109.2599999999998,"endTime":3106.74,"body":" "},{"speaker":"Alan Smith","startTime":3106.74,"endTime":3109.2599999999998,"body":"smashed that. 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I mean, there's"},{"speaker":"Alan Smith","startTime":3119.6,"endTime":3119.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3119.7799999999997,"endTime":3123.08,"body":"every kind of Western democracy"},{"speaker":"Alan Smith","startTime":3123.08,"endTime":3119.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3119.7799999999997,"endTime":3123.08,"body":"is facing the same thing."},{"speaker":"Alan Smith","startTime":3123.08,"endTime":3123.5,"body":" "},{"speaker":"Alan Smith","startTime":3123.5,"endTime":3126.2599999999998,"body":"Politicians, by definition,"},{"speaker":"Alan Smith","startTime":3126.2599999999998,"endTime":3123.5,"body":" "},{"speaker":"Alan Smith","startTime":3123.5,"endTime":3126.2599999999998,"body":"can't cut benefits they don't"},{"speaker":"Alan Smith","startTime":3126.2599999999998,"endTime":3126.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3126.2599999999998,"endTime":3131.2999999999997,"body":"want to. It's a vote loser taxes"},{"speaker":"Alan Smith","startTime":3131.2999999999997,"endTime":3126.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3126.2599999999998,"endTime":3131.2999999999997,"body":"in the UK, and they can just"},{"speaker":"Alan Smith","startTime":3131.2999999999997,"endTime":3131.54,"body":" "},{"speaker":"Alan Smith","startTime":3131.54,"endTime":3134.72,"body":"choose not to. That's different."},{"speaker":"Alan Smith","startTime":3134.72,"endTime":3131.54,"body":" "},{"speaker":"Alan Smith","startTime":3131.54,"endTime":3134.72,"body":"Well, they'll get they'll lose"},{"speaker":"Alan Smith","startTime":3134.72,"endTime":3134.72,"body":" "},{"speaker":"Alan Smith","startTime":3134.72,"endTime":3137.62,"body":"their job, basically, if you do,"},{"speaker":"Alan Smith","startTime":3137.62,"endTime":3134.72,"body":" "},{"speaker":"Alan Smith","startTime":3134.72,"endTime":3137.62,"body":"yeah, but I"},{"speaker":"Carl Widger","startTime":3137.62,"endTime":3139.9,"body":"look at their"},{"speaker":"Carl Widger","startTime":3139.9,"endTime":3137.62,"body":" "},{"speaker":"Carl Widger","startTime":3137.62,"endTime":3139.9,"body":"challenges with it, because that"},{"speaker":"Carl Widger","startTime":3139.9,"endTime":3140.02,"body":" "},{"speaker":"Carl Widger","startTime":3140.02,"endTime":3143.74,"body":"he didn't talk about. But like,"},{"speaker":"Carl Widger","startTime":3143.74,"endTime":3140.02,"body":" "},{"speaker":"Carl Widger","startTime":3140.02,"endTime":3143.74,"body":"if you're really, really wealthy"},{"speaker":"Carl Widger","startTime":3143.74,"endTime":3143.74,"body":" "},{"speaker":"Carl Widger","startTime":3143.74,"endTime":3146.44,"body":"and you're taking no salary out"},{"speaker":"Carl Widger","startTime":3146.44,"endTime":3143.74,"body":" "},{"speaker":"Carl Widger","startTime":3143.74,"endTime":3146.44,"body":"of your company, like, you know,"},{"speaker":"Carl Widger","startTime":3146.44,"endTime":3146.44,"body":" "},{"speaker":"Carl Widger","startTime":3146.44,"endTime":3149.44,"body":"so will you still get it?"},{"speaker":"Carl Widger","startTime":3149.44,"endTime":3146.44,"body":" "},{"speaker":"Carl Widger","startTime":3146.44,"endTime":3149.44,"body":"Because so it has to be done on"},{"speaker":"Carl Widger","startTime":3149.44,"endTime":3149.44,"body":" "},{"speaker":"Carl Widger","startTime":3149.44,"endTime":3151.8399999999997,"body":"network. And then, how do you"},{"speaker":"Carl Widger","startTime":3151.8399999999997,"endTime":3149.44,"body":" "},{"speaker":"Carl Widger","startTime":3149.44,"endTime":3151.8399999999997,"body":"value companies? How do you"},{"speaker":"Carl Widger","startTime":3151.8399999999997,"endTime":3151.8399999999997,"body":" "},{"speaker":"Carl Widger","startTime":3151.8399999999997,"endTime":3154.96,"body":"value so, there are challenges"},{"speaker":"Carl Widger","startTime":3154.96,"endTime":3151.8399999999997,"body":" "},{"speaker":"Carl Widger","startTime":3151.8399999999997,"endTime":3154.96,"body":"with it. There's no point to say"},{"speaker":"Carl Widger","startTime":3154.96,"endTime":3154.96,"body":" "},{"speaker":"Carl Widger","startTime":3154.96,"endTime":3160.5,"body":"otherwise. But like, look, it's"},{"speaker":"Carl Widger","startTime":3160.5,"endTime":3154.96,"body":" "},{"speaker":"Carl Widger","startTime":3154.96,"endTime":3160.5,"body":"a don't, please don't let us"},{"speaker":"Carl Widger","startTime":3160.5,"endTime":3160.74,"body":" "},{"speaker":"Carl Widger","startTime":3160.74,"endTime":3164.7,"body":"start losing people to Malta and"},{"speaker":"Carl Widger","startTime":3164.7,"endTime":3160.74,"body":" "},{"speaker":"Carl Widger","startTime":3160.74,"endTime":3164.7,"body":"Portugal and all that kind of"},{"speaker":"Carl Widger","startTime":3164.7,"endTime":3164.7,"body":" "},{"speaker":"Carl Widger","startTime":3164.7,"endTime":3167.88,"body":"stuff. There's a few gone, but"},{"speaker":"Carl Widger","startTime":3167.88,"endTime":3164.7,"body":" "},{"speaker":"Carl Widger","startTime":3164.7,"endTime":3167.88,"body":"we, let's limit that anyway. We"},{"speaker":"Carl Widger","startTime":3167.88,"endTime":3167.88,"body":" "},{"speaker":"Carl Widger","startTime":3167.88,"endTime":3170.46,"body":"don't need to talk about any"},{"speaker":"Carl Widger","startTime":3170.46,"endTime":3167.88,"body":" "},{"speaker":"Carl Widger","startTime":3167.88,"endTime":3170.46,"body":"more. We've dealt with that one"},{"speaker":"Carl Widger","startTime":3170.46,"endTime":3170.46,"body":" "},{"speaker":"Carl Widger","startTime":3170.46,"endTime":3171.66,"body":"before. Thank you."},{"speaker":"Alan Smith","startTime":3173.7,"endTime":3177.38,"body":"So if you get your"},{"speaker":"Alan Smith","startTime":3177.38,"endTime":3173.7,"body":" "},{"speaker":"Alan Smith","startTime":3173.7,"endTime":3177.38,"body":"hand raised Ultra down, I was"},{"speaker":"Alan Smith","startTime":3177.38,"endTime":3177.38,"body":" "},{"speaker":"Alan Smith","startTime":3177.38,"endTime":3180.74,"body":"just gonna, I was gonna just"},{"speaker":"Alan Smith","startTime":3180.74,"endTime":3177.38,"body":" "},{"speaker":"Alan Smith","startTime":3177.38,"endTime":3180.74,"body":"mention something as a follow up"},{"speaker":"Alan Smith","startTime":3180.74,"endTime":3180.74,"body":" "},{"speaker":"Alan Smith","startTime":3180.74,"endTime":3185.8399999999997,"body":"to this, Carl, which is Daniel"},{"speaker":"Alan Smith","startTime":3185.8399999999997,"endTime":3180.74,"body":" "},{"speaker":"Alan Smith","startTime":3180.74,"endTime":3185.8399999999997,"body":"priestly, keynote speaker at"},{"speaker":"Alan Smith","startTime":3185.8399999999997,"endTime":3185.8399999999997,"body":" "},{"speaker":"Alan Smith","startTime":3185.8399999999997,"endTime":3189.68,"body":"humans under management London"},{"speaker":"Alan Smith","startTime":3189.68,"endTime":3185.8399999999997,"body":" "},{"speaker":"Alan Smith","startTime":3185.8399999999997,"endTime":3189.68,"body":"this year. Hey, Andrew. He's"},{"speaker":"Alan Smith","startTime":3189.68,"endTime":3189.68,"body":" "},{"speaker":"Alan Smith","startTime":3189.68,"endTime":3192.3199999999997,"body":"like, everywhere right now. He's"},{"speaker":"Alan Smith","startTime":3192.3199999999997,"endTime":3189.68,"body":" "},{"speaker":"Alan Smith","startTime":3189.68,"endTime":3192.3199999999997,"body":"really raised his profile since"},{"speaker":"Alan Smith","startTime":3192.3199999999997,"endTime":3192.3199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3192.3199999999997,"endTime":3196.2799999999997,"body":"he went on the Stephen Bartlett"},{"speaker":"Alan Smith","startTime":3196.2799999999997,"endTime":3192.3199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3192.3199999999997,"endTime":3196.2799999999997,"body":"diary of his CEO saw him on the"},{"speaker":"Alan Smith","startTime":3196.2799999999997,"endTime":3196.4,"body":" "},{"speaker":"Alan Smith","startTime":3196.4,"endTime":3201.04,"body":"trigonometry corner today. Alan"},{"speaker":"Alan Smith","startTime":3201.04,"endTime":3196.4,"body":" "},{"speaker":"Alan Smith","startTime":3196.4,"endTime":3201.04,"body":"what? Daniel Priestley on that."},{"speaker":"Alan Smith","startTime":3201.04,"endTime":3201.04,"body":" "},{"speaker":"Alan Smith","startTime":3201.04,"endTime":3205.12,"body":"Okay, so anybody speaks"},{"speaker":"Alan Smith","startTime":3205.12,"endTime":3201.04,"body":" "},{"speaker":"Alan Smith","startTime":3201.04,"endTime":3205.12,"body":"specifically about this subject,"},{"speaker":"Alan Smith","startTime":3205.12,"endTime":3205.12,"body":" "},{"speaker":"Alan Smith","startTime":3205.12,"endTime":3207.52,"body":"anyway, you would talk about, if"},{"speaker":"Alan Smith","startTime":3207.52,"endTime":3205.12,"body":" "},{"speaker":"Alan Smith","startTime":3205.12,"endTime":3207.52,"body":"you want later. But he just"},{"speaker":"Alan Smith","startTime":3207.52,"endTime":3207.52,"body":" "},{"speaker":"Alan Smith","startTime":3207.52,"endTime":3209.8599999999997,"body":"said, you know, how do you value"},{"speaker":"Alan Smith","startTime":3209.8599999999997,"endTime":3207.52,"body":" "},{"speaker":"Alan Smith","startTime":3207.52,"endTime":3209.8599999999997,"body":"someone's wealth? If you've got"},{"speaker":"Alan Smith","startTime":3209.8599999999997,"endTime":3209.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":3209.8599999999997,"endTime":3212.14,"body":"a business, you've got an idea"},{"speaker":"Alan Smith","startTime":3212.14,"endTime":3209.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":3209.8599999999997,"endTime":3212.14,"body":"in theory, it's what it's worth,"},{"speaker":"Alan Smith","startTime":3212.14,"endTime":3212.14,"body":" "},{"speaker":"Alan Smith","startTime":3212.14,"endTime":3214.96,"body":"10 million, 20 million, 30"},{"speaker":"Alan Smith","startTime":3214.96,"endTime":3212.14,"body":" "},{"speaker":"Alan Smith","startTime":3212.14,"endTime":3214.96,"body":"million. There's no you haven't"},{"speaker":"Alan Smith","startTime":3214.96,"endTime":3214.96,"body":" "},{"speaker":"Alan Smith","startTime":3214.96,"endTime":3217.2599999999998,"body":"got the money and got the cash."},{"speaker":"Alan Smith","startTime":3217.2599999999998,"endTime":3214.96,"body":" "},{"speaker":"Alan Smith","startTime":3214.96,"endTime":3217.2599999999998,"body":"How do your chart. There's so"},{"speaker":"Alan Smith","startTime":3217.2599999999998,"endTime":3217.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3217.2599999999998,"endTime":3220.02,"body":"many issues with it, but hey,"},{"speaker":"Alan Smith","startTime":3220.02,"endTime":3217.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3217.2599999999998,"endTime":3220.02,"body":"yeah, all right, we'll listen to"},{"speaker":"Alan Smith","startTime":3220.02,"endTime":3220.02,"body":" "},{"speaker":"Alan Smith","startTime":3220.02,"endTime":3220.92,"body":"Andrew a bit later on."},{"speaker":"Nick Lincoln","startTime":3221.64,"endTime":3223.62,"body":"Yeah, it's great,"},{"speaker":"Nick Lincoln","startTime":3223.62,"endTime":3221.64,"body":" "},{"speaker":"Nick Lincoln","startTime":3221.64,"endTime":3223.62,"body":"great episode which I was happy"},{"speaker":"Nick Lincoln","startTime":3223.62,"endTime":3223.62,"body":" "},{"speaker":"Nick Lincoln","startTime":3223.62,"endTime":3228.3599999999997,"body":"to introduce you both to,"},{"speaker":"Nick Lincoln","startTime":3228.3599999999997,"endTime":3223.62,"body":" "},{"speaker":"Nick Lincoln","startTime":3223.62,"endTime":3228.3599999999997,"body":"wrapping this up storytelling."},{"speaker":"Alan Smith","startTime":3229.38,"endTime":3233.22,"body":"Last one of the day,"},{"speaker":"Alan Smith","startTime":3233.22,"endTime":3229.38,"body":" "},{"speaker":"Alan Smith","startTime":3229.38,"endTime":3233.22,"body":"we did mention this. This is a"},{"speaker":"Alan Smith","startTime":3233.22,"endTime":3233.22,"body":" "},{"speaker":"Alan Smith","startTime":3233.22,"endTime":3236.22,"body":"kind of perennial issue that"},{"speaker":"Alan Smith","startTime":3236.22,"endTime":3233.22,"body":" "},{"speaker":"Alan Smith","startTime":3233.22,"endTime":3236.22,"body":"does come up quite regularly."},{"speaker":"Alan Smith","startTime":3236.22,"endTime":3236.22,"body":" "},{"speaker":"Alan Smith","startTime":3236.22,"endTime":3238.8199999999997,"body":"Thing for all of us you, I think"},{"speaker":"Alan Smith","startTime":3238.8199999999997,"endTime":3236.22,"body":" "},{"speaker":"Alan Smith","startTime":3236.22,"endTime":3238.8199999999997,"body":"you mentioned that the last"},{"speaker":"Alan Smith","startTime":3238.8199999999997,"endTime":3238.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3238.8199999999997,"endTime":3243.8599999999997,"body":"episode Phil Brays new venture"},{"speaker":"Alan Smith","startTime":3243.8599999999997,"endTime":3238.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3238.8199999999997,"endTime":3243.8599999999997,"body":"to so yeah, for those advisors"},{"speaker":"Alan Smith","startTime":3243.8599999999997,"endTime":3243.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":3243.8599999999997,"endTime":3247.4,"body":"who are happy to take on kind"},{"speaker":"Alan Smith","startTime":3247.4,"endTime":3243.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":3243.8599999999997,"endTime":3247.4,"body":"of, perhaps lower revenue, lower"},{"speaker":"Alan Smith","startTime":3247.4,"endTime":3247.4,"body":" "},{"speaker":"Alan Smith","startTime":3247.4,"endTime":3251.42,"body":"clients, that sort of thing, I"},{"speaker":"Alan Smith","startTime":3251.42,"endTime":3247.4,"body":" "},{"speaker":"Alan Smith","startTime":3247.4,"endTime":3251.42,"body":"was reminded by my good friend"},{"speaker":"Alan Smith","startTime":3251.42,"endTime":3251.42,"body":" "},{"speaker":"Alan Smith","startTime":3251.42,"endTime":3257.38,"body":"Matt pitcher of another similar"},{"speaker":"Alan Smith","startTime":3257.38,"endTime":3251.42,"body":" "},{"speaker":"Alan Smith","startTime":3251.42,"endTime":3257.38,"body":"network or group, and this one"},{"speaker":"Alan Smith","startTime":3257.38,"endTime":3257.38,"body":" "},{"speaker":"Alan Smith","startTime":3257.38,"endTime":3261.1,"body":"is populated by those advisors"},{"speaker":"Alan Smith","startTime":3261.1,"endTime":3257.38,"body":" "},{"speaker":"Alan Smith","startTime":3257.38,"endTime":3261.1,"body":"who've seen the light and charge"},{"speaker":"Alan Smith","startTime":3261.1,"endTime":3261.16,"body":" "},{"speaker":"Alan Smith","startTime":3261.16,"endTime":3264.2799999999997,"body":"a fair fee, while not"},{"speaker":"Alan Smith","startTime":3264.2799999999997,"endTime":3261.16,"body":" "},{"speaker":"Alan Smith","startTime":3261.16,"endTime":3264.2799999999997,"body":"necessarily related to assets"},{"speaker":"Alan Smith","startTime":3264.2799999999997,"endTime":3264.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":3264.3399999999997,"endTime":3267.4,"body":"under management. Yeah, you need"},{"speaker":"Alan Smith","startTime":3267.4,"endTime":3264.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":3264.3399999999997,"endTime":3267.4,"body":"to. You're a bit nice, my"},{"speaker":"Alan Smith","startTime":3267.4,"endTime":3267.4,"body":" "},{"speaker":"Alan Smith","startTime":3267.4,"endTime":3270.1,"body":"friend. Yeah, I'm just, I'm"},{"speaker":"Alan Smith","startTime":3270.1,"endTime":3267.4,"body":" "},{"speaker":"Alan Smith","startTime":3267.4,"endTime":3270.1,"body":"just, don't shoot the messenger,"},{"speaker":"Alan Smith","startTime":3270.1,"endTime":3270.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":3270.3399999999997,"endTime":3271.54,"body":"but point"},{"speaker":"Nick Lincoln","startTime":3271.66,"endTime":3273.94,"body":"nine, five a year,"},{"speaker":"Nick Lincoln","startTime":3273.94,"endTime":3271.66,"body":" "},{"speaker":"Nick Lincoln","startTime":3271.66,"endTime":3273.94,"body":"I think, for you."},{"speaker":"Alan Smith","startTime":3274.7799999999997,"endTime":3277.92,"body":"So there is if. But"},{"speaker":"Alan Smith","startTime":3277.92,"endTime":3274.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3274.7799999999997,"endTime":3277.92,"body":"the good thing about this, and"},{"speaker":"Alan Smith","startTime":3277.92,"endTime":3277.92,"body":" "},{"speaker":"Alan Smith","startTime":3277.92,"endTime":3280.44,"body":"it was a there was something"},{"speaker":"Alan Smith","startTime":3280.44,"endTime":3277.92,"body":" "},{"speaker":"Alan Smith","startTime":3277.92,"endTime":3280.44,"body":"that came up in the group this"},{"speaker":"Alan Smith","startTime":3280.44,"endTime":3280.44,"body":" "},{"speaker":"Alan Smith","startTime":3280.44,"endTime":3284.2799999999997,"body":"morning with Matt, which is,"},{"speaker":"Alan Smith","startTime":3284.2799999999997,"endTime":3280.44,"body":" "},{"speaker":"Alan Smith","startTime":3280.44,"endTime":3284.2799999999997,"body":"some clients haven't got any"},{"speaker":"Alan Smith","startTime":3284.2799999999997,"endTime":3284.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3284.2799999999997,"endTime":3288.12,"body":"money, but they really want"},{"speaker":"Alan Smith","startTime":3288.12,"endTime":3284.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3284.2799999999997,"endTime":3288.12,"body":"financial planning services. For"},{"speaker":"Alan Smith","startTime":3288.12,"endTime":3288.12,"body":" "},{"speaker":"Alan Smith","startTime":3288.12,"endTime":3291.0,"body":"example, they haven't got they"},{"speaker":"Alan Smith","startTime":3291.0,"endTime":3288.12,"body":" "},{"speaker":"Alan Smith","startTime":3288.12,"endTime":3291.0,"body":"might have property assets. They"},{"speaker":"Alan Smith","startTime":3291.0,"endTime":3291.0,"body":" "},{"speaker":"Alan Smith","startTime":3291.0,"endTime":3293.58,"body":"might have wanted they were able"},{"speaker":"Alan Smith","startTime":3293.58,"endTime":3291.0,"body":" "},{"speaker":"Alan Smith","startTime":3291.0,"endTime":3293.58,"body":"to self advise. They might have"},{"speaker":"Alan Smith","startTime":3293.58,"endTime":3293.58,"body":" "},{"speaker":"Alan Smith","startTime":3293.58,"endTime":3296.1,"body":"just business assets, but they"},{"speaker":"Alan Smith","startTime":3296.1,"endTime":3293.58,"body":" "},{"speaker":"Alan Smith","startTime":3293.58,"endTime":3296.1,"body":"really love the idea of proper,"},{"speaker":"Alan Smith","startTime":3296.1,"endTime":3296.1,"body":" "},{"speaker":"Alan Smith","startTime":3296.1,"endTime":3299.24,"body":"structured financial planning,"},{"speaker":"Alan Smith","startTime":3299.24,"endTime":3296.1,"body":" "},{"speaker":"Alan Smith","startTime":3296.1,"endTime":3299.24,"body":"etc. So these advisors in this"},{"speaker":"Alan Smith","startTime":3299.24,"endTime":3299.24,"body":" "},{"speaker":"Alan Smith","startTime":3299.24,"endTime":3302.24,"body":"group who charge retainers,"},{"speaker":"Alan Smith","startTime":3302.24,"endTime":3299.24,"body":" "},{"speaker":"Alan Smith","startTime":3299.24,"endTime":3302.24,"body":"subscription, flat fee, call it"},{"speaker":"Alan Smith","startTime":3302.24,"endTime":3302.24,"body":" "},{"speaker":"Alan Smith","startTime":3302.24,"endTime":3307.46,"body":"what you will, fair fee advisor"},{"speaker":"Alan Smith","startTime":3307.46,"endTime":3302.24,"body":" "},{"speaker":"Alan Smith","startTime":3302.24,"endTime":3307.46,"body":"network.com fair fee advisor"},{"speaker":"Alan Smith","startTime":3307.46,"endTime":3307.46,"body":" "},{"speaker":"Alan Smith","startTime":3307.46,"endTime":3309.8599999999997,"body":"network.com link in the show"},{"speaker":"Alan Smith","startTime":3309.8599999999997,"endTime":3307.46,"body":" "},{"speaker":"Alan Smith","startTime":3307.46,"endTime":3309.8599999999997,"body":"notes. And if you are one of"},{"speaker":"Alan Smith","startTime":3309.8599999999997,"endTime":3309.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":3309.8599999999997,"endTime":3313.22,"body":"these enlightened, forward"},{"speaker":"Alan Smith","startTime":3313.22,"endTime":3309.8599999999997,"body":" "},{"speaker":"Alan Smith","startTime":3309.8599999999997,"endTime":3313.22,"body":"thinking advisors that do not"},{"speaker":"Alan Smith","startTime":3313.22,"endTime":3313.22,"body":" "},{"speaker":"Alan Smith","startTime":3313.22,"endTime":3316.6,"body":"run a conflicted fee model,"},{"speaker":"Alan Smith","startTime":3316.6,"endTime":3313.22,"body":" "},{"speaker":"Alan Smith","startTime":3313.22,"endTime":3316.6,"body":"please check out the website and"},{"speaker":"Alan Smith","startTime":3316.6,"endTime":3316.6,"body":" "},{"speaker":"Alan Smith","startTime":3316.6,"endTime":3320.92,"body":"get in touch with Matt and join"},{"speaker":"Alan Smith","startTime":3320.92,"endTime":3316.6,"body":" "},{"speaker":"Alan Smith","startTime":3316.6,"endTime":3320.92,"body":"join the gang."},{"speaker":"Nick Lincoln","startTime":3320.92,"endTime":3323.38,"body":"What was your"},{"speaker":"Nick Lincoln","startTime":3323.38,"endTime":3320.92,"body":" "},{"speaker":"Nick Lincoln","startTime":3320.92,"endTime":3323.38,"body":"strap line? Flat fees for flat"},{"speaker":"Nick Lincoln","startTime":3323.38,"endTime":3323.38,"body":" "},{"speaker":"Nick Lincoln","startTime":3323.38,"endTime":3331.54,"body":"service? Got it? Let's go. 5454"},{"speaker":"Nick Lincoln","startTime":3331.54,"endTime":3323.38,"body":" "},{"speaker":"Nick Lincoln","startTime":3323.38,"endTime":3331.54,"body":"minutes in, shoot me. We'll move"},{"speaker":"Nick Lincoln","startTime":3331.54,"endTime":3331.54,"body":" "},{"speaker":"Nick Lincoln","startTime":3331.54,"endTime":3336.4,"body":"on to the meat and potatoes of"},{"speaker":"Nick Lincoln","startTime":3336.4,"endTime":3331.54,"body":" "},{"speaker":"Nick Lincoln","startTime":3331.54,"endTime":3336.4,"body":"episode 79 of the award winning"},{"speaker":"Nick Lincoln","startTime":3336.4,"endTime":3336.46,"body":" "},{"speaker":"Nick Lincoln","startTime":3336.46,"endTime":3339.8399999999997,"body":"real advisor podcast, T, R, A,"},{"speaker":"Nick Lincoln","startTime":3339.8399999999997,"endTime":3336.46,"body":" "},{"speaker":"Nick Lincoln","startTime":3336.46,"endTime":3339.8399999999997,"body":"P, trap. So this meat and"},{"speaker":"Nick Lincoln","startTime":3339.8399999999997,"endTime":3339.8399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":3339.8399999999997,"endTime":3342.96,"body":"potatoes, as it often was, was"},{"speaker":"Nick Lincoln","startTime":3342.96,"endTime":3339.8399999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":3339.8399999999997,"endTime":3342.96,"body":"inspired by the bit of content"},{"speaker":"Nick Lincoln","startTime":3342.96,"endTime":3342.96,"body":" "},{"speaker":"Nick Lincoln","startTime":3342.96,"endTime":3346.74,"body":"that one of us saw. I can't"},{"speaker":"Nick Lincoln","startTime":3346.74,"endTime":3342.96,"body":" "},{"speaker":"Nick Lincoln","startTime":3342.96,"endTime":3346.74,"body":"remember who put it in the in"},{"speaker":"Nick Lincoln","startTime":3346.74,"endTime":3346.74,"body":" "},{"speaker":"Nick Lincoln","startTime":3346.74,"endTime":3350.22,"body":"the WhatsApp chat, first"},{"speaker":"Nick Lincoln","startTime":3350.22,"endTime":3346.74,"body":" "},{"speaker":"Nick Lincoln","startTime":3346.74,"endTime":3350.22,"body":"questions to ask a financial"},{"speaker":"Nick Lincoln","startTime":3350.22,"endTime":3350.22,"body":" "},{"speaker":"Nick Lincoln","startTime":3350.22,"endTime":3353.64,"body":"advisor, which came from the"},{"speaker":"Nick Lincoln","startTime":3353.64,"endTime":3350.22,"body":" "},{"speaker":"Nick Lincoln","startTime":3350.22,"endTime":3353.64,"body":"evidence investor.com again, of"},{"speaker":"Nick Lincoln","startTime":3353.64,"endTime":3353.64,"body":" "},{"speaker":"Nick Lincoln","startTime":3353.64,"endTime":3357.2599999999998,"body":"course, link to it in the so"},{"speaker":"Nick Lincoln","startTime":3357.2599999999998,"endTime":3353.64,"body":" "},{"speaker":"Nick Lincoln","startTime":3353.64,"endTime":3357.2599999999998,"body":"called show notes. And what are"},{"speaker":"Nick Lincoln","startTime":3357.2599999999998,"endTime":3357.44,"body":" "},{"speaker":"Nick Lincoln","startTime":3357.44,"endTime":3361.1,"body":"these are questions that you"},{"speaker":"Nick Lincoln","startTime":3361.1,"endTime":3357.44,"body":" "},{"speaker":"Nick Lincoln","startTime":3357.44,"endTime":3361.1,"body":"should if you're Joe Public city"},{"speaker":"Nick Lincoln","startTime":3361.1,"endTime":3361.1,"body":" "},{"speaker":"Nick Lincoln","startTime":3361.1,"endTime":3363.74,"body":"street, you should have front of"},{"speaker":"Nick Lincoln","startTime":3363.74,"endTime":3361.1,"body":" "},{"speaker":"Nick Lincoln","startTime":3361.1,"endTime":3363.74,"body":"mind when you're thinking about"},{"speaker":"Nick Lincoln","startTime":3363.74,"endTime":3363.74,"body":" "},{"speaker":"Nick Lincoln","startTime":3363.74,"endTime":3366.14,"body":"engaging with the financial"},{"speaker":"Nick Lincoln","startTime":3366.14,"endTime":3363.74,"body":" "},{"speaker":"Nick Lincoln","startTime":3363.74,"endTime":3366.14,"body":"advisor. I'm not going to say"},{"speaker":"Nick Lincoln","startTime":3366.14,"endTime":3366.14,"body":" "},{"speaker":"Nick Lincoln","startTime":3366.14,"endTime":3368.42,"body":"any much more than that,"},{"speaker":"Nick Lincoln","startTime":3368.42,"endTime":3366.14,"body":" "},{"speaker":"Nick Lincoln","startTime":3366.14,"endTime":3368.42,"body":"because, uh, watch is watch from"},{"speaker":"Nick Lincoln","startTime":3368.42,"endTime":3368.42,"body":" "},{"speaker":"Nick Lincoln","startTime":3368.42,"endTime":3371.18,"body":"Florida, from Pensacola, is"},{"speaker":"Nick Lincoln","startTime":3371.18,"endTime":3368.42,"body":" "},{"speaker":"Nick Lincoln","startTime":3368.42,"endTime":3371.18,"body":"going to lead off on this"},{"speaker":"Nick Lincoln","startTime":3371.18,"endTime":3371.18,"body":" "},{"speaker":"Nick Lincoln","startTime":3371.18,"endTime":3371.72,"body":"subject."},{"speaker":"Carl Widger","startTime":3372.74,"endTime":3375.7999999999997,"body":"I am, yeah, because"},{"speaker":"Carl Widger","startTime":3375.7999999999997,"endTime":3372.74,"body":" "},{"speaker":"Carl Widger","startTime":3372.74,"endTime":3375.7999999999997,"body":"Alan found the article suggested"},{"speaker":"Carl Widger","startTime":3375.7999999999997,"endTime":3375.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3375.7999999999997,"endTime":3378.88,"body":"we read. Do I read it? I said"},{"speaker":"Carl Widger","startTime":3378.88,"endTime":3375.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3375.7999999999997,"endTime":3378.88,"body":"that'd be a good meat, potatoes"},{"speaker":"Carl Widger","startTime":3378.88,"endTime":3378.88,"body":" "},{"speaker":"Carl Widger","startTime":3378.88,"endTime":3381.64,"body":"and animal great. You lead on"},{"speaker":"Carl Widger","startTime":3381.64,"endTime":3378.88,"body":" "},{"speaker":"Carl Widger","startTime":3378.88,"endTime":3381.64,"body":"that. So I got that message in"},{"speaker":"Carl Widger","startTime":3381.64,"endTime":3381.64,"body":" "},{"speaker":"Carl Widger","startTime":3381.64,"endTime":3386.7999999999997,"body":"Florida last night, so hugely"},{"speaker":"Carl Widger","startTime":3386.7999999999997,"endTime":3381.64,"body":" "},{"speaker":"Carl Widger","startTime":3381.64,"endTime":3386.7999999999997,"body":"prepared. It's an interesting"},{"speaker":"Carl Widger","startTime":3386.7999999999997,"endTime":3386.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3386.7999999999997,"endTime":3389.92,"body":"article. It's a long read. It's"},{"speaker":"Carl Widger","startTime":3389.92,"endTime":3386.