{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":7.74,"endTime":11.58,"body":"Matt, welcome to the"},{"speaker":"Unknown","startTime":7.74,"endTime":11.58,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":11.7,"endTime":15.54,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":11.7,"endTime":15.54,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":15.54,"endTime":19.74,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":15.54,"endTime":19.74,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":19.74,"endTime":23.3,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":19.74,"endTime":23.3,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":23.3,"endTime":26.48,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":23.3,"endTime":26.48,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":26.48,"endTime":30.02,"body":"out of five star review on"},{"speaker":"Unknown","startTime":26.48,"endTime":30.02,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":30.02,"endTime":33.74,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":30.02,"endTime":33.74,"body":"can do more to help you. Now,"},{"speaker":"Unknown","startTime":33.74,"endTime":36.98,"body":"let's head over to the studio"},{"speaker":"Unknown","startTime":33.74,"endTime":36.98,"body":"for the latest pile of trap."},{"speaker":"Nick Lincoln","startTime":41.84,"endTime":43.78,"body":"Yes, indeed, dear"},{"speaker":"Nick Lincoln","startTime":41.84,"endTime":43.78,"body":"TRAPPIST, welcome back to"},{"speaker":"Nick Lincoln","startTime":43.84,"endTime":48.58,"body":"Episode 83 of the real advisor"},{"speaker":"Nick Lincoln","startTime":43.84,"endTime":48.58,"body":"podcast, T, R, A, P, trap my"},{"speaker":"Nick Lincoln","startTime":48.58,"endTime":51.28,"body":"name is indeed lick Lincoln, and"},{"speaker":"Nick Lincoln","startTime":48.58,"endTime":51.28,"body":"joining me as ever in the"},{"speaker":"Nick Lincoln","startTime":51.28,"endTime":53.8,"body":"digital studio of doom are the"},{"speaker":"Nick Lincoln","startTime":51.28,"endTime":53.8,"body":"three other Horsemen of the"},{"speaker":"Nick Lincoln","startTime":53.8,"endTime":59.08,"body":"Apocalypse. Carl, the voice"},{"speaker":"Nick Lincoln","startTime":53.8,"endTime":59.08,"body":"still a voci, widger, Emmy Ultra"},{"speaker":"Nick Lincoln","startTime":59.08,"endTime":62.88,"body":"heart and Alan the story teller."},{"speaker":"Nick Lincoln","startTime":59.08,"endTime":62.88,"body":"Smith, Now, gentlemen, we have a"},{"speaker":"Nick Lincoln","startTime":62.88,"endTime":67.2,"body":"show packed full of app,"},{"speaker":"Nick Lincoln","startTime":62.88,"endTime":67.2,"body":"absolutely nothing, so let's"},{"speaker":"Nick Lincoln","startTime":67.2,"endTime":70.2,"body":"start unpacking it straight away"},{"speaker":"Nick Lincoln","startTime":67.2,"endTime":70.2,"body":"with some more high energy"},{"speaker":"Nick Lincoln","startTime":70.2,"endTime":72.84,"body":"review reads or read, read out"},{"speaker":"Nick Lincoln","startTime":70.2,"endTime":72.84,"body":"by my very good friend, the"},{"speaker":"Nick Lincoln","startTime":72.84,"endTime":76.68,"body":"right honorable Mr. Andrew Usain"},{"speaker":"Nick Lincoln","startTime":72.84,"endTime":76.68,"body":"Hart,"},{"speaker":"Andy Hart","startTime":77.52,"endTime":79.68,"body":"thank you very much."},{"speaker":"Andy Hart","startTime":77.52,"endTime":79.68,"body":"Nicholas, the first review is"},{"speaker":"Andy Hart","startTime":79.74,"endTime":85.52,"body":"has been left on podcast addict."},{"speaker":"Andy Hart","startTime":79.74,"endTime":85.52,"body":"Five stars. Chris sindens, I'm"},{"speaker":"Andy Hart","startTime":85.58,"endTime":89.0,"body":"not an IFA yet, but as someone"},{"speaker":"Andy Hart","startTime":85.58,"endTime":89.0,"body":"with But is someone with an"},{"speaker":"Andy Hart","startTime":89.0,"endTime":91.7,"body":"interest in financial planning"},{"speaker":"Andy Hart","startTime":89.0,"endTime":91.7,"body":"and investments, I've been"},{"speaker":"Andy Hart","startTime":91.7,"endTime":93.92,"body":"listening to trap for over a"},{"speaker":"Andy Hart","startTime":91.7,"endTime":93.92,"body":"year, including the back"},{"speaker":"Andy Hart","startTime":93.92,"endTime":97.34,"body":"episodes, a mix of discussion"},{"speaker":"Andy Hart","startTime":93.92,"endTime":97.34,"body":"information and mostly good"},{"speaker":"Andy Hart","startTime":97.34,"endTime":100.6,"body":"natured banter. Together was"},{"speaker":"Andy Hart","startTime":97.34,"endTime":100.6,"body":"very together with various"},{"speaker":"Andy Hart","startTime":100.6,"endTime":103.54,"body":"recommendations for listening"},{"speaker":"Andy Hart","startTime":100.6,"endTime":103.54,"body":"and reading from the Trap Team"},{"speaker":"Andy Hart","startTime":103.54,"endTime":107.26,"body":"has persuaded me that I should"},{"speaker":"Andy Hart","startTime":103.54,"endTime":107.26,"body":"proceed to the next stage in my"},{"speaker":"Andy Hart","startTime":107.26,"endTime":111.88,"body":"journey, so I'm now studying ro"},{"speaker":"Andy Hart","startTime":107.26,"endTime":111.88,"body":"one and Ro six with a view to"},{"speaker":"Andy Hart","startTime":111.88,"endTime":118.36,"body":"joining the industry. Keep up"},{"speaker":"Andy Hart","startTime":111.88,"endTime":118.36,"body":"the good work, guys."},{"speaker":"Nick Lincoln","startTime":119.68,"endTime":121.38,"body":"What a way to"},{"speaker":"Nick Lincoln","startTime":119.68,"endTime":121.38,"body":"start the show, fantastic."},{"speaker":"Andy Hart","startTime":122.58,"endTime":127.32,"body":"And my final review"},{"speaker":"Andy Hart","startTime":122.58,"endTime":127.32,"body":"is from James oak private wealth"},{"speaker":"Andy Hart","startTime":127.32,"endTime":131.82,"body":"entitled, bloody good show. I've"},{"speaker":"Andy Hart","startTime":127.32,"endTime":131.82,"body":"been a financial planner for 29"},{"speaker":"Andy Hart","startTime":132.06,"endTime":135.6,"body":"years, but I've learned lots"},{"speaker":"Andy Hart","startTime":132.06,"endTime":135.6,"body":"from this podcast. They may be"},{"speaker":"Andy Hart","startTime":135.84,"endTime":140.24,"body":"irascible, look it up. Boys"},{"speaker":"Andy Hart","startTime":135.84,"endTime":140.24,"body":"irreverent and opinionated, but"},{"speaker":"Andy Hart","startTime":140.24,"endTime":144.14,"body":"most importantly, they are"},{"speaker":"Andy Hart","startTime":140.24,"endTime":144.14,"body":"passionate, unapologetic and"},{"speaker":"Andy Hart","startTime":144.14,"endTime":147.68,"body":"fun. I don't agree with the"},{"speaker":"Andy Hart","startTime":144.14,"endTime":147.68,"body":"twaddle they talk about,"},{"speaker":"Andy Hart","startTime":147.68,"endTime":152.18,"body":"annuities, IKEA, wardrobes and"},{"speaker":"Andy Hart","startTime":147.68,"endTime":152.18,"body":"Jesus wept. I'll never thank"},{"speaker":"Andy Hart","startTime":152.18,"endTime":156.68,"body":"Nick for the month of my life I"},{"speaker":"Andy Hart","startTime":152.18,"endTime":156.68,"body":"lost to Atlas Shrugged, but I'm"},{"speaker":"Andy Hart","startTime":156.68,"endTime":160.1,"body":"so glad I found this podcast,"},{"speaker":"Andy Hart","startTime":156.68,"endTime":160.1,"body":"and I've recommended to many"},{"speaker":"Andy Hart","startTime":160.1,"endTime":164.32,"body":"others, keep going, chaps,"},{"speaker":"Andy Hart","startTime":160.1,"endTime":164.32,"body":"you're awesome. Nick's bag"},{"speaker":"Andy Hart","startTime":164.32,"endTime":166.54,"body":"there, but we'll take the two"},{"speaker":"Andy Hart","startTime":164.32,"endTime":166.54,"body":"five stars. Thank you very much"},{"speaker":"Andy Hart","startTime":166.84,"endTime":167.5,"body":"back. Sure you've"},{"speaker":"Alan Smith","startTime":167.5,"endTime":169.9,"body":"read that one out"},{"speaker":"Alan Smith","startTime":167.5,"endTime":169.9,"body":"before. I've read that before."},{"speaker":"Alan Smith","startTime":169.9,"endTime":176.56,"body":"That sounds again, that's a good"},{"speaker":"Alan Smith","startTime":169.9,"endTime":176.56,"body":"one. Yeah, we'll read that out"},{"speaker":"Alan Smith","startTime":176.56,"endTime":179.38,"body":"every week, by the way. Andy,"},{"speaker":"Alan Smith","startTime":176.56,"endTime":179.38,"body":"good. Quick question before we"},{"speaker":"Alan Smith","startTime":179.38,"endTime":182.58,"body":"carry on. So that the first one"},{"speaker":"Alan Smith","startTime":179.38,"endTime":182.58,"body":"was on, which is a podcast. Oh,"},{"speaker":"Alan Smith","startTime":182.58,"endTime":186.6,"body":"yeah, podcast addict. So how are"},{"speaker":"Alan Smith","startTime":182.58,"endTime":186.6,"body":"you finding? Are you trawling"},{"speaker":"Alan Smith","startTime":186.6,"endTime":190.68,"body":"through all the platforms?"},{"speaker":"Alan Smith","startTime":186.6,"endTime":190.68,"body":"That's a known one, isn't it?"},{"speaker":"Andy Hart","startTime":191.039,"endTime":193.199,"body":"Yeah, I've got a sort"},{"speaker":"Andy Hart","startTime":191.039,"endTime":193.199,"body":"of link that shows me all of"},{"speaker":"Andy Hart","startTime":193.199,"endTime":195.779,"body":"them, but sometimes it's a bit"},{"speaker":"Andy Hart","startTime":193.199,"endTime":195.779,"body":"jumbled in terms of when they're"},{"speaker":"Andy Hart","startTime":195.779,"endTime":198.299,"body":"left. But we've got enough now."},{"speaker":"Andy Hart","startTime":195.779,"endTime":198.299,"body":"But please do keep them coming."},{"speaker":"Andy Hart","startTime":198.299,"endTime":201.919,"body":"It adds to the ratings. We've"},{"speaker":"Andy Hart","startTime":198.299,"endTime":201.919,"body":"got 228, on Apple, which is the"},{"speaker":"Andy Hart","startTime":201.919,"endTime":206.419,"body":"main thing. I think we're 4.7 on"},{"speaker":"Andy Hart","startTime":201.919,"endTime":206.419,"body":"average, which is superb, but"},{"speaker":"Andy Hart","startTime":206.419,"endTime":208.879,"body":"yeah, please do keep them"},{"speaker":"Andy Hart","startTime":206.419,"endTime":208.879,"body":"coming. With a couple of ones"},{"speaker":"Andy Hart","startTime":208.879,"endTime":212.119,"body":"which dragged us down a bit, but"},{"speaker":"Andy Hart","startTime":208.879,"endTime":212.119,"body":"that's nice. We like, we like a"},{"speaker":"Andy Hart","startTime":212.119,"endTime":212.779,"body":"house,"},{"speaker":"Nick Lincoln","startTime":213.74,"endTime":216.5,"body":"yeah, isn't it?"},{"speaker":"Nick Lincoln","startTime":213.74,"endTime":216.5,"body":"Rephonic.com I've got up here,"},{"speaker":"Nick Lincoln","startTime":216.62,"endTime":219.74,"body":"which collates all the reviews"},{"speaker":"Nick Lincoln","startTime":216.62,"endTime":219.74,"body":"from the various podcast apps."},{"speaker":"Nick Lincoln","startTime":219.98,"endTime":222.94,"body":"So thank God. It does very hard"},{"speaker":"Nick Lincoln","startTime":219.98,"endTime":222.94,"body":"otherwise to see what's going"},{"speaker":"Nick Lincoln","startTime":222.94,"endTime":227.2,"body":"on. Okay, moving on there. Let's"},{"speaker":"Nick Lincoln","startTime":222.94,"endTime":227.2,"body":"put a timestamp on episode 83"},{"speaker":"Nick Lincoln","startTime":227.5,"endTime":233.8,"body":"with some 83 Jesus Christ, 166"},{"speaker":"Nick Lincoln","startTime":227.5,"endTime":233.8,"body":"weeks. Topical tidbits for"},{"speaker":"Nick Lincoln","startTime":233.8,"endTime":238.12,"body":"episode 83 kicking off with"},{"speaker":"Nick Lincoln","startTime":233.8,"endTime":238.12,"body":"Ultra this is gonna be a"},{"speaker":"Nick Lincoln","startTime":238.12,"endTime":240.52,"body":"recurring theme, not just in"},{"speaker":"Nick Lincoln","startTime":238.12,"endTime":240.52,"body":"this episode, but I think over"},{"speaker":"Nick Lincoln","startTime":240.52,"endTime":241.54,"body":"the coming months, kick it"},{"speaker":"Andy Hart","startTime":242.02,"endTime":244.14,"body":"off, young man, yes."},{"speaker":"Andy Hart","startTime":242.02,"endTime":244.14,"body":"So I got an email from standard"},{"speaker":"Andy Hart","startTime":244.14,"endTime":247.2,"body":"life, and I was just scrolling"},{"speaker":"Andy Hart","startTime":244.14,"endTime":247.2,"body":"through it, as I normally do,"},{"speaker":"Andy Hart","startTime":247.2,"endTime":251.94,"body":"and I picked up this news story."},{"speaker":"Andy Hart","startTime":247.2,"endTime":251.94,"body":"So Standard Life introducing"},{"speaker":"Andy Hart","startTime":251.94,"endTime":256.02,"body":"private assets to their managed"},{"speaker":"Andy Hart","startTime":251.94,"endTime":256.02,"body":"funds. A quick point on this."},{"speaker":"Andy Hart","startTime":256.02,"endTime":259.62,"body":"You've mentioned it before. Nick"},{"speaker":"Andy Hart","startTime":256.02,"endTime":259.62,"body":"people, you know, divert their"},{"speaker":"Andy Hart","startTime":259.62,"endTime":263.24,"body":"own funds, and can choose the"},{"speaker":"Andy Hart","startTime":259.62,"endTime":263.24,"body":"funds. But this was the thing"},{"speaker":"Andy Hart","startTime":263.24,"endTime":265.58,"body":"that I picked up on these"},{"speaker":"Andy Hart","startTime":263.24,"endTime":265.58,"body":"managed funds, managed"},{"speaker":"Andy Hart","startTime":265.58,"endTime":268.28,"body":"portfolios, which are huge, you"},{"speaker":"Andy Hart","startTime":265.58,"endTime":268.28,"body":"don't get to choose the"},{"speaker":"Andy Hart","startTime":268.28,"endTime":272.06,"body":"underlying asset allocation."},{"speaker":"Andy Hart","startTime":268.28,"endTime":272.06,"body":"Hence, the large investment"},{"speaker":"Andy Hart","startTime":272.06,"endTime":275.84,"body":"houses can make these decisions."},{"speaker":"Andy Hart","startTime":272.06,"endTime":275.84,"body":"So this is the first of many"},{"speaker":"Andy Hart","startTime":275.84,"endTime":281.14,"body":"decisions introducing assets"},{"speaker":"Andy Hart","startTime":275.84,"endTime":281.14,"body":"that may or may not be wanted or"},{"speaker":"Andy Hart","startTime":281.14,"endTime":284.56,"body":"required within certain client"},{"speaker":"Andy Hart","startTime":281.14,"endTime":284.56,"body":"portfolios. But anyway, so"},{"speaker":"Andy Hart","startTime":284.56,"endTime":287.26,"body":"Standard Life introducing"},{"speaker":"Andy Hart","startTime":284.56,"endTime":287.26,"body":"private assets to their managed"},{"speaker":"Andy Hart","startTime":287.26,"endTime":289.78,"body":"funds, I think they're in"},{"speaker":"Andy Hart","startTime":287.26,"endTime":289.78,"body":"partnership, following from the"},{"speaker":"Andy Hart","startTime":289.78,"endTime":293.08,"body":"link with Schroders, who have a"},{"speaker":"Andy Hart","startTime":289.78,"endTime":293.08,"body":"huge fund called future growth"},{"speaker":"Andy Hart","startTime":293.08,"endTime":297.04,"body":"capital. So that's part of the"},{"speaker":"Andy Hart","startTime":293.08,"endTime":297.04,"body":"Schroders stable. Apparently,"},{"speaker":"Andy Hart","startTime":297.04,"endTime":301.68,"body":"there's 77 billion market cap"},{"speaker":"Andy Hart","startTime":297.04,"endTime":301.68,"body":"current. Me, and they said to"},{"speaker":"Andy Hart","startTime":301.68,"endTime":303.9,"body":"the clients, or they said to the"},{"speaker":"Andy Hart","startTime":301.68,"endTime":303.9,"body":"advisors, there's gonna be no"},{"speaker":"Andy Hart","startTime":303.9,"endTime":309.36,"body":"change to the fees, the annual"},{"speaker":"Andy Hart","startTime":303.9,"endTime":309.36,"body":"management charge. However, the"},{"speaker":"Andy Hart","startTime":309.36,"endTime":314.04,"body":"performance fee will apply to"},{"speaker":"Andy Hart","startTime":309.36,"endTime":314.04,"body":"the private asset allocation."},{"speaker":"Andy Hart","startTime":315.3,"endTime":320.04,"body":"20% charge. They have given"},{"speaker":"Andy Hart","startTime":315.3,"endTime":320.04,"body":"themselves a hurdle, but again,"},{"speaker":"Andy Hart","startTime":320.04,"endTime":322.44,"body":"I don't really know the detail,"},{"speaker":"Andy Hart","startTime":320.04,"endTime":322.44,"body":"but they're basically saying"},{"speaker":"Andy Hart","startTime":322.44,"endTime":326.54,"body":"we're going to we're going to"},{"speaker":"Andy Hart","startTime":322.44,"endTime":326.54,"body":"charge 20% on any growth over"},{"speaker":"Andy Hart","startTime":326.54,"endTime":331.64,"body":"5.9% and they've got an example"},{"speaker":"Andy Hart","startTime":326.54,"endTime":331.64,"body":"of it. I don't know if that 5.9%"},{"speaker":"Andy Hart","startTime":332.48,"endTime":337.7,"body":"is per annum, but anyway, this"},{"speaker":"Andy Hart","startTime":332.48,"endTime":337.7,"body":"is quite big news. They're only"},{"speaker":"Andy Hart","startTime":337.7,"endTime":340.36,"body":"initially going to be allocating"},{"speaker":"Andy Hart","startTime":337.7,"endTime":340.36,"body":"a small amount of the fund to, I"},{"speaker":"Andy Hart","startTime":340.36,"endTime":343.78,"body":"think it's two and a half"},{"speaker":"Andy Hart","startTime":340.36,"endTime":343.78,"body":"percent ratcheting up to 5% the"},{"speaker":"Andy Hart","startTime":343.78,"endTime":348.52,"body":"assets that is generally being"},{"speaker":"Andy Hart","startTime":343.78,"endTime":348.52,"body":"exposed to are private equity,"},{"speaker":"Andy Hart","startTime":348.52,"endTime":353.92,"body":"real estate, private debt, which"},{"speaker":"Andy Hart","startTime":348.52,"endTime":353.92,"body":"is something that is bubbling at"},{"speaker":"Andy Hart","startTime":353.92,"endTime":357.94,"body":"the moment, and venture capital."},{"speaker":"Andy Hart","startTime":353.92,"endTime":357.94,"body":"So quite an interesting story. I"},{"speaker":"Andy Hart","startTime":357.94,"endTime":360.54,"body":"think from Standard Life. I'm"},{"speaker":"Andy Hart","startTime":357.94,"endTime":360.54,"body":"sure the other large asset"},{"speaker":"Andy Hart","startTime":360.54,"endTime":365.46,"body":"managers may follow suit,"},{"speaker":"Andy Hart","startTime":360.54,"endTime":365.46,"body":"certainly if there is a nice,"},{"speaker":"Andy Hart","startTime":365.46,"endTime":368.7,"body":"Lumpy performance bonus. But"},{"speaker":"Andy Hart","startTime":365.46,"endTime":368.7,"body":"yeah, that standard life being"},{"speaker":"Andy Hart","startTime":368.7,"endTime":371.58,"body":"quite transparent actually, with"},{"speaker":"Andy Hart","startTime":368.7,"endTime":371.58,"body":"with advisors and the clients."},{"speaker":"Andy Hart","startTime":371.82,"endTime":375.54,"body":"But yeah, over to you boys to"},{"speaker":"Andy Hart","startTime":371.82,"endTime":375.54,"body":"discuss. Remember, we have the"},{"speaker":"Andy Hart","startTime":375.54,"endTime":376.62,"body":"put your hand up system."},{"speaker":"Nick Lincoln","startTime":376.8,"endTime":378.36,"body":"It'll be"},{"speaker":"Nick Lincoln","startTime":376.8,"endTime":378.36,"body":"interesting to see how the other"},{"speaker":"Nick Lincoln","startTime":378.36,"endTime":381.3,"body":"insurance companies follow suit."},{"speaker":"Nick Lincoln","startTime":378.36,"endTime":381.3,"body":"Yes, the Scottish Widows who"},{"speaker":"Nick Lincoln","startTime":381.3,"endTime":384.32,"body":"have gone out and limb said"},{"speaker":"Nick Lincoln","startTime":381.3,"endTime":384.32,"body":"initially, sod you we're not"},{"speaker":"Nick Lincoln","startTime":384.32,"endTime":387.2,"body":"doing this. However, if Standard"},{"speaker":"Nick Lincoln","startTime":384.32,"endTime":387.2,"body":"Life and"},{"speaker":"Andy Hart","startTime":388.459,"endTime":391.339,"body":"XYZ, like Viva"},{"speaker":"Andy Hart","startTime":388.459,"endTime":391.339,"body":"legally"},{"speaker":"Nick Lincoln","startTime":391.34,"endTime":393.2,"body":"general, yeah,"},{"speaker":"Nick Lincoln","startTime":391.34,"endTime":393.2,"body":"picks up loads of money, we'll"},{"speaker":"Nick Lincoln","startTime":393.2,"endTime":396.68,"body":"see if they stand by their"},{"speaker":"Nick Lincoln","startTime":393.2,"endTime":396.68,"body":"principles. But yeah, well, you"},{"speaker":"Nick Lincoln","startTime":396.68,"endTime":399.92,"body":"know my views on this, this is a"},{"speaker":"Nick Lincoln","startTime":396.68,"endTime":399.92,"body":"disaster waiting to happen, and"},{"speaker":"Nick Lincoln","startTime":399.92,"endTime":402.58,"body":"there's another reason not to"},{"speaker":"Nick Lincoln","startTime":399.92,"endTime":402.58,"body":"use managed funds, and there's"},{"speaker":"Nick Lincoln","startTime":402.58,"endTime":405.46,"body":"already a litany of those in"},{"speaker":"Nick Lincoln","startTime":402.58,"endTime":405.46,"body":"existence. I don't know who's"},{"speaker":"Nick Lincoln","startTime":405.46,"endTime":406.54,"body":"next. With the hands raised"},{"speaker":"Alan Smith","startTime":407.02,"endTime":411.46,"body":"Alan, you can tell"},{"speaker":"Alan Smith","startTime":407.02,"endTime":411.46,"body":"it's me. We talk about this"},{"speaker":"Alan Smith","startTime":411.46,"endTime":414.16,"body":"pretty much every week. And"},{"speaker":"Alan Smith","startTime":411.46,"endTime":414.16,"body":"probably one of the reasons we"},{"speaker":"Alan Smith","startTime":414.16,"endTime":416.92,"body":"talk about it because it's in"},{"speaker":"Alan Smith","startTime":414.16,"endTime":416.92,"body":"the news every week. This is a"},{"speaker":"Alan Smith","startTime":417.04,"endTime":422.4,"body":"this is a classic, you know,"},{"speaker":"Alan Smith","startTime":417.04,"endTime":422.4,"body":"retail asset managers sort of"},{"speaker":"Alan Smith","startTime":422.4,"endTime":426.18,"body":"bounding in after the horse is"},{"speaker":"Alan Smith","startTime":422.4,"endTime":426.18,"body":"bolted. We've talked about it"},{"speaker":"Alan Smith","startTime":426.66,"endTime":429.84,"body":"often. I think I've specifically"},{"speaker":"Alan Smith","startTime":426.66,"endTime":429.84,"body":"talked about this. I've"},{"speaker":"Alan Smith","startTime":429.84,"endTime":432.72,"body":"certainly posted something on, I"},{"speaker":"Alan Smith","startTime":429.84,"endTime":432.72,"body":"think I posted on LinkedIn. But"},{"speaker":"Alan Smith","startTime":433.02,"endTime":436.38,"body":"about this specific fund,"},{"speaker":"Alan Smith","startTime":433.02,"endTime":436.38,"body":"Schroders are all over this, and"},{"speaker":"Alan Smith","startTime":436.38,"endTime":439.5,"body":"they see retail as an"},{"speaker":"Alan Smith","startTime":436.38,"endTime":439.5,"body":"opportunity. So they've come in"},{"speaker":"Alan Smith","startTime":439.92,"endTime":444.5,"body":"the the the fee structure is"},{"speaker":"Alan Smith","startTime":439.92,"endTime":444.5,"body":"kind of, it is complex. It's"},{"speaker":"Alan Smith","startTime":444.5,"endTime":446.84,"body":"complicated. And they've got"},{"speaker":"Alan Smith","startTime":444.5,"endTime":446.84,"body":"hurdle rates, you know, above a"},{"speaker":"Alan Smith","startTime":446.84,"endTime":449.84,"body":"certain thing. But it's, to me,"},{"speaker":"Alan Smith","startTime":446.84,"endTime":449.84,"body":"just smart. It's just not"},{"speaker":"Alan Smith","startTime":449.84,"endTime":454.1,"body":"designed for, you know, the"},{"speaker":"Alan Smith","startTime":449.84,"endTime":454.1,"body":"average client or the average"},{"speaker":"Alan Smith","startTime":454.1,"endTime":457.16,"body":"financial planner. I mean, if"},{"speaker":"Alan Smith","startTime":454.1,"endTime":457.16,"body":"their hurdle rate is, what do"},{"speaker":"Alan Smith","startTime":457.16,"endTime":462.52,"body":"you say? 5.6 for example, 5.9"},{"speaker":"Alan Smith","startTime":457.16,"endTime":462.52,"body":"5.9 that doesn't seem"},{"speaker":"Alan Smith","startTime":462.52,"endTime":466.36,"body":"particularly high. In order to"},{"speaker":"Alan Smith","startTime":462.52,"endTime":466.36,"body":"beat that. You know, long term"},{"speaker":"Alan Smith","startTime":466.72,"endTime":470.44,"body":"public equity market returns"},{"speaker":"Alan Smith","startTime":466.72,"endTime":470.44,"body":"would be higher than that. I"},{"speaker":"Alan Smith","startTime":470.44,"endTime":472.72,"body":"would have thought the only"},{"speaker":"Alan Smith","startTime":470.44,"endTime":472.72,"body":"reason you'd want to allocate to"},{"speaker":"Alan Smith","startTime":472.72,"endTime":475.42,"body":"this is you're going to get it."},{"speaker":"Alan Smith","startTime":472.72,"endTime":475.42,"body":"You're anticipating a higher"},{"speaker":"Alan Smith","startTime":475.96,"endTime":479.38,"body":"return than you get from public"},{"speaker":"Alan Smith","startTime":475.96,"endTime":479.38,"body":"market equities, predominantly"},{"speaker":"Alan Smith","startTime":479.38,"endTime":485.04,"body":"so. And then when you tie in the"},{"speaker":"Alan Smith","startTime":479.38,"endTime":485.04,"body":"I don't know whether liquidity"},{"speaker":"Alan Smith","startTime":485.04,"endTime":488.58,"body":"is an issue for them, additional"},{"speaker":"Alan Smith","startTime":485.04,"endTime":488.58,"body":"costs. It doesn't seem well, it"},{"speaker":"Alan Smith","startTime":488.58,"endTime":491.7,"body":"always is. It always is. It"},{"speaker":"Alan Smith","startTime":488.58,"endTime":491.7,"body":"doesn't seem appropriate. And"},{"speaker":"Alan Smith","startTime":491.7,"endTime":494.22,"body":"here's the thing, not that I'm"},{"speaker":"Alan Smith","startTime":491.7,"endTime":494.22,"body":"an expert in any way, but I know"},{"speaker":"Alan Smith","startTime":494.22,"endTime":497.34,"body":"I do, and I think I think you"},{"speaker":"Alan Smith","startTime":494.22,"endTime":497.34,"body":"do, Andy to an extent as well. I"},{"speaker":"Alan Smith","startTime":497.34,"endTime":501.14,"body":"kind of follow the trails of"},{"speaker":"Alan Smith","startTime":497.34,"endTime":501.14,"body":"private equity and VC"},{"speaker":"Alan Smith","startTime":501.2,"endTime":504.26,"body":"investments in the US, you know,"},{"speaker":"Alan Smith","startTime":501.2,"endTime":504.26,"body":"listen to all in podcasts, for"},{"speaker":"Alan Smith","startTime":504.26,"endTime":506.78,"body":"example, every week. Not that"},{"speaker":"Alan Smith","startTime":504.26,"endTime":506.78,"body":"that's an expert, but it does"},{"speaker":"Alan Smith","startTime":506.78,"endTime":509.48,"body":"give you a flavor for how the"},{"speaker":"Alan Smith","startTime":506.78,"endTime":509.48,"body":"real experts over in Silicon"},{"speaker":"Alan Smith","startTime":509.48,"endTime":513.56,"body":"Valley and the BC world are"},{"speaker":"Alan Smith","startTime":509.48,"endTime":513.56,"body":"thinking about this stuff. And"},{"speaker":"Alan Smith","startTime":513.56,"endTime":517.52,"body":"the general theme is, this was a"},{"speaker":"Alan Smith","startTime":513.56,"endTime":517.52,"body":"great place to be for the 1015,"},{"speaker":"Alan Smith","startTime":517.94,"endTime":521.32,"body":"years when interest rates were"},{"speaker":"Alan Smith","startTime":517.94,"endTime":521.32,"body":"zero, you can raise money at"},{"speaker":"Alan Smith","startTime":521.32,"endTime":524.26,"body":"practically zero, and you can"},{"speaker":"Alan Smith","startTime":521.32,"endTime":524.26,"body":"invest in it, and all sorts of"},{"speaker":"Alan Smith","startTime":524.26,"endTime":527.02,"body":"things. Those days are gone, and"},{"speaker":"Alan Smith","startTime":524.26,"endTime":527.02,"body":"that's the general theme from"},{"speaker":"Alan Smith","startTime":527.32,"endTime":532.18,"body":"the experts. And now, as often"},{"speaker":"Alan Smith","startTime":527.32,"endTime":532.18,"body":"is the case, that's drying up."},{"speaker":"Alan Smith","startTime":532.36,"endTime":534.88,"body":"They can't raise money anymore."},{"speaker":"Alan Smith","startTime":532.36,"endTime":534.88,"body":"They can't invest to the same"},{"speaker":"Alan Smith","startTime":534.88,"endTime":537.82,"body":"degree. So they think, where"},{"speaker":"Alan Smith","startTime":534.88,"endTime":537.82,"body":"else is the opportunity? I know"},{"speaker":"Alan Smith","startTime":537.88,"endTime":542.22,"body":"there's trillions invested in"},{"speaker":"Alan Smith","startTime":537.88,"endTime":542.22,"body":"retail investment accounts,"},{"speaker":"Alan Smith","startTime":542.22,"endTime":545.64,"body":"pension funds, etc. Let's go"},{"speaker":"Alan Smith","startTime":542.22,"endTime":545.64,"body":"after this. They don't know any"},{"speaker":"Alan Smith","startTime":545.64,"endTime":549.24,"body":"better. We'll pile in, yeah,"},{"speaker":"Alan Smith","startTime":545.64,"endTime":549.24,"body":"based on a 10 or 15 year"},{"speaker":"Alan Smith","startTime":549.24,"endTime":552.66,"body":"historical track record that is"},{"speaker":"Alan Smith","startTime":549.24,"endTime":552.66,"body":"unlikely to, frankly, ever be"},{"speaker":"Alan Smith","startTime":552.66,"endTime":556.86,"body":"repeated. So the message from"},{"speaker":"Alan Smith","startTime":552.66,"endTime":556.86,"body":"us, I think, is the same as it"},{"speaker":"Alan Smith","startTime":556.86,"endTime":560.88,"body":"always has been, which is best"},{"speaker":"Alan Smith","startTime":556.86,"endTime":560.88,"body":"avoided? Carl,"},{"speaker":"Carl Widger","startTime":560.88,"endTime":563.42,"body":"yeah, you"},{"speaker":"Carl Widger","startTime":560.88,"endTime":563.42,"body":"absolutely nailed it. I had"},{"speaker":"Carl Widger","startTime":563.42,"endTime":566.24,"body":"three points to make, and you"},{"speaker":"Carl Widger","startTime":563.42,"endTime":566.24,"body":"mentioned two of them. So first"},{"speaker":"Carl Widger","startTime":566.24,"endTime":569.9,"body":"of all, the like, the long term"},{"speaker":"Carl Widger","startTime":566.24,"endTime":569.9,"body":"average returns of the stock"},{"speaker":"Carl Widger","startTime":569.9,"endTime":573.5,"body":"market is greater than what"},{"speaker":"Carl Widger","startTime":569.9,"endTime":573.5,"body":"their harder rate is. So their"},{"speaker":"Carl Widger","startTime":573.5,"endTime":576.68,"body":"Hurd rate is kind of low. I"},{"speaker":"Carl Widger","startTime":573.5,"endTime":576.68,"body":"guess the argument there would"},{"speaker":"Carl Widger","startTime":576.68,"endTime":579.26,"body":"be, oh, you're diversifying, and"},{"speaker":"Carl Widger","startTime":576.68,"endTime":579.26,"body":"markets are high. Blah, blah,"},{"speaker":"Carl Widger","startTime":579.26,"endTime":583.84,"body":"blah. Number one. Number two, if"},{"speaker":"Carl Widger","startTime":579.26,"endTime":583.84,"body":"you're tapping up the retail"},{"speaker":"Carl Widger","startTime":583.84,"endTime":588.22,"body":"market for liquidity, it means"},{"speaker":"Carl Widger","startTime":583.84,"endTime":588.22,"body":"you've run out of road"},{"speaker":"Carl Widger","startTime":588.22,"endTime":591.16,"body":"elsewhere. You can't get it"},{"speaker":"Carl Widger","startTime":588.22,"endTime":591.16,"body":"elsewhere, because it's much,"},{"speaker":"Carl Widger","startTime":591.16,"endTime":594.46,"body":"much easier and much much tidier"},{"speaker":"Carl Widger","startTime":591.16,"endTime":594.46,"body":"getting it from in big lumps,"},{"speaker":"Carl Widger","startTime":594.46,"endTime":597.94,"body":"from institutional investors,"},{"speaker":"Carl Widger","startTime":594.46,"endTime":597.94,"body":"etc. And the third point I was"},{"speaker":"Carl Widger","startTime":597.94,"endTime":600.78,"body":"going to make, and I don't know"},{"speaker":"Carl Widger","startTime":597.94,"endTime":600.78,"body":"the answer to this. This. But if"},{"speaker":"Carl Widger","startTime":600.78,"endTime":603.3,"body":"you have a managed fund, whether"},{"speaker":"Carl Widger","startTime":600.78,"endTime":603.3,"body":"it's standard life or any other"},{"speaker":"Carl Widger","startTime":603.3,"endTime":606.84,"body":"company that has a managed fund,"},{"speaker":"Carl Widger","startTime":603.3,"endTime":606.84,"body":"are there not, kind of, is not"},{"speaker":"Carl Widger","startTime":606.84,"endTime":612.06,"body":"like a memo on arts or kind of,"},{"speaker":"Carl Widger","startTime":606.84,"endTime":612.06,"body":"here's what we can invest in and"},{"speaker":"Carl Widger","startTime":612.3,"endTime":614.94,"body":"and now all of a sudden, switch"},{"speaker":"Carl Widger","startTime":612.3,"endTime":614.94,"body":"into something like, Oh, we're"},{"speaker":"Carl Widger","startTime":614.94,"endTime":617.76,"body":"just going to bring in, you"},{"speaker":"Carl Widger","startTime":614.94,"endTime":617.76,"body":"know, private equity. Is that"},{"speaker":"Carl Widger","startTime":617.76,"endTime":620.66,"body":"not a bit strange? Is there no,"},{"speaker":"Carl Widger","startTime":617.76,"endTime":620.66,"body":"is there no kind of protections"},{"speaker":"Carl Widger","startTime":620.66,"endTime":625.22,"body":"for the consumer, for the"},{"speaker":"Carl Widger","startTime":620.66,"endTime":625.22,"body":"investor around Well,"},{"speaker":"Carl Widger","startTime":625.22,"endTime":627.98,"body":"traditionally, a managed fund is"},{"speaker":"Carl Widger","startTime":625.22,"endTime":627.98,"body":"going to be equities and bonds,"},{"speaker":"Carl Widger","startTime":627.98,"endTime":631.22,"body":"right? So this is a big change,"},{"speaker":"Carl Widger","startTime":627.98,"endTime":631.22,"body":"like, what, what's next? Is"},{"speaker":"Carl Widger","startTime":631.22,"endTime":633.02,"body":"cryptocurrency next, and we're"},{"speaker":"Carl Widger","startTime":631.22,"endTime":633.02,"body":"just"},{"speaker":"Alan Smith","startTime":633.02,"endTime":635.66,"body":"going to know this"},{"speaker":"Alan Smith","startTime":633.02,"endTime":635.66,"body":"would, this would fall under the"},{"speaker":"Alan Smith","startTime":635.66,"endTime":639.26,"body":"fund, but this is equities and"},{"speaker":"Alan Smith","startTime":635.66,"endTime":639.26,"body":"bonds, but it's just different."