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3386.7999999999997,"endTime":3389.92,"body":"an interesting read. Robin"},{"speaker":"Carl Widger","startTime":3389.92,"endTime":3389.92,"body":" "},{"speaker":"Carl Widger","startTime":3389.92,"endTime":3393.64,"body":"Powell puts out some great"},{"speaker":"Carl Widger","startTime":3393.64,"endTime":3389.92,"body":" "},{"speaker":"Carl Widger","startTime":3389.92,"endTime":3393.64,"body":"stuff, so I would recommend that"},{"speaker":"Carl Widger","startTime":3393.64,"endTime":3393.64,"body":" "},{"speaker":"Carl Widger","startTime":3393.64,"endTime":3399.3599999999997,"body":"everybody follows Robin, for"},{"speaker":"Carl Widger","startTime":3399.3599999999997,"endTime":3393.64,"body":" "},{"speaker":"Carl Widger","startTime":3393.64,"endTime":3399.3599999999997,"body":"sure. I have a few pushbacks on"},{"speaker":"Carl Widger","startTime":3399.3599999999997,"endTime":3399.3599999999997,"body":" "},{"speaker":"Carl Widger","startTime":3399.3599999999997,"endTime":3405.9,"body":"Robin's article, though. Andy,"},{"speaker":"Carl Widger","startTime":3405.9,"endTime":3399.3599999999997,"body":" "},{"speaker":"Carl Widger","startTime":3399.3599999999997,"endTime":3405.9,"body":"will you please mute so he"},{"speaker":"Carl Widger","startTime":3405.9,"endTime":3405.9,"body":" "},{"speaker":"Carl Widger","startTime":3405.9,"endTime":3411.12,"body":"starts the article by saying"},{"speaker":"Carl Widger","startTime":3411.12,"endTime":3405.9,"body":" "},{"speaker":"Carl Widger","startTime":3405.9,"endTime":3411.12,"body":"that Vanguard who have always"},{"speaker":"Carl Widger","startTime":3411.12,"endTime":3411.72,"body":" "},{"speaker":"Carl Widger","startTime":3411.72,"endTime":3415.02,"body":"extolled the virtues of"},{"speaker":"Carl Widger","startTime":3415.02,"endTime":3411.72,"body":" "},{"speaker":"Carl Widger","startTime":3411.72,"endTime":3415.02,"body":"transparency and that they're in"},{"speaker":"Carl Widger","startTime":3415.02,"endTime":3415.02,"body":" "},{"speaker":"Carl Widger","startTime":3415.02,"endTime":3418.2799999999997,"body":"it for the for the customer and"},{"speaker":"Carl Widger","startTime":3418.2799999999997,"endTime":3415.02,"body":" "},{"speaker":"Carl Widger","startTime":3415.02,"endTime":3418.2799999999997,"body":"all this kind of stuff. Well,"},{"speaker":"Carl Widger","startTime":3418.2799999999997,"endTime":3418.2799999999997,"body":" "},{"speaker":"Carl Widger","startTime":3418.2799999999997,"endTime":3422.0,"body":"they were fined in the US"},{"speaker":"Carl Widger","startTime":3422.0,"endTime":3418.2799999999997,"body":" "},{"speaker":"Carl Widger","startTime":3418.2799999999997,"endTime":3422.0,"body":"because they didn't say that"},{"speaker":"Carl Widger","startTime":3422.0,"endTime":3422.0,"body":" "},{"speaker":"Carl Widger","startTime":3422.0,"endTime":3427.4,"body":"their private client people,"},{"speaker":"Carl Widger","startTime":3427.4,"endTime":3422.0,"body":" "},{"speaker":"Carl Widger","startTime":3422.0,"endTime":3427.4,"body":"private client division, were"},{"speaker":"Carl Widger","startTime":3427.4,"endTime":3427.4,"body":" "},{"speaker":"Carl Widger","startTime":3427.4,"endTime":3432.02,"body":"actually getting paid bonuses if"},{"speaker":"Carl Widger","startTime":3432.02,"endTime":3427.4,"body":" "},{"speaker":"Carl Widger","startTime":3427.4,"endTime":3432.02,"body":"they onboarded new clients. So"},{"speaker":"Carl Widger","startTime":3432.02,"endTime":3432.08,"body":" "},{"speaker":"Carl Widger","startTime":3432.08,"endTime":3435.56,"body":"there was a fine of $20 million"},{"speaker":"Carl Widger","startTime":3435.56,"endTime":3432.08,"body":" "},{"speaker":"Carl Widger","startTime":3432.08,"endTime":3435.56,"body":"so for a company like Vanguard,"},{"speaker":"Carl Widger","startTime":3435.56,"endTime":3435.56,"body":" "},{"speaker":"Carl Widger","startTime":3435.56,"endTime":3440.38,"body":"that's not actually a whole lot"},{"speaker":"Carl Widger","startTime":3440.38,"endTime":3435.56,"body":" "},{"speaker":"Carl Widger","startTime":3435.56,"endTime":3440.38,"body":"of money, I would say, I don't"},{"speaker":"Carl Widger","startTime":3440.38,"endTime":3440.38,"body":" "},{"speaker":"Carl Widger","startTime":3440.38,"endTime":3444.94,"body":"know, because they didn't read"},{"speaker":"Carl Widger","startTime":3444.94,"endTime":3440.38,"body":" "},{"speaker":"Carl Widger","startTime":3440.38,"endTime":3444.94,"body":"the the US regulator stuff, but"},{"speaker":"Carl Widger","startTime":3444.94,"endTime":3445.12,"body":" "},{"speaker":"Carl Widger","startTime":3445.12,"endTime":3449.7999999999997,"body":"it seems like a fairly minor"},{"speaker":"Carl Widger","startTime":3449.7999999999997,"endTime":3445.12,"body":" "},{"speaker":"Carl Widger","startTime":3445.12,"endTime":3449.7999999999997,"body":"kind of a compliance issue for"},{"speaker":"Carl Widger","startTime":3449.7999999999997,"endTime":3449.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3449.7999999999997,"endTime":3453.94,"body":"them. My problem with that it"},{"speaker":"Carl Widger","startTime":3453.94,"endTime":3449.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3449.7999999999997,"endTime":3453.94,"body":"but be that as May, it's a fine,"},{"speaker":"Carl Widger","startTime":3453.94,"endTime":3453.94,"body":" "},{"speaker":"Carl Widger","startTime":3453.94,"endTime":3456.22,"body":"and they put their hands up and"},{"speaker":"Carl Widger","startTime":3456.22,"endTime":3453.94,"body":" "},{"speaker":"Carl Widger","startTime":3453.94,"endTime":3456.22,"body":"said, Okay, we'll do it"},{"speaker":"Carl Widger","startTime":3456.22,"endTime":3456.22,"body":" "},{"speaker":"Carl Widger","startTime":3456.22,"endTime":3459.6,"body":"differently going forward. But"},{"speaker":"Carl Widger","startTime":3459.6,"endTime":3456.22,"body":" "},{"speaker":"Carl Widger","startTime":3456.22,"endTime":3459.6,"body":"Robin goes on then to say that,"},{"speaker":"Carl Widger","startTime":3459.6,"endTime":3460.98,"body":" "},{"speaker":"Carl Widger","startTime":3460.98,"endTime":3464.04,"body":"for me, he conflates the issue a"},{"speaker":"Carl Widger","startTime":3464.04,"endTime":3460.98,"body":" "},{"speaker":"Carl Widger","startTime":3460.98,"endTime":3464.04,"body":"small bit between the Vanguard"},{"speaker":"Carl Widger","startTime":3464.04,"endTime":3464.04,"body":" "},{"speaker":"Carl Widger","startTime":3464.04,"endTime":3467.58,"body":"issue about their advisors not"},{"speaker":"Carl Widger","startTime":3467.58,"endTime":3464.04,"body":" "},{"speaker":"Carl Widger","startTime":3464.04,"endTime":3467.58,"body":"not disclosing, or Vanguard not"},{"speaker":"Carl Widger","startTime":3467.58,"endTime":3467.58,"body":" "},{"speaker":"Carl Widger","startTime":3467.58,"endTime":3470.8199999999997,"body":"disclosing that they pay their"},{"speaker":"Carl Widger","startTime":3470.8199999999997,"endTime":3467.58,"body":" "},{"speaker":"Carl Widger","startTime":3467.58,"endTime":3470.8199999999997,"body":"advisors or bonuses to he moves"},{"speaker":"Carl Widger","startTime":3470.8199999999997,"endTime":3470.8199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3470.8199999999997,"endTime":3475.2,"body":"kind of into well, and that's"},{"speaker":"Carl Widger","startTime":3475.2,"endTime":3470.8199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3470.8199999999997,"endTime":3475.2,"body":"like the consolidation that's"},{"speaker":"Carl Widger","startTime":3475.2,"endTime":3475.2,"body":" "},{"speaker":"Carl Widger","startTime":3475.2,"endTime":3478.46,"body":"happening in the UK market with,"},{"speaker":"Carl Widger","startTime":3478.46,"endTime":3475.2,"body":" "},{"speaker":"Carl Widger","startTime":3475.2,"endTime":3478.46,"body":"you know, the private equity"},{"speaker":"Carl Widger","startTime":3478.46,"endTime":3478.46,"body":" "},{"speaker":"Carl Widger","startTime":3478.46,"endTime":3482.0,"body":"guys coming in. And he points"},{"speaker":"Carl Widger","startTime":3482.0,"endTime":3478.46,"body":" "},{"speaker":"Carl Widger","startTime":3478.46,"endTime":3482.0,"body":"to, you know, loss of"},{"speaker":"Carl Widger","startTime":3482.0,"endTime":3482.0,"body":" "},{"speaker":"Carl Widger","startTime":3482.0,"endTime":3485.48,"body":"independence, if you're"},{"speaker":"Carl Widger","startTime":3485.48,"endTime":3482.0,"body":" "},{"speaker":"Carl Widger","startTime":3482.0,"endTime":3485.48,"body":"swallowed up by a private equity"},{"speaker":"Carl Widger","startTime":3485.48,"endTime":3485.6,"body":" "},{"speaker":"Carl Widger","startTime":3485.6,"endTime":3489.74,"body":"that's an obvious one,"},{"speaker":"Carl Widger","startTime":3489.74,"endTime":3485.6,"body":" "},{"speaker":"Carl Widger","startTime":3485.6,"endTime":3489.74,"body":"proprietary product pressure. So"},{"speaker":"Carl Widger","startTime":3489.74,"endTime":3489.74,"body":" "},{"speaker":"Carl Widger","startTime":3489.74,"endTime":3491.72,"body":"we kind of mentioned that"},{"speaker":"Carl Widger","startTime":3491.72,"endTime":3489.74,"body":" "},{"speaker":"Carl Widger","startTime":3489.74,"endTime":3491.72,"body":"earlier on about, you know, oh,"},{"speaker":"Carl Widger","startTime":3491.72,"endTime":3491.72,"body":" "},{"speaker":"Carl Widger","startTime":3491.72,"endTime":3494.2999999999997,"body":"well, you must go on our"},{"speaker":"Carl Widger","startTime":3494.2999999999997,"endTime":3491.72,"body":" "},{"speaker":"Carl Widger","startTime":3491.72,"endTime":3494.2999999999997,"body":"platform, and you must invest in"},{"speaker":"Carl Widger","startTime":3494.2999999999997,"endTime":3494.2999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3494.2999999999997,"endTime":3499.42,"body":"our funds and whatever fee"},{"speaker":"Carl Widger","startTime":3499.42,"endTime":3494.2999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3494.2999999999997,"endTime":3499.42,"body":"increases so they may happen."},{"speaker":"Carl Widger","startTime":3499.42,"endTime":3499.42,"body":" "},{"speaker":"Carl Widger","startTime":3499.42,"endTime":3502.18,"body":"Those two points may happen"},{"speaker":"Carl Widger","startTime":3502.18,"endTime":3499.42,"body":" "},{"speaker":"Carl Widger","startTime":3499.42,"endTime":3502.18,"body":"about product pressure and fee"},{"speaker":"Carl Widger","startTime":3502.18,"endTime":3502.18,"body":" "},{"speaker":"Carl Widger","startTime":3502.18,"endTime":3504.8199999999997,"body":"increases, but, but that's not"},{"speaker":"Carl Widger","startTime":3504.8199999999997,"endTime":3502.18,"body":" "},{"speaker":"Carl Widger","startTime":3502.18,"endTime":3504.8199999999997,"body":"the case with all of the private"},{"speaker":"Carl Widger","startTime":3504.8199999999997,"endTime":3504.8199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3504.8199999999997,"endTime":3509.14,"body":"equity guys, and then service"},{"speaker":"Carl Widger","startTime":3509.14,"endTime":3504.8199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3504.8199999999997,"endTime":3509.14,"body":"deterioration, I don't know."},{"speaker":"Carl Widger","startTime":3509.14,"endTime":3509.2,"body":" "},{"speaker":"Carl Widger","startTime":3509.2,"endTime":3513.16,"body":"Like, if you're, if you're flat"},{"speaker":"Carl Widger","startTime":3513.16,"endTime":3509.2,"body":" "},{"speaker":"Carl Widger","startTime":3509.2,"endTime":3513.16,"body":"out one man show with, you know,"},{"speaker":"Carl Widger","startTime":3513.16,"endTime":3513.2799999999997,"body":" "},{"speaker":"Carl Widger","startTime":3513.2799999999997,"endTime":3516.6,"body":"kind of two half people working"},{"speaker":"Carl Widger","startTime":3516.6,"endTime":3513.2799999999997,"body":" "},{"speaker":"Carl Widger","startTime":3513.2799999999997,"endTime":3516.6,"body":"for you, and then you go into a"},{"speaker":"Carl Widger","startTime":3516.6,"endTime":3516.6,"body":" "},{"speaker":"Carl Widger","startTime":3516.6,"endTime":3520.02,"body":"bigger firm, maybe the service"},{"speaker":"Carl Widger","startTime":3520.02,"endTime":3516.6,"body":" "},{"speaker":"Carl Widger","startTime":3516.6,"endTime":3520.02,"body":"will get better. So I'm just not"},{"speaker":"Carl Widger","startTime":3520.02,"endTime":3520.02,"body":" "},{"speaker":"Carl Widger","startTime":3520.02,"endTime":3526.2599999999998,"body":"sure about this. This whole"},{"speaker":"Carl Widger","startTime":3526.2599999999998,"endTime":3520.02,"body":" "},{"speaker":"Carl Widger","startTime":3520.02,"endTime":3526.2599999999998,"body":"discussion has gone on that"},{"speaker":"Carl Widger","startTime":3526.2599999999998,"endTime":3526.2599999999998,"body":" "},{"speaker":"Carl Widger","startTime":3526.2599999999998,"endTime":3529.92,"body":"private equity is across the"},{"speaker":"Carl Widger","startTime":3529.92,"endTime":3526.2599999999998,"body":" "},{"speaker":"Carl Widger","startTime":3526.2599999999998,"endTime":3529.92,"body":"board terrible. Now, when I said"},{"speaker":"Carl Widger","startTime":3529.92,"endTime":3529.92,"body":" "},{"speaker":"Carl Widger","startTime":3529.92,"endTime":3532.56,"body":"this, I said there's something"},{"speaker":"Carl Widger","startTime":3532.56,"endTime":3529.92,"body":" "},{"speaker":"Carl Widger","startTime":3529.92,"endTime":3532.56,"body":"like this at trap live, and I"},{"speaker":"Carl Widger","startTime":3532.56,"endTime":3532.56,"body":" "},{"speaker":"Carl Widger","startTime":3532.56,"endTime":3535.2,"body":"got slagged about it, going, Oh,"},{"speaker":"Carl Widger","startTime":3535.2,"endTime":3532.56,"body":" "},{"speaker":"Carl Widger","startTime":3532.56,"endTime":3535.2,"body":"you're setting yourself up for"},{"speaker":"Carl Widger","startTime":3535.2,"endTime":3535.2,"body":" "},{"speaker":"Carl Widger","startTime":3535.2,"endTime":3539.66,"body":"private equity and blah, blah,"},{"speaker":"Carl Widger","startTime":3539.66,"endTime":3535.2,"body":" "},{"speaker":"Carl Widger","startTime":3535.2,"endTime":3539.66,"body":"I'm absolutely 100% I am not,"},{"speaker":"Carl Widger","startTime":3539.66,"endTime":3540.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3540.7999999999997,"endTime":3545.24,"body":"but I'm not an agent either, and"},{"speaker":"Carl Widger","startTime":3545.24,"endTime":3540.7999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3540.7999999999997,"endTime":3545.24,"body":"I have had chats with people,"},{"speaker":"Carl Widger","startTime":3545.24,"endTime":3545.24,"body":" "},{"speaker":"Carl Widger","startTime":3545.24,"endTime":3548.18,"body":"right? And some of them are,"},{"speaker":"Carl Widger","startTime":3548.18,"endTime":3545.24,"body":" "},{"speaker":"Carl Widger","startTime":3545.24,"endTime":3548.18,"body":"well, yeah, we're in this for"},{"speaker":"Carl Widger","startTime":3548.18,"endTime":3548.18,"body":" "},{"speaker":"Carl Widger","startTime":3548.18,"endTime":3551.06,"body":"the long term, and you can stay"},{"speaker":"Carl Widger","startTime":3551.06,"endTime":3548.18,"body":" "},{"speaker":"Carl Widger","startTime":3548.18,"endTime":3551.06,"body":"on your own platform. And"},{"speaker":"Carl Widger","startTime":3551.06,"endTime":3551.12,"body":" "},{"speaker":"Carl Widger","startTime":3551.12,"endTime":3553.52,"body":"absolutely, we love your"},{"speaker":"Carl Widger","startTime":3553.52,"endTime":3551.12,"body":" "},{"speaker":"Carl Widger","startTime":3551.12,"endTime":3553.52,"body":"investment planning or your"},{"speaker":"Carl Widger","startTime":3553.52,"endTime":3553.52,"body":" "},{"speaker":"Carl Widger","startTime":3553.52,"endTime":3556.04,"body":"investment philosophy, and we"},{"speaker":"Carl Widger","startTime":3556.04,"endTime":3553.52,"body":" "},{"speaker":"Carl Widger","startTime":3553.52,"endTime":3556.04,"body":"love that it's financial"},{"speaker":"Carl Widger","startTime":3556.04,"endTime":3556.04,"body":" "},{"speaker":"Carl Widger","startTime":3556.04,"endTime":3562.2999999999997,"body":"planning led, right? Anyway, the"},{"speaker":"Carl Widger","startTime":3562.2999999999997,"endTime":3556.04,"body":" "},{"speaker":"Carl Widger","startTime":3556.04,"endTime":3562.2999999999997,"body":"three, the three questions,"},{"speaker":"Carl Widger","startTime":3562.2999999999997,"endTime":3562.2999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3562.2999999999997,"endTime":3564.8199999999997,"body":"Robin says you should, so his"},{"speaker":"Carl Widger","startTime":3564.8199999999997,"endTime":3562.2999999999997,"body":" "},{"speaker":"Carl Widger","startTime":3562.2999999999997,"endTime":3564.8199999999997,"body":"conclusion are, how are you"},{"speaker":"Carl Widger","startTime":3564.8199999999997,"endTime":3564.8199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3564.8199999999997,"endTime":3568.9,"body":"paid? And have you, you know,"},{"speaker":"Carl Widger","startTime":3568.9,"endTime":3564.8199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3564.8199999999997,"endTime":3568.9,"body":"what kind of bonuses, blah,"},{"speaker":"Carl Widger","startTime":3568.9,"endTime":3568.9,"body":" "},{"speaker":"Carl Widger","startTime":3568.9,"endTime":3572.56,"body":"blah, blah, that's number one."},{"speaker":"Carl Widger","startTime":3572.56,"endTime":3568.9,"body":" "},{"speaker":"Carl Widger","startTime":3568.9,"endTime":3572.56,"body":"Have you incentives to recommend"},{"speaker":"Carl Widger","startTime":3572.56,"endTime":3572.56,"body":" "},{"speaker":"Carl Widger","startTime":3572.56,"endTime":3579.12,"body":"funds, right? So, yeah, okay,"},{"speaker":"Carl Widger","startTime":3579.12,"endTime":3572.56,"body":" "},{"speaker":"Carl Widger","startTime":3572.56,"endTime":3579.12,"body":"fair and and the funds that"},{"speaker":"Carl Widger","startTime":3579.12,"endTime":3579.12,"body":" "},{"speaker":"Carl Widger","startTime":3579.12,"endTime":3582.06,"body":"you're you're recommending I"},{"speaker":"Carl Widger","startTime":3582.06,"endTime":3579.12,"body":" "},{"speaker":"Carl Widger","startTime":3579.12,"endTime":3582.06,"body":"invest in. Are you willing to"},{"speaker":"Carl Widger","startTime":3582.06,"endTime":3582.06,"body":" "},{"speaker":"Carl Widger","startTime":3582.06,"endTime":3585.72,"body":"invest in them yourself? Okay,"},{"speaker":"Carl Widger","startTime":3585.72,"endTime":3582.06,"body":" "},{"speaker":"Carl Widger","startTime":3582.06,"endTime":3585.72,"body":"now, my problem with this whole"},{"speaker":"Carl Widger","startTime":3585.72,"endTime":3585.72,"body":" "},{"speaker":"Carl Widger","startTime":3585.72,"endTime":3588.06,"body":"article, and there's another,"},{"speaker":"Carl Widger","startTime":3588.06,"endTime":3585.72,"body":" "},{"speaker":"Carl Widger","startTime":3585.72,"endTime":3588.06,"body":"there's another discussion"},{"speaker":"Carl Widger","startTime":3588.06,"endTime":3588.06,"body":" "},{"speaker":"Carl Widger","startTime":3588.06,"endTime":3593.3399999999997,"body":"LinkedIn, is that business"},{"speaker":"Carl Widger","startTime":3593.3399999999997,"endTime":3588.06,"body":" "},{"speaker":"Carl Widger","startTime":3588.06,"endTime":3593.3399999999997,"body":"isn't, it's not binary. It's not"},{"speaker":"Carl Widger","startTime":3593.3399999999997,"endTime":3593.4,"body":" "},{"speaker":"Carl Widger","startTime":3593.4,"endTime":3597.8599999999997,"body":"it's, it's, it's, it's multi"},{"speaker":"Carl Widger","startTime":3597.8599999999997,"endTime":3593.4,"body":" "},{"speaker":"Carl Widger","startTime":3593.4,"endTime":3597.8599999999997,"body":"dimensional, it's nuanced."},{"speaker":"Carl Widger","startTime":3597.8599999999997,"endTime":3597.92,"body":" "},{"speaker":"Carl Widger","startTime":3597.92,"endTime":3603.14,"body":"There's so much stuff going on,"},{"speaker":"Carl Widger","startTime":3603.14,"endTime":3597.92,"body":" "},{"speaker":"Carl Widger","startTime":3597.92,"endTime":3603.14,"body":"and ultimately, your values are"},{"speaker":"Carl Widger","startTime":3603.14,"endTime":3603.14,"body":" "},{"speaker":"Carl Widger","startTime":3603.14,"endTime":3608.0,"body":"your values. Good Behavior is"},{"speaker":"Carl Widger","startTime":3608.0,"endTime":3603.14,"body":" "},{"speaker":"Carl Widger","startTime":3603.14,"endTime":3608.0,"body":"good behavior and misconduct is"},{"speaker":"Carl Widger","startTime":3608.0,"endTime":3608.0,"body":" "},{"speaker":"Carl Widger","startTime":3608.0,"endTime":3612.5,"body":"misconduct. So you know, there"},{"speaker":"Carl Widger","startTime":3612.5,"endTime":3608.0,"body":" "},{"speaker":"Carl Widger","startTime":3608.0,"endTime":3612.5,"body":"might be tons of reasons why you"},{"speaker":"Carl Widger","startTime":3612.5,"endTime":3612.5,"body":" "},{"speaker":"Carl Widger","startTime":3612.5,"endTime":3617.38,"body":"have decided to go a certain"},{"speaker":"Carl Widger","startTime":3617.38,"endTime":3612.5,"body":" "},{"speaker":"Carl Widger","startTime":3612.5,"endTime":3617.38,"body":"direction with your business. So"},{"speaker":"Carl Widger","startTime":3617.38,"endTime":3617.56,"body":" "},{"speaker":"Carl Widger","startTime":3617.56,"endTime":3622.96,"body":"saying that every single person"},{"speaker":"Carl Widger","startTime":3622.96,"endTime":3617.56,"body":" "},{"speaker":"Carl Widger","startTime":3617.56,"endTime":3622.96,"body":"who has been consolidated is"},{"speaker":"Carl Widger","startTime":3622.96,"endTime":3622.96,"body":" "},{"speaker":"Carl Widger","startTime":3622.96,"endTime":3626.14,"body":"that a word, right? So has been"},{"speaker":"Carl Widger","startTime":3626.14,"endTime":3622.96,"body":" "},{"speaker":"Carl Widger","startTime":3622.96,"endTime":3626.14,"body":"taken up by the Pac Man that is"},{"speaker":"Carl Widger","startTime":3626.14,"endTime":3626.14,"body":" "},{"speaker":"Carl Widger","startTime":3626.14,"endTime":3628.9,"body":"the consolidators, right? Say"},{"speaker":"Carl Widger","startTime":3628.9,"endTime":3626.14,"body":" "},{"speaker":"Carl Widger","startTime":3626.14,"endTime":3628.9,"body":"that they're all wrong, that"},{"speaker":"Carl Widger","startTime":3628.9,"endTime":3628.9,"body":" "},{"speaker":"Carl Widger","startTime":3628.9,"endTime":3632.74,"body":"they're all They're all only in"},{"speaker":"Carl Widger","startTime":3632.74,"endTime":3628.9,"body":" "},{"speaker":"Carl Widger","startTime":3628.9,"endTime":3632.74,"body":"it for the money, and they've"},{"speaker":"Carl Widger","startTime":3632.74,"endTime":3632.74,"body":" "},{"speaker":"Carl Widger","startTime":3632.74,"endTime":3636.18,"body":"screwed their clients and"},{"speaker":"Carl Widger","startTime":3636.18,"endTime":3632.74,"body":" "},{"speaker":"Carl Widger","startTime":3632.74,"endTime":3636.18,"body":"whatever. I just I don't, I"},{"speaker":"Carl Widger","startTime":3636.18,"endTime":3636.18,"body":" "},{"speaker":"Carl Widger","startTime":3636.18,"endTime":3639.72,"body":"don't know. I don't get it. And"},{"speaker":"Carl Widger","startTime":3639.72,"endTime":3636.18,"body":" "},{"speaker":"Carl Widger","startTime":3636.18,"endTime":3639.72,"body":"there are, there are lots of"},{"speaker":"Carl Widger","startTime":3639.72,"endTime":3639.72,"body":" "},{"speaker":"Carl Widger","startTime":3639.72,"endTime":3642.9,"body":"reasons for, you know, people"},{"speaker":"Carl Widger","startTime":3642.9,"endTime":3639.72,"body":" "},{"speaker":"Carl Widger","startTime":3639.72,"endTime":3642.9,"body":"doing something slightly"},{"speaker":"Carl Widger","startTime":3642.9,"endTime":3642.9,"body":" "},{"speaker":"Carl Widger","startTime":3642.9,"endTime":3646.38,"body":"differently, and a lot of those"},{"speaker":"Carl Widger","startTime":3646.38,"endTime":3642.9,"body":" "},{"speaker":"Carl Widger","startTime":3642.9,"endTime":3646.38,"body":"reasons can be in your clients"},{"speaker":"Carl Widger","startTime":3646.38,"endTime":3646.38,"body":" "},{"speaker":"Carl Widger","startTime":3646.38,"endTime":3650.4,"body":"best interest. So I'm just"},{"speaker":"Carl Widger","startTime":3650.4,"endTime":3646.38,"body":" "},{"speaker":"Carl Widger","startTime":3646.38,"endTime":3650.4,"body":"pushing back a small bit on the"},{"speaker":"Carl Widger","startTime":3650.4,"endTime":3650.4,"body":" "},{"speaker":"Carl Widger","startTime":3650.4,"endTime":3656.54,"body":"the black and white. And look,"},{"speaker":"Carl Widger","startTime":3656.54,"endTime":3650.4,"body":" "},{"speaker":"Carl Widger","startTime":3650.4,"endTime":3656.54,"body":"it's for me guys, right? I have"},{"speaker":"Carl Widger","startTime":3656.54,"endTime":3656.54,"body":" "},{"speaker":"Carl Widger","startTime":3656.54,"endTime":3660.38,"body":"to say it probably comes more"},{"speaker":"Carl Widger","startTime":3660.38,"endTime":3656.54,"body":" "},{"speaker":"Carl Widger","startTime":3656.54,"endTime":3660.38,"body":"from the UK advisory market"},{"speaker":"Carl Widger","startTime":3660.38,"endTime":3660.38,"body":" "},{"speaker":"Carl Widger","startTime":3660.38,"endTime":3664.64,"body":"arguing on LinkedIn. I don't"},{"speaker":"Carl Widger","startTime":3664.64,"endTime":3660.38,"body":" "},{"speaker":"Carl Widger","startTime":3660.38,"endTime":3664.64,"body":"think is a good look, and I"},{"speaker":"Carl Widger","startTime":3664.64,"endTime":3664.64,"body":" "},{"speaker":"Carl Widger","startTime":3664.64,"endTime":3669.8599999999997,"body":"think that there's very little"},{"speaker":"Carl Widger","startTime":3669.8599999999997,"endTime":3664.64,"body":" "},{"speaker":"Carl Widger","startTime":3664.64,"endTime":3669.8599999999997,"body":"allowance for the nuance of"},{"speaker":"Carl Widger","startTime":3669.8599999999997,"endTime":3669.8599999999997,"body":" "},{"speaker":"Carl Widger","startTime":3669.8599999999997,"endTime":3672.3199999999997,"body":"business, like, why aren't you"},{"speaker":"Carl Widger","startTime":3672.3199999999997,"endTime":3669.8599999999997,"body":" "},{"speaker":"Carl Widger","startTime":3669.8599999999997,"endTime":3672.3199999999997,"body":"just like Ireland, where you"},{"speaker":"Carl Widger","startTime":3672.3199999999997,"endTime":3672.3199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3672.3199999999997,"endTime":3675.2,"body":"just send a strongly worded"},{"speaker":"Carl Widger","startTime":3675.2,"endTime":3672.3199999999997,"body":" "},{"speaker":"Carl Widger","startTime":3672.3199999999997,"endTime":3675.2,"body":"email directly to the person who"},{"speaker":"Carl Widger","startTime":3675.2,"endTime":3675.2,"body":" "},{"speaker":"Carl Widger","startTime":3675.2,"endTime":3677.74,"body":"said something that. That you"},{"speaker":"Carl Widger","startTime":3677.74,"endTime":3675.2,"body":" "},{"speaker":"Carl Widger","startTime":3675.2,"endTime":3677.74,"body":"didn't like, right?"},{"speaker":"Andy Hart","startTime":3677.92,"endTime":3680.68,"body":"So I'm refusing,"},{"speaker":"Andy Hart","startTime":3680.68,"endTime":3677.92,"body":" "},{"speaker":"Andy Hart","startTime":3677.92,"endTime":3680.68,"body":"John, do you think that? Do you"},{"speaker":"Andy Hart","startTime":3680.68,"endTime":3680.68,"body":" "},{"speaker":"Andy Hart","startTime":3680.68,"endTime":3684.94,"body":"think that doesn't go as well?"},{"speaker":"Andy Hart","startTime":3684.94,"endTime":3680.68,"body":" "},{"speaker":"Andy Hart","startTime":3680.68,"endTime":3684.94,"body":"Well?"