},{"speaker":"Alan Smith","startTime":639.26,"endTime":643.18,"body":"So I, when I've, when I've ever"},{"speaker":"Alan Smith","startTime":639.26,"endTime":643.18,"body":"looked at these things, these"},{"speaker":"Alan Smith","startTime":643.66,"endTime":646.12,"body":"sort of investment thesis and"},{"speaker":"Alan Smith","startTime":643.66,"endTime":646.12,"body":"agreements that they're"},{"speaker":"Alan Smith","startTime":646.36,"endTime":651.58,"body":"intentionally kept very broad,"},{"speaker":"Alan Smith","startTime":646.36,"endTime":651.58,"body":"the important thing is"},{"speaker":"Alan Smith","startTime":651.64,"endTime":654.88,"body":"liquidity. Could you because in"},{"speaker":"Alan Smith","startTime":651.64,"endTime":654.88,"body":"these funds, people are moving"},{"speaker":"Alan Smith","startTime":654.88,"endTime":657.94,"body":"money in and out all the time."},{"speaker":"Alan Smith","startTime":654.88,"endTime":657.94,"body":"Can I just, if I want to, can I"},{"speaker":"Alan Smith","startTime":657.94,"endTime":660.36,"body":"just sell my fund to get all my"},{"speaker":"Alan Smith","startTime":657.94,"endTime":660.36,"body":"money out tomorrow? That's,"},{"speaker":"Alan Smith","startTime":660.36,"endTime":662.7,"body":"that's the key thing, and that's"},{"speaker":"Alan Smith","startTime":660.36,"endTime":662.7,"body":"where a number of funds have got"},{"speaker":"Alan Smith","startTime":662.7,"endTime":665.82,"body":"unstuck in the past, because we"},{"speaker":"Alan Smith","startTime":662.7,"endTime":665.82,"body":"know, property funds and a bunch"},{"speaker":"Alan Smith","startTime":665.82,"endTime":669.48,"body":"of others, and everything is"},{"speaker":"Alan Smith","startTime":665.82,"endTime":669.48,"body":"fine. Everyone's moving around"},{"speaker":"Alan Smith","startTime":669.48,"endTime":673.14,"body":"until the music stops. You try"},{"speaker":"Alan Smith","startTime":669.48,"endTime":673.14,"body":"to get your money out of this."},{"speaker":"Alan Smith","startTime":673.14,"endTime":676.32,"body":"This is a serious correction"},{"speaker":"Alan Smith","startTime":673.14,"endTime":676.32,"body":"coming up. You know, public"},{"speaker":"Alan Smith","startTime":676.32,"endTime":679.2,"body":"markets struggle. So private"},{"speaker":"Alan Smith","startTime":676.32,"endTime":679.2,"body":"markets where you've got to get"},{"speaker":"Alan Smith","startTime":679.2,"endTime":681.92,"body":"access to that liquidity, they"},{"speaker":"Alan Smith","startTime":679.2,"endTime":681.92,"body":"need to sell assets. These are"},{"speaker":"Alan Smith","startTime":681.92,"endTime":685.82,"body":"private companies, or they are"},{"speaker":"Alan Smith","startTime":681.92,"endTime":685.82,"body":"private private credit, private"},{"speaker":"Alan Smith","startTime":685.82,"endTime":688.58,"body":"debt. These are cut businesses"},{"speaker":"Alan Smith","startTime":685.82,"endTime":688.58,"body":"which owe you money. You say,"},{"speaker":"Alan Smith","startTime":688.58,"endTime":691.64,"body":"Well, I want to get it back,"},{"speaker":"Alan Smith","startTime":688.58,"endTime":691.64,"body":"because I've got now, you know,"},{"speaker":"Alan Smith","startTime":691.64,"endTime":694.76,"body":"a billion of of withdrawals"},{"speaker":"Alan Smith","startTime":691.64,"endTime":694.76,"body":"being requested. Yeah, exactly."},{"speaker":"Alan Smith","startTime":694.76,"endTime":698.0,"body":"Liquidity will dry up. So the"},{"speaker":"Alan Smith","startTime":694.76,"endTime":698.0,"body":"the devil's in the detail be"},{"speaker":"Alan Smith","startTime":698.0,"endTime":700.42,"body":"interesting to know what their"},{"speaker":"Alan Smith","startTime":698.0,"endTime":700.42,"body":"liquidity because, as I say,"},{"speaker":"Alan Smith","startTime":700.42,"endTime":703.18,"body":"property was the classic example"},{"speaker":"Alan Smith","startTime":700.42,"endTime":703.18,"body":"in the past. Bricks and Mortar"},{"speaker":"Alan Smith","startTime":703.42,"endTime":706.06,"body":"property funds, they all got"},{"speaker":"Alan Smith","startTime":703.42,"endTime":706.06,"body":"gated. People couldn't get the"},{"speaker":"Alan Smith","startTime":706.06,"endTime":707.98,"body":"money out, in some cases, for"},{"speaker":"Alan Smith","startTime":706.06,"endTime":707.98,"body":"years."},{"speaker":"Carl Widger","startTime":708.34,"endTime":714.1,"body":"Yeah. Why? Why"},{"speaker":"Carl Widger","startTime":708.34,"endTime":714.1,"body":"introduce something like this"},{"speaker":"Carl Widger","startTime":714.1,"endTime":717.76,"body":"into a traditional managed fund"},{"speaker":"Carl Widger","startTime":714.1,"endTime":717.76,"body":"where people have an expectation"},{"speaker":"Carl Widger","startTime":717.82,"endTime":721.98,"body":"of I owe its money? Yes, but the"},{"speaker":"Nick Lincoln","startTime":723.96,"endTime":726.9,"body":"these, these,"},{"speaker":"Carl Widger","startTime":727.8,"endTime":730.5,"body":"sorry, Andy, just"},{"speaker":"Carl Widger","startTime":727.8,"endTime":730.5,"body":"final point, for a company"},{"speaker":"Carl Widger","startTime":730.56,"endTime":733.26,"body":"that's kind of traditionally"},{"speaker":"Carl Widger","startTime":730.56,"endTime":733.26,"body":"very conservative standard life,"},{"speaker":"Carl Widger","startTime":733.26,"endTime":736.02,"body":"I would have thought, certainly"},{"speaker":"Carl Widger","startTime":733.26,"endTime":736.02,"body":"in the Irish market, that's that"},{"speaker":"Carl Widger","startTime":736.02,"endTime":740.96,"body":"would be the way I would view"},{"speaker":"Carl Widger","startTime":736.02,"endTime":740.96,"body":"them. It seems like a, I don't"},{"speaker":"Carl Widger","startTime":740.96,"endTime":744.38,"body":"know, a kind of a very"},{"speaker":"Carl Widger","startTime":740.96,"endTime":744.38,"body":"innovative move. Should we just"},{"speaker":"Carl Widger","startTime":744.38,"endTime":744.92,"body":"say it like"},{"speaker":"Alan Smith","startTime":744.92,"endTime":749.12,"body":"that? But be"},{"speaker":"Alan Smith","startTime":744.92,"endTime":749.12,"body":"necessary. I can't imagine that"},{"speaker":"Alan Smith","startTime":749.12,"endTime":752.66,"body":"their investor, their clients,"},{"speaker":"Alan Smith","startTime":749.12,"endTime":752.66,"body":"are knocking the door down"},{"speaker":"Alan Smith","startTime":752.66,"endTime":755.66,"body":"saying the only thing that's"},{"speaker":"Alan Smith","startTime":752.66,"endTime":755.66,"body":"wrong with this portfolio is I"},{"speaker":"Alan Smith","startTime":755.66,"endTime":758.42,"body":"can't get access to private"},{"speaker":"Alan Smith","startTime":755.66,"endTime":758.42,"body":"credit instruments."},{"speaker":"Andy Hart","startTime":758.42,"endTime":761.8,"body":"Private assets are"},{"speaker":"Andy Hart","startTime":758.42,"endTime":761.8,"body":"private assets are the flavor of"},{"speaker":"Andy Hart","startTime":761.8,"endTime":764.08,"body":"the month. You know, the"},{"speaker":"Andy Hart","startTime":761.8,"endTime":764.08,"body":"previous one has died down."},{"speaker":"Andy Hart","startTime":764.08,"endTime":765.88,"body":"They're just finding something"},{"speaker":"Andy Hart","startTime":764.08,"endTime":765.88,"body":"new. You know, they're a"},{"speaker":"Andy Hart","startTime":765.88,"endTime":768.64,"body":"marketing business, not a"},{"speaker":"Andy Hart","startTime":765.88,"endTime":768.64,"body":"financial planning advice"},{"speaker":"Andy Hart","startTime":768.64,"endTime":771.52,"body":"business. These four asset areas"},{"speaker":"Andy Hart","startTime":768.64,"endTime":771.52,"body":"are certainly not going away."},{"speaker":"Andy Hart","startTime":771.52,"endTime":774.28,"body":"Private equity is going nowhere."},{"speaker":"Andy Hart","startTime":771.52,"endTime":774.28,"body":"Real estate is going nowhere."},{"speaker":"Andy Hart","startTime":774.28,"endTime":777.28,"body":"Private debt will run into some"},{"speaker":"Andy Hart","startTime":774.28,"endTime":777.28,"body":"issues, and ventures always been"},{"speaker":"Andy Hart","startTime":777.28,"endTime":780.78,"body":"here. These four areas are huge"},{"speaker":"Andy Hart","startTime":777.28,"endTime":780.78,"body":"at the moment, and they'll be"},{"speaker":"Andy Hart","startTime":780.78,"endTime":783.54,"body":"huge going forward. That doesn't"},{"speaker":"Andy Hart","startTime":780.78,"endTime":783.54,"body":"mean that we will be putting any"},{"speaker":"Andy Hart","startTime":783.54,"endTime":786.18,"body":"of our clients live savings in"},{"speaker":"Andy Hart","startTime":783.54,"endTime":786.18,"body":"it, but these four areas are not"},{"speaker":"Andy Hart","startTime":786.18,"endTime":788.34,"body":"going anywhere. It's not as if"},{"speaker":"Andy Hart","startTime":786.18,"endTime":788.34,"body":"they've run out of money"},{"speaker":"Andy Hart","startTime":788.34,"endTime":791.46,"body":"elsewhere. They'll be constantly"},{"speaker":"Andy Hart","startTime":788.34,"endTime":791.46,"body":"getting topped up. So yeah,"},{"speaker":"Andy Hart","startTime":791.52,"endTime":792.0,"body":"we'll have,"},{"speaker":"Alan Smith","startTime":792.0,"endTime":793.14,"body":"yeah, that's That's"},{"speaker":"Alan Smith","startTime":792.0,"endTime":793.14,"body":"true."},{"speaker":"Carl Widger","startTime":793.44,"endTime":795.96,"body":"That's a different"},{"speaker":"Carl Widger","startTime":793.44,"endTime":795.96,"body":"later on with Nick is, Nick is"},{"speaker":"Carl Widger","startTime":795.96,"endTime":800.42,"body":"going to talk about it, but the"},{"speaker":"Carl Widger","startTime":795.96,"endTime":800.42,"body":"private credit stuff, so yeah,"},{"speaker":"Carl Widger","startTime":800.54,"endTime":802.76,"body":"anyway, yeah, car work. Well,"},{"speaker":"Carl Widger","startTime":800.54,"endTime":802.76,"body":"next point"},{"speaker":"Nick Lincoln","startTime":803.0,"endTime":805.52,"body":"is I'm gonna talk"},{"speaker":"Nick Lincoln","startTime":803.0,"endTime":805.52,"body":"about later on. I had to be,"},{"speaker":"Nick Lincoln","startTime":805.7,"endTime":809.24,"body":"yeah, I understand it vaguely."},{"speaker":"Nick Lincoln","startTime":805.7,"endTime":809.24,"body":"Smithy magazine covers."},{"speaker":"Alan Smith","startTime":809.78,"endTime":812.3,"body":"Well, this, this,"},{"speaker":"Alan Smith","startTime":809.78,"endTime":812.3,"body":"this, I think, follows on quite"},{"speaker":"Alan Smith","startTime":812.3,"endTime":815.24,"body":"neatly from what we've just been"},{"speaker":"Alan Smith","startTime":812.3,"endTime":815.24,"body":"talking about. I was, I think"},{"speaker":"Alan Smith","startTime":815.24,"endTime":821.5,"body":"all advisors, we have clients"},{"speaker":"Alan Smith","startTime":815.24,"endTime":821.5,"body":"who refer to a news, a newspaper"},{"speaker":"Alan Smith","startTime":821.5,"endTime":825.7,"body":"or a magazine article, and it"},{"speaker":"Alan Smith","startTime":821.5,"endTime":825.7,"body":"will be, you know, very pro or"},{"speaker":"Alan Smith","startTime":825.7,"endTime":831.04,"body":"very against a particular theme"},{"speaker":"Alan Smith","startTime":825.7,"endTime":831.04,"body":"or investment or structure. And"},{"speaker":"Alan Smith","startTime":831.04,"endTime":833.68,"body":"you might get sent it, and your"},{"speaker":"Alan Smith","startTime":831.04,"endTime":833.68,"body":"client might say, What do you"},{"speaker":"Alan Smith","startTime":833.68,"endTime":835.78,"body":"think about this? This"},{"speaker":"Alan Smith","startTime":833.68,"endTime":835.78,"body":"journalist has written this"},{"speaker":"Alan Smith","startTime":835.78,"endTime":839.08,"body":"thing, and, you know, the more,"},{"speaker":"Alan Smith","startTime":835.78,"endTime":839.08,"body":"going back a few months, it was"},{"speaker":"Alan Smith","startTime":839.08,"endTime":841.8,"body":"all about gold, wasn't it? Why"},{"speaker":"Alan Smith","startTime":839.08,"endTime":841.8,"body":"haven't we got gold in our"},{"speaker":"Alan Smith","startTime":841.8,"endTime":844.56,"body":"portfolios? This magazine, this"},{"speaker":"Alan Smith","startTime":841.8,"endTime":844.56,"body":"economist article, says that"},{"speaker":"Alan Smith","startTime":844.56,"endTime":847.5,"body":"gold is the best thing since"},{"speaker":"Alan Smith","startTime":844.56,"endTime":847.5,"body":"sliced bread, and it was one I"},{"speaker":"Alan Smith","startTime":847.5,"endTime":850.5,"body":"got recently, was actually,"},{"speaker":"Alan Smith","startTime":847.5,"endTime":850.5,"body":"they've moved on from gold is"},{"speaker":"Alan Smith","startTime":850.5,"endTime":854.76,"body":"now silver. Silver's got all the"},{"speaker":"Alan Smith","startTime":850.5,"endTime":854.76,"body":"attributes of gold, but it's,"},{"speaker":"Alan Smith","startTime":854.88,"endTime":857.76,"body":"it's a, you know, the price is"},{"speaker":"Alan Smith","startTime":854.88,"endTime":857.76,"body":"far more depressed, and"},{"speaker":"Alan Smith","startTime":857.76,"endTime":861.5,"body":"therefore the potential is"},{"speaker":"Alan Smith","startTime":857.76,"endTime":861.5,"body":"significantly great, etc, etc,"},{"speaker":"Alan Smith","startTime":861.5,"endTime":865.76,"body":"then we have all our lives. So I"},{"speaker":"Alan Smith","startTime":861.5,"endTime":865.76,"body":"came across a really an"},{"speaker":"Alan Smith","startTime":865.76,"endTime":869.18,"body":"interesting piece of research"},{"speaker":"Alan Smith","startTime":865.76,"endTime":869.18,"body":"which was done, was done a"},{"speaker":"Alan Smith","startTime":869.18,"endTime":873.44,"body":"couple of years ago, but it it"},{"speaker":"Alan Smith","startTime":869.18,"endTime":873.44,"body":"compared and contrasted front"},{"speaker":"Alan Smith","startTime":873.44,"endTime":879.08,"body":"page articles in The Economist"},{"speaker":"Alan Smith","startTime":873.44,"endTime":879.08,"body":"and Time Magazine. And they"},{"speaker":"Alan Smith","startTime":879.08,"endTime":880.94,"body":"looked all the ones, yeah,"},{"speaker":"Alan Smith","startTime":879.08,"endTime":880.94,"body":"obviously there's a lot of"},{"speaker":"Alan Smith","startTime":880.94,"endTime":883.3,"body":"neutral, a lot of not specific,"},{"speaker":"Alan Smith","startTime":880.94,"endTime":883.3,"body":"but the ones that but the ones"},{"speaker":"Alan Smith","startTime":883.3,"endTime":886.42,"body":"that had come out either"},{"speaker":"Alan Smith","startTime":883.3,"endTime":886.42,"body":"strongly for or strongly against"},{"speaker":"Alan Smith","startTime":886.42,"endTime":889.24,"body":"a particular asset class, and,"},{"speaker":"Alan Smith","startTime":886.42,"endTime":889.24,"body":"you know, you name them, and"},{"speaker":"Alan Smith","startTime":889.42,"endTime":893.08,"body":"then they would go on to track,"},{"speaker":"Alan Smith","startTime":889.42,"endTime":893.08,"body":"you know, six months, one year,"},{"speaker":"Alan Smith","startTime":893.08,"endTime":896.38,"body":"two years, three years"},{"speaker":"Alan Smith","startTime":893.08,"endTime":896.38,"body":"afterwards, how that asset class"},{"speaker":"Alan Smith","startTime":896.38,"endTime":902.04,"body":"performed. And it's an absolute"},{"speaker":"Alan Smith","startTime":896.38,"endTime":902.04,"body":"cost. Contra indicator. If the"},{"speaker":"Alan Smith","startTime":902.04,"endTime":905.82,"body":"magazine says, buy silver, for"},{"speaker":"Alan Smith","startTime":902.04,"endTime":905.82,"body":"example, that is the time you"},{"speaker":"Alan Smith","startTime":905.82,"endTime":909.84,"body":"own it to sell silver. And they"},{"speaker":"Alan Smith","startTime":905.82,"endTime":909.84,"body":"just, I've posted a link to the"},{"speaker":"Alan Smith","startTime":909.84,"endTime":912.42,"body":"article in the show notes,"},{"speaker":"Alan Smith","startTime":909.84,"endTime":912.42,"body":"because I just think it's quite"},{"speaker":"Alan Smith","startTime":912.42,"endTime":915.72,"body":"useful when clients call you up"},{"speaker":"Alan Smith","startTime":912.42,"endTime":915.72,"body":"and say, I've just read this."},{"speaker":"Alan Smith","startTime":915.78,"endTime":918.3,"body":"You know this? This is what we"},{"speaker":"Alan Smith","startTime":915.78,"endTime":918.3,"body":"should be doing. So hang on a"},{"speaker":"Alan Smith","startTime":918.3,"endTime":921.98,"body":"minute. Based on some historical"},{"speaker":"Alan Smith","startTime":918.3,"endTime":921.98,"body":"track record of magazine"},{"speaker":"Alan Smith","startTime":921.98,"endTime":925.04,"body":"articles. I think we should do"},{"speaker":"Alan Smith","startTime":921.98,"endTime":925.04,"body":"the opposite. There's, you know,"},{"speaker":"Alan Smith","startTime":925.04,"endTime":927.32,"body":"the chances are we're probably"},{"speaker":"Alan Smith","startTime":925.04,"endTime":927.32,"body":"going to do better than what"},{"speaker":"Alan Smith","startTime":927.32,"endTime":927.86,"body":"they what they say"},{"speaker":"Andy Hart","startTime":928.22,"endTime":931.22,"body":"interesting wasn't,"},{"speaker":"Andy Hart","startTime":928.22,"endTime":931.22,"body":"wasn't Sam bankman, fried time,"},{"speaker":"Andy Hart","startTime":931.22,"endTime":933.44,"body":"Person of the Year. And then,"},{"speaker":"Andy Hart","startTime":931.22,"endTime":933.44,"body":"yeah, a year later, oh, you"},{"speaker":"Andy Hart","startTime":933.44,"endTime":933.8,"body":"know, that's,"},{"speaker":"Alan Smith","startTime":935.179,"endTime":937.519,"body":"that's the, there's"},{"speaker":"Alan Smith","startTime":935.179,"endTime":937.519,"body":"a brilliant one. I think it's,"},{"speaker":"Alan Smith","startTime":937.519,"endTime":941.139,"body":"it's Fortune Magazine, you know,"},{"speaker":"Alan Smith","startTime":937.519,"endTime":941.139,"body":"top superstars under 30 or under"},{"speaker":"Alan Smith","startTime":941.139,"endTime":945.159,"body":"35 or something, and you name a"},{"speaker":"Alan Smith","startTime":941.139,"endTime":945.159,"body":"career freeze in it was which?"},{"speaker":"Alan Smith","startTime":945.159,"endTime":949.719,"body":"Elizabeth Holmes, yeah, she's in"},{"speaker":"Alan Smith","startTime":945.159,"endTime":949.719,"body":"it, yeah, every one of them,"},{"speaker":"Alan Smith","startTime":950.559,"endTime":953.679,"body":"most of them licenses."},{"speaker":"Andy Hart","startTime":953.86,"endTime":955.78,"body":"Where do you get the"},{"speaker":"Andy Hart","startTime":953.86,"endTime":955.78,"body":"email with earmarked you as the"},{"speaker":"Andy Hart","startTime":955.78,"endTime":960.4,"body":"Time Person of the Year? Alan"},{"speaker":"Andy Hart","startTime":955.78,"endTime":960.4,"body":"Smith, you're like, you know"},{"speaker":"Andy Hart","startTime":960.46,"endTime":960.78,"body":"that"},{"speaker":"Alan Smith","startTime":962.52,"endTime":964.68,"body":"that is a direct"},{"speaker":"Alan Smith","startTime":962.52,"endTime":964.68,"body":"indicator, but the other one"},{"speaker":"Alan Smith","startTime":964.68,"endTime":968.04,"body":"are, as they say, Contra"},{"speaker":"Alan Smith","startTime":964.68,"endTime":968.04,"body":"indicators. If, if a magazine"},{"speaker":"Alan Smith","startTime":968.04,"endTime":970.68,"body":"says it's a great time to"},{"speaker":"Alan Smith","startTime":968.04,"endTime":970.68,"body":"invest, it's not the magazine"},{"speaker":"Alan Smith","startTime":970.68,"endTime":973.26,"body":"says it's a great time to sell,"},{"speaker":"Alan Smith","startTime":970.68,"endTime":973.26,"body":"then fill your books and buy it."},{"speaker":"Alan Smith","startTime":973.26,"endTime":976.02,"body":"That's that's the history. But"},{"speaker":"Alan Smith","startTime":973.26,"endTime":976.02,"body":"it's useful just to refer"},{"speaker":"Alan Smith","startTime":976.38,"endTime":979.14,"body":"clients to that and just say"},{"speaker":"Alan Smith","startTime":976.38,"endTime":979.14,"body":"this, this article may be"},{"speaker":"Alan Smith","startTime":979.2,"endTime":983.36,"body":"correct. Who knows that based on"},{"speaker":"Alan Smith","startTime":979.2,"endTime":983.36,"body":"some historical other magazine"},{"speaker":"Alan Smith","startTime":983.36,"endTime":986.06,"body":"articles, it's unlikely to be, I"},{"speaker":"Nick Lincoln","startTime":986.059,"endTime":988.159,"body":"would say, for our"},{"speaker":"Nick Lincoln","startTime":986.059,"endTime":988.159,"body":"younger Trappists who maybe"},{"speaker":"Nick Lincoln","startTime":988.159,"endTime":991.399,"body":"haven't heard of this one, the"},{"speaker":"Nick Lincoln","startTime":988.159,"endTime":991.399,"body":"most famous one example I've got"},{"speaker":"Nick Lincoln","startTime":991.399,"endTime":993.619,"body":"of that of magazines is, of"},{"speaker":"Nick Lincoln","startTime":991.399,"endTime":993.619,"body":"course, the Business Week One"},{"speaker":"Nick Lincoln","startTime":993.619,"endTime":997.639,"body":"from the 13th of August 1979 and"},{"speaker":"Nick Lincoln","startTime":993.619,"endTime":997.639,"body":"the Business Week cover was the"},{"speaker":"Nick Lincoln","startTime":997.639,"endTime":1000.959,"body":"death of equities, the US"},{"speaker":"Nick Lincoln","startTime":997.639,"endTime":1000.959,"body":"magazine, and it was saying the"},{"speaker":"Nick Lincoln","startTime":1000.959,"endTime":1003.479,"body":"stock market is over."},{"speaker":"Nick Lincoln","startTime":1000.959,"endTime":1003.479,"body":"Inflation's killed equity. The"},{"speaker":"Nick Lincoln","startTime":1003.479,"endTime":1007.139,"body":"equity premium is gone. This was"},{"speaker":"Nick Lincoln","startTime":1003.479,"endTime":1007.139,"body":"two and just over two and a bit"},{"speaker":"Nick Lincoln","startTime":1007.139,"endTime":1011.159,"body":"years before the greatest bull"},{"speaker":"Nick Lincoln","startTime":1007.139,"endTime":1011.159,"body":"run in American equities in"},{"speaker":"Nick Lincoln","startTime":1011.159,"endTime":1015.659,"body":"history. So if you've taken that"},{"speaker":"Nick Lincoln","startTime":1011.159,"endTime":1015.659,"body":"and chased value on Yeah, that's"},{"speaker":"Nick Lincoln","startTime":1015.839,"endTime":1019.079,"body":"an absolute classic. And I would"},{"speaker":"Nick Lincoln","startTime":1015.839,"endTime":1019.079,"body":"suggest if you get emails from"},{"speaker":"Nick Lincoln","startTime":1019.079,"endTime":1021.919,"body":"clients where they're referring"},{"speaker":"Nick Lincoln","startTime":1019.079,"endTime":1021.919,"body":"you to content to stuff in the"},{"speaker":"Nick Lincoln","startTime":1021.919,"endTime":1025.339,"body":"media. So magazines, you just"},{"speaker":"Nick Lincoln","startTime":1021.919,"endTime":1025.339,"body":"you can find images that is so"},{"speaker":"Nick Lincoln","startTime":1025.339,"endTime":1028.039,"body":"on the internet, so many images"},{"speaker":"Nick Lincoln","startTime":1025.339,"endTime":1028.039,"body":"that Business Week article from"},{"speaker":"Nick Lincoln","startTime":1028.039,"endTime":1032.179,"body":"1917 I just copy that. Stick it"},{"speaker":"Nick Lincoln","startTime":1028.039,"endTime":1032.179,"body":"back in the email. Don't even"},{"speaker":"Nick Lincoln","startTime":1032.659,"endTime":1035.899,"body":"say anything and just right, be"},{"speaker":"Nick Lincoln","startTime":1032.659,"endTime":1035.899,"body":"my way of doing it. Carl, your"},{"speaker":"Nick Lincoln","startTime":1035.899,"endTime":1038.059,"body":"hands raised, but I think it's"},{"speaker":"Nick Lincoln","startTime":1035.899,"endTime":1038.059,"body":"just through inertia, rather"},{"speaker":"Nick Lincoln","startTime":1038.059,"endTime":1038.299,"body":"than"},{"speaker":"Andy Hart","startTime":1038.599,"endTime":1041.059,"body":"you actually want to"},{"speaker":"Andy Hart","startTime":1038.599,"endTime":1041.059,"body":"say something. Yeah, correct."},{"speaker":"Andy Hart","startTime":1041.059,"endTime":1045.399,"body":"Just picking up, just picking up"},{"speaker":"Andy Hart","startTime":1041.059,"endTime":1045.399,"body":"on that point you mentioned Nick"},{"speaker":"Andy Hart","startTime":1045.459,"endTime":1049.239,"body":"I in my younger years have"},{"speaker":"Andy Hart","startTime":1045.459,"endTime":1049.239,"body":"experienced that. I'm sure"},{"speaker":"Andy Hart","startTime":1049.299,"endTime":1054.519,"body":"others on the on the podcast"},{"speaker":"Andy Hart","startTime":1049.299,"endTime":1054.519,"body":"have to change. What I mean by"},{"speaker":"Andy Hart","startTime":1054.519,"endTime":1059.499,"body":"this is they used to just be the"},{"speaker":"Andy Hart","startTime":1054.519,"endTime":1059.499,"body":"Sunday money section, whereas"},{"speaker":"Andy Hart","startTime":1059.499,"endTime":1065.919,"body":"now everyone is just, you know,"},{"speaker":"Andy Hart","startTime":1059.499,"endTime":1065.919,"body":"just inundated everywhere you"},{"speaker":"Andy Hart","startTime":1065.919,"endTime":1069.039,"body":"look, with different"},{"speaker":"Andy Hart","startTime":1065.919,"endTime":1069.039,"body":"publications, everything online,"},{"speaker":"Andy Hart","startTime":1069.039,"endTime":1071.979,"body":"a billion different opinions. So"},{"speaker":"Andy Hart","startTime":1069.039,"endTime":1071.979,"body":"now it's just overload, and"},{"speaker":"Andy Hart","startTime":1071.979,"endTime":1074.499,"body":"clients already don't really"},{"speaker":"Andy Hart","startTime":1071.979,"endTime":1074.499,"body":"know what to focus on, but it"},{"speaker":"Andy Hart","startTime":1074.499,"endTime":1077.859,"body":"used to be a very common thing."},{"speaker":"Andy Hart","startTime":1074.499,"endTime":1077.859,"body":"Advisors wake up on a Monday"},{"speaker":"Andy Hart","startTime":1077.859,"endTime":1080.719,"body":"morning, let's open their inbox,"},{"speaker":"Andy Hart","startTime":1077.859,"endTime":1080.719,"body":"and they've got five emails from"},{"speaker":"Andy Hart","startTime":1080.719,"endTime":1083.539,"body":"clients saying, this is in the"},{"speaker":"Andy Hart","startTime":1080.719,"endTime":1083.539,"body":"Mail on Sunday. This is in the"},{"speaker":"Andy Hart","startTime":1083.539,"endTime":1087.019,"body":"ft. This is the, what should I"},{"speaker":"Andy Hart","startTime":1083.539,"endTime":1087.019,"body":"do? Yeah. Whereas we sort of"},{"speaker":"Andy Hart","startTime":1087.019,"endTime":1090.259,"body":"moved on from that now, clients"},{"speaker":"Andy Hart","startTime":1087.019,"endTime":1090.259,"body":"send us a whatsapp link to some"},{"speaker":"Andy Hart","startTime":1090.259,"endTime":1093.559,"body":"Grant Cardone, you know, data"},{"speaker":"Andy Hart","startTime":1090.259,"endTime":1093.559,"body":"newsfeed now is"},{"speaker":"Nick Lincoln","startTime":1093.56,"endTime":1096.02,"body":"a constant drip."},{"speaker":"Nick Lincoln","startTime":1093.56,"endTime":1096.02,"body":"As you said, it used to be like"},{"speaker":"Nick Lincoln","startTime":1096.02,"endTime":1098.42,"body":"a case of a Sundays, you know,"},{"speaker":"Nick Lincoln","startTime":1096.02,"endTime":1098.42,"body":"you'd read The Sunday Times"},{"speaker":"Nick Lincoln","startTime":1098.48,"endTime":1101.26,"body":"money section, yeah? Or the"},{"speaker":"Nick Lincoln","startTime":1098.48,"endTime":1101.26,"body":"comic section, as I called it,"},{"speaker":"Nick Lincoln","startTime":1101.26,"endTime":1103.48,"body":"just to, just to be aware of the"},{"speaker":"Nick Lincoln","startTime":1101.26,"endTime":1103.48,"body":"filth that was entering the"},{"speaker":"Nick Lincoln","startTime":1103.48,"endTime":1106.0,"body":"minds of our clients. So we were"},{"speaker":"Nick Lincoln","startTime":1103.48,"endTime":1106.0,"body":"kind of on the front foot when"},{"speaker":"Nick Lincoln","startTime":1106.06,"endTime":1108.4,"body":"they found out about it on"},{"speaker":"Nick Lincoln","startTime":1106.06,"endTime":1108.4,"body":"Monday or Tuesday. But it's just"},{"speaker":"Nick Lincoln","startTime":1108.4,"endTime":1108.88,"body":"constant."},{"speaker":"Alan Smith","startTime":1108.88,"endTime":1110.44,"body":"Drip, drip, drip."},{"speaker":"Alan Smith","startTime":1108.88,"endTime":1110.44,"body":"Yeah, he's correct. He's the"},{"speaker":"Alan Smith","startTime":1110.44,"endTime":1112.54,"body":"other thing, first of all, it's"},{"speaker":"Alan Smith","startTime":1110.44,"endTime":1112.54,"body":"good. This is played into"},{"speaker":"Andy Hart","startTime":1112.66,"endTime":1113.62,"body":"hear us now,"},{"speaker":"Alan Smith","startTime":1116.02,"endTime":1117.22,"body":"yeah, up to a point"},{"speaker":"Andy Hart","startTime":1118.36,"endTime":1120.78,"body":"there is, well, we"},{"speaker":"Andy Hart","startTime":1118.36,"endTime":1120.78,"body":"don't get as much now, because"},{"speaker":"Andy Hart","startTime":1120.96,"endTime":1123.72,"body":"they'll read one, they'll read"},{"speaker":"Andy Hart","startTime":1120.96,"endTime":1123.72,"body":"one article at 9am in the"},{"speaker":"Andy Hart","startTime":1123.72,"endTime":1126.48,"body":"morning saying, buy silver. Then"},{"speaker":"Andy Hart","startTime":1123.72,"endTime":1126.48,"body":"they'll read an article at 5am"},{"speaker":"Andy Hart","startTime":1126.6,"endTime":1129.0,"body":"saying, sell silver. So you know"},{"speaker":"Andy Hart","startTime":1126.6,"endTime":1129.0,"body":"what? I'm just gonna, I'm just"},{"speaker":"Andy Hart","startTime":1129.0,"endTime":1133.08,"body":"gonna not bother contacting"},{"speaker":"Andy Hart","startTime":1129.0,"endTime":1133.08,"body":"Andy. It's a wider subject. Nick"},{"speaker":"Andy Hart","startTime":1133.08,"endTime":1136.02,"body":"mentioned it for the younger"},{"speaker":"Andy Hart","startTime":1133.08,"endTime":1136.02,"body":"advisor. I didn't lower my hand."},{"speaker":"Andy Hart","startTime":1136.08,"endTime":1139.14,"body":"Guys. Anyway, right? Alan, you"},{"speaker":"Andy Hart","startTime":1136.08,"endTime":1139.14,"body":"can speak now. God, thank you."},{"speaker":"Alan Smith","startTime":1139.379,"endTime":1142.579,"body":"I was just gonna"},{"speaker":"Alan Smith","startTime":1139.379,"endTime":1142.579,"body":"make another obvious point."