},{"speaker":"Carl Widger","startTime":3684.939,"endTime":3686.919,"body":"I think that's"},{"speaker":"Carl Widger","startTime":3686.919,"endTime":3684.939,"body":" "},{"speaker":"Carl Widger","startTime":3684.939,"endTime":3686.919,"body":"that's more business like, and"},{"speaker":"Carl Widger","startTime":3686.919,"endTime":3686.919,"body":" "},{"speaker":"Carl Widger","startTime":3686.919,"endTime":3689.379,"body":"it's more professional to say,"},{"speaker":"Carl Widger","startTime":3689.379,"endTime":3686.919,"body":" "},{"speaker":"Carl Widger","startTime":3686.919,"endTime":3689.379,"body":"hey, and then you can have a"},{"speaker":"Carl Widger","startTime":3689.379,"endTime":3689.379,"body":" "},{"speaker":"Carl Widger","startTime":3689.379,"endTime":3693.5789999999997,"body":"private discussion. But like"},{"speaker":"Carl Widger","startTime":3693.5789999999997,"endTime":3689.379,"body":" "},{"speaker":"Carl Widger","startTime":3689.379,"endTime":3693.5789999999997,"body":"going so hard in on, you know,"},{"speaker":"Carl Widger","startTime":3693.5789999999997,"endTime":3693.6389999999997,"body":" "},{"speaker":"Carl Widger","startTime":3693.6389999999997,"endTime":3696.899,"body":"comments on LinkedIn and to"},{"speaker":"Carl Widger","startTime":3696.899,"endTime":3693.6389999999997,"body":" "},{"speaker":"Carl Widger","startTime":3693.6389999999997,"endTime":3696.899,"body":"know, and Does anyone else want"},{"speaker":"Carl Widger","startTime":3696.899,"endTime":3696.899,"body":" "},{"speaker":"Carl Widger","startTime":3696.899,"endTime":3700.739,"body":"to talk about the Abraham"},{"speaker":"Carl Widger","startTime":3700.739,"endTime":3696.899,"body":" "},{"speaker":"Carl Widger","startTime":3696.899,"endTime":3700.739,"body":"LinkedIn message, or maybe I'll"},{"speaker":"Carl Widger","startTime":3700.739,"endTime":3700.739,"body":" "},{"speaker":"Carl Widger","startTime":3700.739,"endTime":3703.319,"body":"go there, right? Because I don't"},{"speaker":"Carl Widger","startTime":3703.319,"endTime":3700.739,"body":" "},{"speaker":"Carl Widger","startTime":3700.739,"endTime":3703.319,"body":"really mind saying this. So"},{"speaker":"Carl Widger","startTime":3703.319,"endTime":3703.499,"body":" "},{"speaker":"Carl Widger","startTime":3703.499,"endTime":3707.219,"body":"Abraham talked about an article"},{"speaker":"Carl Widger","startTime":3707.219,"endTime":3703.499,"body":" "},{"speaker":"Carl Widger","startTime":3703.499,"endTime":3707.219,"body":"that Brian Hill put out, and you"},{"speaker":"Carl Widger","startTime":3707.219,"endTime":3707.279,"body":" "},{"speaker":"Carl Widger","startTime":3707.279,"endTime":3712.259,"body":"know, it was all about all the"},{"speaker":"Carl Widger","startTime":3712.259,"endTime":3707.279,"body":" "},{"speaker":"Carl Widger","startTime":3707.279,"endTime":3712.259,"body":"consolidators are exactly like"},{"speaker":"Carl Widger","startTime":3712.259,"endTime":3712.259,"body":" "},{"speaker":"Carl Widger","startTime":3712.259,"endTime":3714.779,"body":"what Robin had said. You know,"},{"speaker":"Carl Widger","startTime":3714.779,"endTime":3712.259,"body":" "},{"speaker":"Carl Widger","startTime":3712.259,"endTime":3714.779,"body":"that they're putting pressure to"},{"speaker":"Carl Widger","startTime":3714.779,"endTime":3714.779,"body":" "},{"speaker":"Carl Widger","startTime":3714.779,"endTime":3716.939,"body":"go onto their own platforms,"},{"speaker":"Carl Widger","startTime":3716.939,"endTime":3714.779,"body":" "},{"speaker":"Carl Widger","startTime":3714.779,"endTime":3716.939,"body":"into their own funds, or"},{"speaker":"Carl Widger","startTime":3716.939,"endTime":3716.939,"body":" "},{"speaker":"Carl Widger","startTime":3716.939,"endTime":3719.5389999999998,"body":"whatever. And then there was a"},{"speaker":"Carl Widger","startTime":3719.5389999999998,"endTime":3716.939,"body":" "},{"speaker":"Carl Widger","startTime":3716.939,"endTime":3719.5389999999998,"body":"guy came back and went, Well,"},{"speaker":"Carl Widger","startTime":3719.5389999999998,"endTime":3719.959,"body":" "},{"speaker":"Carl Widger","startTime":3719.959,"endTime":3723.1389999999997,"body":"I'm kind of one of those. And"},{"speaker":"Carl Widger","startTime":3723.1389999999997,"endTime":3719.959,"body":" "},{"speaker":"Carl Widger","startTime":3719.959,"endTime":3723.1389999999997,"body":"for loads of different reasons,"},{"speaker":"Carl Widger","startTime":3723.1389999999997,"endTime":3723.379,"body":" "},{"speaker":"Carl Widger","startTime":3723.379,"endTime":3726.319,"body":"that's not really the case. And"},{"speaker":"Carl Widger","startTime":3726.319,"endTime":3723.379,"body":" "},{"speaker":"Carl Widger","startTime":3723.379,"endTime":3726.319,"body":"then it was another guy comment"},{"speaker":"Carl Widger","startTime":3726.319,"endTime":3726.319,"body":" "},{"speaker":"Carl Widger","startTime":3726.319,"endTime":3728.899,"body":"saying, Oh, you're, you know,"},{"speaker":"Carl Widger","startTime":3728.899,"endTime":3726.319,"body":" "},{"speaker":"Carl Widger","startTime":3726.319,"endTime":3728.899,"body":"really aggressively. That's"},{"speaker":"Carl Widger","startTime":3728.899,"endTime":3728.899,"body":" "},{"speaker":"Carl Widger","startTime":3728.899,"endTime":3732.319,"body":"terrible. And whatever. I just"},{"speaker":"Carl Widger","startTime":3732.319,"endTime":3728.899,"body":" "},{"speaker":"Carl Widger","startTime":3728.899,"endTime":3732.319,"body":"like, if clients are looking at"},{"speaker":"Carl Widger","startTime":3732.319,"endTime":3732.319,"body":" "},{"speaker":"Carl Widger","startTime":3732.319,"endTime":3734.779,"body":"that, it's not good. It's a"},{"speaker":"Carl Widger","startTime":3734.779,"endTime":3732.319,"body":" "},{"speaker":"Carl Widger","startTime":3732.319,"endTime":3734.779,"body":"little bit like the footballer"},{"speaker":"Carl Widger","startTime":3734.779,"endTime":3734.779,"body":" "},{"speaker":"Carl Widger","startTime":3734.779,"endTime":3737.919,"body":"story, right? That financial"},{"speaker":"Carl Widger","startTime":3737.919,"endTime":3734.779,"body":" "},{"speaker":"Carl Widger","startTime":3734.779,"endTime":3737.919,"body":"advisors have screwed these"},{"speaker":"Carl Widger","startTime":3737.919,"endTime":3737.919,"body":" "},{"speaker":"Carl Widger","startTime":3737.919,"endTime":3740.799,"body":"people with really bad behavior"},{"speaker":"Carl Widger","startTime":3740.799,"endTime":3737.919,"body":" "},{"speaker":"Carl Widger","startTime":3737.919,"endTime":3740.799,"body":"that's in the media, and then"},{"speaker":"Carl Widger","startTime":3740.799,"endTime":3740.799,"body":" "},{"speaker":"Carl Widger","startTime":3740.799,"endTime":3743.259,"body":"they're looking at LinkedIn and"},{"speaker":"Carl Widger","startTime":3743.259,"endTime":3740.799,"body":" "},{"speaker":"Carl Widger","startTime":3740.799,"endTime":3743.259,"body":"the financial advisor going, No,"},{"speaker":"Carl Widger","startTime":3743.259,"endTime":3743.259,"body":" "},{"speaker":"Carl Widger","startTime":3743.259,"endTime":3745.659,"body":"you're wrong, and you're"},{"speaker":"Carl Widger","startTime":3745.659,"endTime":3743.259,"body":" "},{"speaker":"Carl Widger","startTime":3743.259,"endTime":3745.659,"body":"terrible, and your business is"},{"speaker":"Carl Widger","startTime":3745.659,"endTime":3745.659,"body":" "},{"speaker":"Carl Widger","startTime":3745.659,"endTime":3750.6389999999997,"body":"terrible. I just think it's not"},{"speaker":"Carl Widger","startTime":3750.6389999999997,"endTime":3745.659,"body":" "},{"speaker":"Carl Widger","startTime":3745.659,"endTime":3750.6389999999997,"body":"a good look. And I think black"},{"speaker":"Carl Widger","startTime":3750.6389999999997,"endTime":3750.6389999999997,"body":" "},{"speaker":"Carl Widger","startTime":3750.6389999999997,"endTime":3754.0589999999997,"body":"and white is not certainly the"},{"speaker":"Carl Widger","startTime":3754.0589999999997,"endTime":3750.6389999999997,"body":" "},{"speaker":"Carl Widger","startTime":3750.6389999999997,"endTime":3754.0589999999997,"body":"way my business is run, like we"},{"speaker":"Carl Widger","startTime":3754.0589999999997,"endTime":3754.1189999999997,"body":" "},{"speaker":"Carl Widger","startTime":3754.1189999999997,"endTime":3757.739,"body":"have, we have probably 70% of"},{"speaker":"Carl Widger","startTime":3757.739,"endTime":3754.1189999999997,"body":" "},{"speaker":"Carl Widger","startTime":3754.1189999999997,"endTime":3757.739,"body":"our business on a platform, but"},{"speaker":"Carl Widger","startTime":3757.739,"endTime":3757.739,"body":" "},{"speaker":"Carl Widger","startTime":3757.739,"endTime":3763.1389999999997,"body":"the other 30% is somewhere else"},{"speaker":"Carl Widger","startTime":3763.1389999999997,"endTime":3757.739,"body":" "},{"speaker":"Carl Widger","startTime":3757.739,"endTime":3763.1389999999997,"body":"for a reason, and it's for the"},{"speaker":"Carl Widger","startTime":3763.1389999999997,"endTime":3763.1389999999997,"body":" "},{"speaker":"Carl Widger","startTime":3763.1389999999997,"endTime":3767.939,"body":"client's best interest reason."},{"speaker":"Carl Widger","startTime":3767.939,"endTime":3763.1389999999997,"body":" "},{"speaker":"Carl Widger","startTime":3763.1389999999997,"endTime":3767.939,"body":"It is not for our benefit,"},{"speaker":"Carl Widger","startTime":3767.939,"endTime":3767.999,"body":" "},{"speaker":"Carl Widger","startTime":3767.999,"endTime":3770.999,"body":"because we're absolutely clear"},{"speaker":"Carl Widger","startTime":3770.999,"endTime":3767.999,"body":" "},{"speaker":"Carl Widger","startTime":3767.999,"endTime":3770.999,"body":"that they're all they all pay"},{"speaker":"Carl Widger","startTime":3770.999,"endTime":3771.0589999999997,"body":" "},{"speaker":"Carl Widger","startTime":3771.0589999999997,"endTime":3774.659,"body":"the same but to say that all"},{"speaker":"Carl Widger","startTime":3774.659,"endTime":3771.0589999999997,"body":" "},{"speaker":"Carl Widger","startTime":3771.0589999999997,"endTime":3774.659,"body":"that's terrible, men as Ireland"},{"speaker":"Carl Widger","startTime":3774.659,"endTime":3774.659,"body":" "},{"speaker":"Carl Widger","startTime":3774.659,"endTime":3777.259,"body":"don't have all their business on"},{"speaker":"Carl Widger","startTime":3777.259,"endTime":3774.659,"body":" "},{"speaker":"Carl Widger","startTime":3774.659,"endTime":3777.259,"body":"their platform, that's terrible."},{"speaker":"Carl Widger","startTime":3777.259,"endTime":3777.5589999999997,"body":" "},{"speaker":"Carl Widger","startTime":3777.5589999999997,"endTime":3782.719,"body":"That's just not the case. And,"},{"speaker":"Carl Widger","startTime":3782.719,"endTime":3777.5589999999997,"body":" "},{"speaker":"Carl Widger","startTime":3777.5589999999997,"endTime":3782.719,"body":"you know, making accusations"},{"speaker":"Carl Widger","startTime":3782.719,"endTime":3782.719,"body":" "},{"speaker":"Carl Widger","startTime":3782.719,"endTime":3786.979,"body":"online about people's business"},{"speaker":"Carl Widger","startTime":3786.979,"endTime":3782.719,"body":" "},{"speaker":"Carl Widger","startTime":3782.719,"endTime":3786.979,"body":"without knowing the intricacies"},{"speaker":"Carl Widger","startTime":3786.979,"endTime":3786.979,"body":" "},{"speaker":"Carl Widger","startTime":3786.979,"endTime":3791.0589999999997,"body":"of what goes on behind the"},{"speaker":"Carl Widger","startTime":3791.0589999999997,"endTime":3786.979,"body":" "},{"speaker":"Carl Widger","startTime":3786.979,"endTime":3791.0589999999997,"body":"scenes. Booger off mind your own"},{"speaker":"Carl Widger","startTime":3791.0589999999997,"endTime":3791.0589999999997,"body":" "},{"speaker":"Carl Widger","startTime":3791.0589999999997,"endTime":3794.839,"body":"business. Look after your own"},{"speaker":"Carl Widger","startTime":3794.839,"endTime":3791.0589999999997,"body":" "},{"speaker":"Carl Widger","startTime":3791.0589999999997,"endTime":3794.839,"body":"field. Don't be looking into my"},{"speaker":"Carl Widger","startTime":3794.839,"endTime":3794.839,"body":" "},{"speaker":"Carl Widger","startTime":3794.839,"endTime":3798.879,"body":"field and saying, Oh, that's"},{"speaker":"Carl Widger","startTime":3798.879,"endTime":3794.839,"body":" "},{"speaker":"Carl Widger","startTime":3794.839,"endTime":3798.879,"body":"terrible over there. So that's"},{"speaker":"Carl Widger","startTime":3798.879,"endTime":3798.879,"body":" "},{"speaker":"Carl Widger","startTime":3798.879,"endTime":3800.5589999999997,"body":"my, uh, meat potatoes for"},{"speaker":"Andy Hart","startTime":3800.56,"endTime":3803.2,"body":"today. By field, you"},{"speaker":"Andy Hart","startTime":3803.2,"endTime":3800.56,"body":" "},{"speaker":"Andy Hart","startTime":3800.56,"endTime":3803.2,"body":"actually mean physical field,"},{"speaker":"Andy Hart","startTime":3803.2,"endTime":3803.2,"body":" "},{"speaker":"Andy Hart","startTime":3803.2,"endTime":3803.56,"body":"don't you?"},{"speaker":"Carl Widger","startTime":3803.56,"endTime":3805.9,"body":"Not, not, not."},{"speaker":"Carl Widger","startTime":3805.9,"endTime":3803.56,"body":" "},{"speaker":"Carl Widger","startTime":3803.56,"endTime":3805.9,"body":"We're Irish."},{"speaker":"Andy Hart","startTime":3807.94,"endTime":3812.14,"body":"Stick over there."},{"speaker":"Andy Hart","startTime":3812.14,"endTime":3807.94,"body":" "},{"speaker":"Andy Hart","startTime":3807.94,"endTime":3812.14,"body":"What general area of expertise?"},{"speaker":"Nick Lincoln","startTime":3812.1389999999997,"endTime":3814.0589999999997,"body":"Yeah. How about"},{"speaker":"Nick Lincoln","startTime":3814.0589999999997,"endTime":3812.1389999999997,"body":" "},{"speaker":"Nick Lincoln","startTime":3812.1389999999997,"endTime":3814.0589999999997,"body":"your hands raised? I"},{"speaker":"Alan Smith","startTime":3815.08,"endTime":3817.92,"body":"think that's from"},{"speaker":"Alan Smith","startTime":3817.92,"endTime":3815.08,"body":" "},{"speaker":"Alan Smith","startTime":3815.08,"endTime":3817.92,"body":"last time. But I will go remove"},{"speaker":"Alan Smith","startTime":3817.92,"endTime":3817.92,"body":" "},{"speaker":"Alan Smith","startTime":3817.92,"endTime":3824.46,"body":"him. I just do that to annoy"},{"speaker":"Alan Smith","startTime":3824.46,"endTime":3817.92,"body":" "},{"speaker":"Alan Smith","startTime":3817.92,"endTime":3824.46,"body":"you. Carl, I think, I think just"},{"speaker":"Alan Smith","startTime":3824.46,"endTime":3824.46,"body":" "},{"speaker":"Alan Smith","startTime":3824.46,"endTime":3826.62,"body":"listening to that, I think"},{"speaker":"Alan Smith","startTime":3826.62,"endTime":3824.46,"body":" "},{"speaker":"Alan Smith","startTime":3824.46,"endTime":3826.62,"body":"there's, there's two aspects of"},{"speaker":"Alan Smith","startTime":3826.62,"endTime":3826.62,"body":" "},{"speaker":"Alan Smith","startTime":3826.62,"endTime":3832.2599999999998,"body":"this. One is the kind of subject"},{"speaker":"Alan Smith","startTime":3832.2599999999998,"endTime":3826.62,"body":" "},{"speaker":"Alan Smith","startTime":3826.62,"endTime":3832.2599999999998,"body":"at hand, which, as I read it,"},{"speaker":"Alan Smith","startTime":3832.2599999999998,"endTime":3832.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3832.2599999999998,"endTime":3837.38,"body":"it's advisor firms selling their"},{"speaker":"Alan Smith","startTime":3837.38,"endTime":3832.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3832.2599999999998,"endTime":3837.38,"body":"business to consolidators and"},{"speaker":"Alan Smith","startTime":3837.38,"endTime":3837.38,"body":" "},{"speaker":"Alan Smith","startTime":3837.38,"endTime":3841.04,"body":"then having the assets gathered,"},{"speaker":"Alan Smith","startTime":3841.04,"endTime":3837.38,"body":" "},{"speaker":"Alan Smith","startTime":3837.38,"endTime":3841.04,"body":"consolidated, put on, you know,"},{"speaker":"Alan Smith","startTime":3841.04,"endTime":3841.04,"body":" "},{"speaker":"Alan Smith","startTime":3841.04,"endTime":3844.2799999999997,"body":"the clues in the name"},{"speaker":"Alan Smith","startTime":3844.2799999999997,"endTime":3841.04,"body":" "},{"speaker":"Alan Smith","startTime":3841.04,"endTime":3844.2799999999997,"body":"consolidated, having it sort of"},{"speaker":"Alan Smith","startTime":3844.2799999999997,"endTime":3844.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3844.2799999999997,"endTime":3847.2799999999997,"body":"streamlined, systemized, etc."},{"speaker":"Alan Smith","startTime":3847.2799999999997,"endTime":3844.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3844.2799999999997,"endTime":3847.2799999999997,"body":"And the other thing is, really"},{"speaker":"Alan Smith","startTime":3847.2799999999997,"endTime":3847.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3847.2799999999997,"endTime":3851.7799999999997,"body":"about this kind of online"},{"speaker":"Alan Smith","startTime":3851.7799999999997,"endTime":3847.2799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3847.2799999999997,"endTime":3851.7799999999997,"body":"infighting within the"},{"speaker":"Alan Smith","startTime":3851.7799999999997,"endTime":3851.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3851.7799999999997,"endTime":3855.2,"body":"profession, and that does seem"},{"speaker":"Alan Smith","startTime":3855.2,"endTime":3851.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3851.7799999999997,"endTime":3855.2,"body":"to be, yeah, I don't know from"},{"speaker":"Alan Smith","startTime":3855.2,"endTime":3855.2,"body":" "},{"speaker":"Alan Smith","startTime":3855.2,"endTime":3858.52,"body":"what I see, or maybe just the"},{"speaker":"Alan Smith","startTime":3858.52,"endTime":3855.2,"body":" "},{"speaker":"Alan Smith","startTime":3855.2,"endTime":3858.52,"body":"algorithm sending it to me."},{"speaker":"Alan Smith","startTime":3858.52,"endTime":3858.52,"body":" "},{"speaker":"Alan Smith","startTime":3858.52,"endTime":3860.7999999999997,"body":"There's more than there used to"},{"speaker":"Alan Smith","startTime":3860.7999999999997,"endTime":3858.52,"body":" "},{"speaker":"Alan Smith","startTime":3858.52,"endTime":3860.7999999999997,"body":"be. There's always been a bit"},{"speaker":"Alan Smith","startTime":3860.7999999999997,"endTime":3860.7999999999997,"body":" "},{"speaker":"Alan Smith","startTime":3860.7999999999997,"endTime":3864.88,"body":"of, sort of back and forward,"},{"speaker":"Alan Smith","startTime":3864.88,"endTime":3860.7999999999997,"body":" "},{"speaker":"Alan Smith","startTime":3860.7999999999997,"endTime":3864.88,"body":"active, pass it passive. The you"},{"speaker":"Alan Smith","startTime":3864.88,"endTime":3864.88,"body":" "},{"speaker":"Alan Smith","startTime":3864.88,"endTime":3869.38,"body":"know that obviously SGP"},{"speaker":"Alan Smith","startTime":3869.38,"endTime":3864.88,"body":" "},{"speaker":"Alan Smith","startTime":3864.88,"endTime":3869.38,"body":"questions, I thought we'd kind"},{"speaker":"Alan Smith","startTime":3869.38,"endTime":3869.38,"body":" "},{"speaker":"Alan Smith","startTime":3869.38,"endTime":3872.14,"body":"of progressed more as a"},{"speaker":"Alan Smith","startTime":3872.14,"endTime":3869.38,"body":" "},{"speaker":"Alan Smith","startTime":3869.38,"endTime":3872.14,"body":"profession, seems that maybe we"},{"speaker":"Alan Smith","startTime":3872.14,"endTime":3872.14,"body":" "},{"speaker":"Alan Smith","startTime":3872.14,"endTime":3874.12,"body":"haven't. And there's, yeah,"},{"speaker":"Alan Smith","startTime":3874.12,"endTime":3872.14,"body":" "},{"speaker":"Alan Smith","startTime":3872.14,"endTime":3874.12,"body":"there's one or two usual"},{"speaker":"Alan Smith","startTime":3874.12,"endTime":3874.12,"body":" "},{"speaker":"Alan Smith","startTime":3874.12,"endTime":3878.52,"body":"suspects that are forever being"},{"speaker":"Alan Smith","startTime":3878.52,"endTime":3874.12,"body":" "},{"speaker":"Alan Smith","startTime":3874.12,"endTime":3878.52,"body":"quite uh, negative. I'm more I'm"},{"speaker":"Alan Smith","startTime":3878.52,"endTime":3878.52,"body":" "},{"speaker":"Alan Smith","startTime":3878.52,"endTime":3881.22,"body":"a Solutions type person. I'd"},{"speaker":"Alan Smith","startTime":3881.22,"endTime":3878.52,"body":" "},{"speaker":"Alan Smith","startTime":3878.52,"endTime":3881.22,"body":"rather someone come up with."},{"speaker":"Alan Smith","startTime":3881.22,"endTime":3881.22,"body":" "},{"speaker":"Alan Smith","startTime":3881.22,"endTime":3883.62,"body":"Here's some thoughts, here's"},{"speaker":"Alan Smith","startTime":3883.62,"endTime":3881.22,"body":" "},{"speaker":"Alan Smith","startTime":3881.22,"endTime":3883.62,"body":"some ideas. Rather than, this is"},{"speaker":"Alan Smith","startTime":3883.62,"endTime":3883.62,"body":" "},{"speaker":"Alan Smith","startTime":3883.62,"endTime":3885.7799999999997,"body":"shit, this is terrible. You're"},{"speaker":"Alan Smith","startTime":3885.7799999999997,"endTime":3883.62,"body":" "},{"speaker":"Alan Smith","startTime":3883.62,"endTime":3885.7799999999997,"body":"all a bunch of crooks and"},{"speaker":"Alan Smith","startTime":3885.7799999999997,"endTime":3885.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3885.7799999999997,"endTime":3888.42,"body":"criminals that doesn't, that"},{"speaker":"Alan Smith","startTime":3888.42,"endTime":3885.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3885.7799999999997,"endTime":3888.42,"body":"doesn't really help anyone. And"},{"speaker":"Alan Smith","startTime":3888.42,"endTime":3888.6,"body":" "},{"speaker":"Alan Smith","startTime":3888.6,"endTime":3892.02,"body":"I think you're right. I know for"},{"speaker":"Alan Smith","startTime":3892.02,"endTime":3888.6,"body":" "},{"speaker":"Alan Smith","startTime":3888.6,"endTime":3892.02,"body":"sure that our clients, some of"},{"speaker":"Alan Smith","startTime":3892.02,"endTime":3892.02,"body":" "},{"speaker":"Alan Smith","startTime":3892.02,"endTime":3894.96,"body":"our clients, do read LinkedIn"},{"speaker":"Alan Smith","startTime":3894.96,"endTime":3892.02,"body":" "},{"speaker":"Alan Smith","startTime":3892.02,"endTime":3894.96,"body":"and they see this kind of, uh,"},{"speaker":"Alan Smith","startTime":3894.96,"endTime":3894.96,"body":" "},{"speaker":"Alan Smith","startTime":3894.96,"endTime":3897.38,"body":"back and forward. It doesn't"},{"speaker":"Alan Smith","startTime":3897.38,"endTime":3894.96,"body":" "},{"speaker":"Alan Smith","startTime":3894.96,"endTime":3897.38,"body":"look it doesn't look it doesn't"},{"speaker":"Alan Smith","startTime":3897.38,"endTime":3897.38,"body":" "},{"speaker":"Alan Smith","startTime":3897.38,"endTime":3899.7799999999997,"body":"look great. It's not, it's not a"},{"speaker":"Alan Smith","startTime":3899.7799999999997,"endTime":3897.38,"body":" "},{"speaker":"Alan Smith","startTime":3897.38,"endTime":3899.7799999999997,"body":"great look. So I would encourage"},{"speaker":"Alan Smith","startTime":3899.7799999999997,"endTime":3899.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3899.7799999999997,"endTime":3903.08,"body":"people maybe to be, you know, by"},{"speaker":"Alan Smith","startTime":3903.08,"endTime":3899.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":3899.7799999999997,"endTime":3903.08,"body":"all means, having, you know,"},{"speaker":"Alan Smith","startTime":3903.08,"endTime":3903.92,"body":" "},{"speaker":"Alan Smith","startTime":3903.92,"endTime":3906.44,"body":"having a healthy debate,"},{"speaker":"Alan Smith","startTime":3906.44,"endTime":3903.92,"body":" "},{"speaker":"Alan Smith","startTime":3903.92,"endTime":3906.44,"body":"expressing your opinion."},{"speaker":"Alan Smith","startTime":3906.44,"endTime":3906.44,"body":" "},{"speaker":"Alan Smith","startTime":3906.44,"endTime":3908.42,"body":"Absolutely nothing wrong with"},{"speaker":"Alan Smith","startTime":3908.42,"endTime":3906.44,"body":" "},{"speaker":"Alan Smith","startTime":3906.44,"endTime":3908.42,"body":"that. You can do in a"},{"speaker":"Alan Smith","startTime":3908.42,"endTime":3908.42,"body":" "},{"speaker":"Alan Smith","startTime":3908.42,"endTime":3910.8199999999997,"body":"professional way. And I think"},{"speaker":"Alan Smith","startTime":3910.8199999999997,"endTime":3908.42,"body":" "},{"speaker":"Alan Smith","startTime":3908.42,"endTime":3910.8199999999997,"body":"you should be thinking about"},{"speaker":"Alan Smith","startTime":3910.8199999999997,"endTime":3910.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3910.8199999999997,"endTime":3914.2999999999997,"body":"what it what are, what your"},{"speaker":"Alan Smith","startTime":3914.2999999999997,"endTime":3910.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3910.8199999999997,"endTime":3914.2999999999997,"body":"solution might be, rather than"},{"speaker":"Alan Smith","startTime":3914.2999999999997,"endTime":3914.2999999999997,"body":" "},{"speaker":"Alan Smith","startTime":3914.2999999999997,"endTime":3917.38,"body":"just say, this is bad, this is"},{"speaker":"Alan Smith","startTime":3917.38,"endTime":3914.2999999999997,"body":" "},{"speaker":"Alan Smith","startTime":3914.2999999999997,"endTime":3917.38,"body":"terrible. You are doing the"},{"speaker":"Alan Smith","startTime":3917.38,"endTime":3917.38,"body":" "},{"speaker":"Alan Smith","startTime":3917.38,"endTime":3921.94,"body":"wrong thing. You can you can"},{"speaker":"Alan Smith","startTime":3921.94,"endTime":3917.38,"body":" "},{"speaker":"Alan Smith","startTime":3917.38,"endTime":3921.94,"body":"spin it to be more constructive"},{"speaker":"Alan Smith","startTime":3921.94,"endTime":3921.94,"body":" "},{"speaker":"Alan Smith","startTime":3921.94,"endTime":3926.2599999999998,"body":"and more positive and encourage"},{"speaker":"Alan Smith","startTime":3926.2599999999998,"endTime":3921.94,"body":" "},{"speaker":"Alan Smith","startTime":3921.94,"endTime":3926.2599999999998,"body":"more people to do that. This"},{"speaker":"Alan Smith","startTime":3926.2599999999998,"endTime":3926.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3926.2599999999998,"endTime":3930.52,"body":"specific subject that you are"},{"speaker":"Alan Smith","startTime":3930.52,"endTime":3926.2599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3926.2599999999998,"endTime":3930.52,"body":"talking about as exactly,"},{"speaker":"Alan Smith","startTime":3930.52,"endTime":3930.52,"body":" "},{"speaker":"Alan Smith","startTime":3930.52,"endTime":3935.2599999999998,"body":"there's a couple of points. One"},{"speaker":"Alan Smith","startTime":3935.2599999999998,"endTime":3930.52,"body":" "},{"speaker":"Alan Smith","startTime":3930.52,"endTime":3935.2599999999998,"body":"is about incentives, right? 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And the other is"},{"speaker":"Alan Smith","startTime":3944.3399999999997,"endTime":3944.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":3944.3399999999997,"endTime":3948.48,"body":"more about the idea around"},{"speaker":"Alan Smith","startTime":3948.48,"endTime":3944.3399999999997,"body":" "},{"speaker":"Alan Smith","startTime":3944.3399999999997,"endTime":3948.48,"body":"consolidating everyone and"},{"speaker":"Alan Smith","startTime":3948.48,"endTime":3948.66,"body":" "},{"speaker":"Alan Smith","startTime":3948.66,"endTime":3952.98,"body":"broadly, often fees can go up"},{"speaker":"Alan Smith","startTime":3952.98,"endTime":3948.66,"body":" "},{"speaker":"Alan Smith","startTime":3948.66,"endTime":3952.98,"body":"within an in house, consolidated"},{"speaker":"Alan Smith","startTime":3952.98,"endTime":3952.98,"body":" "},{"speaker":"Alan Smith","startTime":3952.98,"endTime":3957.62,"body":"kind of investment solution."},{"speaker":"Alan Smith","startTime":3957.62,"endTime":3952.98,"body":" "},{"speaker":"Alan Smith","startTime":3952.98,"endTime":3957.62,"body":"It's just weird. 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You know, the idea of"},{"speaker":"Alan Smith","startTime":3964.46,"endTime":3961.04,"body":" "},{"speaker":"Alan Smith","startTime":3961.04,"endTime":3964.46,"body":"selling, people do need to be"},{"speaker":"Alan Smith","startTime":3964.46,"endTime":3964.46,"body":" "},{"speaker":"Alan Smith","startTime":3964.46,"endTime":3967.16,"body":"incentivized one way or another."},{"speaker":"Alan Smith","startTime":3967.16,"endTime":3964.46,"body":" "},{"speaker":"Alan Smith","startTime":3964.46,"endTime":3967.16,"body":"I'm assuming that we're all,"},{"speaker":"Alan Smith","startTime":3967.16,"endTime":3967.16,"body":" "},{"speaker":"Alan Smith","startTime":3967.16,"endTime":3969.62,"body":"listen, we're all running"},{"speaker":"Alan Smith","startTime":3969.62,"endTime":3967.16,"body":" "},{"speaker":"Alan Smith","startTime":3967.16,"endTime":3969.62,"body":"compliant, highly regulated"},{"speaker":"Alan Smith","startTime":3969.62,"endTime":3969.62,"body":" "},{"speaker":"Alan Smith","startTime":3969.62,"endTime":3972.44,"body":"businesses if there's anything"},{"speaker":"Alan Smith","startTime":3972.44,"endTime":3969.62,"body":" "},{"speaker":"Alan Smith","startTime":3969.62,"endTime":3972.44,"body":"untoward going on, if people are"},{"speaker":"Alan Smith","startTime":3972.44,"endTime":3972.44,"body":" "},{"speaker":"Alan Smith","startTime":3972.44,"endTime":3975.56,"body":"doing anything dodgy, and by the"},{"speaker":"Alan Smith","startTime":3975.56,"endTime":3972.44,"body":" "},{"speaker":"Alan Smith","startTime":3972.44,"endTime":3975.56,"body":"way, we have to, if I remember"},{"speaker":"Alan Smith","startTime":3975.56,"endTime":3975.56,"body":" "},{"speaker":"Alan Smith","startTime":3975.56,"endTime":3978.88,"body":"correctly. We have to submit"},{"speaker":"Alan Smith","startTime":3978.88,"endTime":3975.56,"body":" "},{"speaker":"Alan Smith","startTime":3975.56,"endTime":3978.88,"body":"returns to the FCA or regulator"},{"speaker":"Alan Smith","startTime":3978.88,"endTime":3979.2999999999997,"body":" "},{"speaker":"Alan Smith","startTime":3979.2999999999997,"endTime":3981.7,"body":"about those things, about"},{"speaker":"Alan Smith","startTime":3981.7,"endTime":3979.2999999999997,"body":" "},{"speaker":"Alan Smith","startTime":3979.2999999999997,"endTime":3981.7,"body":"incentives, are people"},{"speaker":"Alan Smith","startTime":3981.7,"endTime":3981.7,"body":" "},{"speaker":"Alan Smith","startTime":3981.7,"endTime":3984.4,"body":"incentivize? Are they paid any"},{"speaker":"Alan Smith","startTime":3984.4,"endTime":3981.7,"body":" "},{"speaker":"Alan Smith","startTime":3981.7,"endTime":3984.4,"body":"more for certain types of"},{"speaker":"Alan Smith","startTime":3984.4,"endTime":3984.4,"body":" "},{"speaker":"Alan Smith","startTime":3984.4,"endTime":3986.92,"body":"activity, for selling certain"},{"speaker":"Alan Smith","startTime":3986.92,"endTime":3984.4,"body":" "},{"speaker":"Alan Smith","startTime":3984.4,"endTime":3986.92,"body":"types of funds, more than"},{"speaker":"Alan Smith","startTime":3986.92,"endTime":3986.92,"body":" "},{"speaker":"Alan Smith","startTime":3986.92,"endTime":3990.16,"body":"another, all that sort of thing."},{"speaker":"Alan Smith","startTime":3990.16,"endTime":3986.92,"body":" "},{"speaker":"Alan Smith","startTime":3986.92,"endTime":3990.16,"body":"So it's pretty transparent in"},{"speaker":"Alan Smith","startTime":3990.16,"endTime":3990.16,"body":" "},{"speaker":"Alan Smith","startTime":3990.16,"endTime":3993.7599999999998,"body":"the UK, and the information is"},{"speaker":"Alan Smith","startTime":3993.7599999999998,"endTime":3990.16,"body":" "},{"speaker":"Alan Smith","startTime":3990.16,"endTime":3993.7599999999998,"body":"being disclosed. And I think if"},{"speaker":"Alan Smith","startTime":3993.7599999999998,"endTime":3993.7599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3993.7599999999998,"endTime":3995.98,"body":"that was being done wholesale,"},{"speaker":"Alan Smith","startTime":3995.98,"endTime":3993.7599999999998,"body":" "},{"speaker":"Alan Smith","startTime":3993.7599999999998,"endTime":3995.98,"body":"assuming that these"},{"speaker":"Alan Smith","startTime":3995.98,"endTime":3995.98,"body":" "},{"speaker":"Alan Smith","startTime":3995.98,"endTime":3998.8199999999997,"body":"organizations are submitting"},{"speaker":"Alan Smith","startTime":3998.8199999999997,"endTime":3995.98,"body":" "},{"speaker":"Alan Smith","startTime":3995.98,"endTime":3998.8199999999997,"body":"their data correctly to the"},{"speaker":"Alan Smith","startTime":3998.8199999999997,"endTime":3998.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3998.8199999999997,"endTime":4002.66,"body":"regulator, they'd be in and sort"},{"speaker":"Alan Smith","startTime":4002.66,"endTime":3998.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":3998.8199999999997,"endTime":4002.66,"body":"of kicking the tires and having"},{"speaker":"Alan Smith","startTime":4002.66,"endTime":4002.66,"body":" "},{"speaker":"Alan Smith","startTime":4002.66,"endTime":4005.8399999999997,"body":"a look. I'll throw something"},{"speaker":"Alan Smith","startTime":4005.8399999999997,"endTime":4002.66,"body":" "},{"speaker":"Alan Smith","startTime":4002.66,"endTime":4005.8399999999997,"body":"just briefly out there on my"},{"speaker":"Alan Smith","startTime":4005.8399999999997,"endTime":4005.8399999999997,"body":" "},{"speaker":"Alan Smith","startTime":4005.8399999999997,"endTime":4009.98,"body":"other award winning, award"},{"speaker":"Alan Smith","startTime":4009.98,"endTime":4005.8399999999997,"body":" "},{"speaker":"Alan Smith","startTime":4005.8399999999997,"endTime":4009.98,"body":"winner podcast, the episode just"},{"speaker":"Alan Smith","startTime":4009.98,"endTime":4009.98,"body":" "},{"speaker":"Alan Smith","startTime":4009.98,"endTime":4015.98,"body":"went out. There's a guy mate."},{"speaker":"Alan Smith","startTime":4015.98,"endTime":4009.98,"body":" "},{"speaker":"Alan Smith","startTime":4009.98,"endTime":4015.98,"body":"It's bigger than this one now,"},{"speaker":"Alan Smith","startTime":4015.98,"endTime":4015.98,"body":" "},{"speaker":"Alan Smith","startTime":4015.98,"endTime":4019.96,"body":"and there's my conversation with"},{"speaker":"Alan Smith","startTime":4019.96,"endTime":4015.98,"body":" "},{"speaker":"Alan Smith","startTime":4015.98,"endTime":4019.96,"body":"a guy called Phil hollingdale. I"},{"speaker":"Alan Smith","startTime":4019.96,"endTime":4019.96,"body":" "},{"speaker":"Alan Smith","startTime":4019.96,"endTime":4024.8199999999997,"body":"don't know if anyone knows Phil."},{"speaker":"Alan Smith","startTime":4024.8199999999997,"endTime":4019.96,"body":" "},{"speaker":"Alan Smith","startTime":4019.96,"endTime":4024.8199999999997,"body":"He's a kind of serial FinTech"},{"speaker":"Alan Smith","startTime":4024.8199999999997,"endTime":4024.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":4024.8199999999997,"endTime":4027.64,"body":"entrepreneur. He's behind quite"},{"speaker":"Alan Smith","startTime":4027.64,"endTime":4024.8199999999997,"body":" "},{"speaker":"Alan Smith","startTime":4024.8199999999997,"endTime":4027.64,"body":"a few of the kind of financial"},{"speaker":"Alan Smith","startTime":4027.64,"endTime":4027.64,"body":" "},{"speaker":"Alan Smith","startTime":4027.64,"endTime":4031.96,"body":"services businesses. I just love"},{"speaker":"Alan Smith","startTime":4031.96,"endTime":4027.64,"body":" "},{"speaker":"Alan Smith","startTime":4027.64,"endTime":4031.96,"body":"the conversation, because he is"},{"speaker":"Alan Smith","startTime":4031.96,"endTime":4031.96,"body":" "},{"speaker":"Alan Smith","startTime":4031.96,"endTime":4034.7799999999997,"body":"all about selling. You know, you"},{"speaker":"Alan Smith","startTime":4034.7799999999997,"endTime":4031.96,"body":" "},{"speaker":"Alan Smith","startTime":4031.96,"endTime":4034.7799999999997,"body":"took all his various stories and"},{"speaker":"Alan Smith","startTime":4034.7799999999997,"endTime":4034.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":4034.7799999999997,"endTime":4037.06,"body":"iterations of how he started"},{"speaker":"Alan Smith","startTime":4037.06,"endTime":4034.7799999999997,"body":" "},{"speaker":"Alan Smith","startTime":4034.7799999999997,"endTime":4037.06,"body":"these businesses. I said, you"},{"speaker":"Alan Smith","startTime":4037.06,"endTime":4037.06,"body":" "},{"speaker":"Alan Smith","startTime":4037.06,"endTime":4039.12,"body":"know, how did you get going? He"},{"speaker":"Alan Smith","startTime":4039.12,"endTime":4037.06,"body":" "},{"speaker":"Alan Smith","startTime":4037.06,"endTime":4039.12,"body":"sort of picked up the phone. Up"},{"speaker":"Alan Smith","startTime":4039.12,"endTime":4039.12,"body":" "},{"speaker":"Alan Smith","startTime":4039.12,"endTime":4041.8199999999997,"body":"the phone, made a few cold"},{"speaker":"Alan Smith","startTime":4041.8199999999997,"endTime":4039.12,"body":" "},{"speaker":"Alan Smith","startTime":4039.12,"endTime":4041.8199999999997,"body":"calls, sent a few cold emails,"},{"speaker":"Alan Smith","startTime":4041.8199999999997,"endTime":4041.94,"body":" "},{"speaker":"Alan Smith","startTime":4041.94,"endTime":4045.24,"body":"and guess what? He said, multi,"},{"speaker":"Alan Smith","startTime":4045.24,"endTime":4041.94,"body":" "},{"speaker":"Alan Smith","startTime":4041.94,"endTime":4045.24,"body":"multi million exits. He sold his"},{"speaker":"Alan Smith","startTime":4045.24,"endTime":4045.24,"body":" "},{"speaker":"Alan Smith","startTime":4045.24,"endTime":4048.66,"body":"last business to NatWest for"},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4045.24,"body":" "},{"speaker":"Alan Smith","startTime":4045.24,"endTime":4048.66,"body":"nearly 200 million. So he's done"},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4048.66,"body":" "},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4051.48,"body":"all right, but he just kept"},{"speaker":"Alan Smith","startTime":4051.48,"endTime":4048.66,"body":" "},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4051.48,"body":"coming back to selling, selling,"},{"speaker":"Alan Smith","startTime":4051.48,"endTime":4051.48,"body":" "},{"speaker":"Alan Smith","startTime":4051.48,"endTime":4054.96,"body":"selling. And so I think just to"},{"speaker":"Alan Smith","startTime":4054.96,"endTime":4051.48,"body":" "},{"speaker":"Alan Smith","startTime":4051.48,"endTime":4054.96,"body":"remind ourselves, selling is not"},{"speaker":"Alan Smith","startTime":4054.96,"endTime":4054.96,"body":" "},{"speaker":"Alan Smith","startTime":4054.96,"endTime":4059.48,"body":"a bad thing, it's human. You do"},{"speaker":"Alan Smith","startTime":4059.48,"endTime":4054.96,"body":" "},{"speaker":"Alan Smith","startTime":4054.96,"endTime":4059.48,"body":"have to be a little bit careful"},{"speaker":"Alan Smith","startTime":4059.48,"endTime":4059.48,"body":" "},{"speaker":"Alan Smith","startTime":4059.48,"endTime":4062.72,"body":"about incentives. If you're"},{"speaker":"Alan Smith","startTime":4062.72,"endTime":4059.48,"body":" "},{"speaker":"Alan Smith","startTime":4059.48,"endTime":4062.72,"body":"overly incentivizing, specific,"},{"speaker":"Alan Smith","startTime":4062.72,"endTime":4062.72,"body":" "},{"speaker":"Alan Smith","startTime":4062.72,"endTime":4065.24,"body":"you know, if you, if you get"},{"speaker":"Alan Smith","startTime":4065.24,"endTime":4062.72,"body":" "},{"speaker":"Alan Smith","startTime":4062.72,"endTime":4065.24,"body":"incentivized to sell, like a"},{"speaker":"Alan Smith","startTime":4065.24,"endTime":4065.24,"body":" "},{"speaker":"Alan Smith","startTime":4065.24,"endTime":4068.2999999999997,"body":"private equity fund in this, you"},{"speaker":"Alan Smith","startTime":4068.2999999999997,"endTime":4065.24,"body":" "},{"speaker":"Alan Smith","startTime":4065.24,"endTime":4068.2999999999997,"body":"know, to sort of join the dots"},{"speaker":"Alan Smith","startTime":4068.2999999999997,"endTime":4068.2999999999997,"body":" "},{"speaker":"Alan Smith","startTime":4068.2999999999997,"endTime":4070.7599999999998,"body":"between the previous"},{"speaker":"Alan Smith","startTime":4070.7599999999998,"endTime":4068.2999999999997,"body":" "},{"speaker":"Alan Smith","startTime":4068.2999999999997,"endTime":4070.7599999999998,"body":"conversation and everything"},{"speaker":"Alan Smith","startTime":4070.7599999999998,"endTime":4070.7599999999998,"body":" "},{"speaker":"Alan Smith","startTime":4070.7599999999998,"endTime":4074.12,"body":"else, then that might be up for"},{"speaker":"Alan Smith","startTime":4074.12,"endTime":4070.7599999999998,"body":" "},{"speaker":"Alan Smith","startTime":4070.7599999999998,"endTime":4074.12,"body":"the question. But no, a there's"},{"speaker":"Alan Smith","startTime":4074.12,"endTime":4074.12,"body":" "},{"speaker":"Alan Smith","startTime":4074.12,"endTime":4077.3199999999997,"body":"nothing wrong with selling. Be"},{"speaker":"Alan Smith","startTime":4077.3199999999997,"endTime":4074.12,"body":" "},{"speaker":"Alan Smith","startTime":4074.12,"endTime":4077.3199999999997,"body":"aware of incentives and sort of"},{"speaker":"Alan Smith","startTime":4077.3199999999997,"endTime":4077.3199999999997,"body":" "},{"speaker":"Alan Smith","startTime":4077.3199999999997,"endTime":4081.58,"body":"driving particular narratives."},{"speaker":"Alan Smith","startTime":4081.58,"endTime":4077.3199999999997,"body":" "},{"speaker":"Alan Smith","startTime":4077.3199999999997,"endTime":4081.58,"body":"And the last part is, Carl,"},{"speaker":"Alan Smith","startTime":4081.58,"endTime":4081.58,"body":" "},{"speaker":"Alan Smith","startTime":4081.58,"endTime":4084.52,"body":"you're right. I mean, Rob"},{"speaker":"Alan Smith","startTime":4084.52,"endTime":4081.58,"body":" "},{"speaker":"Alan Smith","startTime":4081.58,"endTime":4084.52,"body":"Stevenson was on this podcast a"},{"speaker":"Alan Smith","startTime":4084.52,"endTime":4084.52,"body":" "},{"speaker":"Alan Smith","startTime":4084.52,"endTime":4087.58,"body":"few episodes ago. Rob knows the"},{"speaker":"Alan Smith","startTime":4087.58,"endTime":4084.52,"body":" "},{"speaker":"Alan Smith","startTime":4084.52,"endTime":4087.58,"body":"market. I speak to him recently,"},{"speaker":"Alan Smith","startTime":4087.58,"endTime":4087.58,"body":" "},{"speaker":"Alan Smith","startTime":4087.58,"endTime":4091.0,"body":"regularly. There are, there are,"},{"speaker":"Alan Smith","startTime":4091.0,"endTime":4087.58,"body":" "},{"speaker":"Alan Smith","startTime":4087.58,"endTime":4091.0,"body":"you know, there's a wide range."},{"speaker":"Alan Smith","startTime":4091.0,"endTime":4091.0,"body":" "},{"speaker":"Alan Smith","startTime":4091.0,"endTime":4094.24,"body":"There's something like nearly"},{"speaker":"Alan Smith","startTime":4094.24,"endTime":4091.0,"body":" "},{"speaker":"Alan Smith","startTime":4091.0,"endTime":4094.24,"body":"200 potential acquirers,"},{"speaker":"Alan Smith","startTime":4094.24,"endTime":4094.24,"body":" "},{"speaker":"Alan Smith","startTime":4094.24,"endTime":4097.62,"body":"consolidators in the UK right"},{"speaker":"Alan Smith","startTime":4097.62,"endTime":4094.24,"body":" "},{"speaker":"Alan Smith","startTime":4094.24,"endTime":4097.62,"body":"now. There's loads of them. 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Okay?"},{"speaker":"Andy Hart","startTime":4150.099,"endTime":4152.379,"body":"And I'll throw in a"},{"speaker":"Andy Hart","startTime":4152.379,"endTime":4150.099,"body":" "},{"speaker":"Andy Hart","startTime":4150.099,"endTime":4152.379,"body":"couple of points the Vanguard"},{"speaker":"Andy Hart","startTime":4152.379,"endTime":4152.379,"body":" "},{"speaker":"Andy Hart","startTime":4152.379,"endTime":4156.779,"body":"thing that must be specific to"},{"speaker":"Andy Hart","startTime":4156.779,"endTime":4152.379,"body":" "},{"speaker":"Andy Hart","startTime":4152.379,"endTime":4156.779,"body":"financial services, a company"},{"speaker":"Andy Hart","startTime":4156.779,"endTime":4156.779,"body":" "},{"speaker":"Andy Hart","startTime":4156.779,"endTime":4161.159000000001,"body":"having to disclose all their"},{"speaker":"Andy Hart","startTime":4161.159000000001,"endTime":4156.779,"body":" "},{"speaker":"Andy Hart","startTime":4156.779,"endTime":4161.159000000001,"body":"internal incentivization"},{"speaker":"Andy Hart","startTime":4161.159000000001,"endTime":4161.159000000001,"body":" "},{"speaker":"Andy Hart","startTime":4161.159000000001,"endTime":4163.919,"body":"structures, and who gets paid"},{"speaker":"Andy Hart","startTime":4163.919,"endTime":4161.159000000001,"body":" "},{"speaker":"Andy Hart","startTime":4161.159000000001,"endTime":4163.919,"body":"more for what and who gets"},{"speaker":"Andy Hart","startTime":4163.919,"endTime":4163.919,"body":" "},{"speaker":"Andy Hart","startTime":4163.919,"endTime":4166.319,"body":"promoted? I don't think that"},{"speaker":"Andy Hart","startTime":4166.319,"endTime":4163.919,"body":" "},{"speaker":"Andy Hart","startTime":4163.919,"endTime":4166.319,"body":"affects all other industries,"},{"speaker":"Andy Hart","startTime":4166.319,"endTime":4166.319,"body":" "},{"speaker":"Andy Hart","startTime":4166.319,"endTime":4169.979,"body":"but obviously they they breach"},{"speaker":"Andy Hart","startTime":4169.979,"endTime":4166.319,"body":" "},{"speaker":"Andy Hart","startTime":4166.319,"endTime":4169.979,"body":"the rules, and they've paid for"},{"speaker":"Andy Hart","startTime":4169.979,"endTime":4169.979,"body":" "},{"speaker":"Andy Hart","startTime":4169.979,"endTime":4173.039,"body":"that. The consolidators are huge"},{"speaker":"Andy Hart","startTime":4173.039,"endTime":4169.979,"body":" "},{"speaker":"Andy Hart","startTime":4169.979,"endTime":4173.039,"body":"in the UK, as you say, Yeah,"},{"speaker":"Andy Hart","startTime":4173.039,"endTime":4173.039,"body":" "},{"speaker":"Andy Hart","startTime":4173.039,"endTime":4176.239,"body":"close to 200 at pretty much"},{"speaker":"Andy Hart","startTime":4176.239,"endTime":4173.039,"body":" "},{"speaker":"Andy Hart","startTime":4173.039,"endTime":4176.239,"body":"every firm selling is selling to"},{"speaker":"Andy Hart","startTime":4176.239,"endTime":4176.239,"body":" "},{"speaker":"Andy Hart","startTime":4176.239,"endTime":4179.119,"body":"a consolidator. What is also"},{"speaker":"Andy Hart","startTime":4179.119,"endTime":4176.239,"body":" "},{"speaker":"Andy Hart","startTime":4176.239,"endTime":4179.119,"body":"quite interesting, if you're"},{"speaker":"Andy Hart","startTime":4179.119,"endTime":4179.119,"body":" "},{"speaker":"Andy Hart","startTime":4179.119,"endTime":4181.8189999999995,"body":"selling your firm and you're"},{"speaker":"Andy Hart","startTime":4181.8189999999995,"endTime":4179.119,"body":" "},{"speaker":"Andy Hart","startTime":4179.119,"endTime":4181.8189999999995,"body":"finding a like minded firm to"},{"speaker":"Andy Hart","startTime":4181.8189999999995,"endTime":4181.8189999999995,"body":" "},{"speaker":"Andy Hart","startTime":4181.8189999999995,"endTime":4186.019,"body":"sell to, that's step one. So if,"},{"speaker":"Andy Hart","startTime":4186.019,"endTime":4181.8189999999995,"body":" "},{"speaker":"Andy Hart","startTime":4181.8189999999995,"endTime":4186.019,"body":"let's say, I sold my firm to a"},{"speaker":"Andy Hart","startTime":4186.019,"endTime":4186.079,"body":" "},{"speaker":"Andy Hart","startTime":4186.079,"endTime":4188.899,"body":"business that I highly trust,"},{"speaker":"Andy Hart","startTime":4188.899,"endTime":4186.079,"body":" "},{"speaker":"Andy Hart","startTime":4186.079,"endTime":4188.899,"body":"they look after my clients,"},{"speaker":"Andy Hart","startTime":4188.899,"endTime":4189.3189999999995,"body":" "},{"speaker":"Andy Hart","startTime":4189.3189999999995,"endTime":4191.239,"body":"that's step one, then that"},{"speaker":"Andy Hart","startTime":4191.239,"endTime":4189.3189999999995,"body":" "},{"speaker":"Andy Hart","startTime":4189.3189999999995,"endTime":4191.239,"body":"business could sell to a"},{"speaker":"Andy Hart","startTime":4191.239,"endTime":4191.239,"body":" "},{"speaker":"Andy Hart","startTime":4191.239,"endTime":4194.959,"body":"consolidate that I don't like."},{"speaker":"Andy Hart","startTime":4194.959,"endTime":4191.239,"body":" "},{"speaker":"Andy Hart","startTime":4191.239,"endTime":4194.959,"body":"So the second order effects on"},{"speaker":"Andy Hart","startTime":4194.959,"endTime":4194.959,"body":" "},{"speaker":"Andy Hart","startTime":4194.959,"endTime":4199.899,"body":"here are not simple. The final"},{"speaker":"Andy Hart","startTime":4199.899,"endTime":4194.959,"body":" "},{"speaker":"Andy Hart","startTime":4194.959,"endTime":4199.899,"body":"thing almost only consolidating"},{"speaker":"Andy Hart","startTime":4199.899,"endTime":4199.899,"body":" "},{"speaker":"Andy Hart","startTime":4199.899,"endTime":4206.379,"body":"the funds. What is happening is"},{"speaker":"Andy Hart","startTime":4206.379,"endTime":4199.899,"body":" "},{"speaker":"Andy Hart","startTime":4199.899,"endTime":4206.379,"body":"consolidated, buying 10s"},{"speaker":"Andy Hart","startTime":4206.379,"endTime":4206.379,"body":" "},{"speaker":"Andy Hart","startTime":4206.379,"endTime":4211.599,"body":"hundreds of firms, and then"},{"speaker":"Andy Hart","startTime":4211.599,"endTime":4206.379,"body":" "},{"speaker":"Andy Hart","startTime":4206.379,"endTime":4211.599,"body":"there is some level of incentive"},{"speaker":"Andy Hart","startTime":4211.599,"endTime":4211.599,"body":" "},{"speaker":"Andy Hart","startTime":4211.599,"endTime":4214.719,"body":"and pressure to put them through"},{"speaker":"Andy Hart","startTime":4214.719,"endTime":4211.599,"body":" "},{"speaker":"Andy Hart","startTime":4211.599,"endTime":4214.719,"body":"in house funds that might be"},{"speaker":"Andy Hart","startTime":4214.719,"endTime":4214.839,"body":" "},{"speaker":"Andy Hart","startTime":4214.839,"endTime":4219.239,"body":"financial logistics. Again,"},{"speaker":"Andy Hart","startTime":4219.239,"endTime":4214.839,"body":" "},{"speaker":"Andy Hart","startTime":4214.839,"endTime":4219.239,"body":"business is messy. I don't know"},{"speaker":"Andy Hart","startTime":4219.239,"endTime":4219.239,"body":" "},{"speaker":"Andy Hart","startTime":4219.239,"endTime":4221.579,"body":"if the FCA are going to come"},{"speaker":"Andy Hart","startTime":4221.579,"endTime":4219.239,"body":" "},{"speaker":"Andy Hart","startTime":4219.239,"endTime":4221.579,"body":"after that at some point in the"},{"speaker":"Andy Hart","startTime":4221.579,"endTime":4221.579,"body":" "},{"speaker":"Andy Hart","startTime":4221.579,"endTime":4225.059,"body":"future. You know, it sounds"},{"speaker":"Andy Hart","startTime":4225.059,"endTime":4221.579,"body":" "},{"speaker":"Andy Hart","startTime":4221.579,"endTime":4225.059,"body":"quite cushy at the moment, these"},{"speaker":"Andy Hart","startTime":4225.059,"endTime":4225.059,"body":" "},{"speaker":"Andy Hart","startTime":4225.059,"endTime":4227.459,"body":"companies are doing it an X"},{"speaker":"Andy Hart","startTime":4227.459,"endTime":4225.059,"body":" "},{"speaker":"Andy Hart","startTime":4225.059,"endTime":4227.459,"body":"percentage of the assets that"},{"speaker":"Andy Hart","startTime":4227.459,"endTime":4227.459,"body":" "},{"speaker":"Andy Hart","startTime":4227.459,"endTime":4230.699,"body":"look after in in house funds."},{"speaker":"Andy Hart","startTime":4230.699,"endTime":4227.459,"body":" "},{"speaker":"Andy Hart","startTime":4227.459,"endTime":4230.699,"body":"I'm sure the regulators will"},{"speaker":"Andy Hart","startTime":4230.699,"endTime":4230.699,"body":" "},{"speaker":"Andy Hart","startTime":4230.699,"endTime":4232.739,"body":"take a look at this somewhere"},{"speaker":"Andy Hart","startTime":4232.739,"endTime":4230.699,"body":" "},{"speaker":"Andy Hart","startTime":4230.699,"endTime":4232.739,"body":"down the line, so they're going"},{"speaker":"Andy Hart","startTime":4232.739,"endTime":4232.739,"body":" "},{"speaker":"Andy Hart","startTime":4232.739,"endTime":4233.039,"body":"to work"},{"speaker":"Alan Smith","startTime":4233.039,"endTime":4236.539,"body":"out. I think they"},{"speaker":"Alan Smith","startTime":4236.539,"endTime":4233.039,"body":" "},{"speaker":"Alan Smith","startTime":4233.039,"endTime":4236.539,"body":"are doing already. I think they"},{"speaker":"Alan Smith","startTime":4236.539,"endTime":4236.539,"body":" "},{"speaker":"Alan Smith","startTime":4236.539,"endTime":4237.499,"body":"are doing like I"},{"speaker":"Andy Hart","startTime":4237.499,"endTime":4239.3589999999995,"body":"haven't known that"},{"speaker":"Andy Hart","startTime":4239.3589999999995,"endTime":4237.499,"body":" "},{"speaker":"Andy Hart","startTime":4237.499,"endTime":4239.3589999999995,"body":"they've done it specifically"},{"speaker":"Andy Hart","startTime":4239.3589999999995,"endTime":4239.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4239.3589999999995,"endTime":4242.3589999999995,"body":"looking at that, but they'll"},{"speaker":"Andy Hart","startTime":4242.3589999999995,"endTime":4239.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4239.3589999999995,"endTime":4242.3589999999995,"body":"want to work out if people are"},{"speaker":"Andy Hart","startTime":4242.3589999999995,"endTime":4242.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4242.3589999999995,"endTime":4245.899,"body":"getting value from it. The other"},{"speaker":"Andy Hart","startTime":4245.899,"endTime":4242.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4242.3589999999995,"endTime":4245.899,"body":"my final point is, in business,"},{"speaker":"Andy Hart","startTime":4245.899,"endTime":4245.959,"body":" "},{"speaker":"Andy Hart","startTime":4245.959,"endTime":4249.3189999999995,"body":"we're all conflicted. It's just"},{"speaker":"Andy Hart","startTime":4249.3189999999995,"endTime":4245.959,"body":" "},{"speaker":"Andy Hart","startTime":4245.959,"endTime":4249.3189999999995,"body":"a case of trying to minimize and"},{"speaker":"Andy Hart","startTime":4249.3189999999995,"endTime":4249.3189999999995,"body":" "},{"speaker":"Andy Hart","startTime":4249.3189999999995,"endTime":4253.219,"body":"manage those conflicts. There's"},{"speaker":"Andy Hart","startTime":4253.219,"endTime":4249.3189999999995,"body":" "},{"speaker":"Andy Hart","startTime":4249.3189999999995,"endTime":4253.219,"body":"so many moving parts within it,"},{"speaker":"Andy Hart","startTime":4253.219,"endTime":4253.999,"body":" "},{"speaker":"Andy Hart","startTime":4253.999,"endTime":4256.639,"body":"and sometimes we make decisions"},{"speaker":"Andy Hart","startTime":4256.639,"endTime":4253.999,"body":" "},{"speaker":"Andy Hart","startTime":4253.999,"endTime":4256.639,"body":"that might seem based on one"},{"speaker":"Andy Hart","startTime":4256.639,"endTime":4256.639,"body":" "},{"speaker":"Andy Hart","startTime":4256.639,"endTime":4258.8589999999995,"body":"reason, but there's another"},{"speaker":"Andy Hart","startTime":4258.8589999999995,"endTime":4256.639,"body":" "},{"speaker":"Andy Hart","startTime":4256.639,"endTime":4258.8589999999995,"body":"reason for it. So yeah, it's"},{"speaker":"Andy Hart","startTime":4258.8589999999995,"endTime":4258.979,"body":" "},{"speaker":"Andy Hart","startTime":4258.979,"endTime":4261.879,"body":"you. It's a hyper complex"},{"speaker":"Andy Hart","startTime":4261.879,"endTime":4258.979,"body":" "},{"speaker":"Andy Hart","startTime":4258.979,"endTime":4261.879,"body":"problem. So yeah, a couple of"},{"speaker":"Andy Hart","startTime":4261.879,"endTime":4261.879,"body":" "},{"speaker":"Andy Hart","startTime":4261.879,"endTime":4264.879,"body":"points. Nick, over to you before"},{"speaker":"Andy Hart","startTime":4264.879,"endTime":4261.879,"body":" "},{"speaker":"Andy Hart","startTime":4261.879,"endTime":4264.879,"body":"Alan, I'd say I don't"},{"speaker":"Nick Lincoln","startTime":4266.26,"endTime":4268.3,"body":"really have a lot"},{"speaker":"Nick Lincoln","startTime":4268.3,"endTime":4266.26,"body":" "},{"speaker":"Nick Lincoln","startTime":4266.26,"endTime":4268.3,"body":"to say around this subject. To"},{"speaker":"Nick Lincoln","startTime":4268.3,"endTime":4268.3,"body":" "},{"speaker":"Nick Lincoln","startTime":4268.3,"endTime":4270.46,"body":"be honest with you, a couple of"},{"speaker":"Nick Lincoln","startTime":4270.46,"endTime":4268.3,"body":" "},{"speaker":"Nick Lincoln","startTime":4268.3,"endTime":4270.46,"body":"things. Oh. Nick, there's"},{"speaker":"Nick Lincoln","startTime":4270.46,"endTime":4270.46,"body":" "},{"speaker":"Nick Lincoln","startTime":4270.46,"endTime":4271.18,"body":"something wrong with"},{"speaker":"Andy Hart","startTime":4271.18,"endTime":4272.98,"body":"your mic. Nick,"},{"speaker":"Andy Hart","startTime":4272.98,"endTime":4271.18,"body":" "},{"speaker":"Andy Hart","startTime":4271.18,"endTime":4272.98,"body":"you're using the wrong mic. Just"},{"speaker":"Andy Hart","startTime":4272.98,"endTime":4272.98,"body":" "},{"speaker":"Andy Hart","startTime":4272.98,"endTime":4276.04,"body":"go quiet for a minute. Nick, and"},{"speaker":"Andy Hart","startTime":4276.04,"endTime":4272.98,"body":" "},{"speaker":"Andy Hart","startTime":4272.98,"endTime":4276.04,"body":"sort it out. Over to you, Alan."