},{"speaker":"Alan Smith","startTime":1142.699,"endTime":1145.999,"body":"There's other studies which have"},{"speaker":"Alan Smith","startTime":1142.699,"endTime":1145.999,"body":"been done which say it's just"},{"speaker":"Alan Smith","startTime":1146.119,"endTime":1150.739,"body":"news in general, positive news"},{"speaker":"Alan Smith","startTime":1146.119,"endTime":1150.739,"body":"versus negative news, and the"},{"speaker":"Alan Smith","startTime":1150.979,"endTime":1155.599,"body":"weight of negative news versus"},{"speaker":"Alan Smith","startTime":1150.979,"endTime":1155.599,"body":"positive is like 95 five or"},{"speaker":"Alan Smith","startTime":1155.599,"endTime":1158.779,"body":"something you and why is that?"},{"speaker":"Alan Smith","startTime":1155.599,"endTime":1158.779,"body":"Because, again, you've got to"},{"speaker":"Alan Smith","startTime":1158.779,"endTime":1161.439,"body":"remember the business that the"},{"speaker":"Alan Smith","startTime":1158.779,"endTime":1161.439,"body":"publication is in whether it's a"},{"speaker":"Alan Smith","startTime":1161.439,"endTime":1164.079,"body":"website, a newspaper or"},{"speaker":"Alan Smith","startTime":1161.439,"endTime":1164.079,"body":"magazine, they're there to get"},{"speaker":"Alan Smith","startTime":1164.139,"endTime":1167.799,"body":"downloads, clicks, eyeballs,"},{"speaker":"Alan Smith","startTime":1164.139,"endTime":1167.799,"body":"because the the model is an"},{"speaker":"Alan Smith","startTime":1167.799,"endTime":1170.439,"body":"advertising model. It's not back"},{"speaker":"Alan Smith","startTime":1167.799,"endTime":1170.439,"body":"in the day, used to buy a"},{"speaker":"Alan Smith","startTime":1170.439,"endTime":1173.799,"body":"newspaper, walk down the high"},{"speaker":"Alan Smith","startTime":1170.439,"endTime":1173.799,"body":"street and physically hand your"},{"speaker":"Alan Smith","startTime":1173.799,"endTime":1176.079,"body":"money across and get a"},{"speaker":"Alan Smith","startTime":1173.799,"endTime":1176.079,"body":"newspaper, and it was there was"},{"speaker":"Alan Smith","startTime":1176.079,"endTime":1180.779,"body":"less necessity to capture your"},{"speaker":"Alan Smith","startTime":1176.079,"endTime":1180.779,"body":"attention in that second. But"},{"speaker":"Alan Smith","startTime":1180.779,"endTime":1183.839,"body":"now all those models have moved"},{"speaker":"Alan Smith","startTime":1180.779,"endTime":1183.839,"body":"across to an advertiser or not,"},{"speaker":"Alan Smith","startTime":1183.839,"endTime":1186.419,"body":"the vast majority of them, so"},{"speaker":"Alan Smith","startTime":1183.839,"endTime":1186.419,"body":"they need to capture attention"},{"speaker":"Alan Smith","startTime":1186.419,"endTime":1189.179,"body":"really quickly. And what we know"},{"speaker":"Alan Smith","startTime":1186.419,"endTime":1189.179,"body":"is the human psyche, the way"},{"speaker":"Alan Smith","startTime":1189.179,"endTime":1192.359,"body":"that the brain operates, is that"},{"speaker":"Alan Smith","startTime":1189.179,"endTime":1192.359,"body":"we pay attention to drama and to"},{"speaker":"Alan Smith","startTime":1192.359,"endTime":1195.719,"body":"danger and to negativity. If the"},{"speaker":"Alan Smith","startTime":1192.359,"endTime":1195.719,"body":"front page says everything's"},{"speaker":"Alan Smith","startTime":1195.719,"endTime":1200.659,"body":"good a globally diversified"},{"speaker":"Alan Smith","startTime":1195.719,"endTime":1200.659,"body":"portfolio of equities. Is still"},{"speaker":"Alan Smith","startTime":1200.659,"endTime":1203.059,"body":"good as it was last week. No"},{"speaker":"Alan Smith","startTime":1200.659,"endTime":1203.059,"body":"one's buying, no one's"},{"speaker":"Alan Smith","startTime":1203.059,"endTime":1205.639,"body":"interesting, no one's clicking"},{"speaker":"Alan Smith","startTime":1203.059,"endTime":1205.639,"body":"the advertising. So that's"},{"speaker":"Alan Smith","startTime":1205.699,"endTime":1209.959,"body":"that's another underlying theme"},{"speaker":"Alan Smith","startTime":1205.699,"endTime":1209.959,"body":"here. The predominant sort of"},{"speaker":"Alan Smith","startTime":1209.959,"endTime":1212.959,"body":"quality of the news, or type of"},{"speaker":"Alan Smith","startTime":1209.959,"endTime":1212.959,"body":"news and headlines are going to"},{"speaker":"Alan Smith","startTime":1212.959,"endTime":1216.019,"body":"be negative and sensationalist,"},{"speaker":"Alan Smith","startTime":1212.959,"endTime":1216.019,"body":"because that is the business"},{"speaker":"Alan Smith","startTime":1216.019,"endTime":1217.039,"body":"model that exists."},{"speaker":"Nick Lincoln","startTime":1218.66,"endTime":1220.84,"body":"Okay, right? We're"},{"speaker":"Nick Lincoln","startTime":1218.66,"endTime":1220.84,"body":"20 minutes in. We've done two"},{"speaker":"Nick Lincoln","startTime":1220.84,"endTime":1221.26,"body":"topical"},{"speaker":"Andy Hart","startTime":1221.5,"endTime":1223.36,"body":"tidbits, so watch,"},{"speaker":"Nick Lincoln","startTime":1223.48,"endTime":1225.7,"body":"be careful of AI,"},{"speaker":"Carl Widger","startTime":1226.36,"endTime":1230.32,"body":"yeah, just very"},{"speaker":"Carl Widger","startTime":1226.36,"endTime":1230.32,"body":"quickly, I've attached the link."},{"speaker":"Carl Widger","startTime":1230.38,"endTime":1234.04,"body":"There's a six minute YouTube"},{"speaker":"Carl Widger","startTime":1230.38,"endTime":1234.04,"body":"video about Deloitte in"},{"speaker":"Carl Widger","startTime":1234.04,"endTime":1237.7,"body":"Australia. We're commissioned to"},{"speaker":"Carl Widger","startTime":1234.04,"endTime":1237.7,"body":"do a report for the Department"},{"speaker":"Carl Widger","startTime":1237.7,"endTime":1243.78,"body":"of Employment and somebody in"},{"speaker":"Carl Widger","startTime":1237.7,"endTime":1243.78,"body":"Deloitte, it seems, popped it"},{"speaker":"Carl Widger","startTime":1243.78,"endTime":1250.26,"body":"into chat GPT and just reproduce"},{"speaker":"Carl Widger","startTime":1243.78,"endTime":1250.26,"body":"the report. And it was found"},{"speaker":"Carl Widger","startTime":1250.26,"endTime":1256.86,"body":"that the report had references,"},{"speaker":"Carl Widger","startTime":1250.26,"endTime":1256.86,"body":"footnotes, names of books, names"},{"speaker":"Carl Widger","startTime":1256.86,"endTime":1261.08,"body":"of authors that were either"},{"speaker":"Carl Widger","startTime":1256.86,"endTime":1261.08,"body":"incorrect or just did not exist."},{"speaker":"Carl Widger","startTime":1261.62,"endTime":1267.68,"body":"So a big furore in Australia"},{"speaker":"Carl Widger","startTime":1261.62,"endTime":1267.68,"body":"about this. Deloitte had charged"},{"speaker":"Carl Widger","startTime":1267.68,"endTime":1275.3,"body":"440,000 Australian dollars, and"},{"speaker":"Carl Widger","startTime":1267.68,"endTime":1275.3,"body":"they had to only refund the last"},{"speaker":"Carl Widger","startTime":1275.3,"endTime":1279.08,"body":"batch, which I think was about"},{"speaker":"Carl Widger","startTime":1275.3,"endTime":1279.08,"body":"$90,000 or something like that."},{"speaker":"Carl Widger","startTime":1279.08,"endTime":1284.98,"body":"But look, everybody is even, I'm"},{"speaker":"Carl Widger","startTime":1279.08,"endTime":1284.98,"body":"using AI these days, right?"},{"speaker":"Carl Widger","startTime":1284.98,"endTime":1289.96,"body":"Chat, GPT, etc, you just got to"},{"speaker":"Carl Widger","startTime":1284.98,"endTime":1289.96,"body":"be really careful and kind of"},{"speaker":"Carl Widger","startTime":1289.96,"endTime":1292.96,"body":"following on from the last point"},{"speaker":"Carl Widger","startTime":1289.96,"endTime":1292.96,"body":"there. You know, knowledge is,"},{"speaker":"Carl Widger","startTime":1293.02,"endTime":1298.84,"body":"our information is everywhere,"},{"speaker":"Carl Widger","startTime":1293.02,"endTime":1298.84,"body":"but you know, wisdom is, is, is"},{"speaker":"Carl Widger","startTime":1298.84,"endTime":1302.82,"body":"harder come by, and that's where"},{"speaker":"Carl Widger","startTime":1298.84,"endTime":1302.82,"body":"we can excel, and that's what we"},{"speaker":"Carl Widger","startTime":1302.82,"endTime":1308.88,"body":"should be using AI for. So look,"},{"speaker":"Carl Widger","startTime":1302.82,"endTime":1308.88,"body":"just be very careful in what you"},{"speaker":"Carl Widger","startTime":1308.94,"endTime":1313.02,"body":"produce, if it's all being"},{"speaker":"Carl Widger","startTime":1308.94,"endTime":1313.02,"body":"produced via chat GPT or"},{"speaker":"Carl Widger","startTime":1313.02,"endTime":1317.76,"body":"something similar. And look, not"},{"speaker":"Carl Widger","startTime":1313.02,"endTime":1317.76,"body":"to get too morbid about any of"},{"speaker":"Carl Widger","startTime":1317.76,"endTime":1320.96,"body":"this stuff, but there's some."},{"speaker":"Carl Widger","startTime":1317.76,"endTime":1320.96,"body":"There's a really sad story in"},{"speaker":"Carl Widger","startTime":1320.96,"endTime":1325.1,"body":"the news at the moment about"},{"speaker":"Carl Widger","startTime":1320.96,"endTime":1325.1,"body":"chat GPT giving answers back to"},{"speaker":"Carl Widger","startTime":1325.1,"endTime":1328.16,"body":"somebody, and it was like an"},{"speaker":"Carl Widger","startTime":1325.1,"endTime":1328.16,"body":"echo chamber, and that was a"},{"speaker":"Carl Widger","startTime":1328.16,"endTime":1332.24,"body":"young person, and that story did"},{"speaker":"Carl Widger","startTime":1328.16,"endTime":1332.24,"body":"not end well at all, and I would"},{"speaker":"Carl Widger","startTime":1332.24,"endTime":1336.5,"body":"say no more about it, but it's"},{"speaker":"Carl Widger","startTime":1332.24,"endTime":1336.5,"body":"just be careful of AI, of chat"},{"speaker":"Carl Widger","startTime":1336.5,"endTime":1341.56,"body":"GPT and the likes, because,"},{"speaker":"Carl Widger","startTime":1336.5,"endTime":1341.56,"body":"Yeah, they're echo chambers, and"},{"speaker":"Carl Widger","startTime":1341.62,"endTime":1344.68,"body":"they'll just churn stuff out. So"},{"speaker":"Carl Widger","startTime":1341.62,"endTime":1344.68,"body":"just be careful."},{"speaker":"Nick Lincoln","startTime":1345.16,"endTime":1348.22,"body":"So I've been"},{"speaker":"Nick Lincoln","startTime":1345.16,"endTime":1348.22,"body":"thinking, were Deloitte? Was"},{"speaker":"Nick Lincoln","startTime":1348.22,"endTime":1350.62,"body":"their report based? They"},{"speaker":"Nick Lincoln","startTime":1348.22,"endTime":1350.62,"body":"weren't. They were quoting"},{"speaker":"Nick Lincoln","startTime":1350.62,"endTime":1353.56,"body":"things that weren't exist,"},{"speaker":"Nick Lincoln","startTime":1350.62,"endTime":1353.56,"body":"exist, or what did AI right? So"},{"speaker":"Nick Lincoln","startTime":1353.56,"endTime":1356.44,"body":"I did a I picked, picked them"},{"speaker":"Nick Lincoln","startTime":1353.56,"endTime":1356.44,"body":"apart, then did a good thing."},{"speaker":"Nick Lincoln","startTime":1357.16,"endTime":1357.52,"body":"No, no."},{"speaker":"Alan Smith","startTime":1359.5,"endTime":1361.14,"body":"I watched it. I"},{"speaker":"Alan Smith","startTime":1359.5,"endTime":1361.14,"body":"watched a video call,"},{"speaker":"Andy Hart","startTime":1362.46,"endTime":1365.1,"body":"$50,000 Nick, and"},{"speaker":"Andy Hart","startTime":1362.46,"endTime":1365.1,"body":"they produced the report, but"},{"speaker":"Andy Hart","startTime":1365.1,"endTime":1367.98,"body":"they used assistance via AI, but"},{"speaker":"Andy Hart","startTime":1365.1,"endTime":1367.98,"body":"AI boxed it up, but then they"},{"speaker":"Andy Hart","startTime":1367.98,"endTime":1369.0,"body":"still issued the report,"},{"speaker":"Alan Smith","startTime":1371.34,"endTime":1375.6,"body":"something like as as"},{"speaker":"Alan Smith","startTime":1371.34,"endTime":1375.6,"body":"XYZ author said in her book,"},{"speaker":"Alan Smith","startTime":1375.6,"endTime":1377.88,"body":"blah, blah, blah. And she goes,"},{"speaker":"Alan Smith","startTime":1375.6,"endTime":1377.88,"body":"hang on, yeah. We got it. We got"},{"speaker":"Alan Smith","startTime":1378.06,"endTime":1378.6,"body":"it. Yeah."},{"speaker":"Carl Widger","startTime":1378.6,"endTime":1381.38,"body":"So, so the likes of"},{"speaker":"Carl Widger","startTime":1378.6,"endTime":1381.38,"body":"governments now going forward,"},{"speaker":"Carl Widger","startTime":1381.38,"endTime":1384.32,"body":"are going to all have, you know,"},{"speaker":"Carl Widger","startTime":1381.38,"endTime":1384.32,"body":"insist in the terms and"},{"speaker":"Carl Widger","startTime":1384.32,"endTime":1387.8,"body":"conditions that you disclose"},{"speaker":"Carl Widger","startTime":1384.32,"endTime":1387.8,"body":"your your usage of AI, when"},{"speaker":"Carl Widger","startTime":1387.8,"endTime":1391.28,"body":"you're bringing in consultants"},{"speaker":"Carl Widger","startTime":1387.8,"endTime":1391.28,"body":"to do reports. And look, I"},{"speaker":"Carl Widger","startTime":1391.28,"endTime":1395.12,"body":"suppose it's the whole, it's the"},{"speaker":"Carl Widger","startTime":1391.28,"endTime":1395.12,"body":"whole innovation versus"},{"speaker":"Carl Widger","startTime":1395.12,"endTime":1399.2,"body":"integrity, and is there, is"},{"speaker":"Carl Widger","startTime":1395.12,"endTime":1399.2,"body":"there a clash there? I think if"},{"speaker":"Carl Widger","startTime":1399.2,"endTime":1402.7,"body":"you use it properly, there's"},{"speaker":"Carl Widger","startTime":1399.2,"endTime":1402.7,"body":"not. But if you're just, you"},{"speaker":"Carl Widger","startTime":1402.7,"endTime":1406.6,"body":"know, saying, hey, chat. GPT"},{"speaker":"Carl Widger","startTime":1402.7,"endTime":1406.6,"body":"create this report for me, and"},{"speaker":"Carl Widger","startTime":1406.6,"endTime":1411.64,"body":"then you charge it for 440,000"},{"speaker":"Carl Widger","startTime":1406.6,"endTime":1411.64,"body":"Yeah, that's done wrong. Has"},{"speaker":"Carl Widger","startTime":1411.64,"endTime":1415.48,"body":"that done significant damage to"},{"speaker":"Carl Widger","startTime":1411.64,"endTime":1415.48,"body":"Deloitte reputation, certainly"},{"speaker":"Carl Widger","startTime":1415.48,"endTime":1419.2,"body":"in Australia, I bet it has. And"},{"speaker":"Carl Widger","startTime":1415.48,"endTime":1419.2,"body":"the fact that I'm, they're just,"},{"speaker":"Andy Hart","startTime":1419.619,"endTime":1421.499,"body":"they're just they're"},{"speaker":"Andy Hart","startTime":1419.619,"endTime":1421.499,"body":"just the canary in the coal"},{"speaker":"Andy Hart","startTime":1421.499,"endTime":1423.839,"body":"mine, aren't they? Everyone's up"},{"speaker":"Andy Hart","startTime":1421.499,"endTime":1423.839,"body":"to it, but they're the first one"},{"speaker":"Andy Hart","startTime":1423.839,"endTime":1423.959,"body":"to"},{"speaker":"Carl Widger","startTime":1423.96,"endTime":1428.82,"body":"get caught. Yeah,"},{"speaker":"Carl Widger","startTime":1423.96,"endTime":1428.82,"body":"but yeah, it's that's at the at"},{"speaker":"Carl Widger","startTime":1428.82,"endTime":1431.58,"body":"the base of all this, it's Alan"},{"speaker":"Carl Widger","startTime":1428.82,"endTime":1431.58,"body":"was just wrong. What they did,"},{"speaker":"Alan Smith","startTime":1432.48,"endTime":1436.08,"body":"very quickly, bang"},{"speaker":"Alan Smith","startTime":1432.48,"endTime":1436.08,"body":"on. Well, this is the thing I"},{"speaker":"Alan Smith","startTime":1436.08,"endTime":1439.5,"body":"was, I was drafting a"},{"speaker":"Alan Smith","startTime":1436.08,"endTime":1439.5,"body":"newsletter, newsletter article"},{"speaker":"Alan Smith","startTime":1439.5,"endTime":1443.12,"body":"for our clients. And, you know,"},{"speaker":"Alan Smith","startTime":1439.5,"endTime":1443.12,"body":"pop it into chat GPT, just to"},{"speaker":"Alan Smith","startTime":1443.12,"endTime":1447.14,"body":"check make sure everything is"},{"speaker":"Alan Smith","startTime":1443.12,"endTime":1447.14,"body":"okay, embellish it or add to it,"},{"speaker":"Alan Smith","startTime":1447.14,"endTime":1450.74,"body":"whatever. And I just put into"},{"speaker":"Alan Smith","startTime":1447.14,"endTime":1450.74,"body":"it. How many words? This was"},{"speaker":"Alan Smith","startTime":1450.74,"endTime":1453.62,"body":"this morning. How many words is"},{"speaker":"Alan Smith","startTime":1450.74,"endTime":1453.62,"body":"this? I could have just done it"},{"speaker":"Alan Smith","startTime":1454.28,"endTime":1457.64,"body":"on Word or Google, but it was in"},{"speaker":"Alan Smith","startTime":1454.28,"endTime":1457.64,"body":"chat GPT. How many words? And it"},{"speaker":"Alan Smith","startTime":1457.64,"endTime":1462.64,"body":"says, very confident. This is"},{"speaker":"Alan Smith","startTime":1457.64,"endTime":1462.64,"body":"742, words, which is the kind of"},{"speaker":"Alan Smith","startTime":1462.7,"endTime":1465.58,"body":"optimum size to capture"},{"speaker":"Alan Smith","startTime":1462.7,"endTime":1465.58,"body":"attention and cute and to keep"},{"speaker":"Alan Smith","startTime":1465.58,"endTime":1467.98,"body":"reading. People reading to the"},{"speaker":"Alan Smith","startTime":1465.58,"endTime":1467.98,"body":"end. I thought, yeah, that's"},{"speaker":"Alan Smith","startTime":1467.98,"endTime":1470.98,"body":"that is true. But it looks, it"},{"speaker":"Alan Smith","startTime":1467.98,"endTime":1470.98,"body":"doesn't look, it looks shorter"},{"speaker":"Alan Smith","startTime":1471.4,"endTime":1475.24,"body":"than 742 words. So I just said,"},{"speaker":"Alan Smith","startTime":1471.4,"endTime":1475.24,"body":"again, are you sure? Can you"},{"speaker":"Alan Smith","startTime":1475.24,"endTime":1479.08,"body":"check again? I went, Oh, whoops,"},{"speaker":"Alan Smith","startTime":1475.24,"endTime":1479.08,"body":"my bad. It literally says, my"},{"speaker":"Alan Smith","startTime":1479.08,"endTime":1483.72,"body":"bad. He said, No, it's 336"},{"speaker":"Alan Smith","startTime":1479.08,"endTime":1483.72,"body":"words. Is like completely"},{"speaker":"Alan Smith","startTime":1483.72,"endTime":1486.36,"body":"different number, just because I"},{"speaker":"Alan Smith","startTime":1483.72,"endTime":1486.36,"body":"intuitively knew, just by"},{"speaker":"Alan Smith","startTime":1486.36,"endTime":1489.18,"body":"looking at it, it was shorter,"},{"speaker":"Alan Smith","startTime":1486.36,"endTime":1489.18,"body":"saying otherwise, I"},{"speaker":"Carl Widger","startTime":1489.42,"endTime":1490.98,"body":"was in a rush to"},{"speaker":"Carl Widger","startTime":1489.42,"endTime":1490.98,"body":"move on to something"},{"speaker":"Andy Hart","startTime":1494.4,"endTime":1497.52,"body":"else. Your question,"},{"speaker":"Andy Hart","startTime":1494.4,"endTime":1497.52,"body":"like, seriously? Alan, just on"},{"speaker":"Andy Hart","startTime":1497.52,"endTime":1500.9,"body":"that I'm using grok way more"},{"speaker":"Andy Hart","startTime":1497.52,"endTime":1500.9,"body":"than chat. GBT. Now I go to both"},{"speaker":"Andy Hart","startTime":1500.9,"endTime":1503.24,"body":"of them and ask the question to"},{"speaker":"Andy Hart","startTime":1500.9,"endTime":1503.24,"body":"both. It's staggering the"},{"speaker":"Andy Hart","startTime":1503.24,"endTime":1505.7,"body":"different answers that come"},{"speaker":"Andy Hart","startTime":1503.24,"endTime":1505.7,"body":"back, which should just be data"},{"speaker":"Andy Hart","startTime":1505.7,"endTime":1509.12,"body":"on the internet. So I'm I'm"},{"speaker":"Andy Hart","startTime":1505.7,"endTime":1509.12,"body":"wailing towards grok, which is"},{"speaker":"Andy Hart","startTime":1509.78,"endTime":1511.1,"body":"Elon's AI,"},{"speaker":"Alan Smith","startTime":1511.28,"endTime":1514.76,"body":"yeah, I've tried"},{"speaker":"Alan Smith","startTime":1511.28,"endTime":1514.76,"body":"both, and it depends. And those"},{"speaker":"Alan Smith","startTime":1514.76,"endTime":1518.18,"body":"two, plus perplexity for more"},{"speaker":"Alan Smith","startTime":1514.76,"endTime":1518.18,"body":"deep research, seems to me to be"},{"speaker":"Alan Smith","startTime":1518.18,"endTime":1521.48,"body":"the better one. So"},{"speaker":"Nick Lincoln","startTime":1521.48,"endTime":1524.5,"body":"use all right."},{"speaker":"Nick Lincoln","startTime":1521.48,"endTime":1524.5,"body":"Interesting. Okay, hand lowered,"},{"speaker":"Nick Lincoln","startTime":1524.5,"endTime":1531.16,"body":"please, Alan. And now a quick"},{"speaker":"Nick Lincoln","startTime":1524.5,"endTime":1531.16,"body":"word from her indoors, and now a"},{"speaker":"Nick Lincoln","startTime":1531.16,"endTime":1532.36,"body":"word from our sponsors."},{"speaker":"Unknown","startTime":1535.6,"endTime":1539.02,"body":"We love doing this"},{"speaker":"Unknown","startTime":1535.6,"endTime":1539.02,"body":"podcast, and we want to involve"},{"speaker":"Unknown","startTime":1539.02,"endTime":1542.22,"body":"as many Trappists in the"},{"speaker":"Unknown","startTime":1539.02,"endTime":1542.22,"body":"conversation as we can which"},{"speaker":"Unknown","startTime":1542.22,"endTime":1546.54,"body":"means growing our audience. To"},{"speaker":"Unknown","startTime":1542.22,"endTime":1546.54,"body":"do that, we've partnered with a"},{"speaker":"Unknown","startTime":1546.54,"endTime":1550.32,"body":"little known startup called"},{"speaker":"Unknown","startTime":1546.54,"endTime":1550.32,"body":"Vanguard, an investment manager"},{"speaker":"Unknown","startTime":1550.32,"endTime":1553.92,"body":"that we really like and whose"},{"speaker":"Unknown","startTime":1550.32,"endTime":1553.92,"body":"values strongly resonate with"},{"speaker":"Unknown","startTime":1553.92,"endTime":1558.24,"body":"ours. Vanguard pioneered low"},{"speaker":"Unknown","startTime":1553.92,"endTime":1558.24,"body":"cost diversified investment"},{"speaker":"Unknown","startTime":1558.24,"endTime":1562.7,"body":"portfolios for and now through"},{"speaker":"Unknown","startTime":1558.24,"endTime":1562.7,"body":"their advisor Alpha framework,"},{"speaker":"Unknown","startTime":1562.7,"endTime":1566.54,"body":"they're 100% aligned with the"},{"speaker":"Unknown","startTime":1562.7,"endTime":1566.54,"body":"trap community in helping"},{"speaker":"Unknown","startTime":1566.54,"endTime":1571.64,"body":"advisors demonstrate the value"},{"speaker":"Unknown","startTime":1566.54,"endTime":1571.64,"body":"of financial advice. So thank"},{"speaker":"Unknown","startTime":1571.64,"endTime":1576.32,"body":"you, and welcome to Vanguard,"},{"speaker":"Unknown","startTime":1571.64,"endTime":1576.32,"body":"who are sponsoring trap to help"},{"speaker":"Unknown","startTime":1576.32,"endTime":1580.304,"body":"us extend our reach to include"},{"speaker":"Unknown","startTime":1576.32,"endTime":1580.304,"body":"more advisors in the"},{"speaker":"Unknown","startTime":1580.304,"endTime":1581.324,"body":"conversation."},{"speaker":"Nick Lincoln","startTime":1583.004,"endTime":1585.704,"body":"There we go."},{"speaker":"Nick Lincoln","startTime":1583.004,"endTime":1585.704,"body":"Exciting times with trap and the"},{"speaker":"Nick Lincoln","startTime":1585.704,"endTime":1589.604,"body":"Trappists and our audience and"},{"speaker":"Nick Lincoln","startTime":1585.704,"endTime":1589.604,"body":"Vanguard and Nicola and the team"},{"speaker":"Nick Lincoln","startTime":1589.604,"endTime":1593.504,"body":"there, who we've got a load of"},{"speaker":"Nick Lincoln","startTime":1589.604,"endTime":1593.504,"body":"time for leading nicely into"},{"speaker":"Nick Lincoln","startTime":1593.504,"endTime":1597.224,"body":"watch this superb survey that"},{"speaker":"Nick Lincoln","startTime":1593.504,"endTime":1597.224,"body":"Vanguard had just"},{"speaker":"Carl Widger","startTime":1597.824,"endTime":1600.72,"body":"done. Yeah, it is"},{"speaker":"Carl Widger","startTime":1597.824,"endTime":1600.72,"body":"kind of cool, the Vanguard"},{"speaker":"Carl Widger","startTime":1600.78,"endTime":1604.5,"body":"advice survey, 2025, I think"},{"speaker":"Carl Widger","startTime":1600.78,"endTime":1604.5,"body":"this is their first version. I"},{"speaker":"Carl Widger","startTime":1604.5,"endTime":1610.56,"body":"could be wrong, but I think it"},{"speaker":"Carl Widger","startTime":1604.5,"endTime":1610.56,"body":"is a comprehensive report, and"},{"speaker":"Carl Widger","startTime":1610.74,"endTime":1616.86,"body":"it's a survey based on answers"},{"speaker":"Carl Widger","startTime":1610.74,"endTime":1616.86,"body":"from over 1000 advised clients"},{"speaker":"Carl Widger","startTime":1617.16,"endTime":1621.62,"body":"and 200 financial advisors. So"},{"speaker":"Carl Widger","startTime":1617.16,"endTime":1621.62,"body":"this is a this is a significant"},{"speaker":"Carl Widger","startTime":1621.62,"endTime":1625.94,"body":"amount of people with various"},{"speaker":"Carl Widger","startTime":1621.62,"endTime":1625.94,"body":"answers coming through. And I"},{"speaker":"Carl Widger","startTime":1625.94,"endTime":1631.22,"body":"suppose the big kind of news"},{"speaker":"Carl Widger","startTime":1625.94,"endTime":1631.22,"body":"from this is what advisors think"},{"speaker":"Carl Widger","startTime":1631.28,"endTime":1635.06,"body":"the clients want versus what the"},{"speaker":"Carl Widger","startTime":1631.28,"endTime":1635.06,"body":"clients value and want. There's"},{"speaker":"Carl Widger","startTime":1635.06,"endTime":1639.62,"body":"a little bit of a disconnect"},{"speaker":"Carl Widger","startTime":1635.06,"endTime":1639.62,"body":"there, you know, and advisor"},{"speaker":"Carl Widger","startTime":1639.62,"endTime":1643.6,"body":"alpha, you know, the way you'll"},{"speaker":"Carl Widger","startTime":1639.62,"endTime":1643.6,"body":"see loads of marketing about,"},{"speaker":"Carl Widger","startTime":1643.72,"endTime":1646.18,"body":"oh, if you have an advisor,"},{"speaker":"Carl Widger","startTime":1643.72,"endTime":1646.18,"body":"you're, you're, you're going to"},{"speaker":"Carl Widger","startTime":1646.18,"endTime":1649.12,"body":"get more than 3% a year. The"},{"speaker":"Carl Widger","startTime":1646.18,"endTime":1649.12,"body":"clients think it's actually much"},{"speaker":"Carl Widger","startTime":1649.12,"endTime":1652.3,"body":"more than that, which is, which"},{"speaker":"Carl Widger","startTime":1649.12,"endTime":1652.3,"body":"is very interesting. But, uh,"},{"speaker":"Carl Widger","startTime":1653.2,"endTime":1656.02,"body":"there's kind of two things that"},{"speaker":"Carl Widger","startTime":1653.2,"endTime":1656.02,"body":"I honed in on from the report."},{"speaker":"Carl Widger","startTime":1656.02,"endTime":1658.36,"body":"Now, the report is 17 pages"},{"speaker":"Carl Widger","startTime":1656.02,"endTime":1658.36,"body":"long. I would encourage"},{"speaker":"Carl Widger","startTime":1658.36,"endTime":1661.02,"body":"everybody to go and download it."},{"speaker":"Carl Widger","startTime":1658.36,"endTime":1661.02,"body":"There is a link in the show"},{"speaker":"Carl Widger","startTime":1661.02,"endTime":1666.9,"body":"notes too to do exactly that,"},{"speaker":"Carl Widger","startTime":1661.02,"endTime":1666.9,"body":"the things that the clients"},{"speaker":"Carl Widger","startTime":1666.96,"endTime":1671.1,"body":"really value are the trust that"},{"speaker":"Carl Widger","startTime":1666.96,"endTime":1671.1,"body":"they have built up with their"},{"speaker":"Carl Widger","startTime":1671.1,"endTime":1675.96,"body":"advisor. Now, if we link back to"},{"speaker":"Carl Widger","startTime":1671.1,"endTime":1675.96,"body":"gold or silver or sending in"},{"speaker":"Carl Widger","startTime":1676.14,"endTime":1679.92,"body":"magazine articles or whatever,"},{"speaker":"Carl Widger","startTime":1676.14,"endTime":1679.92,"body":"once you build up this trust,"},{"speaker":"Carl Widger","startTime":1679.98,"endTime":1682.52,"body":"they actually will follow the"},{"speaker":"Carl Widger","startTime":1679.98,"endTime":1682.52,"body":"advice, and they become much"},{"speaker":"Carl Widger","startTime":1682.52,"endTime":1685.28,"body":"more comfortable that they're"},{"speaker":"Carl Widger","startTime":1682.52,"endTime":1685.28,"body":"going to be able to retire"},{"speaker":"Carl Widger","startTime":1685.82,"endTime":1688.52,"body":"comfortably, that they're not"},{"speaker":"Carl Widger","startTime":1685.82,"endTime":1688.52,"body":"going to run out of money, that"},{"speaker":"Carl Widger","startTime":1688.52,"endTime":1692.18,"body":"kind of stuff. But also then the"},{"speaker":"Carl Widger","startTime":1688.52,"endTime":1692.18,"body":"they really do value the"},{"speaker":"Carl Widger","startTime":1692.24,"endTime":1695.42,"body":"behavioral coaching. Now, I"},{"speaker":"Carl Widger","startTime":1692.24,"endTime":1695.42,"body":"thought this was really"},{"speaker":"Carl Widger","startTime":1695.42,"endTime":1698.96,"body":"interesting. You know that that"},{"speaker":"Carl Widger","startTime":1695.42,"endTime":1698.96,"body":"the calming them down"},{"speaker":"Carl Widger","startTime":1699.02,"endTime":1703.18,"body":"conversations when there is"},{"speaker":"Carl Widger","startTime":1699.02,"endTime":1703.18,"body":"market volatility, and we've"},{"speaker":"Carl Widger","startTime":1703.18,"endTime":1706.66,"body":"spoken a lot that, really, you"},{"speaker":"Carl Widger","startTime":1703.18,"endTime":1706.66,"body":"know, we've been 1516, years"},{"speaker":"Carl Widger","startTime":1706.66,"endTime":1710.62,"body":"into very little market"},{"speaker":"Carl Widger","startTime":1706.66,"endTime":1710.62,"body":"volatility, that that's, you"},{"speaker":"Carl Widger","startTime":1710.62,"endTime":1715.18,"body":"know, of a prolonged nature. So,"},{"speaker":"Carl Widger","startTime":1710.62,"endTime":1715.18,"body":"but, but, yes, this is going to"},{"speaker":"Carl Widger","startTime":1715.18,"endTime":1719.44,"body":"be talking to Trump, tariffs,"},{"speaker":"Carl Widger","startTime":1715.18,"endTime":1719.44,"body":"covid, all that kind of stuff."},{"speaker":"Carl Widger","startTime":1719.56,"endTime":1724.86,"body":"So they really do value that."},{"speaker":"Carl Widger","startTime":1719.56,"endTime":1724.86,"body":"And look the check ins as well"},{"speaker":"Carl Widger","startTime":1724.86,"endTime":1728.88,"body":"that clients want versus what"},{"speaker":"Carl Widger","startTime":1724.86,"endTime":1728.88,"body":"advisors think. Like Nick, I"},{"speaker":"Carl Widger","startTime":1728.88,"endTime":1733.38,"body":"don't know. Did you read it in"},{"speaker":"Carl Widger","startTime":1728.88,"endTime":1733.38,"body":"detail? Yeah, clients, they do."},{"speaker":"Carl Widger","startTime":1733.56,"endTime":1737.22,"body":"They do like the face to face,"},{"speaker":"Carl Widger","startTime":1733.56,"endTime":1737.22,"body":"and they probably do want more"},{"speaker":"Carl Widger","startTime":1737.22,"endTime":1741.02,"body":"check ins than we actually give"},{"speaker":"Carl Widger","startTime":1737.22,"endTime":1741.02,"body":"them, which is interesting. And"},{"speaker":"Carl Widger","startTime":1741.02,"endTime":1743.54,"body":"I don't think if you, if you"},{"speaker":"Carl Widger","startTime":1741.02,"endTime":1743.54,"body":"drill down into some of the"},{"speaker":"Carl Widger","startTime":1743.72,"endTime":1749.3,"body":"survey answers, it's not"},{"speaker":"Carl Widger","startTime":1743.72,"endTime":1749.3,"body":"necessarily full review meetings"},{"speaker":"Carl Widger","startTime":1749.3,"endTime":1752.12,"body":"they're looking for. It's just"},{"speaker":"Carl Widger","startTime":1749.3,"endTime":1752.12,"body":"to check it. Are you okay?"},{"speaker":"Carl Widger","startTime":1752.12,"endTime":1754.64,"body":"Everything? All right. You know,"},{"speaker":"Carl Widger","startTime":1752.12,"endTime":1754.64,"body":"haven't spoken to you in a"},{"speaker":"Carl Widger","startTime":1754.64,"endTime":1757.7,"body":"while, and for me, I was only"},{"speaker":"Carl Widger","startTime":1754.64,"endTime":1757.7,"body":"talking to my own team about"},{"speaker":"Carl Widger","startTime":1757.7,"endTime":1759.8,"body":"this this morning, and I was"},{"speaker":"Carl Widger","startTime":1757.7,"endTime":1759.8,"body":"saying, Guys, you know, this"},{"speaker":"Carl Widger","startTime":1759.8,"endTime":1762.64,"body":"could be any way of the pod"},{"speaker":"Carl Widger","startTime":1759.8,"endTime":1762.64,"body":"structures that we spoke about."},{"speaker":"Carl Widger","startTime":1762.7,"endTime":1764.92,"body":"It could be anybody in the pod"},{"speaker":"Carl Widger","startTime":1762.7,"endTime":1764.92,"body":"just picking up the phone. Hey,"},{"speaker":"Carl Widger","startTime":1764.92,"endTime":1768.58,"body":"we haven't been Yeah, everything"},{"speaker":"Carl Widger","startTime":1764.92,"endTime":1768.58,"body":"okay is written on your mind,"},{"speaker":"Carl Widger","startTime":1768.58,"endTime":1771.76,"body":"and then we need to do and as I"},{"speaker":"Carl Widger","startTime":1768.58,"endTime":1771.76,"body":"said to my own team this"},{"speaker":"Carl Widger","startTime":1771.76,"endTime":1774.94,"body":"morning, said the vast majority"},{"speaker":"Carl Widger","startTime":1771.76,"endTime":1774.94,"body":"of the time they'll say, No,"},{"speaker":"Carl Widger","startTime":1775.06,"endTime":1779.02,"body":"all, good boy. Really appreciate"},{"speaker":"Carl Widger","startTime":1775.06,"endTime":1779.02,"body":"the call. And that's how trust"},{"speaker":"Carl Widger","startTime":1779.02,"endTime":1782.7,"body":"is built, and that's how they"},{"speaker":"Carl Widger","startTime":1779.02,"endTime":1782.7,"body":"you'll find people won't"},{"speaker":"Carl Widger","startTime":1782.7,"endTime":1786.36,"body":"necessarily be bringing, you"},{"speaker":"Carl Widger","startTime":1782.7,"endTime":1786.36,"body":"know, gold versus silver or"},{"speaker":"Carl Widger","startTime":1786.84,"endTime":1790.56,"body":"pushing back on advice. They'll"},{"speaker":"Carl Widger","startTime":1786.84,"endTime":1790.56,"body":"probably they'll tend to, I"},{"speaker":"Carl Widger","startTime":1790.56,"endTime":1794.04,"body":"trust this person, I trust this"},{"speaker":"Carl Widger","startTime":1790.56,"endTime":1794.04,"body":"advisor. I'm going to go with"},{"speaker":"Carl Widger","startTime":1794.04,"endTime":1799.32,"body":"his or her advice. And you can't"},{"speaker":"Carl Widger","startTime":1794.04,"endTime":1799.32,"body":"do that in one meeting, as we"},{"speaker":"Carl Widger","startTime":1799.32,"endTime":1803.24,"body":"know that's that. Stone over"},{"speaker":"Carl Widger","startTime":1799.32,"endTime":1803.24,"body":"time. But yeah, really, really"},{"speaker":"Carl Widger","startTime":1803.24,"endTime":1807.26,"body":"good report, really good survey,"},{"speaker":"Carl Widger","startTime":1803.24,"endTime":1807.26,"body":"and I like the fact that they've"},{"speaker":"Carl Widger","startTime":1807.26,"endTime":1810.68,"body":"identified this disconnect,"},{"speaker":"Carl Widger","startTime":1807.26,"endTime":1810.68,"body":"because really what we think"},{"speaker":"Carl Widger","startTime":1810.68,"endTime":1813.2,"body":"doesn't matter. It's what, what"},{"speaker":"Carl Widger","startTime":1810.68,"endTime":1813.2,"body":"did the clients think anyway?"},{"speaker":"Carl Widger","startTime":1813.32,"endTime":1814.1,"body":"Over to you guys,"},{"speaker":"Nick Lincoln","startTime":1814.64,"endTime":1817.1,"body":"yeah, six of one"},{"speaker":"Nick Lincoln","startTime":1814.64,"endTime":1817.1,"body":"half dozen or the other on this."},{"speaker":"Nick Lincoln","startTime":1817.52,"endTime":1821.26,"body":"You know, our value is from the"},{"speaker":"Nick Lincoln","startTime":1817.52,"endTime":1821.26,"body":"behavioral coaching side of"},{"speaker":"Nick Lincoln","startTime":1821.26,"endTime":1824.38,"body":"things, and stopping class,"},{"speaker":"Nick Lincoln","startTime":1821.26,"endTime":1824.38,"body":"making the big mistake, and I"},{"speaker":"Nick Lincoln","startTime":1824.38,"endTime":1827.44,"body":"think having meetings for their"},{"speaker":"Nick Lincoln","startTime":1824.38,"endTime":1827.44,"body":"own sake, having meetings set by"},{"speaker":"Nick Lincoln","startTime":1827.44,"endTime":1829.9,"body":"the clients. You know, when"},{"speaker":"Nick Lincoln","startTime":1827.44,"endTime":1829.9,"body":"we're not here to give them what"},{"speaker":"Nick Lincoln","startTime":1829.9,"endTime":1832.18,"body":"they want, we're here to give"},{"speaker":"Nick Lincoln","startTime":1829.9,"endTime":1832.18,"body":"them what they need. And part of"},{"speaker":"Nick Lincoln","startTime":1832.18,"endTime":1835.06,"body":"our behavioral coaching is not"},{"speaker":"Nick Lincoln","startTime":1832.18,"endTime":1835.06,"body":"inundating them with meetings,"},{"speaker":"Nick Lincoln","startTime":1835.06,"endTime":1838.3,"body":"not inundating them with"},{"speaker":"Nick Lincoln","startTime":1835.06,"endTime":1838.3,"body":"messages about the markets and"},{"speaker":"Nick Lincoln","startTime":1838.3,"endTime":1841.8,"body":"so forth. So I'm quite glad"},{"speaker":"Nick Lincoln","startTime":1838.3,"endTime":1841.8,"body":"there is a disconnect, because"},{"speaker":"Nick Lincoln","startTime":1841.8,"endTime":1844.5,"body":"we're the special we're the"},{"speaker":"Nick Lincoln","startTime":1841.8,"endTime":1844.5,"body":"advisors, we're the doctors"},{"speaker":"Nick Lincoln","startTime":1844.5,"endTime":1846.9,"body":"dispensing the medicine, and"},{"speaker":"Nick Lincoln","startTime":1844.5,"endTime":1846.9,"body":"they're the patients. If they if"},{"speaker":"Nick Lincoln","startTime":1846.9,"endTime":1849.24,"body":"they can, if they knew exactly"},{"speaker":"Nick Lincoln","startTime":1846.9,"endTime":1849.24,"body":"what they needed, they maybe"},{"speaker":"Nick Lincoln","startTime":1849.24,"endTime":1851.64,"body":"wouldn't come to us. So that's"},{"speaker":"Nick Lincoln","startTime":1849.24,"endTime":1851.64,"body":"no problem with that. I thought"},{"speaker":"Nick Lincoln","startTime":1851.64,"endTime":1853.68,"body":"a couple of things I took out in"},{"speaker":"Nick Lincoln","startTime":1851.64,"endTime":1853.68,"body":"the report. They're quite"},{"speaker":"Nick Lincoln","startTime":1853.68,"endTime":1856.44,"body":"interesting. This is a quote"},{"speaker":"Nick Lincoln","startTime":1853.68,"endTime":1856.44,"body":"from the report. The most common"},{"speaker":"Nick Lincoln","startTime":1856.44,"endTime":1859.26,"body":"reason that investors end their"},{"speaker":"Nick Lincoln","startTime":1856.44,"endTime":1859.26,"body":"relationship with an advisor is"},{"speaker":"Nick Lincoln","startTime":1859.26,"endTime":1862.46,"body":"not poor investment outcomes. It"},{"speaker":"Nick Lincoln","startTime":1859.26,"endTime":1862.46,"body":"is a neglected relationship."},{"speaker":"Nick Lincoln","startTime":1862.58,"endTime":1865.34,"body":"Amen to that. And I totally,"},{"speaker":"Nick Lincoln","startTime":1862.58,"endTime":1865.34,"body":"totally get that. I think that's"},{"speaker":"Nick Lincoln","startTime":1865.4,"endTime":1868.1,"body":"the most reason why complaints"},{"speaker":"Nick Lincoln","startTime":1865.4,"endTime":1868.1,"body":"come in from clients. It's not"},{"speaker":"Nick Lincoln","startTime":1868.1,"endTime":1870.68,"body":"because they necessarily feel"},{"speaker":"Nick Lincoln","startTime":1868.1,"endTime":1870.68,"body":"they've been given particularly"},{"speaker":"Nick Lincoln","startTime":1870.68,"endTime":1873.56,"body":"bad advice. It's because they"},{"speaker":"Nick Lincoln","startTime":1870.68,"endTime":1873.56,"body":"feel unloved and neglected. What"},{"speaker":"Nick Lincoln","startTime":1873.56,"endTime":1878.0,"body":"was interesting that quote"},{"speaker":"Nick Lincoln","startTime":1873.56,"endTime":1878.0,"body":"wasn't from the clients, it was"},{"speaker":"Nick Lincoln","startTime":1878.0,"endTime":1882.34,"body":"from advisors. According to the"},{"speaker":"Nick Lincoln","startTime":1878.0,"endTime":1882.34,"body":"survey, 24% of advisors cited a"},{"speaker":"Nick Lincoln","startTime":1882.34,"endTime":1885.1,"body":"neglected relationship as the"},{"speaker":"Nick Lincoln","startTime":1882.34,"endTime":1885.1,"body":"primary reason their clients"},{"speaker":"Nick Lincoln","startTime":1885.1,"endTime":1888.46,"body":"just engaged with their service."},{"speaker":"Nick Lincoln","startTime":1885.1,"endTime":1888.46,"body":"Very odd for advice, I wouldn't"},{"speaker":"Nick Lincoln","startTime":1888.46,"endTime":1891.76,"body":"admit to that. I'd love to know"},{"speaker":"Nick Lincoln","startTime":1888.46,"endTime":1891.76,"body":"it's not in the report because I"},{"speaker":"Nick Lincoln","startTime":1891.76,"endTime":1894.82,"body":"scoured it. I'd love to know"},{"speaker":"Nick Lincoln","startTime":1891.76,"endTime":1894.82,"body":"what percentage came from"},{"speaker":"Nick Lincoln","startTime":1894.82,"endTime":1898.96,"body":"clients. Nick 24% came from"},{"speaker":"Nick Lincoln","startTime":1894.82,"endTime":1898.96,"body":"clients that 24% claim came from"},{"speaker":"Nick Lincoln","startTime":1898.96,"endTime":1902.94,"body":"clients. No. 20% of advisors"},{"speaker":"Nick Lincoln","startTime":1898.96,"endTime":1902.94,"body":"cited a neglect. They don't,"},{"speaker":"Nick Lincoln","startTime":1902.94,"endTime":1906.12,"body":"they don't quote the clients if"},{"speaker":"Nick Lincoln","startTime":1902.94,"endTime":1906.12,"body":"they were asked, and that's what"},{"speaker":"Nick Lincoln","startTime":1906.12,"endTime":1909.96,"body":"clients poor investment returns"},{"speaker":"Nick Lincoln","startTime":1906.12,"endTime":1909.96,"body":"was the second most cited reason"},{"speaker":"Nick Lincoln","startTime":1909.96,"endTime":1912.48,"body":"for clients walking away. And as"},{"speaker":"Nick Lincoln","startTime":1909.96,"endTime":1912.48,"body":"you alluded to Carl, you know,"},{"speaker":"Nick Lincoln","startTime":1912.9,"endTime":1916.68,"body":"16% of advisors said that"},{"speaker":"Nick Lincoln","startTime":1912.9,"endTime":1916.68,"body":"clients walked away because of"},{"speaker":"Nick Lincoln","startTime":1916.68,"endTime":1919.14,"body":"poor investment returns. I'm"},{"speaker":"Nick Lincoln","startTime":1916.68,"endTime":1919.14,"body":"thinking, we've this is, this is"},{"speaker":"Nick Lincoln","startTime":1919.14,"endTime":1921.42,"body":"the golden age. I mean, Jesus"},{"speaker":"Nick Lincoln","startTime":1919.14,"endTime":1921.42,"body":"Christ, they're walking away now"},{"speaker":"Nick Lincoln","startTime":1921.42,"endTime":1923.84,"body":"because of poor investment"},{"speaker":"Nick Lincoln","startTime":1921.42,"endTime":1923.84,"body":"returns. Investment returns. God"},{"speaker":"Nick Lincoln","startTime":1923.84,"endTime":1928.04,"body":"help us when we get at the next"},{"speaker":"Nick Lincoln","startTime":1923.84,"endTime":1928.04,"body":"prolonged, temporary, temporary"},{"speaker":"Nick Lincoln","startTime":1928.04,"endTime":1930.68,"body":"decline. But, yeah, very"},{"speaker":"Nick Lincoln","startTime":1928.04,"endTime":1930.68,"body":"interesting point of court. You"},{"speaker":"Nick Lincoln","startTime":1930.68,"endTime":1933.56,"body":"know, very, very well put"},{"speaker":"Nick Lincoln","startTime":1930.68,"endTime":1933.56,"body":"together. They're really on top"},{"speaker":"Nick Lincoln","startTime":1933.56,"endTime":1936.02,"body":"of this stuff. The advisor Alpha"},{"speaker":"Nick Lincoln","startTime":1933.56,"endTime":1936.02,"body":"staff has been going now, what"},{"speaker":"Nick Lincoln","startTime":1936.02,"endTime":1941.26,"body":"since 2008 nine? It's a long"},{"speaker":"Nick Lincoln","startTime":1936.02,"endTime":1941.26,"body":"time, and they're just building"},{"speaker":"Nick Lincoln","startTime":1941.26,"endTime":1942.94,"body":"on it all the time. Who's"},{"speaker":"Nick Lincoln","startTime":1941.26,"endTime":1942.94,"body":"Smithy?"},{"speaker":"Alan Smith","startTime":1945.58,"endTime":1949.54,"body":"Yeah, that's just to"},{"speaker":"Alan Smith","startTime":1945.58,"endTime":1949.54,"body":"frame this. This was Vanguard"},{"speaker":"Alan Smith","startTime":1949.54,"endTime":1954.46,"body":"surveyed. It says over 1000"},{"speaker":"Alan Smith","startTime":1949.54,"endTime":1954.46,"body":"advised investors and 200"},{"speaker":"Alan Smith","startTime":1954.88,"endTime":1958.24,"body":"financial advisors. So it's a"},{"speaker":"Alan Smith","startTime":1954.88,"endTime":1958.24,"body":"reasonable sample set you do get"},{"speaker":"Alan Smith","startTime":1958.24,"endTime":1962.52,"body":"sort of themes and trends when"},{"speaker":"Alan Smith","startTime":1958.24,"endTime":1962.52,"body":"you start speaking to 1000 plus"},{"speaker":"Alan Smith","startTime":1962.52,"endTime":1966.18,"body":"people doing it. Yeah, and just"},{"speaker":"Alan Smith","startTime":1962.52,"endTime":1966.18,"body":"to put a number on that as well,"},{"speaker":"Alan Smith","startTime":1966.6,"endTime":1970.68,"body":"the Vanguard historical advisor,"},{"speaker":"Alan Smith","startTime":1966.6,"endTime":1970.68,"body":"alpha. And candidly, I think I"},{"speaker":"Alan Smith","startTime":1970.68,"endTime":1973.44,"body":"have, and others have questioned"},{"speaker":"Alan Smith","startTime":1970.68,"endTime":1973.44,"body":"a couple of points on that in"},{"speaker":"Alan Smith","startTime":1973.44,"endTime":1977.22,"body":"the past, in terms of putting a"},{"speaker":"Alan Smith","startTime":1973.44,"endTime":1977.22,"body":"number on behavioral coaching"},{"speaker":"Alan Smith","startTime":1977.22,"endTime":1979.86,"body":"and what have you, because it's"},{"speaker":"Alan Smith","startTime":1977.22,"endTime":1979.86,"body":"hard to put a number on it. But"},{"speaker":"Alan Smith","startTime":1979.86,"endTime":1982.46,"body":"as then Carl said this is, it"},{"speaker":"Alan Smith","startTime":1979.86,"endTime":1982.46,"body":"doesn't really matter what we"},{"speaker":"Alan Smith","startTime":1982.46,"endTime":1985.94,"body":"think is what the client thinks,"},{"speaker":"Alan Smith","startTime":1982.46,"endTime":1985.94,"body":"what the client's perception is."},{"speaker":"Alan Smith","startTime":1985.94,"endTime":1990.44,"body":"And the data is that, well, 94%"},{"speaker":"Alan Smith","startTime":1985.94,"endTime":1990.44,"body":"of investors say their advisor"},{"speaker":"Alan Smith","startTime":1990.44,"endTime":1995.9,"body":"adds value, estimating an"},{"speaker":"Alan Smith","startTime":1990.44,"endTime":1995.9,"body":"average 6.5% to put a number on"},{"speaker":"Alan Smith","startTime":1995.9,"endTime":1998.9,"body":"it. So clients in general, if"},{"speaker":"Alan Smith","startTime":1995.9,"endTime":1998.9,"body":"you ask them, how much"},{"speaker":"Alan Smith","startTime":1998.9,"endTime":2001.92,"body":"additional investment returns"},{"speaker":"Alan Smith","startTime":1998.9,"endTime":2001.92,"body":"you get through behavioral"},{"speaker":"Alan Smith","startTime":2001.92,"endTime":2006.12,"body":"coaching, asset allocation, etc,"},{"speaker":"Alan Smith","startTime":2001.92,"endTime":2006.12,"body":"etc. That's the perceived number"},{"speaker":"Alan Smith","startTime":2006.24,"endTime":2012.3,"body":"six and a half percent a year."},{"speaker":"Alan Smith","startTime":2006.24,"endTime":2012.3,"body":"Interesting feedback. The key"},{"speaker":"Alan Smith","startTime":2012.36,"endTime":2015.18,"body":"theme throughout this, and it"},{"speaker":"Alan Smith","startTime":2012.36,"endTime":2015.18,"body":"doesn't come as a huge surprise,"},{"speaker":"Alan Smith","startTime":2015.24,"endTime":2019.68,"body":"really, but the key theme is"},{"speaker":"Alan Smith","startTime":2015.24,"endTime":2019.68,"body":"it's all about trust. People"},{"speaker":"Alan Smith","startTime":2019.68,"endTime":2022.34,"body":"need to trust their advisor."},{"speaker":"Alan Smith","startTime":2019.68,"endTime":2022.34,"body":"They need to trust them at the"},{"speaker":"Alan Smith","startTime":2022.34,"endTime":2026.06,"body":"outset, trust them on an ongoing"},{"speaker":"Alan Smith","startTime":2022.34,"endTime":2026.06,"body":"basis. And how do you create and"},{"speaker":"Alan Smith","startTime":2026.06,"endTime":2030.32,"body":"retain trust? It is, it is front"},{"speaker":"Alan Smith","startTime":2026.06,"endTime":2030.32,"body":"of mind. I hear what you say,"},{"speaker":"Alan Smith","startTime":2030.62,"endTime":2035.54,"body":"Nick I hear what you say that"},{"speaker":"Alan Smith","startTime":2030.62,"endTime":2035.54,"body":"you know, give clients what they"},{"speaker":"Alan Smith","startTime":2035.54,"endTime":2038.84,"body":"need, necessarily what they"},{"speaker":"Alan Smith","startTime":2035.54,"endTime":2038.84,"body":"want, but in any relationship,"},{"speaker":"Alan Smith","startTime":2038.84,"endTime":2040.42,"body":"in any professional"},{"speaker":"Alan Smith","startTime":2038.84,"endTime":2040.42,"body":"relationship, personal"},{"speaker":"Alan Smith","startTime":2040.42,"endTime":2044.62,"body":"relationship within reason. If"},{"speaker":"Alan Smith","startTime":2040.42,"endTime":2044.62,"body":"you see people and engage human"},{"speaker":"Alan Smith","startTime":2044.62,"endTime":2048.88,"body":"to human a little bit more, then"},{"speaker":"Alan Smith","startTime":2044.62,"endTime":2048.88,"body":"that tends to add another"},{"speaker":"Alan Smith","startTime":2048.88,"endTime":2052.18,"body":"deposit in the Trust Bank."},{"speaker":"Alan Smith","startTime":2048.88,"endTime":2052.18,"body":"Bottom line, if the default is,"},{"speaker":"Alan Smith","startTime":2052.18,"endTime":2055.0,"body":"which seems to be in UK,"},{"speaker":"Alan Smith","startTime":2052.18,"endTime":2055.0,"body":"Ireland, financial planning"},{"speaker":"Alan Smith","startTime":2055.0,"endTime":2058.54,"body":"right now, we default to one"},{"speaker":"Alan Smith","startTime":2055.0,"endTime":2058.54,"body":"annual planning meeting, which,"},{"speaker":"Alan Smith","startTime":2058.54,"endTime":2061.38,"body":"in your case, Nick, because you"},{"speaker":"Alan Smith","startTime":2058.54,"endTime":2061.38,"body":"told us about 20 minutes. And"},{"speaker":"Alan Smith","startTime":2061.38,"endTime":2065.88,"body":"maybe that's a blessing, but"},{"speaker":"Alan Smith","startTime":2061.38,"endTime":2065.88,"body":"often these are a couple two out"},{"speaker":"Alan Smith","startTime":2065.88,"endTime":2069.48,"body":"two hours a year. It doesn't"},{"speaker":"Alan Smith","startTime":2065.88,"endTime":2069.48,"body":"feel like a huge investment in"},{"speaker":"Alan Smith","startTime":2069.48,"endTime":2071.76,"body":"the long term. Trust, bank, I"},{"speaker":"Alan Smith","startTime":2069.48,"endTime":2071.76,"body":"know they're getting newsletters"},{"speaker":"Alan Smith","startTime":2071.76,"endTime":2075.36,"body":"and updates and what have you,"},{"speaker":"Alan Smith","startTime":2071.76,"endTime":2075.36,"body":"but I just think, and they do"},{"speaker":"Alan Smith","startTime":2075.36,"endTime":2078.9,"body":"refer within the within the"},{"speaker":"Alan Smith","startTime":2075.36,"endTime":2078.9,"body":"piece as well, about leveraging"},{"speaker":"Alan Smith","startTime":2078.9,"endTime":2082.22,"body":"technology, you know,"},{"speaker":"Alan Smith","startTime":2078.9,"endTime":2082.22,"body":"outsourcing investment"},{"speaker":"Alan Smith","startTime":2082.22,"endTime":2084.62,"body":"solutions, so you're not"},{"speaker":"Alan Smith","startTime":2082.22,"endTime":2084.62,"body":"spending half your life building"},{"speaker":"Alan Smith","startTime":2084.62,"endTime":2087.26,"body":"investment portfolios. And"},{"speaker":"Alan Smith","startTime":2084.62,"endTime":2087.26,"body":"obviously, Vanguard have got a"},{"speaker":"Alan Smith","startTime":2087.26,"endTime":2090.26,"body":"very elegant outsource solution"},{"speaker":"Alan Smith","startTime":2087.26,"endTime":2090.26,"body":"in terms of their life strategy,"},{"speaker":"Alan Smith","startTime":2090.26,"endTime":2093.56,"body":"etc, but the whole point there"},{"speaker":"Alan Smith","startTime":2090.26,"endTime":2093.56,"body":"is creating more time. And the"},{"speaker":"Alan Smith","startTime":2093.56,"endTime":2095.78,"body":"question is, what do you do with"},{"speaker":"Alan Smith","startTime":2093.56,"endTime":2095.78,"body":"the time? Well, if you can"},{"speaker":"Alan Smith","startTime":2095.78,"endTime":2098.54,"body":"create a little bit more face"},{"speaker":"Alan Smith","startTime":2095.78,"endTime":2098.54,"body":"time, and whether that moves"},{"speaker":"Alan Smith","startTime":2098.54,"endTime":2102.1,"body":"from an annual. A full fat"},{"speaker":"Alan Smith","startTime":2098.54,"endTime":2102.1,"body":"financial planning, annual"},{"speaker":"Alan Smith","startTime":2102.1,"endTime":2106.66,"body":"planning meeting, plus every six"},{"speaker":"Alan Smith","startTime":2102.1,"endTime":2106.66,"body":"months, a check in, a quick zoom"},{"speaker":"Alan Smith","startTime":2106.66,"endTime":2110.68,"body":"call, a quick teams call, just"},{"speaker":"Alan Smith","startTime":2106.66,"endTime":2110.68,"body":"touching base, seeing how you're"},{"speaker":"Alan Smith","startTime":2110.68,"endTime":2113.62,"body":"doing. And that is literally a"},{"speaker":"Alan Smith","startTime":2110.68,"endTime":2113.62,"body":"20 minute, 510 minute call."},{"speaker":"Alan Smith","startTime":2114.1,"endTime":2116.68,"body":"That's not a bad thing. Clients"},{"speaker":"Alan Smith","startTime":2114.1,"endTime":2116.68,"body":"are saying that. The clients"},{"speaker":"Alan Smith","startTime":2116.68,"endTime":2119.44,"body":"that were surveyed Nick are"},{"speaker":"Alan Smith","startTime":2116.68,"endTime":2119.44,"body":"saying, we would prefer that we"},{"speaker":"Alan Smith","startTime":2119.44,"endTime":2122.7,"body":"don't see our advisor quite"},{"speaker":"Alan Smith","startTime":2119.44,"endTime":2122.7,"body":"enough. And by the way, the"},{"speaker":"Alan Smith","startTime":2122.7,"endTime":2126.18,"body":"interim, the interim meeting,"},{"speaker":"Alan Smith","startTime":2122.7,"endTime":2126.18,"body":"isn't all the other stuff. It's"},{"speaker":"Alan Smith","startTime":2126.18,"endTime":2128.82,"body":"more of a How are you what's"},{"speaker":"Alan Smith","startTime":2126.18,"endTime":2128.82,"body":"going on?"},{"speaker":"Carl Widger","startTime":2129.42,"endTime":2131.76,"body":"Yeah, like, I can I"},{"speaker":"Carl Widger","startTime":2129.42,"endTime":2131.76,"body":"give you a good example of that,"},{"speaker":"Carl Widger","startTime":2131.76,"endTime":2135.12,"body":"our company solicitor. I haven't"},{"speaker":"Carl Widger","startTime":2131.76,"endTime":2135.12,"body":"had any reason to speak to him"},{"speaker":"Carl Widger","startTime":2135.12,"endTime":2137.64,"body":"in a good while, and I met him"},{"speaker":"Carl Widger","startTime":2135.12,"endTime":2137.64,"body":"at an event, and he went, Hey,"},{"speaker":"Carl Widger","startTime":2137.64,"endTime":2140.54,"body":"we haven't, we haven't met up in"},{"speaker":"Carl Widger","startTime":2137.64,"endTime":2140.54,"body":"a while. Let's have lunch. And"},{"speaker":"Carl Widger","startTime":2140.54,"endTime":2145.16,"body":"we sat down, we had lunch, and"},{"speaker":"Carl Widger","startTime":2140.54,"endTime":2145.16,"body":"he was going to Orlando with his"},{"speaker":"Carl Widger","startTime":2145.16,"endTime":2149.0,"body":"kids, and I had done that, and"},{"speaker":"Carl Widger","startTime":2145.16,"endTime":2149.0,"body":"we basically chatted over lunch"},{"speaker":"Carl Widger","startTime":2149.0,"endTime":2153.08,"body":"about exactly that trip. So"},{"speaker":"Carl Widger","startTime":2149.0,"endTime":2153.08,"body":"there was very little or no work"},{"speaker":"Carl Widger","startTime":2153.08,"endTime":2158.24,"body":"discussed, but it definitely"},{"speaker":"Carl Widger","startTime":2153.08,"endTime":2158.24,"body":"forged the bond stronger. And if"},{"speaker":"Carl Widger","startTime":2158.24,"endTime":2162.76,"body":"I ever need a company solicitor,"},{"speaker":"Carl Widger","startTime":2158.24,"endTime":2162.76,"body":"it'll be harder. It would, it"},{"speaker":"Carl Widger","startTime":2162.76,"endTime":2165.34,"body":"would be more difficult for me"},{"speaker":"Carl Widger","startTime":2162.76,"endTime":2165.34,"body":"to even consider anybody else."},{"speaker":"Carl Widger","startTime":2165.34,"endTime":2169.72,"body":"So look these touch points. They"},{"speaker":"Carl Widger","startTime":2165.34,"endTime":2169.72,"body":"do matter, and this report has"},{"speaker":"Carl Widger","startTime":2169.72,"endTime":2171.04,"body":"just told us that,"},{"speaker":"Andy Hart","startTime":2173.8,"endTime":2176.02,"body":"just to confirm,"},{"speaker":"Andy Hart","startTime":2173.8,"endTime":2176.02,"body":"Carl, listeners can click the"},{"speaker":"Andy Hart","startTime":2176.02,"endTime":2178.18,"body":"link in the show notes, and they"},{"speaker":"Andy Hart","startTime":2176.02,"endTime":2178.18,"body":"if they have an account with"},{"speaker":"Andy Hart","startTime":2178.18,"endTime":2180.42,"body":"Vanguard, they can download"},{"speaker":"Andy Hart","startTime":2178.18,"endTime":2180.42,"body":"this. If they don't, they don't."},{"speaker":"Andy Hart","startTime":2180.42,"endTime":2182.52,"body":"They just set up a quick"},{"speaker":"Andy Hart","startTime":2180.42,"endTime":2182.52,"body":"account. They can download it."},{"speaker":"Andy Hart","startTime":2182.52,"endTime":2185.04,"body":"That's what I'm looking at."},{"speaker":"Andy Hart","startTime":2182.52,"endTime":2185.04,"body":"Client, connect"},{"speaker":"Carl Widger","startTime":2185.58,"endTime":2187.2,"body":"super so I did it"},{"speaker":"Carl Widger","startTime":2185.58,"endTime":2187.2,"body":"right."},{"speaker":"Andy Hart","startTime":2187.38,"endTime":2191.04,"body":"Okay, yeah, link in"},{"speaker":"Andy Hart","startTime":2187.38,"endTime":2191.04,"body":"the show notes right onwards."},{"speaker":"Andy Hart","startTime":2191.04,"endTime":2191.76,"body":"What's next"},{"speaker":"Nick Lincoln","startTime":2192.06,"endTime":2194.94,"body":"on what's next is,"},{"speaker":"Nick Lincoln","startTime":2192.06,"endTime":2194.94,"body":"oh, very quick one on this one,"},{"speaker":"Nick Lincoln","startTime":2194.94,"endTime":2196.56,"body":"Smith, the SGPs, new charges."},{"speaker":"Carl Widger","startTime":2198.18,"endTime":2199.98,"body":"And be careful."},{"speaker":"Carl Widger","startTime":2198.18,"endTime":2199.98,"body":"Make sure you get it right."},{"speaker":"Carl Widger","startTime":2202.02,"endTime":2202.46,"body":"You're"},{"speaker":"Alan Smith","startTime":2203.9,"endTime":2206.66,"body":"I didn't start"},{"speaker":"Alan Smith","startTime":2203.9,"endTime":2206.66,"body":"speaking, though, to be fair, I"},{"speaker":"Alan Smith","startTime":2206.66,"endTime":2209.54,"body":"noticed I was unmuted. Having"},{"speaker":"Alan Smith","startTime":2206.66,"endTime":2209.54,"body":"yourself muted. Now I'm unmuted"},{"speaker":"Alan Smith","startTime":2209.54,"endTime":2212.6,"body":"anyway. Content. It is a quick"},{"speaker":"Alan Smith","startTime":2209.54,"endTime":2212.6,"body":"one. We have been tracking the"},{"speaker":"Alan Smith","startTime":2212.6,"endTime":2215.84,"body":"fate of the mighty St James's"},{"speaker":"Alan Smith","startTime":2212.6,"endTime":2215.84,"body":"place for several years on this"},{"speaker":"Alan Smith","startTime":2215.84,"endTime":2219.32,"body":"podcast now, from the from the"},{"speaker":"Alan Smith","startTime":2215.84,"endTime":2219.32,"body":"high highs to the low lows of"},{"speaker":"Alan Smith","startTime":2219.32,"endTime":2222.28,"body":"last year, when the share price"},{"speaker":"Alan Smith","startTime":2219.32,"endTime":2222.28,"body":"collapsed, and everything went"},{"speaker":"Alan Smith","startTime":2222.28,"endTime":2225.28,"body":"kind of wrong for them for a"},{"speaker":"Alan Smith","startTime":2222.28,"endTime":2225.28,"body":"bit. And it was either it was"},{"speaker":"Alan Smith","startTime":2225.28,"endTime":2227.32,"body":"going to go one of two ways."},{"speaker":"Alan Smith","startTime":2225.28,"endTime":2227.32,"body":"They were either going to go"},{"speaker":"Alan Smith","startTime":2227.32,"endTime":2230.68,"body":"into oblivion or they're going"},{"speaker":"Alan Smith","startTime":2227.32,"endTime":2230.68,"body":"to make, you know, a heroic"},{"speaker":"Alan Smith","startTime":2230.8,"endTime":2234.34,"body":"return to success. And it looks"},{"speaker":"Alan Smith","startTime":2230.8,"endTime":2234.34,"body":"like it's the latter. The"},{"speaker":"Alan Smith","startTime":2234.34,"endTime":2237.28,"body":"numbers more recently, are"},{"speaker":"Alan Smith","startTime":2234.34,"endTime":2237.28,"body":"incredible. They're, you know,"},{"speaker":"Alan Smith","startTime":2237.28,"endTime":2240.66,"body":"they're sort of new assets in in"},{"speaker":"Alan Smith","startTime":2237.28,"endTime":2240.66,"body":"the last quarter, just reported,"},{"speaker":"Alan Smith","startTime":2240.72,"endTime":2243.9,"body":"are at a record breaking level,"},{"speaker":"Alan Smith","startTime":2240.72,"endTime":2243.9,"body":"and they're flying again."},{"speaker":"Alan Smith","startTime":2243.9,"endTime":2245.64,"body":"They've gone through a very"},{"speaker":"Alan Smith","startTime":2243.9,"endTime":2245.64,"body":"painful process, but"},{"speaker":"Alan Smith","startTime":2245.64,"endTime":2249.48,"body":"specifically what I noted their"},{"speaker":"Alan Smith","startTime":2245.64,"endTime":2249.48,"body":"new pricing charging structure,"},{"speaker":"Alan Smith","startTime":2249.48,"endTime":2252.42,"body":"which I don't think is quite out"},{"speaker":"Alan Smith","startTime":2249.48,"endTime":2252.42,"body":"yet, but it's imminent, is"},{"speaker":"Alan Smith","startTime":2252.42,"endTime":2255.72,"body":"extremely competitive, because"},{"speaker":"Alan Smith","startTime":2252.42,"endTime":2255.72,"body":"you can now access low cost"},{"speaker":"Alan Smith","startTime":2255.72,"endTime":2258.78,"body":"index funds. And of course, with"},{"speaker":"Alan Smith","startTime":2255.72,"endTime":2258.78,"body":"their scale, I can't remember,"},{"speaker":"Alan Smith","startTime":2258.78,"endTime":2262.7,"body":"is it State Street or one of the"},{"speaker":"Alan Smith","startTime":2258.78,"endTime":2262.7,"body":"huge like institutional, is a"},{"speaker":"Alan Smith","startTime":2262.7,"endTime":2264.98,"body":"Straight Street. So they have"},{"speaker":"Alan Smith","startTime":2262.7,"endTime":2264.98,"body":"got to deal with state, State"},{"speaker":"Alan Smith","startTime":2264.98,"endTime":2267.74,"body":"Street, paying, you know,"},{"speaker":"Alan Smith","startTime":2264.98,"endTime":2267.74,"body":"pennies. So the whole thing now"},{"speaker":"Alan Smith","startTime":2267.92,"endTime":2272.84,"body":"for advice and custody, tax,"},{"speaker":"Alan Smith","startTime":2267.92,"endTime":2272.84,"body":"rapids, etc, and investment, if"},{"speaker":"Alan Smith","startTime":2272.84,"endTime":2275.96,"body":"you use a low cost index funds,"},{"speaker":"Alan Smith","startTime":2272.84,"endTime":2275.96,"body":"the figure quoted that I saw was"},{"speaker":"Alan Smith","startTime":2276.02,"endTime":2281.02,"body":"1.27% now that's punchy in terms"},{"speaker":"Alan Smith","startTime":2276.02,"endTime":2281.02,"body":"of a composite, if you're doing"},{"speaker":"Alan Smith","startTime":2281.02,"endTime":2284.56,"body":"proper financial planning and"},{"speaker":"Alan Smith","startTime":2281.02,"endTime":2284.56,"body":"tax structuring, advice and"},{"speaker":"Alan Smith","startTime":2284.56,"endTime":2286.78,"body":"investment manager and"},{"speaker":"Alan Smith","startTime":2284.56,"endTime":2286.78,"body":"everything else. So all of a"},{"speaker":"Alan Smith","startTime":2286.78,"endTime":2291.04,"body":"sudden, the company that we're"},{"speaker":"Alan Smith","startTime":2286.78,"endTime":2291.04,"body":"always pointed to as being the"},{"speaker":"Alan Smith","startTime":2291.04,"endTime":2294.4,"body":"crazy so expensive no one's"},{"speaker":"Alan Smith","startTime":2291.04,"endTime":2294.4,"body":"going to pay that. They're now"},{"speaker":"Alan Smith","startTime":2294.46,"endTime":2298.36,"body":"seriously credible. If price is"},{"speaker":"Alan Smith","startTime":2294.46,"endTime":2298.36,"body":"you're a differentiator. They're"},{"speaker":"Alan Smith","startTime":2298.36,"endTime":2301.98,"body":"not competing with the best any"},{"speaker":"Alan Smith","startTime":2298.36,"endTime":2301.98,"body":"of us. Quite frankly, I thought"},{"speaker":"Alan Smith","startTime":2301.98,"endTime":2304.8,"body":"that's quite interesting. So"},{"speaker":"Alan Smith","startTime":2301.98,"endTime":2304.8,"body":"their fortunes be interesting to"},{"speaker":"Alan Smith","startTime":2304.8,"endTime":2306.78,"body":"track over the next year or two."