},{"speaker":"Alan Smith","startTime":4276.12,"endTime":4278.94,"body":"That, yeah, that"},{"speaker":"Alan Smith","startTime":4278.94,"endTime":4276.12,"body":" "},{"speaker":"Alan Smith","startTime":4276.12,"endTime":4278.94,"body":"previous comment, that three"},{"speaker":"Alan Smith","startTime":4278.94,"endTime":4278.94,"body":" "},{"speaker":"Alan Smith","startTime":4278.94,"endTime":4285.36,"body":"star was well earned. I just, I"},{"speaker":"Alan Smith","startTime":4285.36,"endTime":4278.94,"body":" "},{"speaker":"Alan Smith","startTime":4278.94,"endTime":4285.36,"body":"just give a further further"},{"speaker":"Alan Smith","startTime":4285.36,"endTime":4285.36,"body":" "},{"speaker":"Alan Smith","startTime":4285.36,"endTime":4290.5199999999995,"body":"thought. Couple of things. This"},{"speaker":"Alan Smith","startTime":4290.5199999999995,"endTime":4285.36,"body":" "},{"speaker":"Alan Smith","startTime":4285.36,"endTime":4290.5199999999995,"body":"is any sale is usually done via"},{"speaker":"Alan Smith","startTime":4290.5199999999995,"endTime":4290.5199999999995,"body":" "},{"speaker":"Alan Smith","startTime":4290.5199999999995,"endTime":4293.46,"body":"an earn out, and that earn out,"},{"speaker":"Alan Smith","startTime":4293.46,"endTime":4290.5199999999995,"body":" "},{"speaker":"Alan Smith","startTime":4290.5199999999995,"endTime":4293.46,"body":"so you'll get a chunk of money"},{"speaker":"Alan Smith","startTime":4293.46,"endTime":4293.46,"body":" "},{"speaker":"Alan Smith","startTime":4293.46,"endTime":4297.32,"body":"up front, and then you'll get"},{"speaker":"Alan Smith","startTime":4297.32,"endTime":4293.46,"body":" "},{"speaker":"Alan Smith","startTime":4293.46,"endTime":4297.32,"body":"some further payments year and"},{"speaker":"Alan Smith","startTime":4297.32,"endTime":4297.32,"body":" "},{"speaker":"Alan Smith","startTime":4297.32,"endTime":4300.08,"body":"year one, year two, year three,"},{"speaker":"Alan Smith","startTime":4300.08,"endTime":4297.32,"body":" "},{"speaker":"Alan Smith","startTime":4297.32,"endTime":4300.08,"body":"possibly. And that will be"},{"speaker":"Alan Smith","startTime":4300.08,"endTime":4300.08,"body":" "},{"speaker":"Alan Smith","startTime":4300.08,"endTime":4303.2,"body":"conditional on, you know, not"},{"speaker":"Alan Smith","startTime":4303.2,"endTime":4300.08,"body":" "},{"speaker":"Alan Smith","startTime":4300.08,"endTime":4303.2,"body":"losing a ton of clients and not,"},{"speaker":"Alan Smith","startTime":4303.2,"endTime":4303.2,"body":" "},{"speaker":"Alan Smith","startTime":4303.2,"endTime":4305.78,"body":"you know, not really damaging"},{"speaker":"Alan Smith","startTime":4305.78,"endTime":4303.2,"body":" "},{"speaker":"Alan Smith","startTime":4303.2,"endTime":4305.78,"body":"the business. And again, I think"},{"speaker":"Alan Smith","startTime":4305.78,"endTime":4305.78,"body":" "},{"speaker":"Alan Smith","startTime":4305.78,"endTime":4309.74,"body":"the laws of, you know, commerce"},{"speaker":"Alan Smith","startTime":4309.74,"endTime":4305.78,"body":" "},{"speaker":"Alan Smith","startTime":4305.78,"endTime":4309.74,"body":"and business, we we've been on"},{"speaker":"Alan Smith","startTime":4309.74,"endTime":4309.74,"body":" "},{"speaker":"Alan Smith","startTime":4309.74,"endTime":4313.16,"body":"the positive receiving end when"},{"speaker":"Alan Smith","startTime":4313.16,"endTime":4309.74,"body":" "},{"speaker":"Alan Smith","startTime":4309.74,"endTime":4313.16,"body":"some firms have sold out to big"},{"speaker":"Alan Smith","startTime":4313.16,"endTime":4313.16,"body":" "},{"speaker":"Alan Smith","startTime":4313.16,"endTime":4316.04,"body":"consolidator. And this is where"},{"speaker":"Alan Smith","startTime":4316.04,"endTime":4313.16,"body":" "},{"speaker":"Alan Smith","startTime":4313.16,"endTime":4316.04,"body":"I think things go wrong. It's"},{"speaker":"Alan Smith","startTime":4316.04,"endTime":4316.4,"body":" "},{"speaker":"Alan Smith","startTime":4316.4,"endTime":4318.7,"body":"where the client who's been"},{"speaker":"Alan Smith","startTime":4318.7,"endTime":4316.4,"body":" "},{"speaker":"Alan Smith","startTime":4316.4,"endTime":4318.7,"body":"looked after by kind of"},{"speaker":"Alan Smith","startTime":4318.7,"endTime":4318.7,"body":" "},{"speaker":"Alan Smith","startTime":4318.7,"endTime":4322.0,"body":"independent, boutique, smaller"},{"speaker":"Alan Smith","startTime":4322.0,"endTime":4318.7,"body":" "},{"speaker":"Alan Smith","startTime":4318.7,"endTime":4322.0,"body":"firm, get bought up by one of"},{"speaker":"Alan Smith","startTime":4322.0,"endTime":4322.0,"body":" "},{"speaker":"Alan Smith","startTime":4322.0,"endTime":4324.64,"body":"the huge organizations. And it's"},{"speaker":"Alan Smith","startTime":4324.64,"endTime":4322.0,"body":" "},{"speaker":"Alan Smith","startTime":4322.0,"endTime":4324.64,"body":"like financial planning by"},{"speaker":"Alan Smith","startTime":4324.64,"endTime":4324.64,"body":" "},{"speaker":"Alan Smith","startTime":4324.64,"endTime":4328.48,"body":"numbers. You get this service,"},{"speaker":"Alan Smith","startTime":4328.48,"endTime":4324.64,"body":" "},{"speaker":"Alan Smith","startTime":4324.64,"endTime":4328.48,"body":"you get this person, you know,"},{"speaker":"Alan Smith","startTime":4328.48,"endTime":4328.48,"body":" "},{"speaker":"Alan Smith","startTime":4328.48,"endTime":4330.94,"body":"the whole and there's not a lot"},{"speaker":"Alan Smith","startTime":4330.94,"endTime":4328.48,"body":" "},{"speaker":"Alan Smith","startTime":4328.48,"endTime":4330.94,"body":"of flexibility around that, you"},{"speaker":"Alan Smith","startTime":4330.94,"endTime":4330.94,"body":" "},{"speaker":"Alan Smith","startTime":4330.94,"endTime":4333.46,"body":"get this portfolio, and that's"},{"speaker":"Alan Smith","startTime":4333.46,"endTime":4330.94,"body":" "},{"speaker":"Alan Smith","startTime":4330.94,"endTime":4333.46,"body":"it. And so those people say,"},{"speaker":"Alan Smith","startTime":4333.46,"endTime":4333.46,"body":" "},{"speaker":"Alan Smith","startTime":4333.46,"endTime":4335.92,"body":"Hmm, I'm not loving this. I love"},{"speaker":"Alan Smith","startTime":4335.92,"endTime":4333.46,"body":" "},{"speaker":"Alan Smith","startTime":4333.46,"endTime":4335.92,"body":"that. When John was looking"},{"speaker":"Alan Smith","startTime":4335.92,"endTime":4335.92,"body":" "},{"speaker":"Alan Smith","startTime":4335.92,"endTime":4338.46,"body":"after us and used to have a chat"},{"speaker":"Alan Smith","startTime":4338.46,"endTime":4335.92,"body":" "},{"speaker":"Alan Smith","startTime":4335.92,"endTime":4338.46,"body":"and used to have a chat and a"},{"speaker":"Alan Smith","startTime":4338.46,"endTime":4338.46,"body":" "},{"speaker":"Alan Smith","startTime":4338.46,"endTime":4340.92,"body":"cup of tea and all that sort of"},{"speaker":"Alan Smith","startTime":4340.92,"endTime":4338.46,"body":" "},{"speaker":"Alan Smith","startTime":4338.46,"endTime":4340.92,"body":"stuff. And so they do then seek"},{"speaker":"Alan Smith","startTime":4340.92,"endTime":4341.46,"body":" "},{"speaker":"Alan Smith","startTime":4341.46,"endTime":4343.86,"body":"smaller, independent boutiques"},{"speaker":"Alan Smith","startTime":4343.86,"endTime":4341.46,"body":" "},{"speaker":"Alan Smith","startTime":4341.46,"endTime":4343.86,"body":"such as ours. We've certainly"},{"speaker":"Alan Smith","startTime":4343.86,"endTime":4343.86,"body":" "},{"speaker":"Alan Smith","startTime":4343.86,"endTime":4346.32,"body":"picked up quite a few decent"},{"speaker":"Alan Smith","startTime":4346.32,"endTime":4343.86,"body":" "},{"speaker":"Alan Smith","startTime":4343.86,"endTime":4346.32,"body":"clients in the last year or two"},{"speaker":"Alan Smith","startTime":4346.32,"endTime":4346.32,"body":" "},{"speaker":"Alan Smith","startTime":4346.32,"endTime":4349.32,"body":"when this whole consolidated"},{"speaker":"Alan Smith","startTime":4349.32,"endTime":4346.32,"body":" "},{"speaker":"Alan Smith","startTime":4346.32,"endTime":4349.32,"body":"thing works carries on. So I"},{"speaker":"Alan Smith","startTime":4349.32,"endTime":4349.32,"body":" "},{"speaker":"Alan Smith","startTime":4349.32,"endTime":4353.4,"body":"think you'd be quite naive to"},{"speaker":"Alan Smith","startTime":4353.4,"endTime":4349.32,"body":" "},{"speaker":"Alan Smith","startTime":4349.32,"endTime":4353.4,"body":"sell your business where maybe"},{"speaker":"Alan Smith","startTime":4353.4,"endTime":4353.4,"body":" "},{"speaker":"Alan Smith","startTime":4353.4,"endTime":4355.92,"body":"half of your consideration, the"},{"speaker":"Alan Smith","startTime":4355.92,"endTime":4353.4,"body":" "},{"speaker":"Alan Smith","startTime":4353.4,"endTime":4355.92,"body":"amount you're going to get paid,"},{"speaker":"Alan Smith","startTime":4355.92,"endTime":4355.92,"body":" "},{"speaker":"Alan Smith","startTime":4355.92,"endTime":4359.54,"body":"was conditional on your clients"},{"speaker":"Alan Smith","startTime":4359.54,"endTime":4355.92,"body":" "},{"speaker":"Alan Smith","startTime":4355.92,"endTime":4359.54,"body":"basically being happy, not"},{"speaker":"Alan Smith","startTime":4359.54,"endTime":4359.54,"body":" "},{"speaker":"Alan Smith","startTime":4359.54,"endTime":4364.28,"body":"moving away, because you'd be,"},{"speaker":"Alan Smith","startTime":4364.28,"endTime":4359.54,"body":" "},{"speaker":"Alan Smith","startTime":4359.54,"endTime":4364.28,"body":"you know, you wouldn't receive"},{"speaker":"Alan Smith","startTime":4364.28,"endTime":4364.76,"body":" "},{"speaker":"Alan Smith","startTime":4364.76,"endTime":4368.36,"body":"your full payment. So I think"},{"speaker":"Alan Smith","startTime":4368.36,"endTime":4364.76,"body":" "},{"speaker":"Alan Smith","startTime":4364.76,"endTime":4368.36,"body":"we're all big boys and big"},{"speaker":"Alan Smith","startTime":4368.36,"endTime":4368.36,"body":" "},{"speaker":"Alan Smith","startTime":4368.36,"endTime":4373.16,"body":"girls. We're commercial. We'll"},{"speaker":"Alan Smith","startTime":4373.16,"endTime":4368.36,"body":" "},{"speaker":"Alan Smith","startTime":4368.36,"endTime":4373.16,"body":"make our decisions, and we will"},{"speaker":"Alan Smith","startTime":4373.16,"endTime":4373.16,"body":" "},{"speaker":"Alan Smith","startTime":4373.16,"endTime":4376.54,"body":"always do what's in the best"},{"speaker":"Alan Smith","startTime":4376.54,"endTime":4373.16,"body":" "},{"speaker":"Alan Smith","startTime":4373.16,"endTime":4376.54,"body":"interest for our clients."},{"speaker":"Carl Widger","startTime":4378.46,"endTime":4381.82,"body":"Just the final few"},{"speaker":"Carl Widger","startTime":4381.82,"endTime":4378.46,"body":" "},{"speaker":"Carl Widger","startTime":4378.46,"endTime":4381.82,"body":"points on this, right? My point"},{"speaker":"Carl Widger","startTime":4381.82,"endTime":4381.82,"body":" "},{"speaker":"Carl Widger","startTime":4381.82,"endTime":4384.7,"body":"about Robin's article is that,"},{"speaker":"Carl Widger","startTime":4384.7,"endTime":4381.82,"body":" "},{"speaker":"Carl Widger","startTime":4381.82,"endTime":4384.7,"body":"like, there are two, two issues"},{"speaker":"Carl Widger","startTime":4384.7,"endTime":4384.7,"body":" "},{"speaker":"Carl Widger","startTime":4384.7,"endTime":4387.58,"body":"here, when you when clients come"},{"speaker":"Carl Widger","startTime":4387.58,"endTime":4384.7,"body":" "},{"speaker":"Carl Widger","startTime":4384.7,"endTime":4387.58,"body":"into matters Ireland, if they"},{"speaker":"Carl Widger","startTime":4387.58,"endTime":4387.58,"body":" "},{"speaker":"Carl Widger","startTime":4387.58,"endTime":4390.34,"body":"don't know or think that the"},{"speaker":"Carl Widger","startTime":4390.34,"endTime":4387.58,"body":" "},{"speaker":"Carl Widger","startTime":4387.58,"endTime":4390.34,"body":"private client managers are"},{"speaker":"Carl Widger","startTime":4390.34,"endTime":4390.34,"body":" "},{"speaker":"Carl Widger","startTime":4390.34,"endTime":4394.3,"body":"incentivized to onboard new"},{"speaker":"Carl Widger","startTime":4394.3,"endTime":4390.34,"body":" "},{"speaker":"Carl Widger","startTime":4390.34,"endTime":4394.3,"body":"clients, right? Well, like, is"},{"speaker":"Carl Widger","startTime":4394.3,"endTime":4394.48,"body":" "},{"speaker":"Carl Widger","startTime":4394.48,"endTime":4398.82,"body":"that not totally obvious? Yeah,"},{"speaker":"Carl Widger","startTime":4398.82,"endTime":4394.48,"body":" "},{"speaker":"Carl Widger","startTime":4394.48,"endTime":4398.82,"body":"we disclose all, we disclose all"},{"speaker":"Carl Widger","startTime":4398.82,"endTime":4398.82,"body":" "},{"speaker":"Carl Widger","startTime":4398.82,"endTime":4402.3,"body":"of the fees. So like we're"},{"speaker":"Carl Widger","startTime":4402.3,"endTime":4398.82,"body":" "},{"speaker":"Carl Widger","startTime":4398.82,"endTime":4402.3,"body":"hiding nothing here. So I didn't"},{"speaker":"Carl Widger","startTime":4402.3,"endTime":4402.3,"body":" "},{"speaker":"Carl Widger","startTime":4402.3,"endTime":4406.5599999999995,"body":"see a big deal with the Vanguard"},{"speaker":"Carl Widger","startTime":4406.5599999999995,"endTime":4402.3,"body":" "},{"speaker":"Carl Widger","startTime":4402.3,"endTime":4406.5599999999995,"body":"thing at all. And I think it's a"},{"speaker":"Carl Widger","startTime":4406.5599999999995,"endTime":4406.5599999999995,"body":" "},{"speaker":"Carl Widger","startTime":4406.5599999999995,"endTime":4412.5599999999995,"body":"totally and utterly different"},{"speaker":"Carl Widger","startTime":4412.5599999999995,"endTime":4406.5599999999995,"body":" "},{"speaker":"Carl Widger","startTime":4406.5599999999995,"endTime":4412.5599999999995,"body":"situation or scenario to"},{"speaker":"Carl Widger","startTime":4412.5599999999995,"endTime":4413.04,"body":" "},{"speaker":"Carl Widger","startTime":4413.04,"endTime":4415.92,"body":"consolidators telling people,"},{"speaker":"Carl Widger","startTime":4415.92,"endTime":4413.04,"body":" "},{"speaker":"Carl Widger","startTime":4413.04,"endTime":4415.92,"body":"you must go onto our platform,"},{"speaker":"Carl Widger","startTime":4415.92,"endTime":4415.92,"body":" "},{"speaker":"Carl Widger","startTime":4415.92,"endTime":4419.3,"body":"you must go into our funds you"},{"speaker":"Carl Widger","startTime":4419.3,"endTime":4415.92,"body":" "},{"speaker":"Carl Widger","startTime":4415.92,"endTime":4419.3,"body":"want. I I'm sorry, Robin, I"},{"speaker":"Carl Widger","startTime":4419.3,"endTime":4419.3,"body":" "},{"speaker":"Carl Widger","startTime":4419.3,"endTime":4422.12,"body":"thought you conflated two issues"},{"speaker":"Carl Widger","startTime":4422.12,"endTime":4419.3,"body":" "},{"speaker":"Carl Widger","startTime":4419.3,"endTime":4422.12,"body":"that were totally and totally"},{"speaker":"Carl Widger","startTime":4422.12,"endTime":4422.12,"body":" "},{"speaker":"Carl Widger","startTime":4422.12,"endTime":4424.22,"body":"different, and that's my point."},{"speaker":"Andy Hart","startTime":4425.239,"endTime":4428.719,"body":"Just Just on that"},{"speaker":"Andy Hart","startTime":4428.719,"endTime":4425.239,"body":" "},{"speaker":"Andy Hart","startTime":4425.239,"endTime":4428.719,"body":"point. Carl, I think in the"},{"speaker":"Andy Hart","startTime":4428.719,"endTime":4428.719,"body":" "},{"speaker":"Andy Hart","startTime":4428.719,"endTime":4432.139,"body":"vanguard situation, they"},{"speaker":"Andy Hart","startTime":4432.139,"endTime":4428.719,"body":" "},{"speaker":"Andy Hart","startTime":4428.719,"endTime":4432.139,"body":"specifically broke the rules."},{"speaker":"Andy Hart","startTime":4432.139,"endTime":4432.439,"body":" "},{"speaker":"Andy Hart","startTime":4432.439,"endTime":4436.2789999999995,"body":"The clients might have assumed"},{"speaker":"Andy Hart","startTime":4436.2789999999995,"endTime":4432.439,"body":" "},{"speaker":"Andy Hart","startTime":4432.439,"endTime":4436.2789999999995,"body":"there is some incentivization in"},{"speaker":"Andy Hart","startTime":4436.2789999999995,"endTime":4436.2789999999995,"body":" "},{"speaker":"Andy Hart","startTime":4436.2789999999995,"endTime":4438.939,"body":"the background. That's how"},{"speaker":"Andy Hart","startTime":4438.939,"endTime":4436.2789999999995,"body":" "},{"speaker":"Andy Hart","startTime":4436.2789999999995,"endTime":4438.939,"body":"business works, but it's the way"},{"speaker":"Andy Hart","startTime":4438.939,"endTime":4438.939,"body":" "},{"speaker":"Andy Hart","startTime":4438.939,"endTime":4442.599,"body":"that they didn't disclose it. So"},{"speaker":"Andy Hart","startTime":4442.599,"endTime":4438.939,"body":" "},{"speaker":"Andy Hart","startTime":4438.939,"endTime":4442.599,"body":"that's why Vanguard got the"},{"speaker":"Andy Hart","startTime":4442.599,"endTime":4442.599,"body":" "},{"speaker":"Andy Hart","startTime":4442.599,"endTime":4446.079,"body":"fine. It's because the way they"},{"speaker":"Andy Hart","startTime":4446.079,"endTime":4442.599,"body":" "},{"speaker":"Andy Hart","startTime":4442.599,"endTime":4446.079,"body":"did so there must be a law or a"},{"speaker":"Andy Hart","startTime":4446.079,"endTime":4446.079,"body":" "},{"speaker":"Andy Hart","startTime":4446.079,"endTime":4448.839,"body":"requirement that says they have"},{"speaker":"Andy Hart","startTime":4448.839,"endTime":4446.079,"body":" "},{"speaker":"Andy Hart","startTime":4446.079,"endTime":4448.839,"body":"to disclose it again. I don't"},{"speaker":"Andy Hart","startTime":4448.839,"endTime":4448.839,"body":" "},{"speaker":"Andy Hart","startTime":4448.839,"endTime":4452.199,"body":"really know the Vanguard case"},{"speaker":"Andy Hart","startTime":4452.199,"endTime":4448.839,"body":" "},{"speaker":"Andy Hart","startTime":4448.839,"endTime":4452.199,"body":"well enough. I don't think"},{"speaker":"Andy Hart","startTime":4452.199,"endTime":4452.199,"body":" "},{"speaker":"Andy Hart","startTime":4452.199,"endTime":4454.959,"body":"either of us do, but I think"},{"speaker":"Andy Hart","startTime":4454.959,"endTime":4452.199,"body":" "},{"speaker":"Andy Hart","startTime":4452.199,"endTime":4454.959,"body":"that was it. Go on."},{"speaker":"Alan Smith","startTime":4455.3189999999995,"endTime":4458.579,"body":"Did you know we'll"},{"speaker":"Alan Smith","startTime":4458.579,"endTime":4455.3189999999995,"body":" "},{"speaker":"Alan Smith","startTime":4455.3189999999995,"endTime":4458.579,"body":"keep this Convo going as Yes,"},{"speaker":"Alan Smith","startTime":4458.579,"endTime":4458.699,"body":" "},{"speaker":"Alan Smith","startTime":4458.699,"endTime":4465.899,"body":"Nick tries to So, yeah,"},{"speaker":"Alan Smith","startTime":4465.899,"endTime":4458.699,"body":" "},{"speaker":"Alan Smith","startTime":4458.699,"endTime":4465.899,"body":"hopefully he's gonna come back."},{"speaker":"Alan Smith","startTime":4465.899,"endTime":4465.899,"body":" "},{"speaker":"Alan Smith","startTime":4465.899,"endTime":4467.2789999999995,"body":"So I remember"},{"speaker":"Carl Widger","startTime":4467.4,"endTime":4469.68,"body":"talk over each"},{"speaker":"Carl Widger","startTime":4469.68,"endTime":4467.4,"body":" "},{"speaker":"Carl Widger","startTime":4467.4,"endTime":4469.68,"body":"other, do loads. Yeah,"},{"speaker":"Alan Smith","startTime":4472.38,"endTime":4478.04,"body":"yeah, go on. He's"},{"speaker":"Alan Smith","startTime":4478.04,"endTime":4472.38,"body":" "},{"speaker":"Alan Smith","startTime":4472.38,"endTime":4478.04,"body":"useless anyway. So I always find"},{"speaker":"Alan Smith","startTime":4478.04,"endTime":4478.04,"body":" "},{"speaker":"Alan Smith","startTime":4478.04,"endTime":4482.72,"body":"it really you realize how far"},{"speaker":"Alan Smith","startTime":4482.72,"endTime":4478.04,"body":" "},{"speaker":"Alan Smith","startTime":4478.04,"endTime":4482.72,"body":"ahead that the UK is in terms"},{"speaker":"Alan Smith","startTime":4482.72,"endTime":4482.72,"body":" "},{"speaker":"Alan Smith","startTime":4482.72,"endTime":4485.48,"body":"of, you know, customer"},{"speaker":"Alan Smith","startTime":4485.48,"endTime":4482.72,"body":" "},{"speaker":"Alan Smith","startTime":4482.72,"endTime":4485.48,"body":"protection, consumer protection"},{"speaker":"Alan Smith","startTime":4485.48,"endTime":4485.48,"body":" "},{"speaker":"Alan Smith","startTime":4485.48,"endTime":4488.72,"body":"and all the rest of it. Because"},{"speaker":"Alan Smith","startTime":4488.72,"endTime":4485.48,"body":" "},{"speaker":"Alan Smith","startTime":4485.48,"endTime":4488.72,"body":"in the US, they talk about this"},{"speaker":"Alan Smith","startTime":4488.72,"endTime":4488.72,"body":" "},{"speaker":"Alan Smith","startTime":4488.72,"endTime":4491.42,"body":"thing, this word they always"},{"speaker":"Alan Smith","startTime":4491.42,"endTime":4488.72,"body":" "},{"speaker":"Alan Smith","startTime":4488.72,"endTime":4491.42,"body":"use, called fiduciary. We got"},{"speaker":"Alan Smith","startTime":4491.42,"endTime":4491.42,"body":" "},{"speaker":"Alan Smith","startTime":4491.42,"endTime":4495.5,"body":"fiduciary, you know,"},{"speaker":"Alan Smith","startTime":4495.5,"endTime":4491.42,"body":" "},{"speaker":"Alan Smith","startTime":4491.42,"endTime":4495.5,"body":"responsibilities and what have"},{"speaker":"Alan Smith","startTime":4495.5,"endTime":4495.5,"body":" "},{"speaker":"Alan Smith","startTime":4495.5,"endTime":4498.7,"body":"you. And there was a thing I"},{"speaker":"Alan Smith","startTime":4498.7,"endTime":4495.5,"body":" "},{"speaker":"Alan Smith","startTime":4495.5,"endTime":4498.7,"body":"remember was it, was it Trump"},{"speaker":"Alan Smith","startTime":4498.7,"endTime":4498.7,"body":" "},{"speaker":"Alan Smith","startTime":4498.7,"endTime":4501.46,"body":"1.0 or previous to that, it was"},{"speaker":"Alan Smith","startTime":4501.46,"endTime":4498.7,"body":" "},{"speaker":"Alan Smith","startTime":4498.7,"endTime":4501.46,"body":"this whole thing. And we're"},{"speaker":"Alan Smith","startTime":4501.46,"endTime":4501.46,"body":" "},{"speaker":"Alan Smith","startTime":4501.46,"endTime":4503.8,"body":"going to bring in this law,"},{"speaker":"Alan Smith","startTime":4503.8,"endTime":4501.46,"body":" "},{"speaker":"Alan Smith","startTime":4501.46,"endTime":4503.8,"body":"which fiduciary, meaning, you"},{"speaker":"Alan Smith","startTime":4503.8,"endTime":4503.8,"body":" "},{"speaker":"Alan Smith","startTime":4503.8,"endTime":4506.68,"body":"put your clients interest before"},{"speaker":"Alan Smith","startTime":4506.68,"endTime":4503.8,"body":" "},{"speaker":"Alan Smith","startTime":4503.8,"endTime":4506.68,"body":"that of yourself or your"},{"speaker":"Alan Smith","startTime":4506.68,"endTime":4506.68,"body":" "},{"speaker":"Alan Smith","startTime":4506.68,"endTime":4510.22,"body":"organization. And that got"},{"speaker":"Alan Smith","startTime":4510.22,"endTime":4506.68,"body":" "},{"speaker":"Alan Smith","startTime":4506.68,"endTime":4510.22,"body":"kicked out. And so as far as I'm"},{"speaker":"Alan Smith","startTime":4510.22,"endTime":4510.22,"body":" "},{"speaker":"Alan Smith","startTime":4510.22,"endTime":4513.28,"body":"aware, as we speak today, the US"},{"speaker":"Alan Smith","startTime":4513.28,"endTime":4510.22,"body":" "},{"speaker":"Alan Smith","startTime":4510.22,"endTime":4513.28,"body":"financial services, financial"},{"speaker":"Alan Smith","startTime":4513.28,"endTime":4513.28,"body":" "},{"speaker":"Alan Smith","startTime":4513.28,"endTime":4517.86,"body":"planning industry, does not have"},{"speaker":"Alan Smith","startTime":4517.86,"endTime":4513.28,"body":" "},{"speaker":"Alan Smith","startTime":4513.28,"endTime":4517.86,"body":"to put the client's interest at"},{"speaker":"Alan Smith","startTime":4517.86,"endTime":4517.86,"body":" "},{"speaker":"Alan Smith","startTime":4517.86,"endTime":4522.24,"body":"first. Now that is kind of 101,"},{"speaker":"Alan Smith","startTime":4522.24,"endTime":4517.86,"body":" "},{"speaker":"Alan Smith","startTime":4517.86,"endTime":4522.24,"body":"it where we are in the UK, and I"},{"speaker":"Alan Smith","startTime":4522.24,"endTime":4522.24,"body":" "},{"speaker":"Alan Smith","startTime":4522.24,"endTime":4525.5999999999995,"body":"think it's maybe probably the"},{"speaker":"Alan Smith","startTime":4525.5999999999995,"endTime":4522.24,"body":" "},{"speaker":"Alan Smith","startTime":4522.24,"endTime":4525.5999999999995,"body":"same in Ireland. Don't know, but"},{"speaker":"Alan Smith","startTime":4525.5999999999995,"endTime":4525.5999999999995,"body":" "},{"speaker":"Alan Smith","startTime":4525.5999999999995,"endTime":4528.36,"body":"we have to at all times, but our"},{"speaker":"Alan Smith","startTime":4528.36,"endTime":4525.5999999999995,"body":" "},{"speaker":"Alan Smith","startTime":4525.5999999999995,"endTime":4528.36,"body":"clients interests, it's this"},{"speaker":"Alan Smith","startTime":4528.36,"endTime":4528.36,"body":" "},{"speaker":"Alan Smith","startTime":4528.36,"endTime":4531.36,"body":"sort of treating customers"},{"speaker":"Alan Smith","startTime":4531.36,"endTime":4528.36,"body":" "},{"speaker":"Alan Smith","startTime":4528.36,"endTime":4531.36,"body":"fairly. It goes back to all that"},{"speaker":"Alan Smith","startTime":4531.36,"endTime":4531.36,"body":" "},{"speaker":"Alan Smith","startTime":4531.36,"endTime":4535.38,"body":"and the canonical consumer duty."},{"speaker":"Alan Smith","startTime":4535.38,"endTime":4531.36,"body":" "},{"speaker":"Alan Smith","startTime":4531.36,"endTime":4535.38,"body":"So the US rules and regulations"},{"speaker":"Alan Smith","startTime":4535.38,"endTime":4535.38,"body":" "},{"speaker":"Alan Smith","startTime":4535.38,"endTime":4538.7,"body":"are a bit odd to me, and it was"},{"speaker":"Alan Smith","startTime":4538.7,"endTime":4535.38,"body":" "},{"speaker":"Alan Smith","startTime":4535.38,"endTime":4538.7,"body":"a bit surprised that Vanguard"},{"speaker":"Alan Smith","startTime":4538.7,"endTime":4538.7,"body":" "},{"speaker":"Alan Smith","startTime":4538.7,"endTime":4541.64,"body":"got fined basically for, say,"},{"speaker":"Alan Smith","startTime":4541.64,"endTime":4538.7,"body":" "},{"speaker":"Alan Smith","startTime":4538.7,"endTime":4541.64,"body":"but for not disclosing that"},{"speaker":"Alan Smith","startTime":4541.64,"endTime":4541.64,"body":" "},{"speaker":"Alan Smith","startTime":4541.64,"endTime":4543.92,"body":"their advisors got paid for"},{"speaker":"Alan Smith","startTime":4543.92,"endTime":4541.64,"body":" "},{"speaker":"Alan Smith","startTime":4541.64,"endTime":4543.92,"body":"onboarding new clients."},{"speaker":"Andy Hart","startTime":4544.399,"endTime":4546.679,"body":"Yeah, it's just gonna"},{"speaker":"Andy Hart","startTime":4546.679,"endTime":4544.399,"body":" "},{"speaker":"Andy Hart","startTime":4544.399,"endTime":4546.679,"body":"say, Just go. Just go back to a"},{"speaker":"Andy Hart","startTime":4546.679,"endTime":4546.679,"body":" "},{"speaker":"Andy Hart","startTime":4546.679,"endTime":4549.8589999999995,"body":"point you said a couple of"},{"speaker":"Andy Hart","startTime":4549.8589999999995,"endTime":4546.679,"body":" "},{"speaker":"Andy Hart","startTime":4546.679,"endTime":4549.8589999999995,"body":"points ago, Alan, you said you"},{"speaker":"Andy Hart","startTime":4549.8589999999995,"endTime":4549.8589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4549.8589999999995,"endTime":4554.3589999999995,"body":"think people are naive. I think"},{"speaker":"Andy Hart","startTime":4554.3589999999995,"endTime":4549.8589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4549.8589999999995,"endTime":4554.3589999999995,"body":"that's a bit too harsh of a"},{"speaker":"Andy Hart","startTime":4554.3589999999995,"endTime":4554.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4554.3589999999995,"endTime":4557.559,"body":"description, because all firms"},{"speaker":"Andy Hart","startTime":4557.559,"endTime":4554.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":4554.3589999999995,"endTime":4557.559,"body":"are basically selling out to"},{"speaker":"Andy Hart","startTime":4557.559,"endTime":4557.559,"body":" "},{"speaker":"Andy Hart","startTime":4557.559,"endTime":4561.339,"body":"consolidators, and they have"},{"speaker":"Andy Hart","startTime":4561.339,"endTime":4557.559,"body":" "},{"speaker":"Andy Hart","startTime":4557.559,"endTime":4561.339,"body":"that similar structure that's"},{"speaker":"Andy Hart","startTime":4561.339,"endTime":4561.339,"body":" "},{"speaker":"Andy Hart","startTime":4561.339,"endTime":4564.999,"body":"been factored into it. So What?"},{"speaker":"Andy Hart","startTime":4564.999,"endTime":4561.339,"body":" "},{"speaker":"Andy Hart","startTime":4561.339,"endTime":4564.999,"body":"What? Why are you thinking"},{"speaker":"Andy Hart","startTime":4564.999,"endTime":4564.999,"body":" "},{"speaker":"Andy Hart","startTime":4564.999,"endTime":4567.2789999999995,"body":"they're naive? I mean, these are"},{"speaker":"Andy Hart","startTime":4567.2789999999995,"endTime":4564.999,"body":" "},{"speaker":"Andy Hart","startTime":4564.999,"endTime":4567.2789999999995,"body":"financial planners. They're"},{"speaker":"Andy Hart","startTime":4567.2789999999995,"endTime":4567.2789999999995,"body":" "},{"speaker":"Andy Hart","startTime":4567.2789999999995,"endTime":4571.059,"body":"money people. They understand,"},{"speaker":"Andy Hart","startTime":4571.059,"endTime":4567.2789999999995,"body":" "},{"speaker":"Andy Hart","startTime":4567.2789999999995,"endTime":4571.059,"body":"you know, how the deal"},{"speaker":"Alan Smith","startTime":4571.0599999999995,"endTime":4574.54,"body":"was structured."},{"speaker":"Alan Smith","startTime":4574.54,"endTime":4571.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":4571.0599999999995,"endTime":4574.54,"body":"Well, exactly All I was saying"},{"speaker":"Alan Smith","startTime":4574.54,"endTime":4574.54,"body":" "},{"speaker":"Alan Smith","startTime":4574.54,"endTime":4579.0599999999995,"body":"you one would be nice. Believe"},{"speaker":"Alan Smith","startTime":4579.0599999999995,"endTime":4574.54,"body":" "},{"speaker":"Alan Smith","startTime":4574.54,"endTime":4579.0599999999995,"body":"if you kind of took the,"},{"speaker":"Alan Smith","startTime":4579.0599999999995,"endTime":4579.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":4579.0599999999995,"endTime":4581.34,"body":"whatever you call it, took the"},{"speaker":"Alan Smith","startTime":4581.34,"endTime":4579.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":4579.0599999999995,"endTime":4581.34,"body":"shilling, and just say, I'm"},{"speaker":"Alan Smith","startTime":4581.34,"endTime":4581.34,"body":" "},{"speaker":"Alan Smith","startTime":4581.34,"endTime":4584.76,"body":"going to move my clients to"},{"speaker":"Alan Smith","startTime":4584.76,"endTime":4581.34,"body":" "},{"speaker":"Alan Smith","startTime":4581.34,"endTime":4584.76,"body":"something which is going to be"},{"speaker":"Alan Smith","startTime":4584.76,"endTime":4584.76,"body":" "},{"speaker":"Alan Smith","startTime":4584.76,"endTime":4588.0599999999995,"body":"far more expensive for them, and"},{"speaker":"Alan Smith","startTime":4588.0599999999995,"endTime":4584.76,"body":" "},{"speaker":"Alan Smith","startTime":4584.76,"endTime":4588.0599999999995,"body":"an inferior experience, an"},{"speaker":"Alan Smith","startTime":4588.0599999999995,"endTime":4588.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":4588.0599999999995,"endTime":4592.08,"body":"inferior service, because the"},{"speaker":"Alan Smith","startTime":4592.08,"endTime":4588.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":4588.0599999999995,"endTime":4592.08,"body":"chances are a fair a fair chunk"},{"speaker":"Alan Smith","startTime":4592.08,"endTime":4592.2,"body":" "},{"speaker":"Alan Smith","startTime":4592.2,"endTime":4598.04,"body":"of clients will probably vote"},{"speaker":"Alan Smith","startTime":4598.04,"endTime":4592.2,"body":" "},{"speaker":"Alan Smith","startTime":4592.2,"endTime":4598.04,"body":"with their feet and company,"},{"speaker":"Alan Smith","startTime":4598.04,"endTime":4598.04,"body":" "},{"speaker":"Alan Smith","startTime":4598.04,"endTime":4600.8,"body":"because the original founder and"},{"speaker":"Alan Smith","startTime":4600.8,"endTime":4598.04,"body":" "},{"speaker":"Alan Smith","startTime":4598.04,"endTime":4600.8,"body":"owner of that business probably"},{"speaker":"Alan Smith","startTime":4600.8,"endTime":4600.8,"body":" "},{"speaker":"Alan Smith","startTime":4600.8,"endTime":4603.38,"body":"no longer around. So I just"},{"speaker":"Alan Smith","startTime":4603.38,"endTime":4600.8,"body":" "},{"speaker":"Alan Smith","startTime":4600.8,"endTime":4603.38,"body":"think, you know, you I'm not"},{"speaker":"Alan Smith","startTime":4603.38,"endTime":4603.38,"body":" "},{"speaker":"Alan Smith","startTime":4603.38,"endTime":4605.9,"body":"saying they are but some you"},{"speaker":"Alan Smith","startTime":4605.9,"endTime":4603.38,"body":" "},{"speaker":"Alan Smith","startTime":4603.38,"endTime":4605.9,"body":"probably are naive. If you think"},{"speaker":"Alan Smith","startTime":4605.9,"endTime":4605.9,"body":" "},{"speaker":"Alan Smith","startTime":4605.9,"endTime":4608.5999999999995,"body":"you can sell out to something"},{"speaker":"Alan Smith","startTime":4608.5999999999995,"endTime":4605.9,"body":" "},{"speaker":"Alan Smith","startTime":4605.9,"endTime":4608.5999999999995,"body":"where the fees and costs become"},{"speaker":"Alan Smith","startTime":4608.5999999999995,"endTime":4608.5999999999995,"body":" "},{"speaker":"Alan Smith","startTime":4608.5999999999995,"endTime":4612.8,"body":"more expensive, the service is"},{"speaker":"Alan Smith","startTime":4612.8,"endTime":4608.5999999999995,"body":" "},{"speaker":"Alan Smith","startTime":4608.5999999999995,"endTime":4612.8,"body":"inferior to what they previously"},{"speaker":"Alan Smith","startTime":4612.8,"endTime":4612.8,"body":" "},{"speaker":"Alan Smith","startTime":4612.8,"endTime":4616.22,"body":"been expecting. Sure money is"},{"speaker":"Alan Smith","startTime":4616.22,"endTime":4612.8,"body":" "},{"speaker":"Alan Smith","startTime":4612.8,"endTime":4616.22,"body":"going to come down the line and"},{"speaker":"Alan Smith","startTime":4616.22,"endTime":4616.28,"body":" "},{"speaker":"Alan Smith","startTime":4616.28,"endTime":4619.12,"body":"it's dependent upon most of"},{"speaker":"Alan Smith","startTime":4619.12,"endTime":4616.28,"body":" "},{"speaker":"Alan Smith","startTime":4616.28,"endTime":4619.12,"body":"those clients staying on board."},{"speaker":"Alan Smith","startTime":4619.12,"endTime":4619.18,"body":" "},{"speaker":"Alan Smith","startTime":4619.18,"endTime":4622.0599999999995,"body":"So it's a tricky thing to"},{"speaker":"Alan Smith","startTime":4622.0599999999995,"endTime":4619.18,"body":" "},{"speaker":"Alan Smith","startTime":4619.18,"endTime":4622.0599999999995,"body":"balance. Fortunately, none of us"},{"speaker":"Alan Smith","startTime":4622.0599999999995,"endTime":4622.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":4622.0599999999995,"endTime":4626.38,"body":"are selling out anytime soon,"},{"speaker":"Alan Smith","startTime":4626.38,"endTime":4622.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":4622.0599999999995,"endTime":4626.38,"body":"but it's worthy of"},{"speaker":"Alan Smith","startTime":4626.38,"endTime":4626.38,"body":" "},{"speaker":"Alan Smith","startTime":4626.38,"endTime":4628.84,"body":"consideration. But I think your"},{"speaker":"Alan Smith","startTime":4628.84,"endTime":4626.38,"body":" "},{"speaker":"Alan Smith","startTime":4626.38,"endTime":4628.84,"body":"point there, Carl, was, was"},{"speaker":"Alan Smith","startTime":4628.84,"endTime":4628.96,"body":" "},{"speaker":"Alan Smith","startTime":4628.96,"endTime":4631.42,"body":"there's a conflation of two"},{"speaker":"Alan Smith","startTime":4631.42,"endTime":4628.96,"body":" "},{"speaker":"Alan Smith","startTime":4628.96,"endTime":4631.42,"body":"different things, which I think"},{"speaker":"Alan Smith","startTime":4631.42,"endTime":4631.42,"body":" "},{"speaker":"Alan Smith","startTime":4631.42,"endTime":4635.38,"body":"is a fair is a fair point"},{"speaker":"Alan Smith","startTime":4635.38,"endTime":4631.42,"body":" "},{"speaker":"Alan Smith","startTime":4631.42,"endTime":4635.38,"body":"stories by itself. We've tried"},{"speaker":"Alan Smith","startTime":4635.38,"endTime":4635.74,"body":" "},{"speaker":"Alan Smith","startTime":4635.74,"endTime":4636.5999999999995,"body":"to say this thing about"},{"speaker":"Andy Hart","startTime":4637.26,"endTime":4640.38,"body":"social media is"},{"speaker":"Andy Hart","startTime":4640.38,"endTime":4637.26,"body":" "},{"speaker":"Andy Hart","startTime":4637.26,"endTime":4640.38,"body":"another subject. I mean, I used"},{"speaker":"Andy Hart","startTime":4640.38,"endTime":4640.44,"body":" "},{"speaker":"Andy Hart","startTime":4640.44,"endTime":4642.0599999999995,"body":"to do quite a bit of it."},{"speaker":"Carl Widger","startTime":4642.0599999999995,"endTime":4646.14,"body":"Now I've grown up"},{"speaker":"Carl Widger","startTime":4646.14,"endTime":4642.0599999999995,"body":" "},{"speaker":"Carl Widger","startTime":4642.0599999999995,"endTime":4646.14,"body":"the infighting was about this"},{"speaker":"Carl Widger","startTime":4646.14,"endTime":4646.14,"body":" "},{"speaker":"Carl Widger","startTime":4646.14,"endTime":4647.5199999999995,"body":"consolidator and it's all"},{"speaker":"Andy Hart","startTime":4647.5199999999995,"endTime":4652.08,"body":"shit is whatever"},{"speaker":"Andy Hart","startTime":4652.08,"endTime":4647.5199999999995,"body":" "},{"speaker":"Andy Hart","startTime":4647.5199999999995,"endTime":4652.08,"body":"topic. It's whatever topics"},{"speaker":"Andy Hart","startTime":4652.08,"endTime":4652.08,"body":" "},{"speaker":"Andy Hart","startTime":4652.08,"endTime":4654.72,"body":"they're they're hot topic of"},{"speaker":"Andy Hart","startTime":4654.72,"endTime":4652.08,"body":" "},{"speaker":"Andy Hart","startTime":4652.08,"endTime":4654.72,"body":"that time. Yeah, it's often"},{"speaker":"Andy Hart","startTime":4654.72,"endTime":4654.72,"body":" "},{"speaker":"Andy Hart","startTime":4654.72,"endTime":4655.5,"body":"active, passive."},{"speaker":"Carl Widger","startTime":4656.399,"endTime":4660.619,"body":"Where do they know,"},{"speaker":"Carl Widger","startTime":4660.619,"endTime":4656.399,"body":" "},{"speaker":"Carl Widger","startTime":4656.399,"endTime":4660.619,"body":"where do they get the time, and"},{"speaker":"Carl Widger","startTime":4660.619,"endTime":4660.619,"body":" "},{"speaker":"Carl Widger","startTime":4660.619,"endTime":4663.439,"body":"why do they think it's a good"},{"speaker":"Carl Widger","startTime":4663.439,"endTime":4660.619,"body":" "},{"speaker":"Carl Widger","startTime":4660.619,"endTime":4663.439,"body":"it's a good way for them to"},{"speaker":"Carl Widger","startTime":4663.439,"endTime":4663.439,"body":" "},{"speaker":"Carl Widger","startTime":4663.439,"endTime":4667.2789999999995,"body":"expend their energy to go online"},{"speaker":"Carl Widger","startTime":4667.2789999999995,"endTime":4663.439,"body":" "},{"speaker":"Carl Widger","startTime":4663.439,"endTime":4667.2789999999995,"body":"and go because I guarantee you,"},{"speaker":"Carl Widger","startTime":4667.2789999999995,"endTime":4667.2789999999995,"body":" "},{"speaker":"Carl Widger","startTime":4667.2789999999995,"endTime":4669.3189999999995,"body":"they're spending all day then"},{"speaker":"Carl Widger","startTime":4669.3189999999995,"endTime":4667.2789999999995,"body":" "},{"speaker":"Carl Widger","startTime":4667.2789999999995,"endTime":4669.3189999999995,"body":"looking, did he"},{"speaker":"Alan Smith","startTime":4671.12,"endTime":4673.94,"body":"so many ifas are on,"},{"speaker":"Alan Smith","startTime":4673.94,"endTime":4671.12,"body":" "},{"speaker":"Alan Smith","startTime":4671.12,"endTime":4673.94,"body":"especially LinkedIn, I don't"},{"speaker":"Alan Smith","startTime":4673.94,"endTime":4673.94,"body":" "},{"speaker":"Alan Smith","startTime":4673.94,"endTime":4677.08,"body":"see. I'm not that. I our"},{"speaker":"Alan Smith","startTime":4677.08,"endTime":4673.94,"body":" "},{"speaker":"Alan Smith","startTime":4673.94,"endTime":4677.08,"body":"accountants are lawyers? Are"},{"speaker":"Alan Smith","startTime":4677.08,"endTime":4677.08,"body":" "},{"speaker":"Alan Smith","startTime":4677.08,"endTime":4680.38,"body":"they all sort of yeah, having"},{"speaker":"Alan Smith","startTime":4680.38,"endTime":4677.08,"body":" "},{"speaker":"Alan Smith","startTime":4677.08,"endTime":4680.38,"body":"each other all day long."},{"speaker":"Andy Hart","startTime":4680.62,"endTime":4682.36,"body":"Oh, sorry, I don't"},{"speaker":"Andy Hart","startTime":4682.36,"endTime":4680.62,"body":" "},{"speaker":"Andy Hart","startTime":4680.62,"endTime":4682.36,"body":"know about him fighting another"},{"speaker":"Andy Hart","startTime":4682.36,"endTime":4682.36,"body":" "},{"speaker":"Andy Hart","startTime":4682.36,"endTime":4684.58,"body":"profession. No, I don't come"},{"speaker":"Andy Hart","startTime":4684.58,"endTime":4682.36,"body":" "},{"speaker":"Andy Hart","startTime":4682.36,"endTime":4684.58,"body":"across it. No, I only come"},{"speaker":"Andy Hart","startTime":4684.58,"endTime":4684.58,"body":" "},{"speaker":"Andy Hart","startTime":4684.58,"endTime":4687.0999999999995,"body":"across him fighting within the"},{"speaker":"Andy Hart","startTime":4687.0999999999995,"endTime":4684.58,"body":" "},{"speaker":"Andy Hart","startTime":4684.58,"endTime":4687.0999999999995,"body":"profession because someone said,"},{"speaker":"Andy Hart","startTime":4687.0999999999995,"endTime":4687.5199999999995,"body":" "},{"speaker":"Andy Hart","startTime":4687.5199999999995,"endTime":4687.82,"body":"yeah, right."},{"speaker":"Alan Smith","startTime":4687.8189999999995,"endTime":4690.039,"body":"Nicholas, are you"},{"speaker":"Alan Smith","startTime":4690.039,"endTime":4687.8189999999995,"body":" "},{"speaker":"Alan Smith","startTime":4687.8189999999995,"endTime":4690.039,"body":"back? Are you back in the game?"},{"speaker":"Alan Smith","startTime":4690.039,"endTime":4690.999,"body":" "},{"speaker":"Alan Smith","startTime":4690.999,"endTime":4695.439,"body":"Oh, my God. Nick, so minimal."},{"speaker":"Alan Smith","startTime":4695.439,"endTime":4690.999,"body":" "},{"speaker":"Alan Smith","startTime":4690.999,"endTime":4695.439,"body":"Give it a go."},{"speaker":"Carl Widger","startTime":4695.44,"endTime":4697.86,"body":"Nick, give it a go."},{"speaker":"Carl Widger","startTime":4697.86,"endTime":4695.44,"body":" "},{"speaker":"Carl Widger","startTime":4695.44,"endTime":4697.86,"body":"Anyway. Nick. Nick, do you want"},{"speaker":"Andy Hart","startTime":4699.42,"endTime":4702.0599999999995,"body":"me to do the"},{"speaker":"Andy Hart","startTime":4702.0599999999995,"endTime":4699.42,"body":" "},{"speaker":"Andy Hart","startTime":4699.42,"endTime":4702.0599999999995,"body":"question? Nicholas, let me know"},{"speaker":"Andy Hart","startTime":4702.0599999999995,"endTime":4702.0599999999995,"body":" "},{"speaker":"Andy Hart","startTime":4702.0599999999995,"endTime":4706.32,"body":"when you want. I can, I can read"},{"speaker":"Andy Hart","startTime":4706.32,"endTime":4702.0599999999995,"body":" "},{"speaker":"Andy Hart","startTime":4702.0599999999995,"endTime":4706.32,"body":"just about."},{"speaker":"Alan Smith","startTime":4708.12,"endTime":4712.14,"body":"Just carry on. Nick,"},{"speaker":"Alan Smith","startTime":4712.14,"endTime":4708.12,"body":" "},{"speaker":"Alan Smith","startTime":4708.12,"endTime":4712.14,"body":"you've got a contribution to the"},{"speaker":"Alan Smith","startTime":4712.14,"endTime":4712.14,"body":" "},{"speaker":"Alan Smith","startTime":4712.14,"endTime":4713.4,"body":"subject the meat potatoes."},{"speaker":"Andy Hart","startTime":4713.399,"endTime":4715.919,"body":"No, but yeah, yeah."},{"speaker":"Nick Lincoln","startTime":4715.92,"endTime":4719.48,"body":"This doesn't"},{"speaker":"Nick Lincoln","startTime":4719.48,"endTime":4715.92,"body":" "},{"speaker":"Nick Lincoln","startTime":4715.92,"endTime":4719.48,"body":"particularly interest me to"},{"speaker":"Alan Smith","startTime":4720.92,"endTime":4727.88,"body":"great sort of sound"},{"speaker":"Alan Smith","startTime":4727.88,"endTime":4720.92,"body":" "},{"speaker":"Alan Smith","startTime":4720.92,"endTime":4727.88,"body":"quality production, and it's all"},{"speaker":"Alan Smith","startTime":4727.88,"endTime":4727.88,"body":" "},{"speaker":"Alan Smith","startTime":4727.88,"endTime":4729.86,"body":"gone pear shaped. Oh, here we"},{"speaker":"Alan Smith","startTime":4729.86,"endTime":4727.88,"body":" "},{"speaker":"Alan Smith","startTime":4727.88,"endTime":4729.86,"body":"go."},{"speaker":"Carl Widger","startTime":4731.059,"endTime":4734.299,"body":"You absolute grumpy"},{"speaker":"Carl Widger","startTime":4734.299,"endTime":4731.059,"body":" "},{"speaker":"Carl Widger","startTime":4731.059,"endTime":4734.299,"body":"bollocks. Oh, my God. It's just"},{"speaker":"Nick Lincoln","startTime":4734.72,"endTime":4736.82,"body":"not a subject area"},{"speaker":"Nick Lincoln","startTime":4736.82,"endTime":4734.72,"body":" "},{"speaker":"Nick Lincoln","startTime":4734.72,"endTime":4736.82,"body":"that I find particularly"},{"speaker":"Nick Lincoln","startTime":4736.82,"endTime":4736.82,"body":" "},{"speaker":"Nick Lincoln","startTime":4736.82,"endTime":4739.0999999999995,"body":"interesting. That's okay not"},{"speaker":"Nick Lincoln","startTime":4739.0999999999995,"endTime":4736.82,"body":" "},{"speaker":"Nick Lincoln","startTime":4736.82,"endTime":4739.0999999999995,"body":"having a pin about something."},{"speaker":"Nick Lincoln","startTime":4739.0999999999995,"endTime":4739.0999999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4739.0999999999995,"endTime":4746.08,"body":"Opinion about some things. The"},{"speaker":"Nick Lincoln","startTime":4746.08,"endTime":4739.0999999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4739.0999999999995,"endTime":4746.08,"body":"one thing I would say about if"},{"speaker":"Nick Lincoln","startTime":4746.08,"endTime":4746.08,"body":" "},{"speaker":"Nick Lincoln","startTime":4746.08,"endTime":4748.5999999999995,"body":"you want, if you would say one"},{"speaker":"Nick Lincoln","startTime":4748.5999999999995,"endTime":4746.08,"body":" "},{"speaker":"Nick Lincoln","startTime":4746.08,"endTime":4748.5999999999995,"body":"thing about it, I do have a, I"},{"speaker":"Nick Lincoln","startTime":4748.5999999999995,"endTime":4748.5999999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4748.5999999999995,"endTime":4751.72,"body":"think, having gone through RDR"},{"speaker":"Nick Lincoln","startTime":4751.72,"endTime":4748.5999999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4748.5999999999995,"endTime":4751.72,"body":"and really cleaned up our"},{"speaker":"Nick Lincoln","startTime":4751.72,"endTime":4751.72,"body":" "},{"speaker":"Nick Lincoln","startTime":4751.72,"endTime":4755.74,"body":"profession, this thing now kind"},{"speaker":"Nick Lincoln","startTime":4755.74,"endTime":4751.72,"body":" "},{"speaker":"Nick Lincoln","startTime":4751.72,"endTime":4755.74,"body":"of double dipping through the"},{"speaker":"Nick Lincoln","startTime":4755.74,"endTime":4755.74,"body":" "},{"speaker":"Nick Lincoln","startTime":4755.74,"endTime":4758.0999999999995,"body":"back door where you get these"},{"speaker":"Nick Lincoln","startTime":4758.0999999999995,"endTime":4755.74,"body":" "},{"speaker":"Nick Lincoln","startTime":4755.74,"endTime":4758.0999999999995,"body":"firms who are pushing,"},{"speaker":"Nick Lincoln","startTime":4758.0999999999995,"endTime":4758.88,"body":" "},{"speaker":"Nick Lincoln","startTime":4758.88,"endTime":4761.82,"body":"potentially pushing clients into"},{"speaker":"Nick Lincoln","startTime":4761.82,"endTime":4758.88,"body":" "},{"speaker":"Nick Lincoln","startTime":4758.88,"endTime":4761.82,"body":"their own in house portfolios,"},{"speaker":"Nick Lincoln","startTime":4761.82,"endTime":4761.94,"body":" "},{"speaker":"Nick Lincoln","startTime":4761.94,"endTime":4765.78,"body":"where they take a second slice,"},{"speaker":"Nick Lincoln","startTime":4765.78,"endTime":4761.94,"body":" "},{"speaker":"Nick Lincoln","startTime":4761.94,"endTime":4765.78,"body":"you're obviously going to an"},{"speaker":"Nick Lincoln","startTime":4765.78,"endTime":4765.78,"body":" "},{"speaker":"Nick Lincoln","startTime":4765.78,"endTime":4767.82,"body":"active route to do that,"},{"speaker":"Nick Lincoln","startTime":4767.82,"endTime":4765.78,"body":" "},{"speaker":"Nick Lincoln","startTime":4765.78,"endTime":4767.82,"body":"because, you know, you're not"},{"speaker":"Nick Lincoln","startTime":4767.82,"endTime":4767.82,"body":" "},{"speaker":"Nick Lincoln","startTime":4767.82,"endTime":4770.22,"body":"going to put into your own"},{"speaker":"Nick Lincoln","startTime":4770.22,"endTime":4767.82,"body":" "},{"speaker":"Nick Lincoln","startTime":4767.82,"endTime":4770.22,"body":"passive funds, because not going"},{"speaker":"Nick Lincoln","startTime":4770.22,"endTime":4770.22,"body":" "},{"speaker":"Nick Lincoln","startTime":4770.22,"endTime":4773.0999999999995,"body":"to undercut HSBC. Are you with"},{"speaker":"Nick Lincoln","startTime":4773.0999999999995,"endTime":4770.22,"body":" "},{"speaker":"Nick Lincoln","startTime":4770.22,"endTime":4773.0999999999995,"body":"their global equity track coming"},{"speaker":"Nick Lincoln","startTime":4773.0999999999995,"endTime":4773.0999999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4773.0999999999995,"endTime":4775.98,"body":"in at five pips or something?"},{"speaker":"Nick Lincoln","startTime":4775.98,"endTime":4773.0999999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4773.0999999999995,"endTime":4775.98,"body":"And I think that, I don't like"},{"speaker":"Nick Lincoln","startTime":4775.98,"endTime":4775.98,"body":" "},{"speaker":"Nick Lincoln","startTime":4775.98,"endTime":4778.94,"body":"that, but that's about, that's,"},{"speaker":"Nick Lincoln","startTime":4778.94,"endTime":4775.98,"body":" "},{"speaker":"Nick Lincoln","startTime":4775.98,"endTime":4778.94,"body":"that's what I've got. It really"},{"speaker":"Nick Lincoln","startTime":4778.94,"endTime":4778.94,"body":" "},{"speaker":"Nick Lincoln","startTime":4778.94,"endTime":4780.8,"body":"the bitching thing. Yeah, of"},{"speaker":"Nick Lincoln","startTime":4780.8,"endTime":4778.94,"body":" "},{"speaker":"Nick Lincoln","startTime":4778.94,"endTime":4780.8,"body":"course, you're getting more UK"},{"speaker":"Nick Lincoln","startTime":4780.8,"endTime":4780.8,"body":" "},{"speaker":"Nick Lincoln","startTime":4780.8,"endTime":4783.14,"body":"advisors bitches than Irish"},{"speaker":"Nick Lincoln","startTime":4783.14,"endTime":4780.8,"body":" "},{"speaker":"Nick Lincoln","startTime":4780.8,"endTime":4783.14,"body":"because they're about 10 times"},{"speaker":"Nick Lincoln","startTime":4783.14,"endTime":4783.32,"body":" "},{"speaker":"Nick Lincoln","startTime":4783.32,"endTime":4786.14,"body":"more advisors. That's just a"},{"speaker":"Nick Lincoln","startTime":4786.14,"endTime":4783.32,"body":" "},{"speaker":"Nick Lincoln","startTime":4783.32,"endTime":4786.14,"body":"volume thing. Yeah, right."},{"speaker":"Nick Lincoln","startTime":4786.14,"endTime":4786.14,"body":" "},{"speaker":"Nick Lincoln","startTime":4786.14,"endTime":4787.58,"body":"Trappist question. Somebody read"},{"speaker":"Unknown","startTime":4787.58,"endTime":4788.9,"body":"out wrong?"},{"speaker":"Andy Hart","startTime":4789.3189999999995,"endTime":4790.8189999999995,"body":"It's one of the"},{"speaker":"Andy Hart","startTime":4790.8189999999995,"endTime":4789.3189999999995,"body":" "},{"speaker":"Andy Hart","startTime":4789.3189999999995,"endTime":4790.8189999999995,"body":"factors. 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A"},{"speaker":"Andy Hart","startTime":4802.3,"endTime":4802.3,"body":" "},{"speaker":"Andy Hart","startTime":4802.3,"endTime":4803.44,"body":"bit more about this."},{"speaker":"Unknown","startTime":4803.739,"endTime":4805.839,"body":"Oh, here we go. No, I"},{"speaker":"Unknown","startTime":4805.839,"endTime":4803.739,"body":" "},{"speaker":"Unknown","startTime":4803.739,"endTime":4805.839,"body":"don't know really,"},{"speaker":"Nick Lincoln","startTime":4806.38,"endTime":4807.94,"body":"not really. All"},{"speaker":"Nick Lincoln","startTime":4807.94,"endTime":4806.38,"body":" "},{"speaker":"Nick Lincoln","startTime":4806.38,"endTime":4807.94,"body":"people I should fight with on"},{"speaker":"Nick Lincoln","startTime":4807.94,"endTime":4807.94,"body":" "},{"speaker":"Nick Lincoln","startTime":4807.94,"endTime":4811.42,"body":"Twitter have left now. 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It's not a left wing voice."},{"speaker":"Carl Widger","startTime":4812.5,"endTime":4813.94,"body":"You're just"},{"speaker":"Carl Widger","startTime":4813.94,"endTime":4812.5,"body":" "},{"speaker":"Carl Widger","startTime":4812.5,"endTime":4813.94,"body":"fighting with yourself on"},{"speaker":"Carl Widger","startTime":4813.94,"endTime":4813.94,"body":" "},{"speaker":"Carl Widger","startTime":4813.94,"endTime":4814.24,"body":"Twitter."},{"speaker":"Nick Lincoln","startTime":4815.739,"endTime":4818.219,"body":"I've got various"},{"speaker":"Nick Lincoln","startTime":4818.219,"endTime":4815.739,"body":" "},{"speaker":"Nick Lincoln","startTime":4815.739,"endTime":4818.219,"body":"accounts, like I scubble, when I"},{"speaker":"Nick Lincoln","startTime":4818.219,"endTime":4818.219,"body":" "},{"speaker":"Nick Lincoln","startTime":4818.219,"endTime":4818.939,"body":"block on mute,"},{"speaker":"Andy Hart","startTime":4820.26,"endTime":4822.84,"body":"there is guys get"},{"speaker":"Andy Hart","startTime":4822.84,"endTime":4820.26,"body":" "},{"speaker":"Andy Hart","startTime":4820.26,"endTime":4822.84,"body":"your phone out. There's an"},{"speaker":"Andy Hart","startTime":4822.84,"endTime":4822.84,"body":" "},{"speaker":"Andy Hart","startTime":4822.84,"endTime":4825.24,"body":"option on Twitter to work out"},{"speaker":"Andy Hart","startTime":4825.24,"endTime":4822.84,"body":" "},{"speaker":"Andy Hart","startTime":4822.84,"endTime":4825.24,"body":"how many people have blocked"},{"speaker":"Andy Hart","startTime":4825.24,"endTime":4825.24,"body":" "},{"speaker":"Andy Hart","startTime":4825.24,"endTime":4828.24,"body":"you. I'd be very interested in"},{"speaker":"Andy Hart","startTime":4828.24,"endTime":4825.24,"body":" "},{"speaker":"Andy Hart","startTime":4825.24,"endTime":4828.24,"body":"your your numbers. Nicholas, I"},{"speaker":"Andy Hart","startTime":4828.24,"endTime":4828.24,"body":" "},{"speaker":"Andy Hart","startTime":4828.24,"endTime":4829.14,"body":"don't know where Andrew"},{"speaker":"Nick Lincoln","startTime":4829.979,"endTime":4833.519,"body":"nice meeting with"},{"speaker":"Nick Lincoln","startTime":4833.519,"endTime":4829.979,"body":" "},{"speaker":"Nick Lincoln","startTime":4829.979,"endTime":4833.519,"body":"that question from Tom Oakes,"},{"speaker":"Nick Lincoln","startTime":4833.519,"endTime":4833.639,"body":" "},{"speaker":"Nick Lincoln","startTime":4833.639,"endTime":4836.339,"body":"because I opened it up in the"},{"speaker":"Nick Lincoln","startTime":4836.339,"endTime":4833.639,"body":" "},{"speaker":"Nick Lincoln","startTime":4833.639,"endTime":4836.339,"body":"background while you were lower"},{"speaker":"Nick Lincoln","startTime":4836.339,"endTime":4836.999,"body":" "},{"speaker":"Nick Lincoln","startTime":4836.999,"endTime":4839.959,"body":"witchery on Tom hopes has put"},{"speaker":"Nick Lincoln","startTime":4839.959,"endTime":4836.999,"body":" "},{"speaker":"Nick Lincoln","startTime":4836.999,"endTime":4839.959,"body":"his LinkedIn profile. Thank you."},{"speaker":"Nick Lincoln","startTime":4839.959,"endTime":4839.959,"body":" "},{"speaker":"Nick Lincoln","startTime":4839.959,"endTime":4842.7789999999995,"body":"So this is I came across this"},{"speaker":"Nick Lincoln","startTime":4842.7789999999995,"endTime":4839.959,"body":" "},{"speaker":"Nick Lincoln","startTime":4839.959,"endTime":4842.7789999999995,"body":"article on barons with Christine"},{"speaker":"Nick Lincoln","startTime":4842.7789999999995,"endTime":4842.7789999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4842.7789999999995,"endTime":4844.939,"body":"Bell from Morningstar,"},{"speaker":"Nick Lincoln","startTime":4844.939,"endTime":4842.7789999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4842.7789999999995,"endTime":4844.939,"body":"interested to get the Track"},{"speaker":"Nick Lincoln","startTime":4844.939,"endTime":4845.3589999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4845.3589999999995,"endTime":4848.239,"body":"Packs thoughts on the following,"},{"speaker":"Nick Lincoln","startTime":4848.239,"endTime":4845.3589999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4845.3589999999995,"endTime":4848.239,"body":"which I pulled from the article,"},{"speaker":"Nick Lincoln","startTime":4848.239,"endTime":4848.239,"body":" "},{"speaker":"Nick Lincoln","startTime":4848.239,"endTime":4852.379,"body":"excuse me, the stock market has"},{"speaker":"Nick Lincoln","startTime":4852.379,"endTime":4848.239,"body":" "},{"speaker":"Nick Lincoln","startTime":4848.239,"endTime":4852.379,"body":"had a spectacular run in recent"},{"speaker":"Nick Lincoln","startTime":4852.379,"endTime":4852.379,"body":" "},{"speaker":"Nick Lincoln","startTime":4852.379,"endTime":4855.019,"body":"years. Do retirees need to"},{"speaker":"Nick Lincoln","startTime":4855.019,"endTime":4852.379,"body":" "},{"speaker":"Nick Lincoln","startTime":4852.379,"endTime":4855.019,"body":"adjust their portfolios? And if"},{"speaker":"Nick Lincoln","startTime":4855.019,"endTime":4855.019,"body":" "},{"speaker":"Nick Lincoln","startTime":4855.019,"endTime":4858.219,"body":"so, how? I'm a big believer in"},{"speaker":"Nick Lincoln","startTime":4858.219,"endTime":4855.019,"body":" "},{"speaker":"Nick Lincoln","startTime":4855.019,"endTime":4858.219,"body":"the bucket approach where you"},{"speaker":"Nick Lincoln","startTime":4858.219,"endTime":4858.219,"body":" "},{"speaker":"Nick Lincoln","startTime":4858.219,"endTime":4863.8589999999995,"body":"set aside seven to 10 years of"},{"speaker":"Nick Lincoln","startTime":4863.8589999999995,"endTime":4858.219,"body":" "},{"speaker":"Nick Lincoln","startTime":4858.219,"endTime":4863.8589999999995,"body":"portfolio spending in cash and"},{"speaker":"Nick Lincoln","startTime":4863.8589999999995,"endTime":4863.8589999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4863.8589999999995,"endTime":4867.159,"body":"bonds, including short term or"},{"speaker":"Nick Lincoln","startTime":4867.159,"endTime":4863.8589999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4863.8589999999995,"endTime":4867.159,"body":"intermediate term bonds or high"},{"speaker":"Nick Lincoln","startTime":4867.159,"endTime":4867.159,"body":" "},{"speaker":"Nick Lincoln","startTime":4867.159,"endTime":4869.739,"body":"quality funds you want to"},{"speaker":"Nick Lincoln","startTime":4869.739,"endTime":4867.159,"body":" "},{"speaker":"Nick Lincoln","startTime":4867.159,"endTime":4869.739,"body":"balance against an equity shock"},{"speaker":"Nick Lincoln","startTime":4869.739,"endTime":4869.739,"body":" "},{"speaker":"Nick Lincoln","startTime":4869.739,"endTime":4873.039,"body":"for many retirees, this will"},{"speaker":"Nick Lincoln","startTime":4873.039,"endTime":4869.739,"body":" "},{"speaker":"Nick Lincoln","startTime":4869.739,"endTime":4873.039,"body":"often be close to a 6040, or a"},{"speaker":"Nick Lincoln","startTime":4873.039,"endTime":4873.039,"body":" "},{"speaker":"Nick Lincoln","startTime":4873.039,"endTime":4876.959,"body":"5050, type portfolio, a"},{"speaker":"Nick Lincoln","startTime":4876.959,"endTime":4873.039,"body":" "},{"speaker":"Nick Lincoln","startTime":4873.039,"endTime":4876.959,"body":"challenge. These days is getting"},{"speaker":"Nick Lincoln","startTime":4876.959,"endTime":4876.959,"body":" "},{"speaker":"Nick Lincoln","startTime":4876.959,"endTime":4879.599,"body":"people who are about five years"},{"speaker":"Nick Lincoln","startTime":4879.599,"endTime":4876.959,"body":" "},{"speaker":"Nick Lincoln","startTime":4876.959,"endTime":4879.599,"body":"away from retirement to de risk"},{"speaker":"Nick Lincoln","startTime":4879.599,"endTime":4879.599,"body":" "},{"speaker":"Nick Lincoln","startTime":4879.599,"endTime":4882.479,"body":"their portfolios. It is unusual"},{"speaker":"Nick Lincoln","startTime":4882.479,"endTime":4879.599,"body":" "},{"speaker":"Nick Lincoln","startTime":4879.599,"endTime":4882.479,"body":"to encounter older Americans"},{"speaker":"Nick Lincoln","startTime":4882.479,"endTime":4882.479,"body":" "},{"speaker":"Nick Lincoln","startTime":4882.479,"endTime":4885.479,"body":"with all or 80% of their money"},{"speaker":"Nick Lincoln","startTime":4885.479,"endTime":4882.479,"body":" "},{"speaker":"Nick Lincoln","startTime":4882.479,"endTime":4885.479,"body":"in stocks that is probably too"},{"speaker":"Nick Lincoln","startTime":4885.479,"endTime":4885.479,"body":" "},{"speaker":"Nick Lincoln","startTime":4885.479,"endTime":4889.499,"body":"risky. Now is a good time to de"},{"speaker":"Nick Lincoln","startTime":4889.499,"endTime":4885.479,"body":" "},{"speaker":"Nick Lincoln","startTime":4885.479,"endTime":4889.499,"body":"risk. It isn't too painful to"},{"speaker":"Nick Lincoln","startTime":4889.499,"endTime":4889.499,"body":" "},{"speaker":"Nick Lincoln","startTime":4889.499,"endTime":4892.379,"body":"take risk out and lock in some"},{"speaker":"Nick Lincoln","startTime":4892.379,"endTime":4889.499,"body":" "},{"speaker":"Nick Lincoln","startTime":4889.499,"endTime":4892.379,"body":"income by shifting into bonds or"},{"speaker":"Nick Lincoln","startTime":4892.379,"endTime":4892.379,"body":" "},{"speaker":"Nick Lincoln","startTime":4892.379,"endTime":4895.439,"body":"CDs, end of quote, and then Tom"},{"speaker":"Nick Lincoln","startTime":4895.439,"endTime":4892.379,"body":" "},{"speaker":"Nick Lincoln","startTime":4892.379,"endTime":4895.439,"body":"closes off saying, Look, you"},{"speaker":"Nick Lincoln","startTime":4895.439,"endTime":4895.439,"body":" "},{"speaker":"Nick Lincoln","startTime":4895.439,"endTime":4898.459,"body":"have spoken before of the"},{"speaker":"Nick Lincoln","startTime":4898.459,"endTime":4895.439,"body":" "},{"speaker":"Nick Lincoln","startTime":4895.439,"endTime":4898.459,"body":"buckets. But seven to 10 years"},{"speaker":"Nick Lincoln","startTime":4898.459,"endTime":4898.459,"body":" "},{"speaker":"Nick