},{"speaker":"Andy Hart","startTime":2308.04,"endTime":2311.34,"body":"The bulk of the"},{"speaker":"Andy Hart","startTime":2308.04,"endTime":2311.34,"body":"detractors did focus on price."},{"speaker":"Andy Hart","startTime":2311.34,"endTime":2316.68,"body":"But obviously, SJP is huge."},{"speaker":"Andy Hart","startTime":2311.34,"endTime":2316.68,"body":"Their famous in house 100 fund"},{"speaker":"Andy Hart","startTime":2316.68,"endTime":2320.54,"body":"ranges called Polaris, Polaris"},{"speaker":"Andy Hart","startTime":2316.68,"endTime":2320.54,"body":"active, which are slightly"},{"speaker":"Andy Hart","startTime":2320.54,"endTime":2324.62,"body":"higher fees. These are now their"},{"speaker":"Andy Hart","startTime":2320.54,"endTime":2324.62,"body":"Polaris passives, keep it"},{"speaker":"Andy Hart","startTime":2324.62,"endTime":2328.58,"body":"simple. And insiders, I mean,"},{"speaker":"Andy Hart","startTime":2324.62,"endTime":2328.58,"body":"advisors that work there,"},{"speaker":"Andy Hart","startTime":2328.58,"endTime":2330.5,"body":"they're delighted about this is"},{"speaker":"Andy Hart","startTime":2328.58,"endTime":2330.5,"body":"telling, you know, they're"},{"speaker":"Andy Hart","startTime":2330.5,"endTime":2333.2,"body":"telling me, Andy, this is great"},{"speaker":"Andy Hart","startTime":2330.5,"endTime":2333.2,"body":"news. And they're saying it's"},{"speaker":"Andy Hart","startTime":2333.2,"endTime":2336.8,"body":"going to be interesting to see"},{"speaker":"Andy Hart","startTime":2333.2,"endTime":2336.8,"body":"the performance differentiation"},{"speaker":"Andy Hart","startTime":2336.8,"endTime":2340.46,"body":"between the Polaris active and"},{"speaker":"Andy Hart","startTime":2336.8,"endTime":2340.46,"body":"the Polaris, you know, passive."},{"speaker":"Andy Hart","startTime":2340.46,"endTime":2343.48,"body":"And I'm like, I'm pretty sure I"},{"speaker":"Andy Hart","startTime":2340.46,"endTime":2343.48,"body":"know how this story is going to"},{"speaker":"Andy Hart","startTime":2343.48,"endTime":2347.74,"body":"end. You know, however long you"},{"speaker":"Andy Hart","startTime":2343.48,"endTime":2347.74,"body":"push this timeframe out, the"},{"speaker":"Andy Hart","startTime":2347.74,"endTime":2351.52,"body":"passive funds, should. I"},{"speaker":"Andy Hart","startTime":2347.74,"endTime":2351.52,"body":"wouldn't put my life on it, but"},{"speaker":"Andy Hart","startTime":2351.58,"endTime":2354.64,"body":"almost closely they will,"},{"speaker":"Andy Hart","startTime":2351.58,"endTime":2354.64,"body":"massively, I'll put your life on"},{"speaker":"Andy Hart","startTime":2354.64,"endTime":2358.12,"body":"it. The active funds, it's a"},{"speaker":"Andy Hart","startTime":2354.64,"endTime":2358.12,"body":"pure maths it's a pure maths"},{"speaker":"Andy Hart","startTime":2358.18,"endTime":2362.76,"body":"Excel problem, but but we will"},{"speaker":"Andy Hart","startTime":2358.18,"endTime":2362.76,"body":"see. But, yeah, it's pretty"},{"speaker":"Andy Hart","startTime":2362.76,"endTime":2365.82,"body":"competitive. All in ongoing fee"},{"speaker":"Andy Hart","startTime":2362.76,"endTime":2365.82,"body":"for a human advisor."},{"speaker":"Carl Widger","startTime":2366.48,"endTime":2369.12,"body":"Yeah, bloody"},{"speaker":"Carl Widger","startTime":2366.48,"endTime":2369.12,"body":"brilliant company. I said it way"},{"speaker":"Carl Widger","startTime":2369.12,"endTime":2371.46,"body":"back. This is going to trigger"},{"speaker":"Carl Widger","startTime":2369.12,"endTime":2371.46,"body":"so many people. Oh, yeah,"},{"speaker":"Carl Widger","startTime":2373.86,"endTime":2377.64,"body":"Trappists, if you remember back,"},{"speaker":"Carl Widger","startTime":2373.86,"endTime":2377.64,"body":"I said when the share price"},{"speaker":"Carl Widger","startTime":2377.64,"endTime":2380.6,"body":"collapsed, I said they are"},{"speaker":"Carl Widger","startTime":2377.64,"endTime":2380.6,"body":"taking the pain. They are making"},{"speaker":"Carl Widger","startTime":2380.6,"endTime":2383.72,"body":"changes. They're doing the hard"},{"speaker":"Carl Widger","startTime":2380.6,"endTime":2383.72,"body":"stuff. They went up front, yeah,"},{"speaker":"Carl Widger","startTime":2383.78,"endTime":2386.9,"body":"and and they did. They just went"},{"speaker":"Carl Widger","startTime":2383.78,"endTime":2386.9,"body":"straight out. They put held"},{"speaker":"Carl Widger","startTime":2386.9,"endTime":2389.24,"body":"their hands up and said, We're"},{"speaker":"Carl Widger","startTime":2386.9,"endTime":2389.24,"body":"doing this, this and this. And I"},{"speaker":"Carl Widger","startTime":2389.24,"endTime":2393.38,"body":"said, if I was an investor, I"},{"speaker":"Carl Widger","startTime":2389.24,"endTime":2393.38,"body":"would buy their share. Now,"},{"speaker":"Carl Widger","startTime":2393.62,"endTime":2397.64,"body":"they're a fantastic company. And"},{"speaker":"Carl Widger","startTime":2393.62,"endTime":2397.64,"body":"now all the people who said, Oh,"},{"speaker":"Carl Widger","startTime":2397.64,"endTime":2400.78,"body":"they're so dear, that's the only"},{"speaker":"Carl Widger","startTime":2397.64,"endTime":2400.78,"body":"reason not to. To invest with"},{"speaker":"Carl Widger","startTime":2400.78,"endTime":2403.06,"body":"them. Let's hear how they change"},{"speaker":"Carl Widger","startTime":2400.78,"endTime":2403.06,"body":"their tune."},{"speaker":"Alan Smith","startTime":2403.36,"endTime":2406.6,"body":"So yeah, finally,"},{"speaker":"Alan Smith","startTime":2403.36,"endTime":2406.6,"body":"focus on the final point here"},{"speaker":"Alan Smith","startTime":2406.6,"endTime":2410.5,"body":"has got to be so therefore, if,"},{"speaker":"Alan Smith","startTime":2406.6,"endTime":2410.5,"body":"as often happens in mature"},{"speaker":"Alan Smith","startTime":2410.56,"endTime":2413.44,"body":"industries and professions, if"},{"speaker":"Alan Smith","startTime":2410.56,"endTime":2413.44,"body":"price no longer is a"},{"speaker":"Alan Smith","startTime":2413.44,"endTime":2416.38,"body":"differentiator, and frankly, if"},{"speaker":"Alan Smith","startTime":2413.44,"endTime":2416.38,"body":"you want to hire a London"},{"speaker":"Alan Smith","startTime":2416.38,"endTime":2419.2,"body":"lawyer, one isn't three times"},{"speaker":"Alan Smith","startTime":2416.38,"endTime":2419.2,"body":"the price of the other, without"},{"speaker":"Alan Smith","startTime":2419.2,"endTime":2421.68,"body":"good reason, they all sort of"},{"speaker":"Alan Smith","startTime":2419.2,"endTime":2421.68,"body":"congregate around a certain"},{"speaker":"Alan Smith","startTime":2421.68,"endTime":2424.2,"body":"price. So they're now"},{"speaker":"Alan Smith","startTime":2421.68,"endTime":2424.2,"body":"congregating around the sort of"},{"speaker":"Alan Smith","startTime":2424.2,"endTime":2428.22,"body":"the pricing of the independent"},{"speaker":"Alan Smith","startTime":2424.2,"endTime":2428.22,"body":"sector. It says. So, as should"},{"speaker":"Alan Smith","startTime":2428.22,"endTime":2431.28,"body":"always happen, the focus should"},{"speaker":"Alan Smith","startTime":2428.22,"endTime":2431.28,"body":"be on what you get for your"},{"speaker":"Alan Smith","startTime":2431.28,"endTime":2434.58,"body":"money. Do you get comprehensive,"},{"speaker":"Alan Smith","startTime":2431.28,"endTime":2434.58,"body":"full fat, financial planning,"},{"speaker":"Alan Smith","startTime":2434.64,"endTime":2437.28,"body":"behavioral coaching? What sort"},{"speaker":"Alan Smith","startTime":2434.64,"endTime":2437.28,"body":"of experience? Because that's"},{"speaker":"Alan Smith","startTime":2437.28,"endTime":2439.38,"body":"the differentiator. If you're"},{"speaker":"Alan Smith","startTime":2437.28,"endTime":2439.38,"body":"just getting pension"},{"speaker":"Alan Smith","startTime":2439.38,"endTime":2442.52,"body":"consolidation, switching funds"},{"speaker":"Alan Smith","startTime":2439.38,"endTime":2442.52,"body":"around for the same price, then"},{"speaker":"Alan Smith","startTime":2442.52,"endTime":2445.28,"body":"it's bullshit. So all of a"},{"speaker":"Alan Smith","startTime":2442.52,"endTime":2445.28,"body":"sudden, we're in the world now"},{"speaker":"Alan Smith","startTime":2445.28,"endTime":2448.28,"body":"where everyone's competing and"},{"speaker":"Alan Smith","startTime":2445.28,"endTime":2448.28,"body":"what they actually deliver and"},{"speaker":"Alan Smith","startTime":2448.28,"endTime":2450.62,"body":"the value they deliver to the"},{"speaker":"Alan Smith","startTime":2448.28,"endTime":2450.62,"body":"clients, which is a good thing"},{"speaker":"Alan Smith","startTime":2450.62,"endTime":2453.32,"body":"for for clients and for"},{"speaker":"Alan Smith","startTime":2450.62,"endTime":2453.32,"body":"investors."},{"speaker":"Andy Hart","startTime":2454.94,"endTime":2456.98,"body":"Yeah, good point."},{"speaker":"Andy Hart","startTime":2454.94,"endTime":2456.98,"body":"Alan, the whole industry, over"},{"speaker":"Andy Hart","startTime":2456.98,"endTime":2459.38,"body":"time, I think it's going to"},{"speaker":"Andy Hart","startTime":2456.98,"endTime":2459.38,"body":"accelerate a lot quicker now to"},{"speaker":"Andy Hart","startTime":2459.38,"endTime":2462.28,"body":"full fat financial planning and"},{"speaker":"Andy Hart","startTime":2459.38,"endTime":2462.28,"body":"focusing on the behavioral"},{"speaker":"Andy Hart","startTime":2462.28,"endTime":2465.7,"body":"coaching. It's good news for end"},{"speaker":"Andy Hart","startTime":2462.28,"endTime":2465.7,"body":"consumers. Yeah, great stuff."},{"speaker":"Andy Hart","startTime":2465.7,"endTime":2466.66,"body":"Nick, should certainly"},{"speaker":"Nick Lincoln","startTime":2466.659,"endTime":2470.559,"body":"got the 1.27"},{"speaker":"Nick Lincoln","startTime":2466.659,"endTime":2470.559,"body":"Correct. There'll be a deadly"},{"speaker":"Nick Lincoln","startTime":2470.559,"endTime":2470.979,"body":"coming our"},{"speaker":"Andy Hart","startTime":2470.98,"endTime":2475.06,"body":"way. It can be lower."},{"speaker":"Andy Hart","startTime":2470.98,"endTime":2475.06,"body":"They've got a fund at 0.09% it's"},{"speaker":"Andy Hart","startTime":2475.12,"endTime":2478.24,"body":"staggering, an international"},{"speaker":"Andy Hart","startTime":2475.12,"endTime":2478.24,"body":"equity fund. Okay? Anyway,"},{"speaker":"Andy Hart","startTime":2478.24,"endTime":2478.48,"body":"sorry,"},{"speaker":"Nick Lincoln","startTime":2478.48,"endTime":2480.96,"body":"Nick, thank you."},{"speaker":"Nick Lincoln","startTime":2478.48,"endTime":2480.96,"body":"So moving on from the"},{"speaker":"Nick Lincoln","startTime":2481.08,"endTime":2485.94,"body":"invulnerable SJP to vulnerable"},{"speaker":"Nick Lincoln","startTime":2481.08,"endTime":2485.94,"body":"clients. And just forgive me for"},{"speaker":"Nick Lincoln","startTime":2485.94,"endTime":2488.58,"body":"this, but I've got to spend a"},{"speaker":"Nick Lincoln","startTime":2485.94,"endTime":2488.58,"body":"few moments just setting the"},{"speaker":"Nick Lincoln","startTime":2488.58,"endTime":2492.12,"body":"setting the picture on this one."},{"speaker":"Nick Lincoln","startTime":2488.58,"endTime":2492.12,"body":"I've got a client who I've"},{"speaker":"Nick Lincoln","startTime":2492.12,"endTime":2495.72,"body":"known. He's been a client since"},{"speaker":"Nick Lincoln","startTime":2492.12,"endTime":2495.72,"body":"2002 2003 ish, and he came with"},{"speaker":"Nick Lincoln","startTime":2495.72,"endTime":2499.38,"body":"me to values division when I set"},{"speaker":"Nick Lincoln","startTime":2495.72,"endTime":2499.38,"body":"up in 2008 he was like a seed"},{"speaker":"Nick Lincoln","startTime":2499.38,"endTime":2501.96,"body":"client. I needed a handful of"},{"speaker":"Nick Lincoln","startTime":2499.38,"endTime":2501.96,"body":"clients to come with me with the"},{"speaker":"Nick Lincoln","startTime":2501.96,"endTime":2503.96,"body":"ongoing trail commission."},{"speaker":"Nick Lincoln","startTime":2501.96,"endTime":2503.96,"body":"Ongoing trail commission, just"},{"speaker":"Nick Lincoln","startTime":2503.96,"endTime":2506.66,"body":"to make my business, just like"},{"speaker":"Nick Lincoln","startTime":2503.96,"endTime":2506.66,"body":"you have some cash coming in in"},{"speaker":"Nick Lincoln","startTime":2506.66,"endTime":2514.04,"body":"the early days. And he was the"},{"speaker":"Nick Lincoln","startTime":2506.66,"endTime":2514.04,"body":"CEO of two big proper blue chip"},{"speaker":"Nick Lincoln","startTime":2514.04,"endTime":2517.82,"body":"PLC companies in his time. He"},{"speaker":"Nick Lincoln","startTime":2514.04,"endTime":2517.82,"body":"was a big thing. He was a big"},{"speaker":"Nick Lincoln","startTime":2517.82,"endTime":2520.84,"body":"thing in the city, and he was a"},{"speaker":"Nick Lincoln","startTime":2517.82,"endTime":2520.84,"body":"non exec on the boards of other"},{"speaker":"Nick Lincoln","startTime":2520.84,"endTime":2524.98,"body":"big brands, and he was someone"},{"speaker":"Nick Lincoln","startTime":2520.84,"endTime":2524.98,"body":"who was once a thing and was"},{"speaker":"Nick Lincoln","startTime":2525.28,"endTime":2532.18,"body":"listened to. And now he's 88"},{"speaker":"Nick Lincoln","startTime":2525.28,"endTime":2532.18,"body":"he's living at home, nice home"},{"speaker":"Nick Lincoln","startTime":2532.18,"endTime":2535.66,"body":"in the home counties. His his"},{"speaker":"Nick Lincoln","startTime":2532.18,"endTime":2535.66,"body":"wife has got dementia. He's"},{"speaker":"Nick Lincoln","startTime":2535.66,"endTime":2539.44,"body":"effectively a carer for his"},{"speaker":"Nick Lincoln","startTime":2535.66,"endTime":2539.44,"body":"wife. He's still got most of his"},{"speaker":"Nick Lincoln","startTime":2539.44,"endTime":2542.7,"body":"faculties, but he's bored,"},{"speaker":"Nick Lincoln","startTime":2539.44,"endTime":2542.7,"body":"witless. No one cares anymore"},{"speaker":"Nick Lincoln","startTime":2542.7,"endTime":2546.54,"body":"what he thinks about anything in"},{"speaker":"Nick Lincoln","startTime":2542.7,"endTime":2546.54,"body":"terms of business. His his time"},{"speaker":"Nick Lincoln","startTime":2546.84,"endTime":2550.14,"body":"is gone, but he's struggling to"},{"speaker":"Nick Lincoln","startTime":2546.84,"endTime":2550.14,"body":"adapt this so, and I don't look"},{"speaker":"Nick Lincoln","startTime":2550.14,"endTime":2553.74,"body":"after all this client's wealth,"},{"speaker":"Nick Lincoln","startTime":2550.14,"endTime":2553.74,"body":"he's got money with a well known"},{"speaker":"Nick Lincoln","startTime":2553.74,"endTime":2556.2,"body":"wealth manager, slash DFM I"},{"speaker":"Nick Lincoln","startTime":2553.74,"endTime":2556.2,"body":"never know quite what the"},{"speaker":"Nick Lincoln","startTime":2556.2,"endTime":2558.72,"body":"crossover is, but you know the"},{"speaker":"Nick Lincoln","startTime":2556.2,"endTime":2558.72,"body":"kind of people I'm talking"},{"speaker":"Nick Lincoln","startTime":2558.72,"endTime":2562.82,"body":"about. You know the posh, posh"},{"speaker":"Nick Lincoln","startTime":2558.72,"endTime":2562.82,"body":"brigade, and I'm not getting"},{"speaker":"Nick Lincoln","startTime":2562.82,"endTime":2565.16,"body":"these emails from this client."},{"speaker":"Nick Lincoln","startTime":2562.82,"endTime":2565.16,"body":"Let's call him Derek. I'm"},{"speaker":"Nick Lincoln","startTime":2565.52,"endTime":2567.44,"body":"getting these emails I'm"},{"speaker":"Nick Lincoln","startTime":2565.52,"endTime":2567.44,"body":"writing. So the other day, I was"},{"speaker":"Nick Lincoln","startTime":2567.44,"endTime":2569.9,"body":"at my desk at 630 in the"},{"speaker":"Nick Lincoln","startTime":2567.44,"endTime":2569.9,"body":"morning, there was already an"},{"speaker":"Nick Lincoln","startTime":2569.9,"endTime":2573.14,"body":"email from Derek in my inbox"},{"speaker":"Nick Lincoln","startTime":2569.9,"endTime":2573.14,"body":"saying, Nick, I want to move 5"},{"speaker":"Nick Lincoln","startTime":2573.14,"endTime":2577.94,"body":"million pounds from my GIA over"},{"speaker":"Nick Lincoln","startTime":2573.14,"endTime":2577.94,"body":"to over to your low cost"},{"speaker":"Nick Lincoln","startTime":2578.0,"endTime":2581.26,"body":"evidence based portfolios with,"},{"speaker":"Nick Lincoln","startTime":2578.0,"endTime":2581.26,"body":"with, with with the platform"},{"speaker":"Nick Lincoln","startTime":2581.26,"endTime":2584.26,"body":"that he's been on since forever,"},{"speaker":"Nick Lincoln","startTime":2581.26,"endTime":2584.26,"body":"because over time, he's realized"},{"speaker":"Nick Lincoln","startTime":2584.26,"endTime":2587.86,"body":"that posh DFM just can't, as you"},{"speaker":"Nick Lincoln","startTime":2584.26,"endTime":2587.86,"body":"alluded to there, and it's just"},{"speaker":"Nick Lincoln","startTime":2587.86,"endTime":2590.26,"body":"a spreadsheet thing. Over time,"},{"speaker":"Nick Lincoln","startTime":2587.86,"endTime":2590.26,"body":"it's really difficult for posh"},{"speaker":"Nick Lincoln","startTime":2590.26,"endTime":2593.74,"body":"DFM to keep up with a low cost,"},{"speaker":"Nick Lincoln","startTime":2590.26,"endTime":2593.74,"body":"evidence based equity portfolio."},{"speaker":"Nick Lincoln","startTime":2593.74,"endTime":2596.2,"body":"So I get this email thinking,"},{"speaker":"Nick Lincoln","startTime":2593.74,"endTime":2596.2,"body":"Christ on a bike. He wants to"},{"speaker":"Nick Lincoln","startTime":2596.2,"endTime":2599.02,"body":"move five minutes. He's 88 years"},{"speaker":"Nick Lincoln","startTime":2596.2,"endTime":2599.02,"body":"old for a star. I don't really"},{"speaker":"Nick Lincoln","startTime":2599.02,"endTime":2601.48,"body":"want to be taking money off an"},{"speaker":"Nick Lincoln","startTime":2599.02,"endTime":2601.48,"body":"88 year old. I don't care how"},{"speaker":"Nick Lincoln","startTime":2601.48,"endTime":2605.04,"body":"compos mentis they are from. A"},{"speaker":"Nick Lincoln","startTime":2601.48,"endTime":2605.04,"body":"GIA, which means an enormous"},{"speaker":"Nick Lincoln","startTime":2605.04,"endTime":2609.24,"body":"capital gains tax situation, and"},{"speaker":"Nick Lincoln","startTime":2605.04,"endTime":2609.24,"body":"I'm getting more of these emails"},{"speaker":"Nick Lincoln","startTime":2609.24,"endTime":2612.06,"body":"from him. So what I've done, and"},{"speaker":"Nick Lincoln","startTime":2609.24,"endTime":2612.06,"body":"this is where it gets a bit hazy"},{"speaker":"Nick Lincoln","startTime":2612.06,"endTime":2614.7,"body":"with vulnerable clients, because"},{"speaker":"Nick Lincoln","startTime":2612.06,"endTime":2614.7,"body":"we've all got a duty of care,"},{"speaker":"Nick Lincoln","startTime":2614.7,"endTime":2617.04,"body":"not because the legislation says"},{"speaker":"Nick Lincoln","startTime":2614.7,"endTime":2617.04,"body":"we have to, it's because it's"},{"speaker":"Nick Lincoln","startTime":2617.04,"endTime":2619.32,"body":"baked into us, right? Because"},{"speaker":"Nick Lincoln","startTime":2617.04,"endTime":2619.32,"body":"our clients are our income,"},{"speaker":"Nick Lincoln","startTime":2619.32,"endTime":2622.16,"body":"we've got a duty of care to"},{"speaker":"Nick Lincoln","startTime":2619.32,"endTime":2622.16,"body":"these kind of clients. And so"},{"speaker":"Nick Lincoln","startTime":2622.16,"endTime":2625.76,"body":"what I've done is two of his"},{"speaker":"Nick Lincoln","startTime":2622.16,"endTime":2625.76,"body":"sons were also clients of mine,"},{"speaker":"Nick Lincoln","startTime":2625.76,"endTime":2628.64,"body":"and the younger one, David, I've"},{"speaker":"Nick Lincoln","startTime":2625.76,"endTime":2628.64,"body":"kind of brought him in now, and"},{"speaker":"Nick Lincoln","startTime":2628.64,"endTime":2631.22,"body":"I said, Listen, when dad sends"},{"speaker":"Nick Lincoln","startTime":2628.64,"endTime":2631.22,"body":"me an email like this, I'm going"},{"speaker":"Nick Lincoln","startTime":2631.22,"endTime":2634.46,"body":"to forward it on to you, okay?"},{"speaker":"Nick Lincoln","startTime":2631.22,"endTime":2634.46,"body":"And then we're going to triage"},{"speaker":"Nick Lincoln","startTime":2634.46,"endTime":2637.28,"body":"it. You're going to go round to"},{"speaker":"Nick Lincoln","startTime":2634.46,"endTime":2637.28,"body":"your dad's house, go through his"},{"speaker":"Nick Lincoln","startTime":2637.28,"endTime":2639.86,"body":"emails and pretend to see this"},{"speaker":"Nick Lincoln","startTime":2637.28,"endTime":2639.86,"body":"email you've sent to Nick and"},{"speaker":"Nick Lincoln","startTime":2639.86,"endTime":2642.64,"body":"then we're going to have a three"},{"speaker":"Nick Lincoln","startTime":2639.86,"endTime":2642.64,"body":"way conversation about it, and"},{"speaker":"Nick Lincoln","startTime":2642.64,"endTime":2645.46,"body":"sort of massage your dad out of"},{"speaker":"Nick Lincoln","startTime":2642.64,"endTime":2645.46,"body":"that decision, which I think is"},{"speaker":"Nick Lincoln","startTime":2645.46,"endTime":2648.94,"body":"a very bad decision. Now"},{"speaker":"Nick Lincoln","startTime":2645.46,"endTime":2648.94,"body":"obviously this break this"},{"speaker":"Nick Lincoln","startTime":2648.94,"endTime":2652.96,"body":"because the dad is a proud man,"},{"speaker":"Nick Lincoln","startTime":2648.94,"endTime":2652.96,"body":"okay? And he would, I think he"},{"speaker":"Nick Lincoln","startTime":2652.96,"endTime":2656.26,"body":"would be, he wouldn't be overly"},{"speaker":"Nick Lincoln","startTime":2652.96,"endTime":2656.26,"body":"happy if he knew that I was"},{"speaker":"Nick Lincoln","startTime":2656.26,"endTime":2659.74,"body":"sharing emails with his son. And"},{"speaker":"Nick Lincoln","startTime":2656.26,"endTime":2659.74,"body":"I'm sure this breaches all kinds"},{"speaker":"Nick Lincoln","startTime":2659.74,"endTime":2662.88,"body":"of GDPR stuff, I'm sure it"},{"speaker":"Nick Lincoln","startTime":2659.74,"endTime":2662.88,"body":"bridges all kind of data"},{"speaker":"Nick Lincoln","startTime":2663.3,"endTime":2665.76,"body":"confidentiality things, but"},{"speaker":"Nick Lincoln","startTime":2663.3,"endTime":2665.76,"body":"that's what I'm doing now. This"},{"speaker":"Nick Lincoln","startTime":2665.76,"endTime":2668.52,"body":"is how I'm managing this client."},{"speaker":"Nick Lincoln","startTime":2665.76,"endTime":2668.52,"body":"So I just wanted to know how the"},{"speaker":"Nick Lincoln","startTime":2668.52,"endTime":2670.56,"body":"trap pack would deal with this"},{"speaker":"Nick Lincoln","startTime":2668.52,"endTime":2670.56,"body":"kind of thing, and how the"},{"speaker":"Nick Lincoln","startTime":2670.56,"endTime":2672.96,"body":"TRAPPIST deal with it. Because"},{"speaker":"Nick Lincoln","startTime":2670.56,"endTime":2672.96,"body":"by the book, I'm sure I'm not"},{"speaker":"Nick Lincoln","startTime":2672.96,"endTime":2675.9,"body":"supposed to be sending client"},{"speaker":"Nick Lincoln","startTime":2672.96,"endTime":2675.9,"body":"emails from one client to"},{"speaker":"Nick Lincoln","startTime":2675.9,"endTime":2678.3,"body":"another, despite the fact"},{"speaker":"Nick Lincoln","startTime":2675.9,"endTime":2678.3,"body":"they're blood and strong blood."},{"speaker":"Nick Lincoln","startTime":2678.3,"endTime":2681.62,"body":"It's a very tight family. And"},{"speaker":"Nick Lincoln","startTime":2678.3,"endTime":2681.62,"body":"also, just to tie a bell on"},{"speaker":"Nick Lincoln","startTime":2681.62,"endTime":2684.98,"body":"this, I told the platform the"},{"speaker":"Nick Lincoln","startTime":2681.62,"endTime":2684.98,"body":"client's on, in this case, it's"},{"speaker":"Nick Lincoln","startTime":2684.98,"endTime":2688.7,"body":"transact. But I'm sure any fit"},{"speaker":"Nick Lincoln","startTime":2684.98,"endTime":2688.7,"body":"for purpose modern platform, the"},{"speaker":"Nick Lincoln","startTime":2688.7,"endTime":2691.16,"body":"transact, the fundments would,"},{"speaker":"Nick Lincoln","startTime":2688.7,"endTime":2691.16,"body":"they'd all be the same. I sent a"},{"speaker":"Nick Lincoln","startTime":2691.16,"endTime":2694.16,"body":"security mode to transact. So"},{"speaker":"Nick Lincoln","startTime":2691.16,"endTime":2694.16,"body":"listen, Derek is showing signs"},{"speaker":"Nick Lincoln","startTime":2694.16,"endTime":2697.4,"body":"of He's just acting a little"},{"speaker":"Nick Lincoln","startTime":2694.16,"endTime":2697.4,"body":"irrational. He's sending out"},{"speaker":"Nick Lincoln","startTime":2697.4,"endTime":2700.48,"body":"these emails now that are out of"},{"speaker":"Nick Lincoln","startTime":2697.4,"endTime":2700.48,"body":"the blue and kind of. Not me for"},{"speaker":"Nick Lincoln","startTime":2700.48,"endTime":2703.54,"body":"six he never normally contacts"},{"speaker":"Nick Lincoln","startTime":2700.48,"endTime":2703.54,"body":"you, direct, transact, but if he"},{"speaker":"Nick Lincoln","startTime":2703.54,"endTime":2706.12,"body":"does in future, can you please"},{"speaker":"Nick Lincoln","startTime":2703.54,"endTime":2706.12,"body":"bear in mind to contact me and"},{"speaker":"Nick Lincoln","startTime":2706.48,"endTime":2709.18,"body":"to their credit, on their"},{"speaker":"Nick Lincoln","startTime":2706.48,"endTime":2709.18,"body":"website, on the Client Profile"},{"speaker":"Nick Lincoln","startTime":2709.18,"endTime":2712.0,"body":"section transact, have a"},{"speaker":"Nick Lincoln","startTime":2709.18,"endTime":2712.0,"body":"vulnerable client box, and if"},{"speaker":"Nick Lincoln","startTime":2712.0,"endTime":2714.7,"body":"that's ticked, they'll put in"},{"speaker":"Nick Lincoln","startTime":2712.0,"endTime":2714.7,"body":"there exactly what you tell the"},{"speaker":"Nick Lincoln","startTime":2714.7,"endTime":2717.46,"body":"client and what the situation"},{"speaker":"Nick Lincoln","startTime":2714.7,"endTime":2717.46,"body":"is. So I log on now, and I can"},{"speaker":"Nick Lincoln","startTime":2717.46,"endTime":2720.4,"body":"see that for Derek, they put all"},{"speaker":"Nick Lincoln","startTime":2717.46,"endTime":2720.4,"body":"these things down. He's liable"},{"speaker":"Nick Lincoln","startTime":2720.4,"endTime":2723.36,"body":"to send these emails. He's"},{"speaker":"Nick Lincoln","startTime":2720.4,"endTime":2723.36,"body":"bored, he's a bit depressed,"},{"speaker":"Nick Lincoln","startTime":2723.36,"endTime":2726.12,"body":"blah, blah, blah. Now anyone at"},{"speaker":"Nick Lincoln","startTime":2723.36,"endTime":2726.12,"body":"transact can see that as well."},{"speaker":"Nick Lincoln","startTime":2726.36,"endTime":2729.06,"body":"So credit to them. It's a really"},{"speaker":"Nick Lincoln","startTime":2726.36,"endTime":2729.06,"body":"slick way of doing it. So I"},{"speaker":"Nick Lincoln","startTime":2729.06,"endTime":2731.7,"body":"imagine there are compliance"},{"speaker":"Nick Lincoln","startTime":2729.06,"endTime":2731.7,"body":"people out there thinking, oh my"},{"speaker":"Nick Lincoln","startTime":2731.7,"endTime":2734.76,"body":"god, Nick, you cannot do this."},{"speaker":"Nick Lincoln","startTime":2731.7,"endTime":2734.76,"body":"You cannot involve a third party"},{"speaker":"Nick Lincoln","startTime":2734.76,"endTime":2737.28,"body":"without the client. Yeah, maybe"},{"speaker":"Nick Lincoln","startTime":2734.76,"endTime":2737.28,"body":"I can't technically. You tell me"},{"speaker":"Nick Lincoln","startTime":2737.28,"endTime":2740.12,"body":"a better way to take care of my"},{"speaker":"Nick Lincoln","startTime":2737.28,"endTime":2740.12,"body":"clients and doing that. What are"},{"speaker":"Nick Lincoln","startTime":2740.12,"endTime":2743.12,"body":"your thoughts, guys, right?"},{"speaker":"Alan Smith","startTime":2743.12,"endTime":2748.34,"body":"So this is a classic"},{"speaker":"Alan Smith","startTime":2743.12,"endTime":2748.34,"body":"example of where you're actually"},{"speaker":"Alan Smith","startTime":2748.34,"endTime":2752.06,"body":"breaching the regulations in"},{"speaker":"Alan Smith","startTime":2748.34,"endTime":2752.06,"body":"order to do good by your client."},{"speaker":"Alan Smith","startTime":2752.18,"endTime":2755.84,"body":"That's the reality that. I mean,"},{"speaker":"Alan Smith","startTime":2752.18,"endTime":2755.84,"body":"you know, candidly, Nick, you"},{"speaker":"Alan Smith","startTime":2755.84,"endTime":2759.32,"body":"have breached all sorts of rules"},{"speaker":"Alan Smith","startTime":2755.84,"endTime":2759.32,"body":"there, client, confidential,"},{"speaker":"Alan Smith","startTime":2759.32,"endTime":2762.82,"body":"GDPR, etc, by sharing"},{"speaker":"Alan Smith","startTime":2759.32,"endTime":2762.82,"body":"confidential information shared"},{"speaker":"Alan Smith","startTime":2762.82,"endTime":2765.82,"body":"by a client with you, with a"},{"speaker":"Alan Smith","startTime":2762.82,"endTime":2765.82,"body":"third party who happens to be a"},{"speaker":"Alan Smith","startTime":2765.82,"endTime":2768.28,"body":"relative, this case, his son."},{"speaker":"Alan Smith","startTime":2765.82,"endTime":2768.28,"body":"But you've done it with the"},{"speaker":"Alan Smith","startTime":2768.28,"endTime":2770.74,"body":"right intentions. You've done"},{"speaker":"Alan Smith","startTime":2768.28,"endTime":2770.74,"body":"you've done absolutely the right"},{"speaker":"Alan Smith","startTime":2770.74,"endTime":2773.08,"body":"thing. So you between a rock and"},{"speaker":"Alan Smith","startTime":2770.74,"endTime":2773.08,"body":"a hard place, because the"},{"speaker":"Alan Smith","startTime":2773.08,"endTime":2775.48,"body":"alternative is you don't do"},{"speaker":"Alan Smith","startTime":2773.08,"endTime":2775.48,"body":"anything at all because of that."},{"speaker":"Alan Smith","startTime":2775.48,"endTime":2779.74,"body":"Let the whole thing just sort of"},{"speaker":"Alan Smith","startTime":2775.48,"endTime":2779.74,"body":"roll on and and let whatever"},{"speaker":"Alan Smith","startTime":2779.74,"endTime":2783.42,"body":"happens and then you can you be"},{"speaker":"Alan Smith","startTime":2779.74,"endTime":2783.42,"body":"criticized for that as well."},{"speaker":"Alan Smith","startTime":2784.14,"endTime":2787.14,"body":"Overall, you've done the right"},{"speaker":"Alan Smith","startTime":2784.14,"endTime":2787.14,"body":"thing. We've had similar"},{"speaker":"Alan Smith","startTime":2787.14,"endTime":2790.14,"body":"situations in the past when,"},{"speaker":"Alan Smith","startTime":2787.14,"endTime":2790.14,"body":"particularly when people are"},{"speaker":"Alan Smith","startTime":2790.14,"endTime":2794.28,"body":"elderly, and was an elderly mama"},{"speaker":"Alan Smith","startTime":2790.14,"endTime":2794.28,"body":"member a few years ago, we just"},{"speaker":"Alan Smith","startTime":2794.28,"endTime":2797.52,"body":"picked up the phone, spoke to"},{"speaker":"Alan Smith","startTime":2794.28,"endTime":2797.52,"body":"daughter in this case, and just"},{"speaker":"Alan Smith","startTime":2797.52,"endTime":2799.68,"body":"said, this is what's going on."},{"speaker":"Alan Smith","startTime":2797.52,"endTime":2799.68,"body":"What do you think we should do?"