Lincoln","startTime":4898.459,"endTime":4901.099,"body":"of spending set aside seems"},{"speaker":"Nick Lincoln","startTime":4901.099,"endTime":4898.459,"body":" "},{"speaker":"Nick Lincoln","startTime":4898.459,"endTime":4901.099,"body":"overly conservative, as well as"},{"speaker":"Nick Lincoln","startTime":4901.099,"endTime":4901.099,"body":" "},{"speaker":"Nick Lincoln","startTime":4901.099,"endTime":4903.679,"body":"the risking five years away from"},{"speaker":"Nick Lincoln","startTime":4903.679,"endTime":4901.099,"body":" "},{"speaker":"Nick Lincoln","startTime":4901.099,"endTime":4903.679,"body":"retirement towards a 5050,"},{"speaker":"Nick Lincoln","startTime":4903.679,"endTime":4903.979,"body":" "},{"speaker":"Nick Lincoln","startTime":4903.979,"endTime":4906.439,"body":"split. Yeah, it's kind of"},{"speaker":"Nick Lincoln","startTime":4906.439,"endTime":4903.979,"body":" "},{"speaker":"Nick Lincoln","startTime":4903.979,"endTime":4906.439,"body":"lifestyle, isn't it? God help"},{"speaker":"Nick Lincoln","startTime":4906.439,"endTime":4906.439,"body":" "},{"speaker":"Nick Lincoln","startTime":4906.439,"endTime":4908.7789999999995,"body":"us. A great podcast. Keep up the"},{"speaker":"Nick Lincoln","startTime":4908.7789999999995,"endTime":4906.439,"body":" "},{"speaker":"Nick Lincoln","startTime":4906.439,"endTime":4908.7789999999995,"body":"good work. Okay, well, I'll go"},{"speaker":"Nick Lincoln","startTime":4908.7789999999995,"endTime":4908.7789999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4908.7789999999995,"endTime":4912.559,"body":"quickly first on this one, yeah,"},{"speaker":"Nick Lincoln","startTime":4912.559,"endTime":4908.7789999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4908.7789999999995,"endTime":4912.559,"body":"seven to 10 years of potential"},{"speaker":"Nick Lincoln","startTime":4912.559,"endTime":4912.739,"body":" "},{"speaker":"Nick Lincoln","startTime":4912.739,"endTime":4918.399,"body":"spending is is that seems"},{"speaker":"Nick Lincoln","startTime":4918.399,"endTime":4912.739,"body":" "},{"speaker":"Nick Lincoln","startTime":4912.739,"endTime":4918.399,"body":"excessive. It's this art thing"},{"speaker":"Nick Lincoln","startTime":4918.399,"endTime":4918.579,"body":" "},{"speaker":"Nick Lincoln","startTime":4918.579,"endTime":4921.459,"body":"over science thing again, isn't"},{"speaker":"Nick Lincoln","startTime":4921.459,"endTime":4918.579,"body":" "},{"speaker":"Nick Lincoln","startTime":4918.579,"endTime":4921.459,"body":"it? If you want to completely de"},{"speaker":"Nick Lincoln","startTime":4921.459,"endTime":4921.459,"body":" "},{"speaker":"Nick Lincoln","startTime":4921.459,"endTime":4924.999,"body":"risk yourself from volatility in"},{"speaker":"Nick Lincoln","startTime":4924.999,"endTime":4921.459,"body":" "},{"speaker":"Nick Lincoln","startTime":4921.459,"endTime":4924.999,"body":"the frightening stock market,"},{"speaker":"Nick Lincoln","startTime":4924.999,"endTime":4924.999,"body":" "},{"speaker":"Nick Lincoln","startTime":4924.999,"endTime":4927.759,"body":"you put the rest of your life"},{"speaker":"Nick Lincoln","startTime":4927.759,"endTime":4924.999,"body":" "},{"speaker":"Nick Lincoln","startTime":4924.999,"endTime":4927.759,"body":"spending into bonds. But the"},{"speaker":"Nick Lincoln","startTime":4927.759,"endTime":4927.759,"body":" "},{"speaker":"Nick Lincoln","startTime":4927.759,"endTime":4930.219,"body":"trouble that is, you're going to"},{"speaker":"Nick Lincoln","startTime":4930.219,"endTime":4927.759,"body":" "},{"speaker":"Nick Lincoln","startTime":4927.759,"endTime":4930.219,"body":"encounter the vigorous which is"},{"speaker":"Nick Lincoln","startTime":4930.219,"endTime":4930.219,"body":" "},{"speaker":"Nick Lincoln","startTime":4930.219,"endTime":4932.679,"body":"your money getting a lot by"},{"speaker":"Nick Lincoln","startTime":4932.679,"endTime":4930.219,"body":" "},{"speaker":"Nick Lincoln","startTime":4930.219,"endTime":4932.679,"body":"inflation, and you'll probably,"},{"speaker":"Nick Lincoln","startTime":4932.679,"endTime":4932.679,"body":" "},{"speaker":"Nick Lincoln","startTime":4932.679,"endTime":4934.599,"body":"you'll probably outlive the"},{"speaker":"Nick Lincoln","startTime":4934.599,"endTime":4932.679,"body":" "},{"speaker":"Nick Lincoln","startTime":4932.679,"endTime":4934.599,"body":"money. And that's, that's,"},{"speaker":"Nick Lincoln","startTime":4934.599,"endTime":4934.599,"body":" "},{"speaker":"Nick Lincoln","startTime":4934.599,"endTime":4938.039,"body":"that's very suboptimal."},{"speaker":"Nick Lincoln","startTime":4938.039,"endTime":4934.599,"body":" "},{"speaker":"Nick Lincoln","startTime":4934.599,"endTime":4938.039,"body":"Typically, I go two to three"},{"speaker":"Nick Lincoln","startTime":4938.039,"endTime":4938.039,"body":" "},{"speaker":"Nick Lincoln","startTime":4938.039,"endTime":4942.839,"body":"years worth of not spending. And"},{"speaker":"Nick Lincoln","startTime":4942.839,"endTime":4938.039,"body":" "},{"speaker":"Nick Lincoln","startTime":4938.039,"endTime":4942.839,"body":"again, I want to clarify this,"},{"speaker":"Nick Lincoln","startTime":4942.839,"endTime":4942.839,"body":" "},{"speaker":"Nick Lincoln","startTime":4942.839,"endTime":4945.599,"body":"or planned withdrawals. If"},{"speaker":"Nick Lincoln","startTime":4945.599,"endTime":4942.839,"body":" "},{"speaker":"Nick Lincoln","startTime":4942.839,"endTime":4945.599,"body":"you've got a client with a"},{"speaker":"Nick Lincoln","startTime":4945.599,"endTime":4945.959,"body":" "},{"speaker":"Nick Lincoln","startTime":4945.959,"endTime":4948.539,"body":"lifestyle of X but they've got"},{"speaker":"Nick Lincoln","startTime":4948.539,"endTime":4945.959,"body":" "},{"speaker":"Nick Lincoln","startTime":4945.959,"endTime":4948.539,"body":"two state pensions, maybe a"},{"speaker":"Nick Lincoln","startTime":4948.539,"endTime":4948.539,"body":" "},{"speaker":"Nick Lincoln","startTime":4948.539,"endTime":4951.479,"body":"rental property, maybe a bit of"},{"speaker":"Nick Lincoln","startTime":4951.479,"endTime":4948.539,"body":" "},{"speaker":"Nick Lincoln","startTime":4948.539,"endTime":4951.479,"body":"a DB pension for a job they're"},{"speaker":"Nick Lincoln","startTime":4951.479,"endTime":4951.479,"body":" "},{"speaker":"Nick Lincoln","startTime":4951.479,"endTime":4955.619,"body":"in 20 years ago. Okay? And then"},{"speaker":"Nick Lincoln","startTime":4955.619,"endTime":4951.479,"body":" "},{"speaker":"Nick Lincoln","startTime":4951.479,"endTime":4955.619,"body":"the plan withdrawals are just"},{"speaker":"Nick Lincoln","startTime":4955.619,"endTime":4955.619,"body":" "},{"speaker":"Nick Lincoln","startTime":4955.619,"endTime":4958.219,"body":"the difference between that and"},{"speaker":"Nick Lincoln","startTime":4958.219,"endTime":4955.619,"body":" "},{"speaker":"Nick Lincoln","startTime":4955.619,"endTime":4958.219,"body":"their lifestyle cost. So two to"},{"speaker":"Nick Lincoln","startTime":4958.219,"endTime":4958.219,"body":" "},{"speaker":"Nick Lincoln","startTime":4958.219,"endTime":4960.979,"body":"three years of planned"},{"speaker":"Nick Lincoln","startTime":4960.979,"endTime":4958.219,"body":" "},{"speaker":"Nick Lincoln","startTime":4958.219,"endTime":4960.979,"body":"withdrawals from that part I put"},{"speaker":"Nick Lincoln","startTime":4960.979,"endTime":4961.339,"body":" "},{"speaker":"Nick Lincoln","startTime":4961.339,"endTime":4964.759,"body":"into a into a short they do"},{"speaker":"Nick Lincoln","startTime":4964.759,"endTime":4961.339,"body":" "},{"speaker":"Nick Lincoln","startTime":4961.339,"endTime":4964.759,"body":"Global Bond Fund. Funnily"},{"speaker":"Nick Lincoln","startTime":4964.759,"endTime":4964.759,"body":" "},{"speaker":"Nick Lincoln","startTime":4964.759,"endTime":4967.519,"body":"enough, most of those portfolios"},{"speaker":"Nick Lincoln","startTime":4967.519,"endTime":4964.759,"body":" "},{"speaker":"Nick Lincoln","startTime":4964.759,"endTime":4967.519,"body":"end up in the round. Then in"},{"speaker":"Nick Lincoln","startTime":4967.519,"endTime":4967.519,"body":" "},{"speaker":"Nick Lincoln","startTime":4967.519,"endTime":4972.799,"body":"return are about 9010, 8020,"},{"speaker":"Nick Lincoln","startTime":4972.799,"endTime":4967.519,"body":" "},{"speaker":"Nick Lincoln","startTime":4967.519,"endTime":4972.799,"body":"some are 7525 some are 7030 all"},{"speaker":"Nick Lincoln","startTime":4972.799,"endTime":4972.799,"body":" "},{"speaker":"Nick Lincoln","startTime":4972.799,"endTime":4975.139,"body":"depends on what the plan"},{"speaker":"Nick Lincoln","startTime":4975.139,"endTime":4972.799,"body":" "},{"speaker":"Nick Lincoln","startTime":4972.799,"endTime":4975.139,"body":"withdrawals are, but I don't"},{"speaker":"Nick Lincoln","startTime":4975.139,"endTime":4975.139,"body":" "},{"speaker":"Nick Lincoln","startTime":4975.139,"endTime":4977.8589999999995,"body":"stop. And so you need an 8020"},{"speaker":"Nick Lincoln","startTime":4977.8589999999995,"endTime":4975.139,"body":" "},{"speaker":"Nick Lincoln","startTime":4975.139,"endTime":4977.8589999999995,"body":"No, we'll put two to three years"},{"speaker":"Nick Lincoln","startTime":4977.8589999999995,"endTime":4977.8589999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4977.8589999999995,"endTime":4980.979,"body":"worth in the pot, and then we'll"},{"speaker":"Nick Lincoln","startTime":4980.979,"endTime":4977.8589999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":4977.8589999999995,"endTime":4980.979,"body":"just, you're just a ride with"},{"speaker":"Nick Lincoln","startTime":4980.979,"endTime":4980.979,"body":" "},{"speaker":"Nick Lincoln","startTime":4980.979,"endTime":4983.559,"body":"it, and God forbid if that pot"},{"speaker":"Nick Lincoln","startTime":4983.559,"endTime":4980.979,"body":" "},{"speaker":"Nick Lincoln","startTime":4980.979,"endTime":4983.559,"body":"runs out and you're still"},{"speaker":"Nick Lincoln","startTime":4983.559,"endTime":4983.559,"body":" "},{"speaker":"Nick Lincoln","startTime":4983.559,"endTime":4985.899,"body":"drawing down with that. 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The whole thing is"},{"speaker":"Nick Lincoln","startTime":4993.519,"endTime":4991.059,"body":" "},{"speaker":"Nick Lincoln","startTime":4991.059,"endTime":4993.519,"body":"ambiguous. It's very uncertain."},{"speaker":"Nick Lincoln","startTime":4993.519,"endTime":4993.519,"body":" "},{"speaker":"Nick Lincoln","startTime":4993.519,"endTime":4995.979,"body":"We're just trying to mitigate"},{"speaker":"Nick Lincoln","startTime":4995.979,"endTime":4993.519,"body":" "},{"speaker":"Nick Lincoln","startTime":4993.519,"endTime":4995.979,"body":"against really unpleasant"},{"speaker":"Nick Lincoln","startTime":4995.979,"endTime":4995.979,"body":" "},{"speaker":"Nick Lincoln","startTime":4995.979,"endTime":4999.719,"body":"outcomes. I think seven to 10"},{"speaker":"Nick Lincoln","startTime":4999.719,"endTime":4995.979,"body":" "},{"speaker":"Nick Lincoln","startTime":4995.979,"endTime":4999.719,"body":"years. That's, yeah, that's,"},{"speaker":"Nick Lincoln","startTime":4999.719,"endTime":4999.719,"body":" "},{"speaker":"Nick Lincoln","startTime":4999.719,"endTime":5003.379,"body":"that's a 5050, portfolio. 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It's generally"},{"speaker":"Alan Smith","startTime":5019.119,"endTime":5015.919,"body":" "},{"speaker":"Alan Smith","startTime":5015.919,"endTime":5019.119,"body":"very good. I think some of these"},{"speaker":"Alan Smith","startTime":5019.119,"endTime":5019.239,"body":" "},{"speaker":"Alan Smith","startTime":5019.239,"endTime":5022.419,"body":"organizations, they just,"},{"speaker":"Alan Smith","startTime":5022.419,"endTime":5019.239,"body":" "},{"speaker":"Alan Smith","startTime":5019.239,"endTime":5022.419,"body":"there's only so many subjects."},{"speaker":"Alan Smith","startTime":5022.419,"endTime":5022.419,"body":" "},{"speaker":"Alan Smith","startTime":5022.419,"endTime":5024.939,"body":"They've got to keep going over"},{"speaker":"Alan Smith","startTime":5024.939,"endTime":5022.419,"body":" "},{"speaker":"Alan Smith","startTime":5022.419,"endTime":5024.939,"body":"and over and over again. 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Yes,"},{"speaker":"Alan Smith","startTime":5037.54,"endTime":5035.5599999999995,"body":" "},{"speaker":"Alan Smith","startTime":5035.5599999999995,"endTime":5037.54,"body":"Christine Benz, who's generally"},{"speaker":"Alan Smith","startTime":5037.54,"endTime":5037.5999999999995,"body":" "},{"speaker":"Alan Smith","startTime":5037.5999999999995,"endTime":5040.92,"body":"pretty good, you know, listen to"},{"speaker":"Alan Smith","startTime":5040.92,"endTime":5037.5999999999995,"body":" "},{"speaker":"Alan Smith","startTime":5037.5999999999995,"endTime":5040.92,"body":"a few of those things, but it's"},{"speaker":"Alan Smith","startTime":5040.92,"endTime":5040.92,"body":" "},{"speaker":"Alan Smith","startTime":5040.92,"endTime":5043.68,"body":"just, this is just way too"},{"speaker":"Alan Smith","startTime":5043.68,"endTime":5040.92,"body":" "},{"speaker":"Alan Smith","startTime":5040.92,"endTime":5043.68,"body":"generic. This is the beauty, and"},{"speaker":"Alan Smith","startTime":5043.68,"endTime":5043.68,"body":" "},{"speaker":"Alan Smith","startTime":5043.68,"endTime":5046.0199999999995,"body":"we keep on repeating the same"},{"speaker":"Alan Smith","startTime":5046.0199999999995,"endTime":5043.68,"body":" "},{"speaker":"Alan Smith","startTime":5043.68,"endTime":5046.0199999999995,"body":"thing. It is highly"},{"speaker":"Alan Smith","startTime":5046.0199999999995,"endTime":5046.0199999999995,"body":" "},{"speaker":"Alan Smith","startTime":5046.0199999999995,"endTime":5051.48,"body":"personalized. To say, it"},{"speaker":"Alan Smith","startTime":5051.48,"endTime":5046.0199999999995,"body":" "},{"speaker":"Alan Smith","startTime":5046.0199999999995,"endTime":5051.48,"body":"concerns me that Christine Benz"},{"speaker":"Alan Smith","startTime":5051.48,"endTime":5051.48,"body":" "},{"speaker":"Alan Smith","startTime":5051.48,"endTime":5054.9,"body":"is using the word 80% in"},{"speaker":"Alan Smith","startTime":5054.9,"endTime":5051.48,"body":" "},{"speaker":"Alan Smith","startTime":5051.48,"endTime":5054.9,"body":"equities. Is too risky. Define"},{"speaker":"Alan Smith","startTime":5054.9,"endTime":5054.9,"body":" "},{"speaker":"Alan Smith","startTime":5054.9,"endTime":5057.98,"body":"risk. Just define risk. You"},{"speaker":"Alan Smith","startTime":5057.98,"endTime":5054.9,"body":" "},{"speaker":"Alan Smith","startTime":5054.9,"endTime":5057.98,"body":"mean. You mean short term,"},{"speaker":"Alan Smith","startTime":5057.98,"endTime":5057.98,"body":" "},{"speaker":"Alan Smith","startTime":5057.98,"endTime":5061.34,"body":"volatile? Is that what you mean,"},{"speaker":"Alan Smith","startTime":5061.34,"endTime":5057.98,"body":" "},{"speaker":"Alan Smith","startTime":5057.98,"endTime":5061.34,"body":"or do you mean the the heart,"},{"speaker":"Alan Smith","startTime":5061.34,"endTime":5061.4,"body":" "},{"speaker":"Alan Smith","startTime":5061.4,"endTime":5064.5199999999995,"body":"the higher the risk of running"},{"speaker":"Alan Smith","startTime":5064.5199999999995,"endTime":5061.4,"body":" "},{"speaker":"Alan Smith","startTime":5061.4,"endTime":5064.5199999999995,"body":"out of income in your later"},{"speaker":"Alan Smith","startTime":5064.5199999999995,"endTime":5064.5199999999995,"body":" "},{"speaker":"Alan Smith","startTime":5064.5199999999995,"endTime":5067.76,"body":"years of a 30 to 40 year"},{"speaker":"Alan Smith","startTime":5067.76,"endTime":5064.5199999999995,"body":" "},{"speaker":"Alan Smith","startTime":5064.5199999999995,"endTime":5067.76,"body":"retirement? 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But"},{"speaker":"Alan Smith","startTime":5069.62,"endTime":5069.68,"body":" "},{"speaker":"Alan Smith","startTime":5069.68,"endTime":5072.5,"body":"unfortunately, it's because"},{"speaker":"Alan Smith","startTime":5072.5,"endTime":5069.68,"body":" "},{"speaker":"Alan Smith","startTime":5069.68,"endTime":5072.5,"body":"these articles and these"},{"speaker":"Alan Smith","startTime":5072.5,"endTime":5072.5,"body":" "},{"speaker":"Alan Smith","startTime":5072.5,"endTime":5075.0199999999995,"body":"podcasts and things, uh, keep"},{"speaker":"Alan Smith","startTime":5075.0199999999995,"endTime":5072.5,"body":" "},{"speaker":"Alan Smith","startTime":5072.5,"endTime":5075.0199999999995,"body":"coming out. It's highly"},{"speaker":"Alan Smith","startTime":5075.0199999999995,"endTime":5075.0199999999995,"body":" "},{"speaker":"Alan Smith","startTime":5075.0199999999995,"endTime":5078.0999999999995,"body":"personalized. Circumstances are"},{"speaker":"Alan Smith","startTime":5078.0999999999995,"endTime":5075.0199999999995,"body":" "},{"speaker":"Alan Smith","startTime":5075.0199999999995,"endTime":5078.0999999999995,"body":"different from client to client,"},{"speaker":"Alan Smith","startTime":5078.0999999999995,"endTime":5078.16,"body":" "},{"speaker":"Alan Smith","startTime":5078.16,"endTime":5082.96,"body":"different economic backgrounds,"},{"speaker":"Alan Smith","startTime":5082.96,"endTime":5078.16,"body":" "},{"speaker":"Alan Smith","startTime":5078.16,"endTime":5082.96,"body":"knowledge, experience, any"},{"speaker":"Alan Smith","startTime":5082.96,"endTime":5082.96,"body":" "},{"speaker":"Alan Smith","startTime":5082.96,"endTime":5087.76,"body":"number of other things, and"},{"speaker":"Alan Smith","startTime":5087.76,"endTime":5082.96,"body":" "},{"speaker":"Alan Smith","startTime":5082.96,"endTime":5087.76,"body":"therefore you can't say yes or"},{"speaker":"Alan Smith","startTime":5087.76,"endTime":5087.76,"body":" "},{"speaker":"Alan Smith","startTime":5087.76,"endTime":5091.36,"body":"no. I did mention on a previous"},{"speaker":"Alan Smith","startTime":5091.36,"endTime":5087.76,"body":" "},{"speaker":"Alan Smith","startTime":5087.76,"endTime":5091.36,"body":"podcast episode with a guy whose"},{"speaker":"Alan Smith","startTime":5091.36,"endTime":5091.36,"body":" "},{"speaker":"Alan Smith","startTime":5091.36,"endTime":5094.0599999999995,"body":"name escapes me now, and he had"},{"speaker":"Alan Smith","startTime":5094.0599999999995,"endTime":5091.36,"body":" "},{"speaker":"Alan Smith","startTime":5091.36,"endTime":5094.0599999999995,"body":"a grown up conversation with his"},{"speaker":"Alan Smith","startTime":5094.0599999999995,"endTime":5094.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":5094.0599999999995,"endTime":5097.14,"body":"clients and said, How many years"},{"speaker":"Alan Smith","startTime":5097.14,"endTime":5094.0599999999995,"body":" "},{"speaker":"Alan Smith","startTime":5094.0599999999995,"endTime":5097.14,"body":"of planned withdrawals"},{"speaker":"Alan Smith","startTime":5097.14,"endTime":5097.14,"body":" "},{"speaker":"Alan Smith","startTime":5097.14,"endTime":5101.76,"body":"expenditure, would you feel"},{"speaker":"Alan Smith","startTime":5101.76,"endTime":5097.14,"body":" "},{"speaker":"Alan Smith","startTime":5097.14,"endTime":5101.76,"body":"comfortable with holding in less"},{"speaker":"Alan Smith","startTime":5101.76,"endTime":5101.76,"body":" "},{"speaker":"Alan Smith","startTime":5101.76,"endTime":5105.42,"body":"short term, volatile assets? And"},{"speaker":"Alan Smith","startTime":5105.42,"endTime":5101.76,"body":" "},{"speaker":"Alan Smith","startTime":5101.76,"endTime":5105.42,"body":"the average was about three,"},{"speaker":"Alan Smith","startTime":5105.42,"endTime":5105.48,"body":" "},{"speaker":"Alan Smith","startTime":5105.48,"endTime":5109.5599999999995,"body":"three to four years, which gets"},{"speaker":"Alan Smith","startTime":5109.5599999999995,"endTime":5105.48,"body":" "},{"speaker":"Alan Smith","startTime":5105.48,"endTime":5109.5599999999995,"body":"you, you always end up roughly"},{"speaker":"Alan Smith","startTime":5109.5599999999995,"endTime":5109.5599999999995,"body":" "},{"speaker":"Alan Smith","startTime":5109.5599999999995,"endTime":5113.22,"body":"about, sort of about 80% funnily"},{"speaker":"Alan Smith","startTime":5113.22,"endTime":5109.5599999999995,"body":" "},{"speaker":"Alan Smith","startTime":5109.5599999999995,"endTime":5113.22,"body":"enough, in growth assets, which"},{"speaker":"Alan Smith","startTime":5113.22,"endTime":5113.46,"body":" "},{"speaker":"Alan Smith","startTime":5113.46,"endTime":5116.0999999999995,"body":"you know exactly it was that"},{"speaker":"Alan Smith","startTime":5116.0999999999995,"endTime":5113.46,"body":" "},{"speaker":"Alan Smith","startTime":5113.46,"endTime":5116.0999999999995,"body":"American advisor, Alan, I think"},{"speaker":"Alan Smith","startTime":5116.0999999999995,"endTime":5116.0999999999995,"body":" "},{"speaker":"Alan Smith","startTime":5116.0999999999995,"endTime":5119.0,"body":"it's one of the best questions"},{"speaker":"Alan Smith","startTime":5119.0,"endTime":5116.0999999999995,"body":" "},{"speaker":"Alan Smith","startTime":5116.0999999999995,"endTime":5119.0,"body":"you can ask retire. Yeah. I"},{"speaker":"Alan Smith","startTime":5119.0,"endTime":5119.18,"body":" "},{"speaker":"Alan Smith","startTime":5119.18,"endTime":5122.42,"body":"think if you had to ask them one"},{"speaker":"Alan Smith","startTime":5122.42,"endTime":5119.18,"body":" "},{"speaker":"Alan Smith","startTime":5119.18,"endTime":5122.42,"body":"question when it comes to"},{"speaker":"Alan Smith","startTime":5122.42,"endTime":5122.42,"body":" "},{"speaker":"Alan Smith","startTime":5122.42,"endTime":5125.5999999999995,"body":"finances, money and investing, I"},{"speaker":"Alan Smith","startTime":5125.5999999999995,"endTime":5122.42,"body":" "},{"speaker":"Alan Smith","startTime":5122.42,"endTime":5125.5999999999995,"body":"think that's the one question."},{"speaker":"Alan Smith","startTime":5125.5999999999995,"endTime":5126.32,"body":" "},{"speaker":"Alan Smith","startTime":5126.32,"endTime":5129.98,"body":"Yeah, you say, to give you the"},{"speaker":"Alan Smith","startTime":5129.98,"endTime":5126.32,"body":" "},{"speaker":"Alan Smith","startTime":5126.32,"endTime":5129.98,"body":"most insight you need, yeah. So"},{"speaker":"Alan Smith","startTime":5129.98,"endTime":5129.98,"body":" "},{"speaker":"Alan Smith","startTime":5129.98,"endTime":5132.26,"body":"you go back to the what we say"},{"speaker":"Alan Smith","startTime":5132.26,"endTime":5129.98,"body":" "},{"speaker":"Alan Smith","startTime":5129.98,"endTime":5132.26,"body":"at the top of this conversation,"},{"speaker":"Alan Smith","startTime":5132.26,"endTime":5132.26,"body":" "},{"speaker":"Alan Smith","startTime":5132.26,"endTime":5135.26,"body":"like the dimensional charts and"},{"speaker":"Alan Smith","startTime":5135.26,"endTime":5132.26,"body":" "},{"speaker":"Alan Smith","startTime":5132.26,"endTime":5135.26,"body":"what have you, it's it's not if,"},{"speaker":"Alan Smith","startTime":5135.26,"endTime":5135.26,"body":" "},{"speaker":"Alan Smith","startTime":5135.26,"endTime":5138.58,"body":"it's when there will be a"},{"speaker":"Alan Smith","startTime":5138.58,"endTime":5135.26,"body":" "},{"speaker":"Alan Smith","startTime":5135.26,"endTime":5138.58,"body":"temporary drawdown in your"},{"speaker":"Alan Smith","startTime":5138.58,"endTime":5138.58,"body":" "},{"speaker":"Alan Smith","startTime":5138.58,"endTime":5141.58,"body":"overall portfolio value. And you"},{"speaker":"Alan Smith","startTime":5141.58,"endTime":5138.58,"body":" "},{"speaker":"Alan Smith","startTime":5138.58,"endTime":5141.58,"body":"know, during those times, we"},{"speaker":"Alan Smith","startTime":5141.58,"endTime":5141.58,"body":" "},{"speaker":"Alan Smith","startTime":5141.58,"endTime":5145.24,"body":"would ensure that your ongoing"},{"speaker":"Alan Smith","startTime":5145.24,"endTime":5141.58,"body":" "},{"speaker":"Alan Smith","startTime":5141.58,"endTime":5145.24,"body":"require income requirements are"},{"speaker":"Alan Smith","startTime":5145.24,"endTime":5145.24,"body":" "},{"speaker":"Alan Smith","startTime":5145.24,"endTime":5149.8,"body":"funded by lost less volatile"},{"speaker":"Alan Smith","startTime":5149.8,"endTime":5145.24,"body":" "},{"speaker":"Alan Smith","startTime":5145.24,"endTime":5149.8,"body":"assets. How many years? 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And as you say"},{"speaker":"Alan Smith","startTime":5158.34,"endTime":5158.34,"body":" "},{"speaker":"Alan Smith","startTime":5158.34,"endTime":5160.62,"body":"that, there's a bunch of other"},{"speaker":"Alan Smith","startTime":5160.62,"endTime":5158.34,"body":" "},{"speaker":"Alan Smith","startTime":5158.34,"endTime":5160.62,"body":"levers you can pull. You know,"},{"speaker":"Alan Smith","startTime":5160.62,"endTime":5160.62,"body":" "},{"speaker":"Alan Smith","startTime":5160.62,"endTime":5163.14,"body":"can you tighten your belt a bit?"},{"speaker":"Alan Smith","startTime":5163.14,"endTime":5160.62,"body":" "},{"speaker":"Alan Smith","startTime":5160.62,"endTime":5163.14,"body":"Is it discretionary"},{"speaker":"Alan Smith","startTime":5163.14,"endTime":5163.14,"body":" "},{"speaker":"Alan Smith","startTime":5163.14,"endTime":5165.9,"body":"expenditures? Absolutely"},{"speaker":"Alan Smith","startTime":5165.9,"endTime":5163.14,"body":" "},{"speaker":"Alan Smith","startTime":5163.14,"endTime":5165.9,"body":"essential expenditure. 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I've never seen that"},{"speaker":"Nick Lincoln","startTime":5173.58,"endTime":5175.98,"body":"just, just closing"},{"speaker":"Nick Lincoln","startTime":5175.98,"endTime":5173.58,"body":" "},{"speaker":"Nick Lincoln","startTime":5173.58,"endTime":5175.98,"body":"on this. I mean, if you know, in"},{"speaker":"Nick Lincoln","startTime":5175.98,"endTime":5175.98,"body":" "},{"speaker":"Nick Lincoln","startTime":5175.98,"endTime":5178.5199999999995,"body":"the. 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You"},{"speaker":"Nick Lincoln","startTime":5199.54,"endTime":5196.66,"body":" "},{"speaker":"Nick Lincoln","startTime":5196.66,"endTime":5199.54,"body":"You added risk to your"},{"speaker":"Nick Lincoln","startTime":5199.54,"endTime":5199.54,"body":" "},{"speaker":"Nick Lincoln","startTime":5199.54,"endTime":5202.84,"body":"portfolio, and you added"},{"speaker":"Nick Lincoln","startTime":5202.84,"endTime":5199.54,"body":" "},{"speaker":"Nick Lincoln","startTime":5199.54,"endTime":5202.84,"body":"purchasing power risk as well."},{"speaker":"Nick Lincoln","startTime":5202.84,"endTime":5202.84,"body":" "},{"speaker":"Nick Lincoln","startTime":5202.84,"endTime":5206.68,"body":"You had loss of value and loss"},{"speaker":"Nick Lincoln","startTime":5206.68,"endTime":5202.84,"body":" "},{"speaker":"Nick Lincoln","startTime":5202.84,"endTime":5206.68,"body":"of future purchasing power, the"},{"speaker":"Nick Lincoln","startTime":5206.68,"endTime":5206.68,"body":" "},{"speaker":"Nick Lincoln","startTime":5206.68,"endTime":5207.7,"body":"worst outcome you can"},{"speaker":"Unknown","startTime":5207.699,"endTime":5208.659,"body":"have for a portfolio."},{"speaker":"Andy Hart","startTime":5208.7789999999995,"endTime":5211.179,"body":"And the other risk,"},{"speaker":"Andy Hart","startTime":5211.179,"endTime":5208.7789999999995,"body":" "},{"speaker":"Andy Hart","startTime":5208.7789999999995,"endTime":5211.179,"body":"nobody talks about low returns."},{"speaker":"Andy Hart","startTime":5211.179,"endTime":5211.179,"body":" "},{"speaker":"Andy Hart","startTime":5211.179,"endTime":5214.239,"body":"You just put yourself in a low"},{"speaker":"Andy Hart","startTime":5214.239,"endTime":5211.179,"body":" "},{"speaker":"Andy Hart","startTime":5211.179,"endTime":5214.239,"body":"returning portfolio."},{"speaker":"Nick Lincoln","startTime":5214.42,"endTime":5217.14,"body":"It's again,"},{"speaker":"Nick Lincoln","startTime":5217.14,"endTime":5214.42,"body":" "},{"speaker":"Nick Lincoln","startTime":5214.42,"endTime":5217.14,"body":"another power. Andrew, but yes,"},{"speaker":"Nick Lincoln","startTime":5217.14,"endTime":5217.26,"body":" "},{"speaker":"Nick Lincoln","startTime":5217.26,"endTime":5221.88,"body":"that's inflation. Well, yes, but"},{"speaker":"Nick Lincoln","startTime":5221.88,"endTime":5217.26,"body":" "},{"speaker":"Nick Lincoln","startTime":5217.26,"endTime":5221.88,"body":"if you've got inflation, and"},{"speaker":"Nick Lincoln","startTime":5221.88,"endTime":5222.18,"body":" "},{"speaker":"Nick Lincoln","startTime":5222.18,"endTime":5225.36,"body":"yes, yeah, low returns are a"},{"speaker":"Nick Lincoln","startTime":5225.36,"endTime":5222.18,"body":" "},{"speaker":"Nick Lincoln","startTime":5222.18,"endTime":5225.36,"body":"problem if you've got inflation."},{"speaker":"Andy Hart","startTime":5227.46,"endTime":5228.9,"body":"The two different"},{"speaker":"Andy Hart","startTime":5228.9,"endTime":5227.46,"body":" "},{"speaker":"Andy Hart","startTime":5227.46,"endTime":5228.9,"body":"risks, let's move"},{"speaker":"Nick Lincoln","startTime":5229.62,"endTime":5231.42,"body":"on. 