},{"speaker":"Alan Smith","startTime":2799.68,"endTime":2803.42,"body":"How are we going to navigate"},{"speaker":"Alan Smith","startTime":2799.68,"endTime":2803.42,"body":"this? It's really tricky, and"},{"speaker":"Alan Smith","startTime":2803.42,"endTime":2805.76,"body":"this is why you can't put"},{"speaker":"Alan Smith","startTime":2803.42,"endTime":2805.76,"body":"everything in a box and say,"},{"speaker":"Alan Smith","startTime":2805.76,"endTime":2808.46,"body":"This is what we do. This. Don't"},{"speaker":"Alan Smith","startTime":2805.76,"endTime":2808.46,"body":"do that. There is no black and"},{"speaker":"Alan Smith","startTime":2808.46,"endTime":2811.76,"body":"white answer. Every situation is"},{"speaker":"Alan Smith","startTime":2808.46,"endTime":2811.76,"body":"different. But I'm inclined"},{"speaker":"Alan Smith","startTime":2811.76,"endTime":2815.42,"body":"sometimes just to pick up the"},{"speaker":"Alan Smith","startTime":2811.76,"endTime":2815.42,"body":"phone and get get some honest"},{"speaker":"Alan Smith","startTime":2815.42,"endTime":2818.12,"body":"feedback from the family members"},{"speaker":"Alan Smith","startTime":2815.42,"endTime":2818.12,"body":"and say, How would you how would"},{"speaker":"Alan Smith","startTime":2818.12,"endTime":2820.36,"body":"you think? And obviously"},{"speaker":"Alan Smith","startTime":2818.12,"endTime":2820.36,"body":"document that, because they may"},{"speaker":"Alan Smith","startTime":2820.36,"endTime":2823.48,"body":"say, No, Dad's fine. You know,"},{"speaker":"Alan Smith","startTime":2820.36,"endTime":2823.48,"body":"far as I know, Dad's absolutely"},{"speaker":"Alan Smith","startTime":2823.48,"endTime":2827.14,"body":"fine. Please crack on with his"},{"speaker":"Alan Smith","startTime":2823.48,"endTime":2827.14,"body":"instructions. Because"},{"speaker":"Alan Smith","startTime":2827.14,"endTime":2830.38,"body":"ultimately, this, you know, what"},{"speaker":"Alan Smith","startTime":2827.14,"endTime":2830.38,"body":"do you do if someone who hasn't"},{"speaker":"Alan Smith","startTime":2830.38,"endTime":2834.46,"body":"been medically diagnosed as"},{"speaker":"Alan Smith","startTime":2830.38,"endTime":2834.46,"body":"having dementia or anything else"},{"speaker":"Alan Smith","startTime":2834.46,"endTime":2837.4,"body":"gives you a formal instruction"},{"speaker":"Alan Smith","startTime":2834.46,"endTime":2837.4,"body":"as a client, do you literally"},{"speaker":"Alan Smith","startTime":2837.4,"endTime":2839.02,"body":"just say, I'm not going to do"},{"speaker":"Alan Smith","startTime":2837.4,"endTime":2839.02,"body":"it,"},{"speaker":"Andy Hart","startTime":2840.52,"endTime":2842.28,"body":"so destructive."},{"speaker":"Alan Smith","startTime":2843.78,"endTime":2845.76,"body":"But, yeah, but what"},{"speaker":"Alan Smith","startTime":2843.78,"endTime":2845.76,"body":"he said there is necessarily"},{"speaker":"Alan Smith","startTime":2845.76,"endTime":2849.0,"body":"self destructive. It's not. It's"},{"speaker":"Alan Smith","startTime":2845.76,"endTime":2849.0,"body":"not, obviously, yeah, I want to"},{"speaker":"Alan Smith","startTime":2849.0,"endTime":2851.22,"body":"take the money out and give it a"},{"speaker":"Alan Smith","startTime":2849.0,"endTime":2851.22,"body":"phone. I've met in you."},{"speaker":"Nick Lincoln","startTime":2851.22,"endTime":2856.92,"body":"He's just, you"},{"speaker":"Nick Lincoln","startTime":2851.22,"endTime":2856.92,"body":"know, we're all living"},{"speaker":"Alan Smith","startTime":2856.92,"endTime":2858.96,"body":"well, maybe he wants"},{"speaker":"Alan Smith","startTime":2856.92,"endTime":2858.96,"body":"to see you a bit more often."},{"speaker":"Alan Smith","startTime":2858.96,"endTime":2860.96,"body":"Nick, as was previously"},{"speaker":"Alan Smith","startTime":2858.96,"endTime":2860.96,"body":"discussed"},{"speaker":"Nick Lincoln","startTime":2860.96,"endTime":2863.3,"body":"in the vanguard."},{"speaker":"Nick Lincoln","startTime":2860.96,"endTime":2863.3,"body":"So I saw him last year in"},{"speaker":"Nick Lincoln","startTime":2863.3,"endTime":2865.76,"body":"November, and with his Son,"},{"speaker":"Nick Lincoln","startTime":2863.3,"endTime":2865.76,"body":"actually, all three of us went"},{"speaker":"Nick Lincoln","startTime":2865.76,"endTime":2868.64,"body":"from meal, went from meal. So it"},{"speaker":"Nick Lincoln","startTime":2865.76,"endTime":2868.64,"body":"was a Cuban I mean, I was sat"},{"speaker":"Nick Lincoln","startTime":2868.64,"endTime":2871.4,"body":"here having my Pot Noodle, but"},{"speaker":"Nick Lincoln","startTime":2868.64,"endTime":2871.4,"body":"they were in a different part of"},{"speaker":"Nick Lincoln","startTime":2871.4,"endTime":2874.1,"body":"the zoom thing. We had a meal"},{"speaker":"Nick Lincoln","startTime":2871.4,"endTime":2874.1,"body":"together and but anyway, we're"},{"speaker":"Nick Lincoln","startTime":2874.1,"endTime":2876.32,"body":"all getting older. We know this,"},{"speaker":"Nick Lincoln","startTime":2874.1,"endTime":2876.32,"body":"right? But so our bodies are"},{"speaker":"Nick Lincoln","startTime":2876.32,"endTime":2878.6,"body":"getting older and lasting"},{"speaker":"Nick Lincoln","startTime":2876.32,"endTime":2878.6,"body":"longer, but our brains, I think,"},{"speaker":"Nick Lincoln","startTime":2878.6,"endTime":2881.02,"body":"are still deteriorating at the"},{"speaker":"Nick Lincoln","startTime":2878.6,"endTime":2881.02,"body":"same rate. They haven't been"},{"speaker":"Nick Lincoln","startTime":2881.02,"endTime":2883.84,"body":"upgraded. So the bodies are"},{"speaker":"Nick Lincoln","startTime":2881.02,"endTime":2883.84,"body":"going on another 1015, years,"},{"speaker":"Nick Lincoln","startTime":2883.84,"endTime":2886.06,"body":"but the brain is still"},{"speaker":"Nick Lincoln","startTime":2883.84,"endTime":2886.06,"body":"degradating at the same rate it"},{"speaker":"Nick Lincoln","startTime":2886.06,"endTime":2888.52,"body":"has done for the last 2000"},{"speaker":"Nick Lincoln","startTime":2886.06,"endTime":2888.52,"body":"years. So this is going to"},{"speaker":"Nick Lincoln","startTime":2888.52,"endTime":2890.86,"body":"become more and more of a"},{"speaker":"Nick Lincoln","startTime":2888.52,"endTime":2890.86,"body":"problem. And I would just like"},{"speaker":"Nick Lincoln","startTime":2890.86,"endTime":2893.38,"body":"to know how. So you've mentioned"},{"speaker":"Nick Lincoln","startTime":2890.86,"endTime":2893.38,"body":"you do pretty much the same"},{"speaker":"Nick Lincoln","startTime":2893.38,"endTime":2895.78,"body":"sometimes when you have to Alan,"},{"speaker":"Nick Lincoln","startTime":2893.38,"endTime":2895.78,"body":"the son, by the way, is so"},{"speaker":"Nick Lincoln","startTime":2895.78,"endTime":2897.46,"body":"grateful for this. He's got no"},{"speaker":"Carl Widger","startTime":2897.519,"endTime":2900.839,"body":"he's sure yes,"},{"speaker":"Carl Widger","startTime":2897.519,"endTime":2900.839,"body":"because you act with integrity"},{"speaker":"Carl Widger","startTime":2900.839,"endTime":2903.779,"body":"when no one is looking right"},{"speaker":"Carl Widger","startTime":2900.839,"endTime":2903.779,"body":"now, obviously everyone is"},{"speaker":"Carl Widger","startTime":2903.779,"endTime":2906.059,"body":"looking now, because you've just"},{"speaker":"Carl Widger","startTime":2903.779,"endTime":2906.059,"body":"announced it on the podcast,"},{"speaker":"Carl Widger","startTime":2906.179,"endTime":2909.959,"body":"right but, but this is the point"},{"speaker":"Carl Widger","startTime":2906.179,"endTime":2909.959,"body":"that life is not black and white"},{"speaker":"Carl Widger","startTime":2910.199,"endTime":2914.519,"body":"and there is gray all the time."},{"speaker":"Carl Widger","startTime":2910.199,"endTime":2914.519,"body":"There is gray. You didn't do"},{"speaker":"Carl Widger","startTime":2914.579,"endTime":2919.079,"body":"anything wrong at all. It would"},{"speaker":"Carl Widger","startTime":2914.579,"endTime":2919.079,"body":"be my view. I think you could"},{"speaker":"Carl Widger","startTime":2919.079,"endTime":2923.059,"body":"say, on a technicality, you"},{"speaker":"Carl Widger","startTime":2919.079,"endTime":2923.059,"body":"breach GDPR. Surely, there are"},{"speaker":"Carl Widger","startTime":2923.059,"endTime":2928.339,"body":"times when GDPR just has to be"},{"speaker":"Carl Widger","startTime":2923.059,"endTime":2928.339,"body":"breached, and you have done the"},{"speaker":"Carl Widger","startTime":2928.339,"endTime":2932.959,"body":"right thing by your client."},{"speaker":"Carl Widger","startTime":2928.339,"endTime":2932.959,"body":"You're also doing great stuff"},{"speaker":"Carl Widger","startTime":2932.959,"endTime":2935.659,"body":"for your own business, I would"},{"speaker":"Carl Widger","startTime":2932.959,"endTime":2935.659,"body":"say, because that son is going"},{"speaker":"Carl Widger","startTime":2935.659,"endTime":2939.139,"body":"to be a client of yours till the"},{"speaker":"Carl Widger","startTime":2935.659,"endTime":2939.139,"body":"day you die, and he will refer"},{"speaker":"Carl Widger","startTime":2939.139,"endTime":2941.559,"body":"other people into you because"},{"speaker":"Carl Widger","startTime":2939.139,"endTime":2941.559,"body":"you've done the right thing. And"},{"speaker":"Carl Widger","startTime":2941.559,"endTime":2945.579,"body":"I think the crucial part of all"},{"speaker":"Carl Widger","startTime":2941.559,"endTime":2945.579,"body":"this is that the client was"},{"speaker":"Carl Widger","startTime":2945.579,"endTime":2949.059,"body":"trying to move the 5 million to"},{"speaker":"Carl Widger","startTime":2945.579,"endTime":2949.059,"body":"you and not away from you. So"},{"speaker":"Carl Widger","startTime":2949.119,"endTime":2952.959,"body":"like, this is, this is more"},{"speaker":"Carl Widger","startTime":2949.119,"endTime":2952.959,"body":"proof, if anybody who wants to"},{"speaker":"Carl Widger","startTime":2952.959,"endTime":2957.219,"body":"take you up on a technicality"},{"speaker":"Carl Widger","startTime":2952.959,"endTime":2957.219,"body":"that you did the right thing, I"},{"speaker":"Carl Widger","startTime":2957.219,"endTime":2961.379,"body":"think this is, you know, doing"},{"speaker":"Carl Widger","startTime":2957.219,"endTime":2961.379,"body":"the right thing. This is what we"},{"speaker":"Carl Widger","startTime":2961.379,"endTime":2964.559,"body":"this is what we should this kind"},{"speaker":"Carl Widger","startTime":2961.379,"endTime":2964.559,"body":"of stuff. Is the stuff we should"},{"speaker":"Carl Widger","startTime":2964.559,"endTime":2968.159,"body":"be talking about all the time on"},{"speaker":"Carl Widger","startTime":2964.559,"endTime":2968.159,"body":"this podcast, because this is"},{"speaker":"Carl Widger","startTime":2968.159,"endTime":2971.879,"body":"why we started this podcast. We"},{"speaker":"Carl Widger","startTime":2968.159,"endTime":2971.879,"body":"didn't start this podcast for"},{"speaker":"Carl Widger","startTime":2971.879,"endTime":2974.639,"body":"you guys to pitch about Rachel"},{"speaker":"Carl Widger","startTime":2971.879,"endTime":2974.639,"body":"Reeves every single episode,"},{"speaker":"Carl Widger","startTime":2974.639,"endTime":2979.139,"body":"right? Or me to talk about prsas"},{"speaker":"Carl Widger","startTime":2974.639,"endTime":2979.139,"body":"and the tech. We didn't, but,"},{"speaker":"Carl Widger","startTime":2979.139,"endTime":2982.099,"body":"but, but we've, but we've,"},{"speaker":"Carl Widger","startTime":2979.139,"endTime":2982.099,"body":"we've, we've seen the real"},{"speaker":"Carl Widger","startTime":2982.099,"endTime":2985.999,"body":"issues. Yeah, this is the and"},{"speaker":"Carl Widger","startTime":2982.099,"endTime":2985.999,"body":"this is what, if you're doing"},{"speaker":"Carl Widger","startTime":2985.999,"endTime":2989.539,"body":"it, that your job right, and"},{"speaker":"Carl Widger","startTime":2985.999,"endTime":2989.539,"body":"you're doing right by all of"},{"speaker":"Carl Widger","startTime":2989.539,"endTime":2992.179,"body":"your clients, all of the time,"},{"speaker":"Carl Widger","startTime":2989.539,"endTime":2992.179,"body":"you will do something like this."},{"speaker":"Carl Widger","startTime":2992.179,"endTime":2996.499,"body":"We had something similar enough"},{"speaker":"Carl Widger","startTime":2992.179,"endTime":2996.499,"body":"Nick It's, it's, it's kind of"},{"speaker":"Carl Widger","startTime":2997.279,"endTime":3002.399,"body":"very recent experience for us."},{"speaker":"Carl Widger","startTime":2997.279,"endTime":3002.399,"body":"So. Go into the details, and we"},{"speaker":"Carl Widger","startTime":3002.519,"endTime":3007.499,"body":"did exactly what you did. We"},{"speaker":"Carl Widger","startTime":3002.519,"endTime":3007.499,"body":"involved his grown up son, but"},{"speaker":"Carl Widger","startTime":3007.979,"endTime":3012.839,"body":"like, bravo, my friend. And you"},{"speaker":"Carl Widger","startTime":3007.979,"endTime":3012.839,"body":"know, to say it when you're kind"},{"speaker":"Carl Widger","startTime":3012.839,"endTime":3016.079,"body":"of going technically, maybe I'm"},{"speaker":"Carl Widger","startTime":3012.839,"endTime":3016.079,"body":"in breach, and to say it here,"},{"speaker":"Carl Widger","startTime":3016.139,"endTime":3020.039,"body":"because hopefully, if we can get"},{"speaker":"Carl Widger","startTime":3016.139,"endTime":3020.039,"body":"one other person, one other"},{"speaker":"Carl Widger","startTime":3020.039,"endTime":3024.079,"body":"advisor somewhere to do exactly"},{"speaker":"Carl Widger","startTime":3020.039,"endTime":3024.079,"body":"what you've done right well, now"},{"speaker":"Carl Widger","startTime":3024.079,"endTime":3027.079,"body":"we're on the road to a"},{"speaker":"Carl Widger","startTime":3024.079,"endTime":3027.079,"body":"profession and not an industry."},{"speaker":"Carl Widger","startTime":3027.259,"endTime":3030.559,"body":"Now we are doing the right of"},{"speaker":"Carl Widger","startTime":3027.259,"endTime":3030.559,"body":"our clients. Thank you. Matty"},{"speaker":"Carl Widger","startTime":3030.559,"endTime":3031.099,"body":"Ultra"},{"speaker":"Andy Hart","startTime":3032.72,"endTime":3035.3,"body":"I mean, I've, yeah, I"},{"speaker":"Andy Hart","startTime":3032.72,"endTime":3035.3,"body":"echo exactly what these guys"},{"speaker":"Andy Hart","startTime":3035.3,"endTime":3038.54,"body":"have said. And obviously you're"},{"speaker":"Andy Hart","startTime":3035.3,"endTime":3038.54,"body":"struggling with this, because"},{"speaker":"Andy Hart","startTime":3038.54,"endTime":3041.62,"body":"you're in the thick of it now,"},{"speaker":"Andy Hart","startTime":3038.54,"endTime":3041.62,"body":"and it's, it's ongoing, so it's"},{"speaker":"Andy Hart","startTime":3041.62,"endTime":3043.9,"body":"going to be tough with you and"},{"speaker":"Andy Hart","startTime":3041.62,"endTime":3043.9,"body":"the family try and work out"},{"speaker":"Andy Hart","startTime":3043.9,"endTime":3049.84,"body":"what's what you went for lunch"},{"speaker":"Andy Hart","startTime":3043.9,"endTime":3049.84,"body":"with the client and the son. I"},{"speaker":"Andy Hart","startTime":3049.84,"endTime":3052.36,"body":"mean, surely you've got"},{"speaker":"Andy Hart","startTime":3049.84,"endTime":3052.36,"body":"collective permission. So"},{"speaker":"Andy Hart","startTime":3052.36,"endTime":3055.06,"body":"whenever I have a situation"},{"speaker":"Andy Hart","startTime":3052.36,"endTime":3055.06,"body":"where I'm dealing with mum or"},{"speaker":"Andy Hart","startTime":3055.06,"endTime":3057.88,"body":"dad and Sons involved, I'd get"},{"speaker":"Andy Hart","startTime":3055.06,"endTime":3057.88,"body":"clear permission from the mum"},{"speaker":"Andy Hart","startTime":3057.94,"endTime":3061.86,"body":"and dad. Am I okay to discuss"},{"speaker":"Andy Hart","startTime":3057.94,"endTime":3061.86,"body":"everything openly with XYZ son,"},{"speaker":"Andy Hart","startTime":3062.16,"endTime":3066.84,"body":"etc. That's the first question"},{"speaker":"Andy Hart","startTime":3062.16,"endTime":3066.84,"body":"did you get that is that"},{"speaker":"Andy Hart","startTime":3066.84,"endTime":3067.44,"body":"something was"},{"speaker":"Nick Lincoln","startTime":3067.44,"endTime":3070.14,"body":"kind of, kind of"},{"speaker":"Nick Lincoln","startTime":3067.44,"endTime":3070.14,"body":"tacit, you know, when we"},{"speaker":"Nick Lincoln","startTime":3070.14,"endTime":3073.68,"body":"finished the lunch by saying"},{"speaker":"Nick Lincoln","startTime":3070.14,"endTime":3073.68,"body":"that dad, Derek, you know, I'd"},{"speaker":"Nick Lincoln","startTime":3073.68,"endTime":3076.08,"body":"like David to be at these"},{"speaker":"Nick Lincoln","startTime":3073.68,"endTime":3076.08,"body":"lunches going forward, if that's"},{"speaker":"Nick Lincoln","startTime":3076.08,"endTime":3079.32,"body":"okay, because I think he's my"},{"speaker":"Nick Lincoln","startTime":3076.08,"endTime":3079.32,"body":"okay to discuss everything with"},{"speaker":"Nick Lincoln","startTime":3079.92,"endTime":3083.36,"body":"kind of that. But I never said,"},{"speaker":"Nick Lincoln","startTime":3079.92,"endTime":3083.36,"body":"Oh, by the way, if you send me"},{"speaker":"Nick Lincoln","startTime":3083.36,"endTime":3087.32,"body":"an email at 530 in the morning,"},{"speaker":"Nick Lincoln","startTime":3083.36,"endTime":3087.32,"body":"it wasn't that, it wasn't that"},{"speaker":"Nick Lincoln","startTime":3087.32,"endTime":3087.62,"body":"blood,"},{"speaker":"Andy Hart","startTime":3088.52,"endTime":3090.98,"body":"but just from the"},{"speaker":"Andy Hart","startTime":3088.52,"endTime":3090.98,"body":"behavior is quite clear that"},{"speaker":"Andy Hart","startTime":3091.22,"endTime":3093.86,"body":"they all want everyone to be"},{"speaker":"Andy Hart","startTime":3091.22,"endTime":3093.86,"body":"involved. And my next point is,"},{"speaker":"Andy Hart","startTime":3093.86,"endTime":3096.08,"body":"did you call the client"},{"speaker":"Andy Hart","startTime":3093.86,"endTime":3096.08,"body":"immediately when you get these"},{"speaker":"Andy Hart","startTime":3096.08,"endTime":3098.78,"body":"weird emails? I'd call the"},{"speaker":"Andy Hart","startTime":3096.08,"endTime":3098.78,"body":"client. Immediately call the"},{"speaker":"Andy Hart","startTime":3098.78,"endTime":3102.28,"body":"client. I immediately forwarded"},{"speaker":"Andy Hart","startTime":3098.78,"endTime":3102.28,"body":"the email on to his son and"},{"speaker":"Andy Hart","startTime":3102.28,"endTime":3104.86,"body":"said, I've had this from your"},{"speaker":"Andy Hart","startTime":3102.28,"endTime":3104.86,"body":"dad. It's 630 in the morning. He"},{"speaker":"Andy Hart","startTime":3104.86,"endTime":3107.38,"body":"might have gone back to bed."},{"speaker":"Andy Hart","startTime":3104.86,"endTime":3107.38,"body":"He's 88 I don't is caring for"},{"speaker":"Andy Hart","startTime":3107.38,"endTime":3109.72,"body":"his wife with him. I don't know"},{"speaker":"Andy Hart","startTime":3107.38,"endTime":3109.72,"body":"what the situation is. I just"},{"speaker":"Andy Hart","startTime":3109.72,"endTime":3111.94,"body":"but I forwarded on the son and"},{"speaker":"Andy Hart","startTime":3109.72,"endTime":3111.94,"body":"say, Can we have a chat this"},{"speaker":"Andy Hart","startTime":3111.94,"endTime":3114.82,"body":"morning? I've got this from your"},{"speaker":"Andy Hart","startTime":3111.94,"endTime":3114.82,"body":"dad. Okay, you reacted"},{"speaker":"Andy Hart","startTime":3114.82,"endTime":3117.82,"body":"immediately. Yeah, you reacted"},{"speaker":"Andy Hart","startTime":3114.82,"endTime":3117.82,"body":"immediately. I would, I would"},{"speaker":"Andy Hart","startTime":3117.82,"endTime":3120.34,"body":"have called him and discussed it"},{"speaker":"Andy Hart","startTime":3117.82,"endTime":3120.34,"body":"quite a length, and I would have"},{"speaker":"Andy Hart","startTime":3120.34,"endTime":3123.24,"body":"got permission then for them to"},{"speaker":"Andy Hart","startTime":3120.34,"endTime":3123.24,"body":"speak to their son and children?"},{"speaker":"Andy Hart","startTime":3123.42,"endTime":3126.12,"body":"Yeah, I've had various things"},{"speaker":"Andy Hart","startTime":3123.42,"endTime":3126.12,"body":"with clients over the years."},{"speaker":"Andy Hart","startTime":3126.12,"endTime":3128.64,"body":"Immediately, I'd refer them to"},{"speaker":"Andy Hart","startTime":3126.12,"endTime":3128.64,"body":"call the sons and daughters. And"},{"speaker":"Andy Hart","startTime":3128.64,"endTime":3131.16,"body":"yeah, okay. But meaning"},{"speaker":"Alan Smith","startTime":3131.94,"endTime":3134.1,"body":"thing, if you got"},{"speaker":"Alan Smith","startTime":3131.94,"endTime":3134.1,"body":"power of attorney"},{"speaker":"Andy Hart","startTime":3135.0,"endTime":3137.88,"body":"in place, is there an"},{"speaker":"Andy Hart","startTime":3135.0,"endTime":3137.88,"body":"LPA in place via son? That's the"},{"speaker":"Andy Hart","startTime":3137.88,"endTime":3138.48,"body":"next step"},{"speaker":"Nick Lincoln","startTime":3138.48,"endTime":3141.08,"body":"or not. They have"},{"speaker":"Nick Lincoln","startTime":3138.48,"endTime":3141.08,"body":"got this pride thing, you know,"},{"speaker":"Nick Lincoln","startTime":3141.08,"endTime":3144.92,"body":"it's this, we all get older,"},{"speaker":"Nick Lincoln","startTime":3141.08,"endTime":3144.92,"body":"they want to give away less and"},{"speaker":"Nick Lincoln","startTime":3144.92,"endTime":3147.56,"body":"less and less, and they get more"},{"speaker":"Nick Lincoln","startTime":3144.92,"endTime":3147.56,"body":"stubborn and set in their ways."},{"speaker":"Nick Lincoln","startTime":3147.56,"endTime":3150.5,"body":"And this guy was once a high"},{"speaker":"Nick Lincoln","startTime":3147.56,"endTime":3150.5,"body":"flying captain of industry. And"},{"speaker":"Nick Lincoln","startTime":3150.5,"endTime":3153.38,"body":"I think it's just a pride thing,"},{"speaker":"Nick Lincoln","startTime":3150.5,"endTime":3153.38,"body":"you know, anyway, so I think"},{"speaker":"Nick Lincoln","startTime":3153.38,"endTime":3155.0,"body":"we've given that good thank you"},{"speaker":"Nick Lincoln","startTime":3153.38,"endTime":3155.0,"body":"for your"},{"speaker":"Carl Widger","startTime":3155.0,"endTime":3158.0,"body":"input. Just go have"},{"speaker":"Carl Widger","startTime":3155.0,"endTime":3158.0,"body":"another lunch. Go and have"},{"speaker":"Carl Widger","startTime":3158.0,"endTime":3161.38,"body":"another lunch with the son and"},{"speaker":"Carl Widger","startTime":3158.0,"endTime":3161.38,"body":"the dad. Yeah, and, you know,"},{"speaker":"Carl Widger","startTime":3161.38,"endTime":3165.58,"body":"get it implied then. So okay,"},{"speaker":"Carl Widger","startTime":3161.38,"endTime":3165.58,"body":"anyway, fair play. That's brave"},{"speaker":"Andy Hart","startTime":3165.94,"endTime":3168.22,"body":"behavior of the"},{"speaker":"Andy Hart","startTime":3165.94,"endTime":3168.22,"body":"family. It's clear that they're"},{"speaker":"Andy Hart","startTime":3168.22,"endTime":3170.26,"body":"happy for things to be"},{"speaker":"Andy Hart","startTime":3168.22,"endTime":3170.26,"body":"discussed. Nick, so that's in"},{"speaker":"Andy Hart","startTime":3170.26,"endTime":3170.44,"body":"your"},{"speaker":"Nick Lincoln","startTime":3170.44,"endTime":3171.82,"body":"favor? Yeah, yeah."},{"speaker":"Nick Lincoln","startTime":3170.44,"endTime":3171.82,"body":"And they're all bit tight."},{"speaker":"Nick Lincoln","startTime":3171.82,"endTime":3174.1,"body":"They're all even though they're"},{"speaker":"Nick Lincoln","startTime":3171.82,"endTime":3174.1,"body":"money, they're not money, some"},{"speaker":"Nick Lincoln","startTime":3174.1,"endTime":3176.74,"body":"money. Families have loads of"},{"speaker":"Nick Lincoln","startTime":3174.1,"endTime":3176.74,"body":"underlying issues, and I don't"},{"speaker":"Nick Lincoln","startTime":3176.74,"endTime":3179.14,"body":"much know anybody. I've known"},{"speaker":"Nick Lincoln","startTime":3176.74,"endTime":3179.14,"body":"these people for 20 years. They"},{"speaker":"Nick Lincoln","startTime":3179.14,"endTime":3181.68,"body":"don't have that. They are, they"},{"speaker":"Nick Lincoln","startTime":3179.14,"endTime":3181.68,"body":"are very simpatico with each"},{"speaker":"Nick Lincoln","startTime":3181.68,"endTime":3184.56,"body":"other. They're looking out for,"},{"speaker":"Nick Lincoln","startTime":3181.68,"endTime":3184.56,"body":"for mom and dad. And then it"},{"speaker":"Nick Lincoln","startTime":3184.56,"endTime":3187.2,"body":"cascades off that, okay, we're"},{"speaker":"Nick Lincoln","startTime":3184.56,"endTime":3187.2,"body":"and by the way, TRAPPIST, if you"},{"speaker":"Nick Lincoln","startTime":3187.2,"endTime":3189.72,"body":"want to comment on this or any"},{"speaker":"Nick Lincoln","startTime":3187.2,"endTime":3189.72,"body":"subject that we comment on, we"},{"speaker":"Nick Lincoln","startTime":3189.72,"endTime":3192.24,"body":"put these episodes out on x we"},{"speaker":"Nick Lincoln","startTime":3189.72,"endTime":3192.24,"body":"put the episodes out on our"},{"speaker":"Nick Lincoln","startTime":3192.24,"endTime":3195.66,"body":"LinkedIn track page. There's not"},{"speaker":"Nick Lincoln","startTime":3192.24,"endTime":3195.66,"body":"often, quite a good commentary"},{"speaker":"Nick Lincoln","startTime":3195.66,"endTime":3198.42,"body":"section on the list, comment"},{"speaker":"Nick Lincoln","startTime":3195.66,"endTime":3198.42,"body":"chain on there. So do comment do"},{"speaker":"Nick Lincoln","startTime":3198.42,"endTime":3200.9,"body":"add in, because it's always nice"},{"speaker":"Nick Lincoln","startTime":3198.42,"endTime":3200.9,"body":"to know what, what, what you are"},{"speaker":"Nick Lincoln","startTime":3200.9,"endTime":3202.52,"body":"doing out there as well."},{"speaker":"Andy Hart","startTime":3202.52,"endTime":3205.46,"body":"Andy coaches at that"},{"speaker":"Andy Hart","startTime":3202.52,"endTime":3205.46,"body":"point, Nick, we've, we've upped"},{"speaker":"Andy Hart","startTime":3205.46,"endTime":3207.92,"body":"our game, haven't we? Now we've"},{"speaker":"Andy Hart","startTime":3205.46,"endTime":3207.92,"body":"got partners. We need to, you"},{"speaker":"Andy Hart","startTime":3207.92,"endTime":3212.36,"body":"know, grow up. So we've got a"},{"speaker":"Andy Hart","startTime":3207.92,"endTime":3212.36,"body":"new Contact Us page on our"},{"speaker":"Andy Hart","startTime":3212.36,"endTime":3216.08,"body":"website. Our website is the real"},{"speaker":"Andy Hart","startTime":3212.36,"endTime":3216.08,"body":"advisor podcast, calm, and we"},{"speaker":"Andy Hart","startTime":3216.32,"endTime":3220.1,"body":"have a contact us page on there."},{"speaker":"Andy Hart","startTime":3216.32,"endTime":3220.1,"body":"So please do go there. The real"},{"speaker":"Andy Hart","startTime":3220.1,"endTime":3225.94,"body":"advisor podcast, comments in the"},{"speaker":"Andy Hart","startTime":3220.1,"endTime":3225.94,"body":"show notes, links and yeah, fill"},{"speaker":"Andy Hart","startTime":3225.94,"endTime":3228.94,"body":"in the contact out section,"},{"speaker":"Andy Hart","startTime":3225.94,"endTime":3228.94,"body":"which is at the bottom of the"},{"speaker":"Andy Hart","startTime":3228.94,"endTime":3233.32,"body":"page. Okay, it's over to me now,"},{"speaker":"Andy Hart","startTime":3228.94,"endTime":3233.32,"body":"Nick, is it? So it is bringing"},{"speaker":"Andy Hart","startTime":3233.32,"endTime":3238.66,"body":"energy around minor point. First"},{"speaker":"Andy Hart","startTime":3233.32,"endTime":3238.66,"body":"of all, humans under management,"},{"speaker":"Andy Hart","startTime":3238.66,"endTime":3243.42,"body":"which is next Thursday. It's"},{"speaker":"Andy Hart","startTime":3238.66,"endTime":3243.42,"body":"that time of year again in"},{"speaker":"Andy Hart","startTime":3243.42,"endTime":3251.52,"body":"London, and Wednesday, isn't it"},{"speaker":"Andy Hart","startTime":3243.42,"endTime":3251.52,"body":"next Wednesday? Sorry, I had"},{"speaker":"Andy Hart","startTime":3251.88,"endTime":3253.08,"body":"bloody biggest,"},{"speaker":"Alan Smith","startTime":3255.6,"endTime":3261.8,"body":"the biggest months."},{"speaker":"Andy Hart","startTime":3262.76,"endTime":3265.46,"body":"Yes, so humans, under"},{"speaker":"Andy Hart","startTime":3262.76,"endTime":3265.46,"body":"management London. You are"},{"speaker":"Andy Hart","startTime":3265.46,"endTime":3269.66,"body":"hearing this on Thursday. It's"},{"speaker":"Andy Hart","startTime":3265.46,"endTime":3269.66,"body":"the following Wednesday. It's"},{"speaker":"Andy Hart","startTime":3269.66,"endTime":3275.6,"body":"Wednesday, the 12th of November."},{"speaker":"Andy Hart","startTime":3269.66,"endTime":3275.6,"body":"I am fully sold out now. 450 of"},{"speaker":"Andy Hart","startTime":3275.6,"endTime":3280.06,"body":"awesome. Humans, amazing. These"},{"speaker":"Andy Hart","startTime":3275.6,"endTime":3280.06,"body":"boys will be there. It's been a"},{"speaker":"Andy Hart","startTime":3280.06,"endTime":3285.34,"body":"huge amount of increased work"},{"speaker":"Andy Hart","startTime":3280.06,"endTime":3285.34,"body":"switching venue. I won't bore"},{"speaker":"Andy Hart","startTime":3285.34,"endTime":3288.46,"body":"you with it. Very excited to put"},{"speaker":"Andy Hart","startTime":3285.34,"endTime":3288.46,"body":"on a great show. So hopefully"},{"speaker":"Andy Hart","startTime":3288.46,"endTime":3292.84,"body":"we're gonna see lots of the"},{"speaker":"Andy Hart","startTime":3288.46,"endTime":3292.84,"body":"Trappists there, and there's"},{"speaker":"Andy Hart","startTime":3292.84,"endTime":3296.14,"body":"lots of aligned brands. We've"},{"speaker":"Andy Hart","startTime":3292.84,"endTime":3296.14,"body":"got an evening gig as well, by"},{"speaker":"Andy Hart","startTime":3296.14,"endTime":3301.08,"body":"the way, five to 10 music,"},{"speaker":"Andy Hart","startTime":3296.14,"endTime":3301.08,"body":"cocktails, drinks. Is all going"},{"speaker":"Andy Hart","startTime":3301.08,"endTime":3305.46,"body":"ahead. Okay, so on to my next"},{"speaker":"Andy Hart","startTime":3301.08,"endTime":3305.46,"body":"point. This is the Berkshire"},{"speaker":"Andy Hart","startTime":3305.46,"endTime":3311.94,"body":"Hathaway quarter three earnings."},{"speaker":"Andy Hart","startTime":3305.46,"endTime":3311.94,"body":"It sounds incredibly dull, but I"},{"speaker":"Andy Hart","startTime":3311.94,"endTime":3315.6,"body":"think there's a lot that we can"},{"speaker":"Andy Hart","startTime":3311.94,"endTime":3315.6,"body":"take from this. Have you boys"},{"speaker":"Andy Hart","startTime":3315.6,"endTime":3317.04,"body":"seen this latest article?"},{"speaker":"Alan Smith","startTime":3317.16,"endTime":3322.7,"body":"No, tell us more."},{"speaker":"Alan Smith","startTime":3317.16,"endTime":3322.7,"body":"Funnily enough, no, I did see."},{"speaker":"Alan Smith","startTime":3322.7,"endTime":3323.36,"body":"Okay, let's"},{"speaker":"Andy Hart","startTime":3323.54,"endTime":3326.42,"body":"just talk about it."},{"speaker":"Andy Hart","startTime":3323.54,"endTime":3326.42,"body":"Berkshire. Yeah, Berkshire."},{"speaker":"Andy Hart","startTime":3326.9,"endTime":3333.38,"body":"Berkshire is sitting on an"},{"speaker":"Andy Hart","startTime":3326.9,"endTime":3333.38,"body":"insane amount cash assets, 381"},{"speaker":"Andy Hart","startTime":3335.0,"endTime":3339.5,"body":"billion. It's the highest cash"},{"speaker":"Andy Hart","startTime":3335.0,"endTime":3339.5,"body":"position they have ever had. But"},{"speaker":"Andy Hart","startTime":3339.5,"endTime":3344.32,"body":"most importantly, just to get"},{"speaker":"Andy Hart","startTime":3339.5,"endTime":3344.32,"body":"some indicators here, he's a net"},{"speaker":"Andy Hart","startTime":3344.32,"endTime":3348.76,"body":"seller of the great companies of"},{"speaker":"Andy Hart","startTime":3344.32,"endTime":3348.76,"body":"the world. So he sold more great"},{"speaker":"Andy Hart","startTime":3348.76,"endTime":3352.42,"body":"companies than he bought. He's"},{"speaker":"Andy Hart","startTime":3348.76,"endTime":3352.42,"body":"done no share buybacks, which is"},{"speaker":"Andy Hart","startTime":3352.42,"endTime":3357.88,"body":"what he's famous for, which he"},{"speaker":"Andy Hart","startTime":3352.42,"endTime":3357.88,"body":"believes still at the slightly"},{"speaker":"Andy Hart","startTime":3357.94,"endTime":3362.34,"body":"declined price, his own company"},{"speaker":"Andy Hart","startTime":3357.94,"endTime":3362.34,"body":"is not worth buying, and he's"},{"speaker":"Andy Hart","startTime":3362.34,"endTime":3366.72,"body":"holding more cash than he's ever"},{"speaker":"Andy Hart","startTime":3362.34,"endTime":3366.72,"body":"held before. I am 100% invested,"},{"speaker":"Andy Hart","startTime":3366.72,"endTime":3371.1,"body":"100% at the time. Obviously,"},{"speaker":"Andy Hart","startTime":3366.72,"endTime":3371.1,"body":"Buffett has a different remit,"},{"speaker":"Andy Hart","startTime":3371.58,"endTime":3375.06,"body":"and it's very interesting all"},{"speaker":"Andy Hart","startTime":3371.58,"endTime":3375.06,"body":"the numbers, and it's very"},{"speaker":"Andy Hart","startTime":3375.06,"endTime":3377.46,"body":"interesting all the numbers and"},{"speaker":"Andy Hart","startTime":3375.06,"endTime":3377.46,"body":"the revenue that Berkshire"},{"speaker":"Andy Hart","startTime":3377.46,"endTime":3381.2,"body":"Hathaway bought in, he bought in"},{"speaker":"Andy Hart","startTime":3377.46,"endTime":3381.2,"body":"95 billion last quarter with a"},{"speaker":"Andy Hart","startTime":3381.2,"endTime":3383.84,"body":"net profit of 30 billion. But a"},{"speaker":"Andy Hart","startTime":3381.2,"endTime":3383.84,"body":"huge amount of that"},{"speaker":"Andy Hart","startTime":3383.9,"endTime":3387.26,"body":"30,000,000,020 1 billion, has"},{"speaker":"Andy Hart","startTime":3383.9,"endTime":3387.26,"body":"come from investment gains. So"},{"speaker":"Andy Hart","startTime":3387.26,"endTime":3391.64,"body":"have you boys seen this? You"},{"speaker":"Andy Hart","startTime":3387.26,"endTime":3391.64,"body":"boys not interested in this"},{"speaker":"Andy Hart","startTime":3391.64,"endTime":3392.3,"body":"articles?"},{"speaker":"Alan Smith","startTime":3392.54,"endTime":3396.08,"body":"Yep, I saw it. And"},{"speaker":"Alan Smith","startTime":3392.54,"endTime":3396.08,"body":"of course, the headline of all"},{"speaker":"Alan Smith","startTime":3396.08,"endTime":3398.18,"body":"these things is that, because"},{"speaker":"Alan Smith","startTime":3396.08,"endTime":3398.18,"body":"the last quarter, as you're"},{"speaker":"Alan Smith","startTime":3398.18,"endTime":3401.32,"body":"right, he sold another lawyer,"},{"speaker":"Alan Smith","startTime":3398.18,"endTime":3401.32,"body":"how many billion of stock in the"},{"speaker":"Alan Smith","startTime":3401.32,"endTime":3403.96,"body":"last quarter. Hence, he's now"},{"speaker":"Alan Smith","startTime":3401.32,"endTime":3403.96,"body":"sitting on the highest, the"},{"speaker":"Alan Smith","startTime":3404.08,"endTime":3408.64,"body":"biggest cash pile ever. So"},{"speaker":"Alan Smith","startTime":3404.08,"endTime":3408.64,"body":"naturally, everyone's thinking,"},{"speaker":"Alan Smith","startTime":3408.64,"endTime":3410.56,"body":"well, he is the greatest living"},{"speaker":"Alan Smith","startTime":3408.64,"endTime":3410.56,"body":"investor."},{"speaker":"Andy Hart","startTime":3411.28,"endTime":3413.86,"body":"He thinks the market"},{"speaker":"Andy Hart","startTime":3411.28,"endTime":3413.86,"body":"is punishing, choppy. Yeah, is"},{"speaker":"Andy Hart","startTime":3413.86,"endTime":3414.16,"body":"the is"},{"speaker":"Alan Smith","startTime":3414.16,"endTime":3417.88,"body":"this a serious"},{"speaker":"Alan Smith","startTime":3414.16,"endTime":3417.88,"body":"indicator? And I don't know."},{"speaker":"Alan Smith","startTime":3417.94,"endTime":3420.18,"body":"This is who they have. What the"},{"speaker":"Alan Smith","startTime":3417.94,"endTime":3420.18,"body":"hell do I know? Nothing. But"},{"speaker":"Alan Smith","startTime":3420.18,"endTime":3422.46,"body":"yeah, I just think that it's"},{"speaker":"Alan Smith","startTime":3420.18,"endTime":3422.46,"body":"like the work things is a"},{"speaker":"Alan Smith","startTime":3422.46,"endTime":3428.28,"body":"transition that's going on. His"},{"speaker":"Alan Smith","startTime":3422.46,"endTime":3428.28,"body":"whole philosophy is of the kind"},{"speaker":"Alan Smith","startTime":3428.28,"endTime":3431.88,"body":"of, you know, the complete the"},{"speaker":"Alan Smith","startTime":3428.28,"endTime":3431.88,"body":"value stock, long term buying."},{"speaker":"Alan Smith","startTime":3431.88,"endTime":3434.82,"body":"Generally, buy and hold value"},{"speaker":"Alan Smith","startTime":3431.88,"endTime":3434.82,"body":"undervalued stocks, etc, hold"},{"speaker":"Alan Smith","startTime":3434.82,"endTime":3437.58,"body":"them forever, traditional"},{"speaker":"Alan Smith","startTime":3434.82,"endTime":3437.58,"body":"industries, businesses, American"},{"speaker":"Alan Smith","startTime":3437.58,"endTime":3440.72,"body":"Express, Coca Cola, Apple. If he"},{"speaker":"Alan Smith","startTime":3437.58,"endTime":3440.72,"body":"wasn't for buying Apple, his"},{"speaker":"Alan Smith","startTime":3440.72,"endTime":3443.36,"body":"returns wouldn't have been"},{"speaker":"Alan Smith","startTime":3440.72,"endTime":3443.36,"body":"anything as good as they are."},{"speaker":"Alan Smith","startTime":3444.14,"endTime":3446.72,"body":"But if you look right now, it's"},{"speaker":"Alan Smith","startTime":3444.14,"endTime":3446.72,"body":"a bit like it reminds me a"},{"speaker":"Alan Smith","startTime":3446.72,"endTime":3449.48,"body":"little bit of our conversation,"},{"speaker":"Alan Smith","startTime":3446.72,"endTime":3449.48,"body":"and I'm conscious of not being,"},{"speaker":"Alan Smith","startTime":3449.48,"endTime":3452.66,"body":"you know, this time, it's"},{"speaker":"Alan Smith","startTime":3449.48,"endTime":3452.66,"body":"different. But, you know, maybe"},{"speaker":"Alan Smith","startTime":3452.66,"endTime":3456.14,"body":"the world is slowly changing. A"},{"speaker":"Alan Smith","startTime":3452.66,"endTime":3456.14,"body":"conversation before about there"},{"speaker":"Alan Smith","startTime":3456.14,"endTime":3459.68,"body":"was a time to invest in venture"},{"speaker":"Alan Smith","startTime":3456.14,"endTime":3459.68,"body":"and private equity. If you look"},{"speaker":"Alan Smith","startTime":3459.68,"endTime":3462.4,"body":"at the returns, you know, he's"},{"speaker":"Alan Smith","startTime":3459.68,"endTime":3462.4,"body":"basically invested in US"},{"speaker":"Alan Smith","startTime":3462.7,"endTime":3465.88,"body":"businesses. If you look at the"},{"speaker":"Alan Smith","startTime":3462.7,"endTime":3465.88,"body":"returns, as we know, the mag"},{"speaker":"Alan Smith","startTime":3465.88,"endTime":3471.46,"body":"seven are driving 90% of the"},{"speaker":"Alan Smith","startTime":3465.88,"endTime":3471.46,"body":"returns. The s and p4 193"},{"speaker":"Alan Smith","startTime":3472.18,"endTime":3476.2,"body":"basically flat line over the"},{"speaker":"Alan Smith","startTime":3472.18,"endTime":3476.2,"body":"last several years. He is, by"},{"speaker":"Alan Smith","startTime":3476.2,"endTime":3480.28,"body":"definition, outside of the the"},{"speaker":"Alan Smith","startTime":3476.2,"endTime":3480.28,"body":"Nvidia's, the Microsofts and"},{"speaker":"Alan Smith","startTime":3480.28,"endTime":3483.12,"body":"what have you. He doesn't, he's"},{"speaker":"Alan Smith","startTime":3480.28,"endTime":3483.12,"body":"not participating in that. Maybe"},{"speaker":"Alan Smith","startTime":3483.12,"endTime":3485.4,"body":"he's playing a different game. I"},{"speaker":"Alan Smith","startTime":3483.12,"endTime":3485.4,"body":"mean, do you see as well? And"},{"speaker":"Alan Smith","startTime":3485.4,"endTime":3490.14,"body":"video have gone through"},{"speaker":"Alan Smith","startTime":3485.4,"endTime":3490.14,"body":"5,000,000,000,005 markets. I"},{"speaker":"Alan Smith","startTime":3490.14,"endTime":3493.14,"body":"mean, just and so those"},{"speaker":"Alan Smith","startTime":3490.14,"endTime":3493.14,"body":"organizations, because this is"},{"speaker":"Alan Smith","startTime":3493.14,"endTime":3497.52,"body":"just a huge bet on the future,"},{"speaker":"Alan Smith","startTime":3493.14,"endTime":3497.52,"body":"which is basically an AI play."},{"speaker":"Alan Smith","startTime":3497.88,"endTime":3502.22,"body":"And who knows, maybe it will all"},{"speaker":"Alan Smith","startTime":3497.88,"endTime":3502.22,"body":"come off, maybe it will generate"},{"speaker":"Alan Smith","startTime":3502.28,"endTime":3507.44,"body":"the returns that the markets are"},{"speaker":"Alan Smith","startTime":3502.28,"endTime":3507.44,"body":"saying are justified. But"},{"speaker":"Alan Smith","startTime":3507.68,"endTime":3510.44,"body":"Berkshire Hathaway is clearly"},{"speaker":"Alan Smith","startTime":3507.68,"endTime":3510.44,"body":"outside of that, that bubble"},{"speaker":"Alan Smith","startTime":3510.68,"endTime":3513.26,"body":"right now and maybe over the"},{"speaker":"Alan Smith","startTime":3510.68,"endTime":3513.26,"body":"long term. You know, if things"},{"speaker":"Alan Smith","startTime":3513.26,"endTime":3517.04,"body":"do correct, he was also outside"},{"speaker":"Alan Smith","startTime":3513.26,"endTime":3517.04,"body":"of the tech bubble in the 1999"},{"speaker":"Alan Smith","startTime":3518.0,"endTime":3522.16,"body":"2000 etc, and then so he"},{"speaker":"Alan Smith","startTime":3518.0,"endTime":3522.16,"body":"significantly underperformed the"},{"speaker":"Alan Smith","startTime":3522.16,"endTime":3524.86,"body":"s, p around that time, and then,"},{"speaker":"Alan Smith","startTime":3522.16,"endTime":3524.86,"body":"and then, when that crashed, he"},{"speaker":"Alan Smith","startTime":3524.86,"endTime":3528.1,"body":"recovered. So I don't know, is"},{"speaker":"Alan Smith","startTime":3524.86,"endTime":3528.1,"body":"this like a is this a sort of"},{"speaker":"Alan Smith","startTime":3528.1,"endTime":3532.42,"body":"generational shift in that"},{"speaker":"Alan Smith","startTime":3528.1,"endTime":3532.42,"body":"Buffett is clearly extraordinary"},{"speaker":"Alan Smith","startTime":3532.42,"endTime":3535.12,"body":"in terms of his investment"},{"speaker":"Alan Smith","startTime":3532.42,"endTime":3535.12,"body":"parts, but it's the world. As"},{"speaker":"Alan Smith","startTime":3535.12,"endTime":3537.1,"body":"the world moved on, he's"},{"speaker":"Andy Hart","startTime":3537.1,"endTime":3541.86,"body":"basically sitting on"},{"speaker":"Andy Hart","startTime":3537.1,"endTime":3541.86,"body":"40% of his assets in Berkshire,"},{"speaker":"Andy Hart","startTime":3541.86,"endTime":3545.7,"body":"Hathaway and cash. It's"},{"speaker":"Andy Hart","startTime":3541.86,"endTime":3545.7,"body":"incredibly conservative. He's"},{"speaker":"Andy Hart","startTime":3545.7,"endTime":3548.94,"body":"always wanted to have a cash"},{"speaker":"Andy Hart","startTime":3545.7,"endTime":3548.94,"body":"buffer, but when you've got a"},{"speaker":"Andy Hart","startTime":3548.94,"endTime":3550.74,"body":"cash buffer of $100 billion"},{"speaker":"Alan Smith","startTime":3552.3,"endTime":3556.02,"body":"do you need more?"},{"speaker":"Alan Smith","startTime":3552.3,"endTime":3556.02,"body":"Like, well, this is a"},{"speaker":"Alan Smith","startTime":3556.02,"endTime":3562.1,"body":"percentage, but he's in a few"},{"speaker":"Alan Smith","startTime":3556.02,"endTime":3562.1,"body":"months, yeah. But years ago, he"},{"speaker":"Alan Smith","startTime":3562.1,"endTime":3565.58,"body":"had a billion, a billion"},{"speaker":"Alan Smith","startTime":3562.1,"endTime":3565.58,"body":"dollars. Then it was 10 years in"},{"speaker":"Alan Smith","startTime":3565.58,"endTime":3569.9,"body":"the last 380 1 billion, yeah,"},{"speaker":"Alan Smith","startTime":3565.58,"endTime":3569.9,"body":"but he's had like 200 billion"},{"speaker":"Alan Smith","startTime":3569.9,"endTime":3572.48,"body":"for, you know, a couple of years"},{"speaker":"Alan Smith","startTime":3569.9,"endTime":3572.48,"body":"or something now, and the"},{"speaker":"Alan Smith","startTime":3572.48,"endTime":3575.3,"body":"meantime, obviously, what have"},{"speaker":"Alan Smith","startTime":3572.48,"endTime":3575.3,"body":"the markets done? Driven by the"},{"speaker":"Alan Smith","startTime":3575.3,"endTime":3579.2,"body":"mag seven, they've absolutely"},{"speaker":"Alan Smith","startTime":3575.3,"endTime":3579.2,"body":"powered ahead. So he has given"},{"speaker":"Alan Smith","startTime":3579.2,"endTime":3583.72,"body":"up that return in in markets"},{"speaker":"Alan Smith","startTime":3579.2,"endTime":3583.72,"body":"generally, by sitting in cash. I"},{"speaker":"Alan Smith","startTime":3583.72,"endTime":3586.84,"body":"mean, it's a brave play. I"},{"speaker":"Alan Smith","startTime":3583.72,"endTime":3586.84,"body":"wouldn't bet against him, but it"},{"speaker":"Alan Smith","startTime":3586.84,"endTime":3590.02,"body":"is interesting. What's where,"},{"speaker":"Alan Smith","startTime":3586.84,"endTime":3590.02,"body":"what's going on with them right"},{"speaker":"Alan Smith","startTime":3590.26,"endTime":3590.38,"body":"now?"},{"speaker":"Nick Lincoln","startTime":3590.38,"endTime":3593.14,"body":"Okay, guys, I'm"},{"speaker":"Nick Lincoln","startTime":3590.38,"endTime":3593.14,"body":"just conscious that we're now in"},{"speaker":"Nick Lincoln","startTime":3593.14,"endTime":3596.08,"body":"and we still got one topical"},{"speaker":"Nick Lincoln","startTime":3593.14,"endTime":3596.08,"body":"tidbit to go, and that'll be"},{"speaker":"Nick Lincoln","startTime":3596.62,"endTime":3600.72,"body":"Skipper toco Island at a"},{"speaker":"Nick Lincoln","startTime":3596.62,"endTime":3600.72,"body":"crossroad. This, this. This is"},{"speaker":"Nick Lincoln","startTime":3600.72,"endTime":3602.4,"body":"we waited for this. Yeah, yeah."},{"speaker":"Carl Widger","startTime":3608.04,"endTime":3611.34,"body":"RSA corner, no."},{"speaker":"Carl Widger","startTime":3608.04,"endTime":3611.34,"body":"Well, it's not, it's not PSA"},{"speaker":"Carl Widger","startTime":3611.34,"endTime":3615.18,"body":"corner. It was based on, there's"},{"speaker":"Carl Widger","startTime":3611.34,"endTime":3615.18,"body":"going to be a bit of a theme"},{"speaker":"Carl Widger","startTime":3615.18,"endTime":3618.54,"body":"here, an article that was"},{"speaker":"Carl Widger","startTime":3615.18,"endTime":3618.54,"body":"written by John Collison of"},{"speaker":"Carl Widger","startTime":3618.54,"endTime":3623.36,"body":"stripe for the Irish Times. And"},{"speaker":"Carl Widger","startTime":3618.54,"endTime":3623.36,"body":"I was also at the Dublin chamber"},{"speaker":"Carl Widger","startTime":3623.36,"endTime":3626.18,"body":"annual dinner, and the President"},{"speaker":"Carl Widger","startTime":3623.36,"endTime":3626.18,"body":"of the Dublin chamber, guy"},{"speaker":"Carl Widger","startTime":3626.18,"endTime":3628.76,"body":"called Owen Quigley, did a"},{"speaker":"Carl Widger","startTime":3626.18,"endTime":3628.76,"body":"brilliant, brilliant, brilliant"},{"speaker":"Carl Widger","startTime":3629.12,"endTime":3635.72,"body":"talk on what we need to support"},{"speaker":"Carl Widger","startTime":3629.12,"endTime":3635.72,"body":"Irish business, you know, on the"},{"speaker":"Carl Widger","startTime":3635.72,"endTime":3639.44,"body":"premise that, well, maybe these"},{"speaker":"Carl Widger","startTime":3635.72,"endTime":3639.44,"body":"huge corporations, US"},{"speaker":"Carl Widger","startTime":3639.44,"endTime":3643.66,"body":"corporations, and the tax take"},{"speaker":"Carl Widger","startTime":3639.44,"endTime":3643.66,"body":"we have is going to come to an"},{"speaker":"Carl Widger","startTime":3643.66,"endTime":3648.7,"body":"end, so we probably need to"},{"speaker":"Carl Widger","startTime":3643.66,"endTime":3648.7,"body":"foster some, you know, kind of"},{"speaker":"Carl Widger","startTime":3648.7,"endTime":3651.22,"body":"startups here, and look after"},{"speaker":"Carl Widger","startTime":3648.7,"endTime":3651.22,"body":"ourselves."},{"speaker":"Andy Hart","startTime":3651.46,"endTime":3655.06,"body":"Disrupt yourself,"},{"speaker":"Andy Hart","startTime":3651.46,"endTime":3655.06,"body":"disrupt yourself. And it's"},{"speaker":"Carl Widger","startTime":3655.06,"endTime":3657.76,"body":"like, what's that"},{"speaker":"Carl Widger","startTime":3655.06,"endTime":3657.76,"body":"phrase that I was just trying to"},{"speaker":"Carl Widger","startTime":3657.76,"endTime":3660.36,"body":"think about while I was talking"},{"speaker":"Carl Widger","startTime":3657.76,"endTime":3660.36,"body":"there? You know, the best time"},{"speaker":"Carl Widger","startTime":3660.36,"endTime":3664.2,"body":"to fix the roof with the sun"},{"speaker":"Carl Widger","startTime":3660.36,"endTime":3664.2,"body":"shining here, right? Because we"},{"speaker":"Carl Widger","startTime":3664.26,"endTime":3667.5,"body":"are in look every list you look"},{"speaker":"Carl Widger","startTime":3664.26,"endTime":3667.5,"body":"at at the moment Ireland is"},{"speaker":"Carl Widger","startTime":3667.5,"endTime":3670.38,"body":"like, it's all happy days,"},{"speaker":"Carl Widger","startTime":3667.5,"endTime":3670.38,"body":"right? But yeah, there are,"},{"speaker":"Carl Widger","startTime":3670.44,"endTime":3675.3,"body":"there are creeks, there are"},{"speaker":"Carl Widger","startTime":3670.44,"endTime":3675.3,"body":"cracks. And you know, for in"},{"speaker":"Carl Widger","startTime":3675.3,"endTime":3678.18,"body":"terms of we don't have enough we"},{"speaker":"Carl Widger","startTime":3675.3,"endTime":3678.18,"body":"don't have enough homes for"},{"speaker":"Carl Widger","startTime":3678.24,"endTime":3681.92,"body":"ourselves. You know, our"},{"speaker":"Carl Widger","startTime":3678.24,"endTime":3681.92,"body":"infrastructure is sadly lacking,"},{"speaker":"Carl Widger","startTime":3681.98,"endTime":3684.86,"body":"and there's lots of reasons for"},{"speaker":"Carl Widger","startTime":3681.98,"endTime":3684.86,"body":"that, and it's a lot of it is"},{"speaker":"Carl Widger","startTime":3684.86,"endTime":3687.5,"body":"around quangos, that kind of"},{"speaker":"Carl Widger","startTime":3684.86,"endTime":3687.5,"body":"stuff. The Collison article is"},{"speaker":"Carl Widger","startTime":3687.5,"endTime":3690.08,"body":"brilliant because it calls it"},{"speaker":"Carl Widger","startTime":3687.5,"endTime":3690.08,"body":"out, and the politicians have"},{"speaker":"Carl Widger","startTime":3690.08,"endTime":3693.26,"body":"all kind of went, that's a"},{"speaker":"Carl Widger","startTime":3690.08,"endTime":3693.26,"body":"that's a food for thought."},{"speaker":"Carl Widger","startTime":3693.26,"endTime":3695.84,"body":"That's very interesting, because"},{"speaker":"Carl Widger","startTime":3693.26,"endTime":3695.84,"body":"they can't diss him, because"},{"speaker":"Carl Widger","startTime":3695.84,"endTime":3699.26,"body":"he's not a politician, and he is"},{"speaker":"Carl Widger","startTime":3695.84,"endTime":3699.26,"body":"this, you know, hugely respected"},{"speaker":"Carl Widger","startTime":3699.26,"endTime":3705.22,"body":"businessman who's made good over"},{"speaker":"Carl Widger","startTime":3699.26,"endTime":3705.22,"body":"in the state. So look, I think"},{"speaker":"Carl Widger","startTime":3705.22,"endTime":3708.64,"body":"this is the kind of conversation"},{"speaker":"Carl Widger","startTime":3705.22,"endTime":3708.64,"body":"we need to be having. It is the"},{"speaker":"Carl Widger","startTime":3708.64,"endTime":3714.34,"body":"it is to challenge each other"},{"speaker":"Carl Widger","startTime":3708.64,"endTime":3714.34,"body":"and to make, can we make this"},{"speaker":"Carl Widger","startTime":3714.34,"endTime":3717.4,"body":"wealth that we have created"},{"speaker":"Carl Widger","startTime":3714.34,"endTime":3717.4,"body":"sustainable? There's loads of"},{"speaker":"Carl Widger","startTime":3717.4,"endTime":3720.42,"body":"things we need to do, but in"},{"speaker":"Carl Widger","startTime":3717.4,"endTime":3720.42,"body":"order to do that, we do need to"},{"speaker":"Carl Widger","startTime":3720.42,"endTime":3724.56,"body":"make some hard decisions and or"},{"speaker":"Carl Widger","startTime":3720.42,"endTime":3724.56,"body":"take some hard decisions. And,"},{"speaker":"Carl Widger","startTime":3725.34,"endTime":3728.34,"body":"yeah, I just think, you know,"},{"speaker":"Carl Widger","startTime":3725.34,"endTime":3728.34,"body":"the more the more of this kind"},{"speaker":"Carl Widger","startTime":3728.34,"endTime":3732.84,"body":"of stuff that's challenging will"},{"speaker":"Carl Widger","startTime":3728.34,"endTime":3732.84,"body":"kind of make people sit up and"},{"speaker":"Carl Widger","startTime":3732.84,"endTime":3735.9,"body":"go, Okay, this is actually real,"},{"speaker":"Carl Widger","startTime":3732.84,"endTime":3735.9,"body":"and we need to do some things"},{"speaker":"Carl Widger","startTime":3735.9,"endTime":3739.44,"body":"now, whilst we have the"},{"speaker":"Carl Widger","startTime":3735.9,"endTime":3739.44,"body":"opportunity to do it. So just"},{"speaker":"Carl Widger","startTime":3739.44,"endTime":3742.28,"body":"very interesting. And I will"},{"speaker":"Carl Widger","startTime":3739.44,"endTime":3742.28,"body":"talk about John Callison again a"},{"speaker":"Carl Widger","startTime":3742.28,"endTime":3742.94,"body":"little while. So"},{"speaker":"Alan Smith","startTime":3743.24,"endTime":3746.18,"body":"the theme, have you"},{"speaker":"Alan Smith","startTime":3743.24,"endTime":3746.18,"body":"got, Carl, is, is there a new I"},{"speaker":"Alan Smith","startTime":3746.36,"endTime":3749.36,"body":"don't know. We could president,"},{"speaker":"Alan Smith","startTime":3746.36,"endTime":3749.36,"body":"prime minister. So just"},{"speaker":"Alan Smith","startTime":3749.36,"endTime":3753.56,"body":"recently, I was reading about"},{"speaker":"Alan Smith","startTime":3749.36,"endTime":3753.56,"body":"presidents, reading about her. I"},{"speaker":"Alan Smith","startTime":3753.56,"endTime":3758.12,"body":"suspect that, like Lincoln, may"},{"speaker":"Alan Smith","startTime":3753.56,"endTime":3758.12,"body":"not share her views. Her and"},{"speaker":"Alan Smith","startTime":3758.12,"endTime":3761.14,"body":"Nick Lincoln don't read the same"},{"speaker":"Alan Smith","startTime":3758.12,"endTime":3761.14,"body":"books. But what I read,"},{"speaker":"Carl Widger","startTime":3761.14,"endTime":3764.38,"body":"perhaps, perhaps,"},{"speaker":"Carl Widger","startTime":3761.14,"endTime":3764.38,"body":"anyway, I don't like talking"},{"speaker":"Carl Widger","startTime":3764.38,"endTime":3767.2,"body":"about politics, as you know, so"},{"speaker":"Carl Widger","startTime":3764.38,"endTime":3767.2,"body":"I knock on it now. I love"},{"speaker":"Carl Widger","startTime":3767.2,"endTime":3770.8,"body":"shrugged. She read, read that"},{"speaker":"Carl Widger","startTime":3767.2,"endTime":3770.8,"body":"one. Perhaps I don't know."},{"speaker":"Nick Lincoln","startTime":3772.06,"endTime":3774.58,"body":"Okay, right"},{"speaker":"Nick Lincoln","startTime":3772.06,"endTime":3774.58,"body":"enough. Draw a line under a"},{"speaker":"Nick Lincoln","startTime":3774.58,"endTime":3779.68,"body":"line. 63 minutes in Episode 83"},{"speaker":"Nick Lincoln","startTime":3774.58,"endTime":3779.68,"body":"of the award winning, the award"},{"speaker":"Nick Lincoln","startTime":3779.68,"endTime":3781.92,"body":"winning wheel advisor podcast,"},{"speaker":"Nick Lincoln","startTime":3779.68,"endTime":3781.92,"body":"the award winning and now"},{"speaker":"Nick Lincoln","startTime":3781.92,"endTime":3785.4,"body":"proudly sponsored by Vanguard,"},{"speaker":"Nick Lincoln","startTime":3781.92,"endTime":3785.4,"body":"and there's another sponsorship"},{"speaker":"Nick Lincoln","startTime":3785.4,"endTime":3787.68,"body":"lurking in the background. We"},{"speaker":"Nick Lincoln","startTime":3785.4,"endTime":3787.68,"body":"can't wait to talk about that as"},{"speaker":"Nick Lincoln","startTime":3787.68,"endTime":3789.9,"body":"well, but we're going to talk"},{"speaker":"Nick Lincoln","startTime":3787.68,"endTime":3789.9,"body":"about it in due course, when"},{"speaker":"Nick Lincoln","startTime":3789.9,"endTime":3792.6,"body":"it's all nailed down. So let's"},{"speaker":"Nick Lincoln","startTime":3789.9,"endTime":3792.6,"body":"move on to now what many people"},{"speaker":"Nick Lincoln","startTime":3792.6,"endTime":3795.06,"body":"call the meat and potatoes of"},{"speaker":"Nick Lincoln","startTime":3792.6,"endTime":3795.06,"body":"the show. This is where we take"},{"speaker":"Nick Lincoln","startTime":3795.06,"endTime":3798.0,"body":"a subject and basically, without"},{"speaker":"Nick Lincoln","startTime":3795.06,"endTime":3798.0,"body":"any preparation, talk around it"},{"speaker":"Nick Lincoln","startTime":3798.0,"endTime":3800.9,"body":"for about 15 minutes. So"},{"speaker":"Nick Lincoln","startTime":3798.0,"endTime":3800.9,"body":"obviously, things are happening"},{"speaker":"Nick Lincoln","startTime":3800.9,"endTime":3803.96,"body":"with trap. We've had a great"},{"speaker":"Nick Lincoln","startTime":3800.9,"endTime":3803.96,"body":"it's just been great. We've"},{"speaker":"Nick Lincoln","startTime":3803.96,"endTime":3806.24,"body":"loved it. We've got it. We had a"},{"speaker":"Nick Lincoln","startTime":3803.96,"endTime":3806.24,"body":"great response from our"},{"speaker":"Nick Lincoln","startTime":3806.24,"endTime":3809.66,"body":"audience. We love our audience."},{"speaker":"Nick Lincoln","startTime":3806.24,"endTime":3809.66,"body":"It's so you're so involved. We"},{"speaker":"Nick Lincoln","startTime":3809.66,"endTime":3812.36,"body":"think we're adding significant"},{"speaker":"Nick Lincoln","startTime":3809.66,"endTime":3812.36,"body":"value to the advice community,"},{"speaker":"Nick Lincoln","startTime":3812.36,"endTime":3814.34,"body":"and we're making a real change"},{"speaker":"Nick Lincoln","startTime":3812.36,"endTime":3814.34,"body":"that might sound a bit"},{"speaker":"Nick Lincoln","startTime":3814.34,"endTime":3816.92,"body":"vainglorious, but I just have to"},{"speaker":"Nick Lincoln","startTime":3814.34,"endTime":3816.92,"body":"go with what I see and the"},{"speaker":"Nick Lincoln","startTime":3816.92,"endTime":3819.38,"body":"reactions that we get, and the"},{"speaker":"Nick Lincoln","startTime":3816.92,"endTime":3819.38,"body":"comments we get, and the stuff"},{"speaker":"Nick Lincoln","startTime":3819.38,"endTime":3821.98,"body":"coming into us all the time. And"},{"speaker":"Nick Lincoln","startTime":3819.38,"endTime":3821.98,"body":"so we're looking to take track"},{"speaker":"Nick Lincoln","startTime":3821.98,"endTime":3824.8,"body":"forward to the next degree. And"},{"speaker":"Nick Lincoln","startTime":3821.98,"endTime":3824.8,"body":"no, it's not because we're old."},{"speaker":"Nick Lincoln","startTime":3824.8,"endTime":3826.96,"body":"Look, they're looking to"},{"speaker":"Nick Lincoln","startTime":3824.8,"endTime":3826.96,"body":"monetize it. This was always the"},{"speaker":"Nick Lincoln","startTime":3826.96,"endTime":3829.3,"body":"plan. No, it's not that at all."},{"speaker":"Nick Lincoln","startTime":3826.96,"endTime":3829.3,"body":"But we put a heck of a lot of"},{"speaker":"Nick Lincoln","startTime":3829.54,"endTime":3832.42,"body":"stuff into these shows. We give"},{"speaker":"Nick Lincoln","startTime":3829.54,"endTime":3832.42,"body":"a heck of a lot of way free, and"},{"speaker":"Nick Lincoln","startTime":3832.42,"endTime":3835.48,"body":"we want to make sure that when"},{"speaker":"Nick Lincoln","startTime":3832.42,"endTime":3835.48,"body":"we're doing that, yes, we get,"},{"speaker":"Nick Lincoln","startTime":3835.48,"endTime":3837.94,"body":"we get some compensation for it,"},{"speaker":"Nick Lincoln","startTime":3835.48,"endTime":3837.94,"body":"but also that we do in a"},{"speaker":"Nick Lincoln","startTime":3837.94,"endTime":3840.12,"body":"structured manner, so that you"},{"speaker":"Nick Lincoln","startTime":3837.94,"endTime":3840.12,"body":"get the very best of what we"},{"speaker":"Nick Lincoln","startTime":3840.12,"endTime":3842.88,"body":"have to offer, and we take the"},{"speaker":"Nick Lincoln","startTime":3840.12,"endTime":3842.88,"body":"very best from you as well, just"},{"speaker":"Nick Lincoln","startTime":3842.88,"endTime":3845.28,"body":"steal it back. And there are"},{"speaker":"Nick Lincoln","startTime":3842.88,"endTime":3845.28,"body":"various ways that we can do"},{"speaker":"Nick Lincoln","startTime":3845.28,"endTime":3847.92,"body":"this, obviously, with the tech"},{"speaker":"Nick Lincoln","startTime":3845.28,"endTime":3847.92,"body":"and so forth going forward. Yes,"},{"speaker":"Nick Lincoln","startTime":3847.92,"endTime":3850.32,"body":"we got the sponsorship from"},{"speaker":"Nick Lincoln","startTime":3847.92,"endTime":3850.32,"body":"Vanguard that brilliant, by the"},{"speaker":"Nick Lincoln","startTime":3850.32,"endTime":3852.54,"body":"way. We haven't really talked"},{"speaker":"Nick Lincoln","startTime":3850.32,"endTime":3852.54,"body":"about what that involves, but"},{"speaker":"Nick Lincoln","startTime":3852.6,"endTime":3855.3,"body":"there's going to be content"},{"speaker":"Nick Lincoln","startTime":3852.6,"endTime":3855.3,"body":"videos and so forth coming"},{"speaker":"Nick Lincoln","startTime":3855.3,"endTime":3857.88,"body":"through Vanguard and trap, which"},{"speaker":"Nick Lincoln","startTime":3855.3,"endTime":3857.88,"body":"is going to be super exciting."},{"speaker":"Nick Lincoln","startTime":3857.88,"endTime":3861.08,"body":"We've got a day's filming coming"},{"speaker":"Nick Lincoln","startTime":3857.88,"endTime":3861.08,"body":"up in London. God help Vanguard."},{"speaker":"Nick Lincoln","startTime":3861.56,"endTime":3864.2,"body":"What else can we be doing? So"},{"speaker":"Nick Lincoln","startTime":3861.56,"endTime":3864.2,"body":"each of us now are gonna take an"},{"speaker":"Nick Lincoln","startTime":3864.2,"endTime":3867.56,"body":"idea, we're gonna put it out. We"},{"speaker":"Nick Lincoln","startTime":3864.2,"endTime":3867.56,"body":"can Anderson. We can"},{"speaker":"Andy Hart","startTime":3867.62,"endTime":3870.38,"body":"also, sorry, we can"},{"speaker":"Andy Hart","startTime":3867.62,"endTime":3870.38,"body":"also mention our other partner"},{"speaker":"Andy Hart","startTime":3870.38,"endTime":3873.68,"body":"is funman, but we've got need"},{"speaker":"Andy Hart","startTime":3870.38,"endTime":3873.68,"body":"to, didn't we didn't need to."},{"speaker":"Andy Hart","startTime":3875.24,"endTime":3878.54,"body":"Partners are now Vanguard and"},{"speaker":"Andy Hart","startTime":3875.24,"endTime":3878.54,"body":"funman, just to get that in."},{"speaker":"Alan Smith","startTime":3878.9,"endTime":3880.6,"body":"And they're"},{"speaker":"Alan Smith","startTime":3878.9,"endTime":3880.6,"body":"delighted that there's that we"},{"speaker":"Alan Smith","startTime":3880.66,"endTime":3884.32,"body":"all get on so well together, and"},{"speaker":"Alan Smith","startTime":3880.66,"endTime":3884.32,"body":"we never argue or dispute live,"},{"speaker":"Alan Smith","startTime":3884.68,"endTime":3884.86,"body":"and"},{"speaker":"Carl Widger","startTime":3885.76,"endTime":3888.52,"body":"our other partner,"},{"speaker":"Carl Widger","startTime":3885.76,"endTime":3888.52,"body":"clearly, is humans under"},{"speaker":"Carl Widger","startTime":3888.82,"endTime":3889.48,"body":"management."},{"speaker":"Andy Hart","startTime":3891.4,"endTime":3894.88,"body":"Now, have you got"},{"speaker":"Andy Hart","startTime":3891.4,"endTime":3894.88,"body":"retirement event coming up soon?"},{"speaker":"Unknown","startTime":3894.88,"endTime":3900.78,"body":"Cole, no, I do not"},{"speaker":"Unknown","startTime":3894.88,"endTime":3900.78,"body":"hiring. No. Us right now, not"},{"speaker":"Unknown","startTime":3900.78,"endTime":3904.2,"body":"yet. Not yet. Okay, no, anyway."