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And everyone I've"},{"speaker":"Alan Smith","startTime":5347.639,"endTime":5345.059,"body":" "},{"speaker":"Alan Smith","startTime":5345.059,"endTime":5347.639,"body":"spoken to when I've hosted and"},{"speaker":"Alan Smith","startTime":5347.639,"endTime":5347.639,"body":" "},{"speaker":"Alan Smith","startTime":5347.639,"endTime":5350.939,"body":"asked people are not convinced."},{"speaker":"Alan Smith","startTime":5350.939,"endTime":5347.639,"body":" "},{"speaker":"Alan Smith","startTime":5347.639,"endTime":5350.939,"body":"It's worth hiring a financial"},{"speaker":"Alan Smith","startTime":5350.939,"endTime":5350.939,"body":" "},{"speaker":"Alan Smith","startTime":5350.939,"endTime":5355.739,"body":"planner. 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And if you come"},{"speaker":"Alan Smith","startTime":5374.179,"endTime":5371.539,"body":" "},{"speaker":"Alan Smith","startTime":5371.539,"endTime":5374.179,"body":"up against people who say it's"},{"speaker":"Alan Smith","startTime":5374.179,"endTime":5374.179,"body":" "},{"speaker":"Alan Smith","startTime":5374.179,"endTime":5376.479,"body":"not worth me hiring a financial"},{"speaker":"Alan Smith","startTime":5376.479,"endTime":5374.179,"body":" "},{"speaker":"Alan Smith","startTime":5374.179,"endTime":5376.479,"body":"planner, you get some good"},{"speaker":"Alan Smith","startTime":5376.479,"endTime":5376.479,"body":" "},{"speaker":"Alan Smith","startTime":5376.479,"endTime":5380.739,"body":"insights from Rob the financial"},{"speaker":"Alan Smith","startTime":5380.739,"endTime":5376.479,"body":" "},{"speaker":"Alan Smith","startTime":5376.479,"endTime":5380.739,"body":"planner out in Canada."},{"speaker":"Andy Hart","startTime":5381.04,"endTime":5383.32,"body":"Thank you. So what's"},{"speaker":"Andy Hart","startTime":5383.32,"endTime":5381.04,"body":" "},{"speaker":"Andy Hart","startTime":5381.04,"endTime":5383.32,"body":"it called? Again? Alan money"},{"speaker":"Andy Hart","startTime":5383.32,"endTime":5383.32,"body":" "},{"speaker":"Andy Hart","startTime":5383.32,"endTime":5384.64,"body":"wise. It's called Money"},{"speaker":"Alan Smith","startTime":5384.64,"endTime":5386.14,"body":"wise. I think"},{"speaker":"Alan Smith","startTime":5386.14,"endTime":5384.64,"body":" "},{"speaker":"Alan Smith","startTime":5384.64,"endTime":5386.14,"body":"there's more than one called"},{"speaker":"Alan Smith","startTime":5386.14,"endTime":5386.14,"body":" "},{"speaker":"Alan Smith","startTime":5386.14,"endTime":5388.72,"body":"Money wise, but I'll put a link"},{"speaker":"Alan Smith","startTime":5388.72,"endTime":5386.14,"body":" "},{"speaker":"Alan Smith","startTime":5386.14,"endTime":5388.72,"body":"in the show notes, forensic"},{"speaker":"Alan Smith","startTime":5388.72,"endTime":5388.72,"body":" "},{"speaker":"Alan Smith","startTime":5388.72,"endTime":5391.12,"body":"money wise, part of the hat and"},{"speaker":"Alan Smith","startTime":5391.12,"endTime":5388.72,"body":" "},{"speaker":"Alan Smith","startTime":5388.72,"endTime":5391.12,"body":"group of podcasts."},{"speaker":"Andy Hart","startTime":5391.12,"endTime":5393.88,"body":"The guy that runs my"},{"speaker":"Andy Hart","startTime":5393.88,"endTime":5391.12,"body":" "},{"speaker":"Andy Hart","startTime":5391.12,"endTime":5393.88,"body":"first million, he's doing a live"},{"speaker":"Andy Hart","startTime":5393.88,"endTime":5393.88,"body":" "},{"speaker":"Andy Hart","startTime":5393.88,"endTime":5396.46,"body":"mastermind meet up in London,"},{"speaker":"Andy Hart","startTime":5396.46,"endTime":5393.88,"body":" "},{"speaker":"Andy Hart","startTime":5393.88,"endTime":5396.46,"body":"and they're looking for really"},{"speaker":"Andy Hart","startTime":5396.46,"endTime":5396.82,"body":" "},{"speaker":"Andy Hart","startTime":5396.82,"endTime":5400.14,"body":"business owners at the moment?"},{"speaker":"Andy Hart","startTime":5400.14,"endTime":5396.82,"body":" "},{"speaker":"Andy Hart","startTime":5396.82,"endTime":5400.14,"body":"Yeah, yeah, it's quite a high"},{"speaker":"Andy Hart","startTime":5400.14,"endTime":5400.14,"body":" "},{"speaker":"Andy Hart","startTime":5400.14,"endTime":5402.78,"body":"qualifying number. But yeah,"},{"speaker":"Andy Hart","startTime":5402.78,"endTime":5400.14,"body":" "},{"speaker":"Andy Hart","startTime":5400.14,"endTime":5402.78,"body":"check it out. I think you just"},{"speaker":"Andy Hart","startTime":5402.78,"endTime":5402.78,"body":" "},{"speaker":"Andy Hart","startTime":5402.78,"endTime":5403.44,"body":"about qualify."},{"speaker":"Alan Smith","startTime":5403.559,"endTime":5406.019,"body":"Well, you'll be 3"},{"speaker":"Alan Smith","startTime":5406.019,"endTime":5403.559,"body":" "},{"speaker":"Alan Smith","startTime":5403.559,"endTime":5406.019,"body":"million turnover minimum. So"},{"speaker":"Alan Smith","startTime":5406.019,"endTime":5406.019,"body":" "},{"speaker":"Alan Smith","startTime":5406.019,"endTime":5409.259,"body":"yeah, you need some of us do"},{"speaker":"Alan Smith","startTime":5409.259,"endTime":5406.019,"body":" "},{"speaker":"Alan Smith","startTime":5406.019,"endTime":5409.259,"body":"that in our sleep."},{"speaker":"Andy Hart","startTime":5409.3189999999995,"endTime":5414.179,"body":"Andrew, next, more"},{"speaker":"Andy Hart","startTime":5414.179,"endTime":5409.3189999999995,"body":" "},{"speaker":"Andy Hart","startTime":5409.3189999999995,"endTime":5414.179,"body":"than qualify."},{"speaker":"Carl Widger","startTime":5414.239,"endTime":5417.8589999999995,"body":"God, speaking of"},{"speaker":"Carl Widger","startTime":5417.8589999999995,"endTime":5414.239,"body":" "},{"speaker":"Carl Widger","startTime":5414.239,"endTime":5417.8589999999995,"body":"which, I'll go next anyway."},{"speaker":"Carl Widger","startTime":5417.8589999999995,"endTime":5418.999,"body":" "},{"speaker":"Carl Widger","startTime":5418.999,"endTime":5426.139,"body":"Yeah, I don't have coach corner,"},{"speaker":"Carl Widger","startTime":5426.139,"endTime":5418.999,"body":" "},{"speaker":"Carl Widger","startTime":5418.999,"endTime":5426.139,"body":"because I have been the last six"},{"speaker":"Carl Widger","startTime":5426.139,"endTime":5426.139,"body":" "},{"speaker":"Carl Widger","startTime":5426.139,"endTime":5428.899,"body":"weeks have been absolute"},{"speaker":"Carl Widger","startTime":5428.899,"endTime":5426.139,"body":" "},{"speaker":"Carl Widger","startTime":5426.139,"endTime":5428.899,"body":"torture, and I have literally"},{"speaker":"Carl Widger","startTime":5428.899,"endTime":5428.899,"body":" "},{"speaker":"Carl Widger","startTime":5428.899,"endTime":5433.219,"body":"done nothing other than have"},{"speaker":"Carl Widger","startTime":5433.219,"endTime":5428.899,"body":" "},{"speaker":"Carl Widger","startTime":5428.899,"endTime":5433.219,"body":"huge pressure with the triplets"},{"speaker":"Carl Widger","startTime":5433.219,"endTime":5433.219,"body":" "},{"speaker":"Carl Widger","startTime":5433.219,"endTime":5436.839,"body":"doing their leaving search. So"},{"speaker":"Carl Widger","startTime":5436.839,"endTime":5433.219,"body":" "},{"speaker":"Carl Widger","startTime":5433.219,"endTime":5436.839,"body":"I'm guessing the you guys have"},{"speaker":"Carl Widger","startTime":5436.839,"endTime":5436.839,"body":" "},{"speaker":"Carl Widger","startTime":5436.839,"endTime":5439.959,"body":"something similar. Do you have"},{"speaker":"Carl Widger","startTime":5439.959,"endTime":5436.839,"body":" "},{"speaker":"Carl Widger","startTime":5436.839,"endTime":5439.959,"body":"the GCSEs or whatever? Anyway,"},{"speaker":"Carl Widger","startTime":5439.959,"endTime":5440.019,"body":" "},{"speaker":"Carl Widger","startTime":5440.019,"endTime":5442.479,"body":"I'm not sure if it's as"},{"speaker":"Carl Widger","startTime":5442.479,"endTime":5440.019,"body":" "},{"speaker":"Carl Widger","startTime":5440.019,"endTime":5442.479,"body":"pressurized there, but the"},{"speaker":"Carl Widger","startTime":5442.479,"endTime":5442.479,"body":" "},{"speaker":"Carl Widger","startTime":5442.479,"endTime":5447.099,"body":"pressure that the kids are under"},{"speaker":"Carl Widger","startTime":5447.099,"endTime":5442.479,"body":" "},{"speaker":"Carl Widger","startTime":5442.479,"endTime":5447.099,"body":"here is absolutely insane. It's"},{"speaker":"Carl Widger","startTime":5447.099,"endTime":5447.099,"body":" "},{"speaker":"Carl Widger","startTime":5447.099,"endTime":5452.559,"body":"ridiculous. I was not prepared"},{"speaker":"Carl Widger","startTime":5452.559,"endTime":5447.099,"body":" "},{"speaker":"Carl Widger","startTime":5447.099,"endTime":5452.559,"body":"for the build up of pressure for"},{"speaker":"Carl Widger","startTime":5452.559,"endTime":5452.559,"body":" "},{"speaker":"Carl Widger","startTime":5452.559,"endTime":5456.039,"body":"my kids, obviously. Then the"},{"speaker":"Carl Widger","startTime":5456.039,"endTime":5452.559,"body":" "},{"speaker":"Carl Widger","startTime":5452.559,"endTime":5456.039,"body":"pressure comes into the house,"},{"speaker":"Carl Widger","startTime":5456.039,"endTime":5456.099,"body":" "},{"speaker":"Carl Widger","startTime":5456.099,"endTime":5459.299,"body":"and it's, it's, it's tricky for"},{"speaker":"Carl Widger","startTime":5459.299,"endTime":5456.099,"body":" "},{"speaker":"Carl Widger","startTime":5456.099,"endTime":5459.299,"body":"everybody. Then they have to"},{"speaker":"Carl Widger","startTime":5459.299,"endTime":5459.299,"body":" "},{"speaker":"Carl Widger","startTime":5459.299,"endTime":5461.759,"body":"wait for their results, and then"},{"speaker":"Carl Widger","startTime":5461.759,"endTime":5459.299,"body":" "},{"speaker":"Carl Widger","startTime":5459.299,"endTime":5461.759,"body":"the results come out, and then"},{"speaker":"Carl Widger","startTime":5461.759,"endTime":5461.759,"body":" "},{"speaker":"Carl Widger","startTime":5461.759,"endTime":5465.3589999999995,"body":"they have to wait for their"},{"speaker":"Carl Widger","startTime":5465.3589999999995,"endTime":5461.759,"body":" "},{"speaker":"Carl Widger","startTime":5461.759,"endTime":5465.3589999999995,"body":"university places. And we have"},{"speaker":"Carl Widger","startTime":5465.3589999999995,"endTime":5465.3589999999995,"body":" "},{"speaker":"Carl Widger","startTime":5465.3589999999995,"endTime":5470.039,"body":"had that's why I had to dash to"},{"speaker":"Carl Widger","startTime":5470.039,"endTime":5465.3589999999995,"body":" "},{"speaker":"Carl Widger","startTime":5465.3589999999995,"endTime":5470.039,"body":"Florida at the last minute to"},{"speaker":"Carl Widger","startTime":5470.039,"endTime":5470.039,"body":" "},{"speaker":"Carl Widger","startTime":5470.039,"endTime":5475.019,"body":"get Chloe over here. So I"},{"speaker":"Carl Widger","startTime":5475.019,"endTime":5470.039,"body":" "},{"speaker":"Carl Widger","startTime":5470.039,"endTime":5475.019,"body":"underestimated massively"},{"speaker":"Carl Widger","startTime":5475.019,"endTime":5475.019,"body":" "},{"speaker":"Carl Widger","startTime":5475.019,"endTime":5477.739,"body":"distress. I apologize. Apologize"},{"speaker":"Carl Widger","startTime":5477.739,"endTime":5475.019,"body":" "},{"speaker":"Carl Widger","startTime":5475.019,"endTime":5477.739,"body":"to every parent who said, Oh,"},{"speaker":"Carl Widger","startTime":5477.739,"endTime":5477.739,"body":" "},{"speaker":"Carl Widger","startTime":5477.739,"endTime":5480.439,"body":"I've got Johnny or Jill doing"},{"speaker":"Carl Widger","startTime":5480.439,"endTime":5477.739,"body":" "},{"speaker":"Carl Widger","startTime":5477.739,"endTime":5480.439,"body":"the leaving search. And I was"},{"speaker":"Carl Widger","startTime":5480.439,"endTime":5480.439,"body":" "},{"speaker":"Carl Widger","startTime":5480.439,"endTime":5483.919,"body":"like, so everyone doesn't even"},{"speaker":"Carl Widger","startTime":5483.919,"endTime":5480.439,"body":" "},{"speaker":"Carl Widger","startTime":5480.439,"endTime":5483.919,"body":"search. So my apologies to all"},{"speaker":"Carl Widger","startTime":5483.919,"endTime":5483.919,"body":" "},{"speaker":"Carl Widger","startTime":5483.919,"endTime":5486.799,"body":"those people and those of you"},{"speaker":"Carl Widger","startTime":5486.799,"endTime":5483.919,"body":" "},{"speaker":"Carl Widger","startTime":5483.919,"endTime":5486.799,"body":"who have yet to get kids through"},{"speaker":"Carl Widger","startTime":5486.799,"endTime":5486.799,"body":" "},{"speaker":"Carl Widger","startTime":5486.799,"endTime":5489.919,"body":"there, do not underestimate that"},{"speaker":"Carl Widger","startTime":5489.919,"endTime":5486.799,"body":" "},{"speaker":"Carl Widger","startTime":5486.799,"endTime":5489.919,"body":"the second big one, right?"},{"speaker":"Carl Widger","startTime":5489.919,"endTime":5489.919,"body":" "},{"speaker":"Carl Widger","startTime":5489.919,"endTime":5494.179,"body":"Because this is a podcast about"},{"speaker":"Carl Widger","startTime":5494.179,"endTime":5489.919,"body":" "},{"speaker":"Carl Widger","startTime":5489.919,"endTime":5494.179,"body":"money. What they don't tell you"},{"speaker":"Carl Widger","startTime":5494.179,"endTime":5494.179,"body":" "},{"speaker":"Carl Widger","startTime":5494.179,"endTime":5496.719,"body":"when they say, oh, yeah, it's"},{"speaker":"Carl Widger","startTime":5496.719,"endTime":5494.179,"body":" "},{"speaker":"Carl Widger","startTime":5494.179,"endTime":5496.719,"body":"going to cost. We increase of"},{"speaker":"Carl Widger","startTime":5496.719,"endTime":5496.719,"body":" "},{"speaker":"Carl Widger","startTime":5496.719,"endTime":5500.139,"body":"medicine, the annual fee from 12"},{"speaker":"Carl Widger","startTime":5500.139,"endTime":5496.719,"body":" "},{"speaker":"Carl Widger","startTime":5496.719,"endTime":5500.139,"body":"to 16 grand a year, based on a"},{"speaker":"Carl Widger","startTime":5500.139,"endTime":5500.139,"body":" "},{"speaker":"Carl Widger","startTime":5500.139,"endTime":5504.159,"body":"study that was done, what they"},{"speaker":"Carl Widger","startTime":5504.159,"endTime":5500.139,"body":" "},{"speaker":"Carl Widger","startTime":5500.139,"endTime":5504.159,"body":"don't tell you is 16 grand, at"},{"speaker":"Carl Widger","startTime":5504.159,"endTime":5504.159,"body":" "},{"speaker":"Carl Widger","startTime":5504.159,"endTime":5507.939,"body":"least half the cost is upfront."},{"speaker":"Carl Widger","startTime":5507.939,"endTime":5504.159,"body":" "},{"speaker":"Carl Widger","startTime":5504.159,"endTime":5507.939,"body":"It's just there you go. Pay the"},{"speaker":"Carl Widger","startTime":5507.939,"endTime":5507.939,"body":" "},{"speaker":"Carl Widger","startTime":5507.939,"endTime":5512.619,"body":"money. I need to book my place"},{"speaker":"Carl Widger","startTime":5512.619,"endTime":5507.939,"body":" "},{"speaker":"Carl Widger","startTime":5507.939,"endTime":5512.619,"body":"to stay. I need to pay for the"},{"speaker":"Carl Widger","startTime":5512.619,"endTime":5512.619,"body":" "},{"speaker":"Carl Widger","startTime":5512.619,"endTime":5517.559,"body":"fees. I need to pay for the"},{"speaker":"Carl Widger","startTime":5517.559,"endTime":5512.619,"body":" "},{"speaker":"Carl Widger","startTime":5512.619,"endTime":5517.559,"body":"books. It is in saying I have, I"},{"speaker":"Carl Widger","startTime":5517.559,"endTime":5517.559,"body":" "},{"speaker":"Carl Widger","startTime":5517.559,"endTime":5521.759,"body":"have never in my life actually"},{"speaker":"Carl Widger","startTime":5521.759,"endTime":5517.559,"body":" "},{"speaker":"Carl Widger","startTime":5517.559,"endTime":5521.759,"body":"spent as much money in a short"},{"speaker":"Carl Widger","startTime":5521.759,"endTime":5521.759,"body":" "},{"speaker":"Carl Widger","startTime":5521.759,"endTime":5526.3189999999995,"body":"period of time just like, just,"},{"speaker":"Carl Widger","startTime":5526.3189999999995,"endTime":5521.759,"body":" "},{"speaker":"Carl Widger","startTime":5521.759,"endTime":5526.3189999999995,"body":"go, go, go, go. So I'm glad this"},{"speaker":"Carl Widger","startTime":5526.3189999999995,"endTime":5526.3189999999995,"body":" "},{"speaker":"Carl Widger","startTime":5526.3189999999995,"endTime":5531.119,"body":"period is coming to a close, and"},{"speaker":"Carl Widger","startTime":5531.119,"endTime":5526.3189999999995,"body":" "},{"speaker":"Carl Widger","startTime":5526.3189999999995,"endTime":5531.119,"body":"best of luck to everyone who has"},{"speaker":"Carl Widger","startTime":5531.119,"endTime":5531.839,"body":" "},{"speaker":"Carl Widger","startTime":5531.839,"endTime":5536.419,"body":"kids who are about to embark on"},{"speaker":"Carl Widger","startTime":5536.419,"endTime":5531.839,"body":" "},{"speaker":"Carl Widger","startTime":5531.839,"endTime":5536.419,"body":"that final year. It is bloody"},{"speaker":"Carl Widger","startTime":5536.419,"endTime":5536.599,"body":" "},{"speaker":"Carl Widger","startTime":5536.599,"endTime":5537.199,"body":"difficult."},{"speaker":"Andy Hart","startTime":5537.68,"endTime":5539.9,"body":"You do have three"},{"speaker":"Andy Hart","startTime":5539.9,"endTime":5537.68,"body":" "},{"speaker":"Andy Hart","startTime":5537.68,"endTime":5539.9,"body":"doing at the same time? Carl,"},{"speaker":"Andy Hart","startTime":5539.9,"endTime":5539.9,"body":" "},{"speaker":"Andy Hart","startTime":5539.9,"endTime":5543.32,"body":"so, yeah, you're allowed to feel"},{"speaker":"Andy Hart","startTime":5543.32,"endTime":5539.9,"body":" "},{"speaker":"Andy Hart","startTime":5539.9,"endTime":5543.32,"body":"that pressure. It's not one."},{"speaker":"Andy Hart","startTime":5543.32,"endTime":5543.32,"body":" "},{"speaker":"Andy Hart","startTime":5543.32,"endTime":5546.26,"body":"They won. They won. They won"},{"speaker":"Andy Hart","startTime":5546.26,"endTime":5543.32,"body":" "},{"speaker":"Andy Hart","startTime":5543.32,"endTime":5546.26,"body":"three in one. Go. Is insane."},{"speaker":"Carl Widger","startTime":5546.92,"endTime":5549.98,"body":"Yeah, it was, it"},{"speaker":"Carl Widger","startTime":5549.98,"endTime":5546.92,"body":" "},{"speaker":"Carl Widger","startTime":5546.92,"endTime":5549.98,"body":"was a powder keg."},{"speaker":"Alan Smith","startTime":5552.3189999999995,"endTime":5558.459,"body":"That's equivalent of"},{"speaker":"Alan Smith","startTime":5558.459,"endTime":5552.3189999999995,"body":" "},{"speaker":"Alan Smith","startTime":5552.3189999999995,"endTime":5558.459,"body":"a levels in the UK. I believe,"},{"speaker":"Alan Smith","startTime":5558.459,"endTime":5558.639,"body":" "},{"speaker":"Alan Smith","startTime":5558.639,"endTime":5561.699,"body":"as you know, my eldest had just"},{"speaker":"Alan Smith","startTime":5561.699,"endTime":5558.639,"body":" "},{"speaker":"Alan Smith","startTime":5558.639,"endTime":5561.699,"body":"gone through GCSE, so he's now"},{"speaker":"Alan Smith","startTime":5561.699,"endTime":5561.699,"body":" "},{"speaker":"Alan Smith","startTime":5561.699,"endTime":5565.059,"body":"in the a level years, and so"},{"speaker":"Alan Smith","startTime":5565.059,"endTime":5561.699,"body":" "},{"speaker":"Alan Smith","startTime":5561.699,"endTime":5565.059,"body":"I've got that to look forward"},{"speaker":"Alan Smith","startTime":5565.059,"endTime":5565.059,"body":" "},{"speaker":"Alan Smith","startTime":5565.059,"endTime":5568.599,"body":"to. Thanks for the heads up on"},{"speaker":"Alan Smith","startTime":5568.599,"endTime":5565.059,"body":" "},{"speaker":"Alan Smith","startTime":5565.059,"endTime":5568.599,"body":"that, and the expense thing as"},{"speaker":"Alan Smith","startTime":5568.599,"endTime":5569.079,"body":" "},{"speaker":"Alan Smith","startTime":5569.079,"endTime":5572.079,"body":"well. But I think that's a good"},{"speaker":"Alan Smith","startTime":5572.079,"endTime":5569.079,"body":" "},{"speaker":"Alan Smith","startTime":5569.079,"endTime":5572.079,"body":"point you make, Carl in that we"},{"speaker":"Alan Smith","startTime":5572.079,"endTime":5572.079,"body":" "},{"speaker":"Alan Smith","startTime":5572.079,"endTime":5575.079,"body":"do advise clients. If you've got"},{"speaker":"Alan Smith","startTime":5575.079,"endTime":5572.079,"body":" "},{"speaker":"Alan Smith","startTime":5572.079,"endTime":5575.079,"body":"children who are younger or"},{"speaker":"Alan Smith","startTime":5575.079,"endTime":5575.079,"body":" "},{"speaker":"Alan Smith","startTime":5575.079,"endTime":5578.159,"body":"maybe much older, and have done"},{"speaker":"Alan Smith","startTime":5578.159,"endTime":5575.079,"body":" "},{"speaker":"Alan Smith","startTime":5575.079,"endTime":5578.159,"body":"this years ago. There really"},{"speaker":"Alan Smith","startTime":5578.159,"endTime":5578.159,"body":" "},{"speaker":"Alan Smith","startTime":5578.159,"endTime":5581.639,"body":"does seem to be an absolute. You"},{"speaker":"Alan Smith","startTime":5581.639,"endTime":5578.159,"body":" "},{"speaker":"Alan Smith","startTime":5578.159,"endTime":5581.639,"body":"know what? We're facing new"},{"speaker":"Alan Smith","startTime":5581.639,"endTime":5581.639,"body":" "},{"speaker":"Alan Smith","startTime":5581.639,"endTime":5584.8189999999995,"body":"technology and AI and getting a"},{"speaker":"Alan Smith","startTime":5584.8189999999995,"endTime":5581.639,"body":" "},{"speaker":"Alan Smith","startTime":5581.639,"endTime":5584.8189999999995,"body":"good place in a good university"},{"speaker":"Alan Smith","startTime":5584.8189999999995,"endTime":5584.8189999999995,"body":" "},{"speaker":"Alan Smith","startTime":5584.8189999999995,"endTime":5587.399,"body":"is becoming increasingly"},{"speaker":"Alan Smith","startTime":5587.399,"endTime":5584.8189999999995,"body":" "},{"speaker":"Alan Smith","startTime":5584.8189999999995,"endTime":5587.399,"body":"important. So maybe, maybe a bit"},{"speaker":"Alan Smith","startTime":5587.399,"endTime":5587.399,"body":" "},{"speaker":"Alan Smith","startTime":5587.399,"endTime":5591.299,"body":"more empathy for clients who've"},{"speaker":"Alan Smith","startTime":5591.299,"endTime":5587.399,"body":" "},{"speaker":"Alan Smith","startTime":5587.399,"endTime":5591.299,"body":"got, you know, teenagers going"},{"speaker":"Alan Smith","startTime":5591.299,"endTime":5591.299,"body":" "},{"speaker":"Alan Smith","startTime":5591.299,"endTime":5595.379,"body":"through these, you know, very,"},{"speaker":"Alan Smith","startTime":5595.379,"endTime":5591.299,"body":" "},{"speaker":"Alan Smith","startTime":5591.299,"endTime":5595.379,"body":"very important exams. 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I mean,"},{"speaker":"Alan Smith","startTime":5801.34,"endTime":5797.26,"body":" "},{"speaker":"Alan Smith","startTime":5797.26,"endTime":5801.34,"body":"you just, you just kind of"},{"speaker":"Alan Smith","startTime":5801.34,"endTime":5801.34,"body":" "},{"speaker":"Alan Smith","startTime":5801.34,"endTime":5803.26,"body":"cannot beat that level of"},{"speaker":"Alan Smith","startTime":5803.26,"endTime":5801.34,"body":" "},{"speaker":"Alan Smith","startTime":5801.34,"endTime":5803.26,"body":"service."},{"speaker":"Andy Hart","startTime":5803.3189999999995,"endTime":5805.3589999999995,"body":"And it's often"},{"speaker":"Andy Hart","startTime":5805.3589999999995,"endTime":5803.3189999999995,"body":" "},{"speaker":"Andy Hart","startTime":5803.3189999999995,"endTime":5805.3589999999995,"body":"something secure, like, you"},{"speaker":"Andy Hart","startTime":5805.3589999999995,"endTime":5805.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":5805.3589999999995,"endTime":5807.339,"body":"know, like a hose pipe or"},{"speaker":"Andy Hart","startTime":5807.339,"endTime":5805.3589999999995,"body":" "},{"speaker":"Andy Hart","startTime":5805.3589999999995,"endTime":5807.339,"body":"something, you know, yeah,"},{"speaker":"Andy Hart","startTime":5807.339,"endTime":5809.379,"body":" "},{"speaker":"Andy Hart","startTime":5809.379,"endTime":5811.599,"body":"Marley bone, yeah, yeah, yeah."},{"speaker":"Nick Lincoln","startTime":5811.5999999999995,"endTime":5813.7,"body":"Don't ask. Don't"},{"speaker":"Nick Lincoln","startTime":5813.7,"endTime":5811.5999999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":5811.5999999999995,"endTime":5813.7,"body":"ask. Okay."},{"speaker":"Unknown","startTime":5816.88,"endTime":5818.16,"body":"Oh, my Lord, on"},{"speaker":"Nick Lincoln","startTime":5818.22,"endTime":5819.78,"body":"the assumption"},{"speaker":"Nick Lincoln","startTime":5819.78,"endTime":5818.22,"body":" "},{"speaker":"Nick Lincoln","startTime":5818.22,"endTime":5819.78,"body":"that we've done there you go,"},{"speaker":"Nick Lincoln","startTime":5819.78,"endTime":5819.78,"body":" "},{"speaker":"Nick Lincoln","startTime":5819.78,"endTime":5823.44,"body":"dear TRAPPIST, as episode 79"},{"speaker":"Nick Lincoln","startTime":5823.44,"endTime":5819.78,"body":" "},{"speaker":"Nick Lincoln","startTime":5819.78,"endTime":5823.44,"body":"slides down the you bend of"},{"speaker":"Nick Lincoln","startTime":5823.44,"endTime":5823.44,"body":" "},{"speaker":"Nick Lincoln","startTime":5823.44,"endTime":5825.84,"body":"Father Thomas, time for us to"},{"speaker":"Nick Lincoln","startTime":5825.84,"endTime":5823.44,"body":" "},{"speaker":"Nick Lincoln","startTime":5823.44,"endTime":5825.84,"body":"say goodbye and thank you for"},{"speaker":"Nick Lincoln","startTime":5825.84,"endTime":5825.84,"body":" "},{"speaker":"Nick Lincoln","startTime":5825.84,"endTime":5828.18,"body":"your precious time. Please do"},{"speaker":"Nick Lincoln","startTime":5828.18,"endTime":5825.84,"body":" "},{"speaker":"Nick Lincoln","startTime":5825.84,"endTime":5828.18,"body":"leave a review on your podcast"},{"speaker":"Nick Lincoln","startTime":5828.18,"endTime":5828.18,"body":" "},{"speaker":"Nick Lincoln","startTime":5828.18,"endTime":5830.46,"body":"app of choice probably will be"},{"speaker":"Nick Lincoln","startTime":5830.46,"endTime":5828.18,"body":" "},{"speaker":"Nick Lincoln","startTime":5828.18,"endTime":5830.46,"body":"on iTunes, but other apps now"},{"speaker":"Nick Lincoln","startTime":5830.46,"endTime":5830.46,"body":" "},{"speaker":"Nick Lincoln","startTime":5830.46,"endTime":5833.64,"body":"you can submit podcast reviews"},{"speaker":"Nick Lincoln","startTime":5833.64,"endTime":5830.46,"body":" "},{"speaker":"Nick Lincoln","startTime":5830.46,"endTime":5833.64,"body":"like and subscribe to our"},{"speaker":"Nick Lincoln","startTime":5833.64,"endTime":5833.64,"body":" "},{"speaker":"Nick Lincoln","startTime":5833.64,"endTime":5837.5599999999995,"body":"burgeoning YouTube channel. Oh,"},{"speaker":"Nick Lincoln","startTime":5837.5599999999995,"endTime":5833.64,"body":" "},{"speaker":"Nick Lincoln","startTime":5833.64,"endTime":5837.5599999999995,"body":"please jump, jump, um, but apart"},{"speaker":"Nick Lincoln","startTime":5837.5599999999995,"endTime":5837.5599999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":5837.5599999999995,"endTime":5840.86,"body":"from that, dear TRAPPIST, it's"},{"speaker":"Nick Lincoln","startTime":5840.86,"endTime":5837.5599999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":5837.5599999999995,"endTime":5840.86,"body":"adios. Take care of there."},{"speaker":"Nick Lincoln","startTime":5840.86,"endTime":5840.86,"body":" "},{"speaker":"Nick Lincoln","startTime":5840.86,"endTime":5843.14,"body":"Goodbye from the track back, and"},{"speaker":"Nick Lincoln","startTime":5843.14,"endTime":5840.86,"body":" "},{"speaker":"Nick Lincoln","startTime":5840.86,"endTime":5843.14,"body":"we'll see you on the other side."},{"speaker":"Carl Widger","startTime":5843.14,"endTime":5846.98,"body":"Goodbye. I did one"},{"speaker":"Carl Widger","startTime":5846.98,"endTime":5843.14,"body":" "},{"speaker":"Carl Widger","startTime":5843.14,"endTime":5846.98,"body":"from out of Ireland. Well done."},{"speaker":"Carl Widger","startTime":5846.98,"endTime":5846.98,"body":" "},{"speaker":"Carl Widger","startTime":5846.98,"endTime":5847.16,"body":"Yay."},{"speaker":"Nick Lincoln","startTime":5852.019,"endTime":5854.059,"body":"Yeah, Mega. Thanks"},{"speaker":"Nick Lincoln","startTime":5854.059,"endTime":5852.019,"body":" "},{"speaker":"Nick Lincoln","startTime":5852.019,"endTime":5854.059,"body":"to both of you. I mean, yeah,"},{"speaker":"Nick Lincoln","startTime":5854.059,"endTime":5854.059,"body":" "},{"speaker":"Nick Lincoln","startTime":5854.059,"endTime":5856.959,"body":"yeah. You call your heads all"},{"speaker":"Nick Lincoln","startTime":5856.959,"endTime":5854.059,"body":" "},{"speaker":"Nick Lincoln","startTime":5854.059,"endTime":5856.959,"body":"over the shop and ultra you've"},{"speaker":"Nick Lincoln","startTime":5856.959,"endTime":5856.959,"body":" "},{"speaker":"Nick Lincoln","startTime":5856.959,"endTime":5860.3189999999995,"body":"got hum going on. So I do, you"},{"speaker":"Nick Lincoln","startTime":5860.3189999999995,"endTime":5856.959,"body":" "},{"speaker":"Nick Lincoln","startTime":5856.959,"endTime":5860.3189999999995,"body":"know, we do appreciate you doing"},{"speaker":"Nick Lincoln","startTime":5860.3189999999995,"endTime":5860.3189999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":5860.3189999999995,"endTime":5863.199,"body":"it. Brian, I guess, a level"},{"speaker":"Nick Lincoln","startTime":5863.199,"endTime":5860.3189999999995,"body":" "},{"speaker":"Nick Lincoln","startTime":5860.3189999999995,"endTime":5863.199,"body":"trap."}]}