},{"speaker":"Andy Hart","startTime":3904.86,"endTime":3907.74,"body":"Have you got another"},{"speaker":"Andy Hart","startTime":3904.86,"endTime":3907.74,"body":"podcast? Alan, I have"},{"speaker":"Alan Smith","startTime":3907.74,"endTime":3911.4,"body":"fantastic by the"},{"speaker":"Alan Smith","startTime":3907.74,"endTime":3911.4,"body":"way, bulletproof entrepreneur,"},{"speaker":"Alan Smith","startTime":3911.46,"endTime":3915.06,"body":"you do need to sign up for my"},{"speaker":"Alan Smith","startTime":3911.46,"endTime":3915.06,"body":"next episode going out next"},{"speaker":"Alan Smith","startTime":3915.06,"endTime":3919.92,"body":"week. Incredible, incredible,"},{"speaker":"Alan Smith","startTime":3915.06,"endTime":3919.92,"body":"right back into the matter of"},{"speaker":"Alan Smith","startTime":3919.92,"endTime":3924.8,"body":"that day, because if I just"},{"speaker":"Alan Smith","startTime":3919.92,"endTime":3924.8,"body":"follow on from Nick and you're"},{"speaker":"Alan Smith","startTime":3924.8,"endTime":3927.68,"body":"right, this the origin story for"},{"speaker":"Alan Smith","startTime":3924.8,"endTime":3927.68,"body":"those that didn't listen to the"},{"speaker":"Alan Smith","startTime":3927.68,"endTime":3930.56,"body":"first couple of episodes. This"},{"speaker":"Alan Smith","startTime":3927.68,"endTime":3930.56,"body":"was came about from the four of"},{"speaker":"Alan Smith","startTime":3930.56,"endTime":3936.32,"body":"us being on a walking trip"},{"speaker":"Alan Smith","startTime":3930.56,"endTime":3936.32,"body":"hiking in Ireland three years"},{"speaker":"Alan Smith","startTime":3936.32,"endTime":3938.9,"body":"ago, and we all ended up in a"},{"speaker":"Alan Smith","startTime":3936.32,"endTime":3938.9,"body":"restaurant sitting around"},{"speaker":"Alan Smith","startTime":3938.9,"endTime":3942.52,"body":"talking about talking about our"},{"speaker":"Alan Smith","startTime":3938.9,"endTime":3942.52,"body":"industry, our profession, good,"},{"speaker":"Alan Smith","startTime":3942.52,"endTime":3945.52,"body":"bad and ugly. And then we all"},{"speaker":"Alan Smith","startTime":3942.52,"endTime":3945.52,"body":"said this would make a good"},{"speaker":"Alan Smith","startTime":3945.52,"endTime":3949.36,"body":"podcast. And we and everything"},{"speaker":"Alan Smith","startTime":3945.52,"endTime":3949.36,"body":"was a mini experiment. Let's"},{"speaker":"Alan Smith","startTime":3949.36,"endTime":3952.12,"body":"let's launch. Let's do three"},{"speaker":"Alan Smith","startTime":3949.36,"endTime":3952.12,"body":"episodes, see where the feedback"},{"speaker":"Alan Smith","startTime":3952.12,"endTime":3955.54,"body":"is. It will probably die in its"},{"speaker":"Alan Smith","startTime":3952.12,"endTime":3955.54,"body":"feet. Won't get any further, but"},{"speaker":"Alan Smith","startTime":3955.54,"endTime":3958.42,"body":"it didn't, and it's done nothing"},{"speaker":"Alan Smith","startTime":3955.54,"endTime":3958.42,"body":"other than grow and it's grown"},{"speaker":"Alan Smith","startTime":3958.42,"endTime":3962.22,"body":"and it's grown. And you're"},{"speaker":"Alan Smith","startTime":3958.42,"endTime":3962.22,"body":"right, as Nick's just said, it's"},{"speaker":"Alan Smith","startTime":3962.28,"endTime":3965.64,"body":"we are clearly one way or"},{"speaker":"Alan Smith","startTime":3962.28,"endTime":3965.64,"body":"another, adding some value."},{"speaker":"Alan Smith","startTime":3965.64,"endTime":3969.48,"body":"Because we all get inbound. We"},{"speaker":"Alan Smith","startTime":3965.64,"endTime":3969.48,"body":"get DMS, email emails,"},{"speaker":"Alan Smith","startTime":3969.48,"endTime":3972.18,"body":"WhatsApps, connections from"},{"speaker":"Alan Smith","startTime":3969.48,"endTime":3972.18,"body":"whole people. I had one this"},{"speaker":"Alan Smith","startTime":3972.18,"endTime":3975.96,"body":"morning. Quick side. One young"},{"speaker":"Alan Smith","startTime":3972.18,"endTime":3975.96,"body":"lady who wants to go out on her"},{"speaker":"Alan Smith","startTime":3975.96,"endTime":3978.12,"body":"own. She's been working for this"},{"speaker":"Alan Smith","startTime":3975.96,"endTime":3978.12,"body":"other financial planning"},{"speaker":"Alan Smith","startTime":3978.12,"endTime":3980.66,"body":"business, wants to go out on her"},{"speaker":"Alan Smith","startTime":3978.12,"endTime":3980.66,"body":"own. Bit of feedback. So there"},{"speaker":"Alan Smith","startTime":3980.66,"endTime":3984.32,"body":"is things going on. There are"},{"speaker":"Alan Smith","startTime":3980.66,"endTime":3984.32,"body":"movements. So the point of this"},{"speaker":"Alan Smith","startTime":3984.32,"endTime":3987.02,"body":"is, we've all been chatting"},{"speaker":"Alan Smith","startTime":3984.32,"endTime":3987.02,"body":"online and offline, the four of"},{"speaker":"Alan Smith","startTime":3987.02,"endTime":3990.08,"body":"us about, what should we do now?"},{"speaker":"Alan Smith","startTime":3987.02,"endTime":3990.08,"body":"Where do we take it from here?"},{"speaker":"Alan Smith","startTime":3990.08,"endTime":3992.3,"body":"Do we want to really kind of"},{"speaker":"Alan Smith","startTime":3990.08,"endTime":3992.3,"body":"double down? Do you want to"},{"speaker":"Alan Smith","startTime":3992.3,"endTime":3995.66,"body":"create more value for this"},{"speaker":"Alan Smith","startTime":3992.3,"endTime":3995.66,"body":"community? Do we want to carry"},{"speaker":"Alan Smith","startTime":3995.66,"endTime":3998.78,"body":"on as we are? We even thought,"},{"speaker":"Alan Smith","startTime":3995.66,"endTime":3998.78,"body":"Should we just jack it in? It's"},{"speaker":"Alan Smith","startTime":3998.78,"endTime":4002.46,"body":"achieved everything we wanted"},{"speaker":"Alan Smith","startTime":3998.78,"endTime":4002.46,"body":"to, and we've gone through all"},{"speaker":"Alan Smith","startTime":4002.46,"endTime":4005.52,"body":"those conversations, and we've"},{"speaker":"Alan Smith","startTime":4002.46,"endTime":4005.52,"body":"we've concluded that no we want"},{"speaker":"Alan Smith","startTime":4005.52,"endTime":4010.74,"body":"to to grow this because a we"},{"speaker":"Alan Smith","startTime":4005.52,"endTime":4010.74,"body":"enjoy it, it's good fun and and"},{"speaker":"Alan Smith","startTime":4010.8,"endTime":4013.32,"body":"we know that from the feedback"},{"speaker":"Alan Smith","startTime":4010.8,"endTime":4013.32,"body":"that we get that we are helping"},{"speaker":"Alan Smith","startTime":4013.32,"endTime":4016.5,"body":"people, and people are making"},{"speaker":"Alan Smith","startTime":4013.32,"endTime":4016.5,"body":"decisions, and people are"},{"speaker":"Alan Smith","startTime":4016.5,"endTime":4020.1,"body":"connecting with each other, with"},{"speaker":"Alan Smith","startTime":4016.5,"endTime":4020.1,"body":"each other. So we now have a bit"},{"speaker":"Alan Smith","startTime":4020.1,"endTime":4023.6,"body":"of funding behind us, so we can"},{"speaker":"Alan Smith","startTime":4020.1,"endTime":4023.6,"body":"be a bit more serious and"},{"speaker":"Alan Smith","startTime":4023.6,"endTime":4026.36,"body":"sensible about this. And so"},{"speaker":"Alan Smith","startTime":4023.6,"endTime":4026.36,"body":"there's an entire range of"},{"speaker":"Alan Smith","startTime":4026.36,"endTime":4029.84,"body":"things that we can do. What we"},{"speaker":"Alan Smith","startTime":4026.36,"endTime":4029.84,"body":"want to be clear is we're always"},{"speaker":"Alan Smith","startTime":4029.84,"endTime":4034.16,"body":"going to have a significant part"},{"speaker":"Alan Smith","startTime":4029.84,"endTime":4034.16,"body":"of our content for free. It's"},{"speaker":"Alan Smith","startTime":4034.16,"endTime":4036.98,"body":"going to be out there the"},{"speaker":"Alan Smith","startTime":4034.16,"endTime":4036.98,"body":"podcast generally that you know"},{"speaker":"Alan Smith","startTime":4036.98,"endTime":4041.08,"body":"the past episodes, 8283 now,"},{"speaker":"Alan Smith","startTime":4036.98,"endTime":4041.08,"body":"past episodes are out there."},{"speaker":"Alan Smith","startTime":4041.08,"endTime":4044.14,"body":"They're available. Within those"},{"speaker":"Alan Smith","startTime":4041.08,"endTime":4044.14,"body":"there are some absolute gems of"},{"speaker":"Alan Smith","startTime":4044.14,"endTime":4047.2,"body":"wisdom. You might have to look"},{"speaker":"Alan Smith","startTime":4044.14,"endTime":4047.2,"body":"quite hard, but there are some"},{"speaker":"Alan Smith","startTime":4047.2,"endTime":4049.48,"body":"good comments, some good"},{"speaker":"Alan Smith","startTime":4047.2,"endTime":4049.48,"body":"insights, some good, you know,"},{"speaker":"Alan Smith","startTime":4049.48,"endTime":4053.44,"body":"ideas and suggestions for anyone"},{"speaker":"Alan Smith","startTime":4049.48,"endTime":4053.44,"body":"working in our profession. But"},{"speaker":"Alan Smith","startTime":4053.44,"endTime":4056.68,"body":"what else do we want to do? The"},{"speaker":"Alan Smith","startTime":4053.44,"endTime":4056.68,"body":"way that I see these things,"},{"speaker":"Alan Smith","startTime":4056.68,"endTime":4059.86,"body":"and, you know, I've consumed,"},{"speaker":"Alan Smith","startTime":4056.68,"endTime":4059.86,"body":"I've bought lots of programs and"},{"speaker":"Alan Smith","startTime":4059.86,"endTime":4063.36,"body":"developments myself over the"},{"speaker":"Alan Smith","startTime":4059.86,"endTime":4063.36,"body":"years. And there's a natural"},{"speaker":"Alan Smith","startTime":4063.36,"endTime":4067.02,"body":"kind of hierarchy that goes"},{"speaker":"Alan Smith","startTime":4063.36,"endTime":4067.02,"body":"from, you know, free content,"},{"speaker":"Alan Smith","startTime":4067.02,"endTime":4070.8,"body":"download, knock yourself out,"},{"speaker":"Alan Smith","startTime":4067.02,"endTime":4070.8,"body":"YouTube, etc, it's all there,"},{"speaker":"Alan Smith","startTime":4071.04,"endTime":4073.86,"body":"and the next one up, I suppose."},{"speaker":"Alan Smith","startTime":4071.04,"endTime":4073.86,"body":"And maybe Nick wants to sort of"},{"speaker":"Alan Smith","startTime":4073.86,"endTime":4076.2,"body":"explain this in a bit more"},{"speaker":"Alan Smith","startTime":4073.86,"endTime":4076.2,"body":"detail, the idea of having an"},{"speaker":"Alan Smith","startTime":4076.2,"endTime":4080.3,"body":"online digital community, right?"},{"speaker":"Alan Smith","startTime":4076.2,"endTime":4080.3,"body":"So where we can add some"},{"speaker":"Alan Smith","startTime":4080.3,"endTime":4085.1,"body":"content. We can we can hold we"},{"speaker":"Alan Smith","startTime":4080.3,"endTime":4085.1,"body":"can post video there. We can"},{"speaker":"Alan Smith","startTime":4085.1,"endTime":4088.16,"body":"invite people into it. Now that"},{"speaker":"Alan Smith","startTime":4085.1,"endTime":4088.16,"body":"obviously takes more time. They"},{"speaker":"Alan Smith","startTime":4088.16,"endTime":4090.98,"body":"just even registering for these"},{"speaker":"Alan Smith","startTime":4088.16,"endTime":4090.98,"body":"things. And these some digital"},{"speaker":"Alan Smith","startTime":4090.98,"endTime":4095.84,"body":"platforms cost money, so this"},{"speaker":"Alan Smith","startTime":4090.98,"endTime":4095.84,"body":"would be a paid for service at"},{"speaker":"Alan Smith","startTime":4095.84,"endTime":4098.78,"body":"some level, it wouldn't. It's"},{"speaker":"Alan Smith","startTime":4095.84,"endTime":4098.78,"body":"designed not to kind of break"},{"speaker":"Alan Smith","startTime":4098.78,"endTime":4101.8,"body":"the bank of the community, but"},{"speaker":"Alan Smith","startTime":4098.78,"endTime":4101.8,"body":"it's the kind of the next, the"},{"speaker":"Alan Smith","startTime":4101.8,"endTime":4105.04,"body":"next level up. Nick, this is"},{"speaker":"Alan Smith","startTime":4101.8,"endTime":4105.04,"body":"more we were kicking around the"},{"speaker":"Alan Smith","startTime":4105.04,"endTime":4108.34,"body":"idea of the trap Academy. Why"},{"speaker":"Alan Smith","startTime":4105.04,"endTime":4108.34,"body":"don't you say a bit more about"},{"speaker":"Alan Smith","startTime":4108.34,"endTime":4111.7,"body":"our thoughts on the trap"},{"speaker":"Alan Smith","startTime":4108.34,"endTime":4111.7,"body":"Academy? Wow."},{"speaker":"Nick Lincoln","startTime":4111.7,"endTime":4114.7,"body":"Okay, so, yeah, I"},{"speaker":"Nick Lincoln","startTime":4111.7,"endTime":4114.7,"body":"mean, you've said a lot of"},{"speaker":"Nick Lincoln","startTime":4114.7,"endTime":4118.66,"body":"there, really. So there, one of"},{"speaker":"Nick Lincoln","startTime":4114.7,"endTime":4118.66,"body":"the thoughts we have was that"},{"speaker":"Nick Lincoln","startTime":4118.66,"endTime":4123.3,"body":"there are these subscription"},{"speaker":"Nick Lincoln","startTime":4118.66,"endTime":4123.3,"body":"models now, and the tech is"},{"speaker":"Nick Lincoln","startTime":4123.3,"endTime":4126.48,"body":"there where we can build a"},{"speaker":"Nick Lincoln","startTime":4123.3,"endTime":4126.48,"body":"really nice, online, modular"},{"speaker":"Nick Lincoln","startTime":4126.54,"endTime":4130.68,"body":"course for the Trappists, where"},{"speaker":"Nick Lincoln","startTime":4126.54,"endTime":4130.68,"body":"you take it at your own pace."},{"speaker":"Nick Lincoln","startTime":4130.98,"endTime":4136.86,"body":"There'll be a series of videos"},{"speaker":"Nick Lincoln","startTime":4130.98,"endTime":4136.86,"body":"how to script experiences."},{"speaker":"Nick Lincoln","startTime":4137.88,"endTime":4141.44,"body":"There'll be an active area for"},{"speaker":"Nick Lincoln","startTime":4137.88,"endTime":4141.44,"body":"members of trap Academy to"},{"speaker":"Nick Lincoln","startTime":4141.44,"endTime":4144.2,"body":"communicate with each other,"},{"speaker":"Nick Lincoln","startTime":4141.44,"endTime":4144.2,"body":"channels and so forth. So it's"},{"speaker":"Nick Lincoln","startTime":4144.2,"endTime":4147.38,"body":"not slack or anything like that."},{"speaker":"Nick Lincoln","startTime":4144.2,"endTime":4147.38,"body":"It's a proper platform as a"},{"speaker":"Nick Lincoln","startTime":4147.38,"endTime":4150.86,"body":"learning resource, a paid for"},{"speaker":"Nick Lincoln","startTime":4147.38,"endTime":4150.86,"body":"monthly subscription amount. We"},{"speaker":"Nick Lincoln","startTime":4150.86,"endTime":4153.62,"body":"don't know what it would be or"},{"speaker":"Nick Lincoln","startTime":4150.86,"endTime":4153.62,"body":"what have you, but I think that"},{"speaker":"Nick Lincoln","startTime":4153.74,"endTime":4156.38,"body":"would be as an initial entry"},{"speaker":"Nick Lincoln","startTime":4153.74,"endTime":4156.38,"body":"point, just to get a bit more"},{"speaker":"Nick Lincoln","startTime":4156.44,"endTime":4159.86,"body":"from trap and to engender a"},{"speaker":"Nick Lincoln","startTime":4156.44,"endTime":4159.86,"body":"greater sense of community. It"},{"speaker":"Nick Lincoln","startTime":4159.86,"endTime":4162.04,"body":"wouldn't be a massive outlay."},{"speaker":"Nick Lincoln","startTime":4159.86,"endTime":4162.04,"body":"And the other things that the"},{"speaker":"Nick Lincoln","startTime":4162.04,"endTime":4164.26,"body":"other track packs will talk"},{"speaker":"Nick Lincoln","startTime":4162.04,"endTime":4164.26,"body":"about that will have, perhaps"},{"speaker":"Nick Lincoln","startTime":4164.26,"endTime":4168.58,"body":"more of an investment, more of a"},{"speaker":"Nick Lincoln","startTime":4164.26,"endTime":4168.58,"body":"tuition fee involved, but just"},{"speaker":"Nick Lincoln","startTime":4168.58,"endTime":4171.82,"body":"having having an online"},{"speaker":"Nick Lincoln","startTime":4168.58,"endTime":4171.82,"body":"community where we can offer you"},{"speaker":"Nick Lincoln","startTime":4171.82,"endTime":4175.66,"body":"guys regular content, constantly"},{"speaker":"Nick Lincoln","startTime":4171.82,"endTime":4175.66,"body":"updated in a modular format you"},{"speaker":"Nick Lincoln","startTime":4175.66,"endTime":4179.02,"body":"take at your own pace, we could"},{"speaker":"Nick Lincoln","startTime":4175.66,"endTime":4179.02,"body":"have Q and A sessions for sure."},{"speaker":"Nick Lincoln","startTime":4179.02,"endTime":4181.92,"body":"Maybe one of the trap packs sits"},{"speaker":"Nick Lincoln","startTime":4179.02,"endTime":4181.92,"body":"in every month. Or have you"},{"speaker":"Nick Lincoln","startTime":4181.92,"endTime":4184.8,"body":"haven't really scanned out, but"},{"speaker":"Nick Lincoln","startTime":4181.92,"endTime":4184.8,"body":"it's there. I'm quite keen on"},{"speaker":"Nick Lincoln","startTime":4184.8,"endTime":4187.08,"body":"that, because that's how that"},{"speaker":"Nick Lincoln","startTime":4184.8,"endTime":4187.08,"body":"appeals to how I like to learn."},{"speaker":"Nick Lincoln","startTime":4187.08,"endTime":4191.1,"body":"So I'm probably projecting my"},{"speaker":"Nick Lincoln","startTime":4187.08,"endTime":4191.1,"body":"own, my own, my own value system"},{"speaker":"Nick Lincoln","startTime":4191.1,"endTime":4193.56,"body":"on that, but that's something"},{"speaker":"Nick Lincoln","startTime":4191.1,"endTime":4193.56,"body":"I'd like to pursue, and I think"},{"speaker":"Nick Lincoln","startTime":4193.56,"endTime":4195.42,"body":"it's something that you that"},{"speaker":"Nick Lincoln","startTime":4193.56,"endTime":4195.42,"body":"especially the younger"},{"speaker":"Nick Lincoln","startTime":4195.42,"endTime":4197.76,"body":"Trappists, will get a lot of"},{"speaker":"Nick Lincoln","startTime":4195.42,"endTime":4197.76,"body":"value from. But even at the"},{"speaker":"Nick Lincoln","startTime":4197.76,"endTime":4200.42,"body":"start of the show, when anyone"},{"speaker":"Nick Lincoln","startTime":4197.76,"endTime":4200.42,"body":"at the review, what. Know the"},{"speaker":"Nick Lincoln","startTime":4200.42,"endTime":4203.18,"body":"guy who's been advising for 29"},{"speaker":"Nick Lincoln","startTime":4200.42,"endTime":4203.18,"body":"years finds value in the"},{"speaker":"Nick Lincoln","startTime":4203.18,"endTime":4206.66,"body":"nonsense that we that we knock"},{"speaker":"Nick Lincoln","startTime":4203.18,"endTime":4206.66,"body":"out. So that's what I'm leaning"},{"speaker":"Nick Lincoln","startTime":4206.66,"endTime":4209.3,"body":"towards. And I'm quite happy to"},{"speaker":"Nick Lincoln","startTime":4206.66,"endTime":4209.3,"body":"sort of run with that on behalf"},{"speaker":"Nick Lincoln","startTime":4209.3,"endTime":4212.6,"body":"of the Track Pack initially, and"},{"speaker":"Nick Lincoln","startTime":4209.3,"endTime":4212.6,"body":"to build something up as a demo"},{"speaker":"Nick Lincoln","startTime":4212.6,"endTime":4215.36,"body":"version and then trialing it."},{"speaker":"Nick Lincoln","startTime":4212.6,"endTime":4215.36,"body":"But I think that, I think we get"},{"speaker":"Nick Lincoln","startTime":4215.36,"endTime":4215.96,"body":"a lot of buy in"},{"speaker":"Andy Hart","startTime":4218.24,"endTime":4219.62,"body":"with that. Carl to go"},{"speaker":"Andy Hart","startTime":4218.24,"endTime":4219.62,"body":"to expert,"},{"speaker":"Carl Widger","startTime":4219.68,"endTime":4223.72,"body":"yeah. Okay, so I"},{"speaker":"Carl Widger","startTime":4219.68,"endTime":4223.72,"body":"it's funny that you said, Nick,"},{"speaker":"Carl Widger","startTime":4223.72,"endTime":4226.9,"body":"that that's kind of the way you"},{"speaker":"Carl Widger","startTime":4223.72,"endTime":4226.9,"body":"like to learn. So I've done,"},{"speaker":"Carl Widger","startTime":4226.9,"endTime":4230.8,"body":"I've signed up for various"},{"speaker":"Carl Widger","startTime":4226.9,"endTime":4230.8,"body":"things over the years, and I go"},{"speaker":"Carl Widger","startTime":4230.8,"endTime":4234.58,"body":"on for the first one, maybe the"},{"speaker":"Carl Widger","startTime":4230.8,"endTime":4234.58,"body":"second one, and then I don't"},{"speaker":"Carl Widger","startTime":4234.58,"endTime":4240.9,"body":"bother. That's I'm way too busy."},{"speaker":"Carl Widger","startTime":4234.58,"endTime":4240.9,"body":"I can't do that. So for me, I"},{"speaker":"Carl Widger","startTime":4240.9,"endTime":4245.04,"body":"spoken on, on, on this podcast"},{"speaker":"Carl Widger","startTime":4240.9,"endTime":4245.04,"body":"before, about the course that I"},{"speaker":"Carl Widger","startTime":4245.04,"endTime":4249.3,"body":"went on that had the most impact"},{"speaker":"Carl Widger","startTime":4245.04,"endTime":4249.3,"body":"on my my professional but also"},{"speaker":"Carl Widger","startTime":4249.3,"endTime":4251.52,"body":"my personal life, to be fair,"},{"speaker":"Carl Widger","startTime":4249.3,"endTime":4251.52,"body":"right? And it was the Monster"},{"speaker":"Carl Widger","startTime":4251.52,"endTime":4255.0,"body":"High Performance leadership"},{"speaker":"Carl Widger","startTime":4251.52,"endTime":4255.0,"body":"course. And that was a kind of a"},{"speaker":"Carl Widger","startTime":4255.24,"endTime":4259.38,"body":"three day intense event whereby"},{"speaker":"Carl Widger","startTime":4255.24,"endTime":4259.38,"body":"there was lots of different"},{"speaker":"Carl Widger","startTime":4259.38,"endTime":4263.0,"body":"modules, lots of different kind"},{"speaker":"Carl Widger","startTime":4259.38,"endTime":4263.0,"body":"of strands to it. And it was"},{"speaker":"Carl Widger","startTime":4263.0,"endTime":4268.52,"body":"absolutely, it was life changing"},{"speaker":"Carl Widger","startTime":4263.0,"endTime":4268.52,"body":"for me, frankly. So I've been,"},{"speaker":"Carl Widger","startTime":4268.58,"endTime":4274.16,"body":"you know, kind of floating this"},{"speaker":"Carl Widger","startTime":4268.58,"endTime":4274.16,"body":"idea with you guys quite a bit."},{"speaker":"Carl Widger","startTime":4274.16,"endTime":4278.54,"body":"I would say that, you know, what"},{"speaker":"Carl Widger","startTime":4274.16,"endTime":4278.54,"body":"about doing this? What about we"},{"speaker":"Carl Widger","startTime":4278.54,"endTime":4282.58,"body":"go to somewhere, I don't know,"},{"speaker":"Carl Widger","startTime":4278.54,"endTime":4282.58,"body":"in the south of Spain, and we"},{"speaker":"Carl Widger","startTime":4282.58,"endTime":4285.22,"body":"get a nice venue, and we say,"},{"speaker":"Carl Widger","startTime":4282.58,"endTime":4285.22,"body":"right, we're going to go over"},{"speaker":"Carl Widger","startTime":4285.22,"endTime":4288.76,"body":"there for three days, and we're"},{"speaker":"Carl Widger","startTime":4285.22,"endTime":4288.76,"body":"going to have an intense"},{"speaker":"Carl Widger","startTime":4288.76,"endTime":4291.16,"body":"workload for the three days."},{"speaker":"Carl Widger","startTime":4288.76,"endTime":4291.16,"body":"We're going to not only do"},{"speaker":"Carl Widger","startTime":4291.16,"endTime":4293.98,"body":"financial planning, you're not"},{"speaker":"Carl Widger","startTime":4291.16,"endTime":4293.98,"body":"only just going to get stuff"},{"speaker":"Carl Widger","startTime":4293.98,"endTime":4296.62,"body":"from us. We might introduce"},{"speaker":"Carl Widger","startTime":4293.98,"endTime":4296.62,"body":"other stuff around it as well."},{"speaker":"Carl Widger","startTime":4297.94,"endTime":4301.68,"body":"Importantly, you know, the idea"},{"speaker":"Carl Widger","startTime":4297.94,"endTime":4301.68,"body":"here isn't that we're all, you"},{"speaker":"Carl Widger","startTime":4301.68,"endTime":4306.3,"body":"know, going on a boozy trip"},{"speaker":"Carl Widger","startTime":4301.68,"endTime":4306.3,"body":"away. You know, of course, we"},{"speaker":"Carl Widger","startTime":4306.3,"endTime":4309.72,"body":"will have maybe a final dinner"},{"speaker":"Carl Widger","startTime":4306.3,"endTime":4309.72,"body":"and have a few drinks and wine"},{"speaker":"Carl Widger","startTime":4309.72,"endTime":4315.18,"body":"and kind of have our connection"},{"speaker":"Carl Widger","startTime":4309.72,"endTime":4315.18,"body":"there. But there's real work and"},{"speaker":"Carl Widger","startTime":4315.18,"endTime":4319.74,"body":"intense work so that we can"},{"speaker":"Carl Widger","startTime":4315.18,"endTime":4319.74,"body":"deliver something like I was"},{"speaker":"Carl Widger","startTime":4319.74,"endTime":4324.2,"body":"delivered, whereby we can say,"},{"speaker":"Carl Widger","startTime":4319.74,"endTime":4324.2,"body":"yeah, that people would say"},{"speaker":"Carl Widger","startTime":4324.2,"endTime":4326.9,"body":"yeah. That was actually that"},{"speaker":"Carl Widger","startTime":4324.2,"endTime":4326.9,"body":"changed the way I run my"},{"speaker":"Carl Widger","startTime":4326.9,"endTime":4330.44,"body":"practice. That changed my"},{"speaker":"Carl Widger","startTime":4326.9,"endTime":4330.44,"body":"professional life. That's what I"},{"speaker":"Carl Widger","startTime":4330.44,"endTime":4334.04,"body":"would love to do. Now, obviously"},{"speaker":"Carl Widger","startTime":4330.44,"endTime":4334.04,"body":"this is a much bigger ticket"},{"speaker":"Carl Widger","startTime":4334.04,"endTime":4339.32,"body":"price, and I don't think this is"},{"speaker":"Carl Widger","startTime":4334.04,"endTime":4339.32,"body":"a, this is a mass market kind of"},{"speaker":"Carl Widger","startTime":4339.32,"endTime":4343.36,"body":"thing. I'm thinking is this 15"},{"speaker":"Carl Widger","startTime":4339.32,"endTime":4343.36,"body":"people maximum? It's probably,"},{"speaker":"Carl Widger","startTime":4343.36,"endTime":4346.0,"body":"you know, you need, you need"},{"speaker":"Carl Widger","startTime":4343.36,"endTime":4346.0,"body":"that many people to kind of"},{"speaker":"Carl Widger","startTime":4346.0,"endTime":4348.82,"body":"share stories and help each"},{"speaker":"Carl Widger","startTime":4346.0,"endTime":4348.82,"body":"other, you know. I think the"},{"speaker":"Carl Widger","startTime":4348.82,"endTime":4352.78,"body":"community that that spends money"},{"speaker":"Carl Widger","startTime":4348.82,"endTime":4352.78,"body":"on this is a community that,"},{"speaker":"Carl Widger","startTime":4352.78,"endTime":4355.24,"body":"like us, that went on the"},{"speaker":"Carl Widger","startTime":4352.78,"endTime":4355.24,"body":"Monster High Performance."},{"speaker":"Carl Widger","startTime":4355.24,"endTime":4359.32,"body":"Course, we are still together,"},{"speaker":"Carl Widger","startTime":4355.24,"endTime":4359.32,"body":"still all these years later,"},{"speaker":"Carl Widger","startTime":4359.62,"endTime":4363.96,"body":"bouncing ideas off each other,"},{"speaker":"Carl Widger","startTime":4359.62,"endTime":4363.96,"body":"you know, but this is a, is this"},{"speaker":"Carl Widger","startTime":4363.96,"endTime":4369.6,"body":"an eight grand kind of a price"},{"speaker":"Carl Widger","startTime":4363.96,"endTime":4369.6,"body":"tag? It could be that's, that's"},{"speaker":"Carl Widger","startTime":4369.6,"endTime":4373.68,"body":"kind of around what I paid to do"},{"speaker":"Carl Widger","startTime":4369.6,"endTime":4373.68,"body":"the Munster course, and it was"},{"speaker":"Carl Widger","startTime":4373.68,"endTime":4376.44,"body":"the best eight grand ever, but I"},{"speaker":"Carl Widger","startTime":4373.68,"endTime":4376.44,"body":"didn't have it at the time. So"},{"speaker":"Carl Widger","startTime":4376.44,"endTime":4379.86,"body":"it was like, you know, I"},{"speaker":"Carl Widger","startTime":4376.44,"endTime":4379.86,"body":"clearly, I did have it, but it"},{"speaker":"Carl Widger","startTime":4379.86,"endTime":4384.8,"body":"was, it stretched our business"},{"speaker":"Carl Widger","startTime":4379.86,"endTime":4384.8,"body":"to send me on that course. So"},{"speaker":"Carl Widger","startTime":4384.8,"endTime":4388.4,"body":"look, it's, it's, it's, that's"},{"speaker":"Carl Widger","startTime":4384.8,"endTime":4388.4,"body":"just another idea, but, but we"},{"speaker":"Carl Widger","startTime":4388.4,"endTime":4393.68,"body":"would need commitment from, you"},{"speaker":"Carl Widger","startTime":4388.4,"endTime":4393.68,"body":"know, 10 to 15 people to make"},{"speaker":"Carl Widger","startTime":4393.68,"endTime":4396.38,"body":"this work. And then obviously,"},{"speaker":"Carl Widger","startTime":4393.68,"endTime":4396.38,"body":"if it works, we could, we could"},{"speaker":"Carl Widger","startTime":4396.38,"endTime":4400.72,"body":"repeat so for me, as Alan says,"},{"speaker":"Carl Widger","startTime":4396.38,"endTime":4400.72,"body":"right, and I'll apologize out"},{"speaker":"Carl Widger","startTime":4400.72,"endTime":4404.62,"body":"loud here that we do get people"},{"speaker":"Carl Widger","startTime":4400.72,"endTime":4404.62,"body":"reaching out all the time, I"},{"speaker":"Carl Widger","startTime":4404.62,"endTime":4406.84,"body":"ignore the vast majority of"},{"speaker":"Carl Widger","startTime":4404.62,"endTime":4406.84,"body":"them. So if you're the one"},{"speaker":"Carl Widger","startTime":4406.84,"endTime":4409.48,"body":"person that I've ignored, or you"},{"speaker":"Carl Widger","startTime":4406.84,"endTime":4409.48,"body":"think you're the one person I've"},{"speaker":"Carl Widger","startTime":4409.48,"endTime":4412.96,"body":"ignored, I ignore everybody"},{"speaker":"Carl Widger","startTime":4409.48,"endTime":4412.96,"body":"because I'm just really, really,"},{"speaker":"Carl Widger","startTime":4412.96,"endTime":4416.44,"body":"really busy and I and my"},{"speaker":"Carl Widger","startTime":4412.96,"endTime":4416.44,"body":"commitment is to the podcast, so"},{"speaker":"Carl Widger","startTime":4416.44,"endTime":4420.54,"body":"I give the show, I do my bit of"},{"speaker":"Carl Widger","startTime":4416.44,"endTime":4420.54,"body":"prep work for the show. But,"},{"speaker":"Carl Widger","startTime":4420.6,"endTime":4423.54,"body":"but, you know, if, if people"},{"speaker":"Carl Widger","startTime":4420.6,"endTime":4423.54,"body":"wanted to get Now this, this"},{"speaker":"Carl Widger","startTime":4423.54,"endTime":4426.42,"body":"next comment is going to trigger"},{"speaker":"Carl Widger","startTime":4423.54,"endTime":4426.42,"body":"lots of people, because a little"},{"speaker":"Carl Widger","startTime":4426.42,"endTime":4429.96,"body":"bit like SGP, there's people"},{"speaker":"Carl Widger","startTime":4426.42,"endTime":4429.96,"body":"watching SGP just to slag SGP"},{"speaker":"Carl Widger","startTime":4429.96,"endTime":4433.02,"body":"off. There's definitely people"},{"speaker":"Carl Widger","startTime":4429.96,"endTime":4433.02,"body":"listening and watching the trap"},{"speaker":"Carl Widger","startTime":4433.02,"endTime":4436.08,"body":"podcast just to slag us off,"},{"speaker":"Carl Widger","startTime":4433.02,"endTime":4436.08,"body":"right? So prepare to be"},{"speaker":"Carl Widger","startTime":4436.08,"endTime":4440.28,"body":"triggered those people, right?"},{"speaker":"Carl Widger","startTime":4436.08,"endTime":4440.28,"body":"If you want to get exclusive"},{"speaker":"Carl Widger","startTime":4440.28,"endTime":4444.5,"body":"access to the four of us for a"},{"speaker":"Carl Widger","startTime":4440.28,"endTime":4444.5,"body":"very short and intense period of"},{"speaker":"Carl Widger","startTime":4444.5,"endTime":4448.4,"body":"time. Well, here's, here's,"},{"speaker":"Carl Widger","startTime":4444.5,"endTime":4448.4,"body":"here's an idea that might work."},{"speaker":"Carl Widger","startTime":4448.88,"endTime":4452.54,"body":"I love the idea of it, and I'll"},{"speaker":"Carl Widger","startTime":4448.88,"endTime":4452.54,"body":"be totally straight up. I love"},{"speaker":"Carl Widger","startTime":4452.54,"endTime":4456.32,"body":"the idea of it because it's"},{"speaker":"Carl Widger","startTime":4452.54,"endTime":4456.32,"body":"three, four days I can just mark"},{"speaker":"Carl Widger","startTime":4456.32,"endTime":4459.02,"body":"out of the calendar. Say, I'll"},{"speaker":"Carl Widger","startTime":4456.32,"endTime":4459.02,"body":"give it my best. I'll give it"},{"speaker":"Carl Widger","startTime":4459.02,"endTime":4462.4,"body":"100% for those few days, but"},{"speaker":"Carl Widger","startTime":4459.02,"endTime":4462.4,"body":"then after that, I'm done. The"},{"speaker":"Carl Widger","startTime":4462.4,"endTime":4465.76,"body":"whole idea of doing ongoing"},{"speaker":"Carl Widger","startTime":4462.4,"endTime":4465.76,"body":"content just makes me a little"},{"speaker":"Carl Widger","startTime":4465.76,"endTime":4469.6,"body":"bit nervous, but I'm sure we can"},{"speaker":"Carl Widger","startTime":4465.76,"endTime":4469.6,"body":"schedule that as well. So look,"},{"speaker":"Carl Widger","startTime":4469.96,"endTime":4474.16,"body":"today is just about throwing out"},{"speaker":"Carl Widger","startTime":4469.96,"endTime":4474.16,"body":"some ideas. And if you go on our"},{"speaker":"Carl Widger","startTime":4474.16,"endTime":4477.94,"body":"website, there's a Contact Us"},{"speaker":"Carl Widger","startTime":4474.16,"endTime":4477.94,"body":"Part to the website now, and if"},{"speaker":"Carl Widger","startTime":4477.94,"endTime":4482.52,"body":"you are saying I am totally in"},{"speaker":"Carl Widger","startTime":4477.94,"endTime":4482.52,"body":"well then, you know, right, just"},{"speaker":"Carl Widger","startTime":4482.52,"endTime":4485.94,"body":"put it down there. I think it'd"},{"speaker":"Carl Widger","startTime":4482.52,"endTime":4485.94,"body":"be fair to say I'm probably the"},{"speaker":"Carl Widger","startTime":4485.94,"endTime":4488.64,"body":"only one of the four of us"},{"speaker":"Carl Widger","startTime":4485.94,"endTime":4488.64,"body":"believes that this idea can"},{"speaker":"Carl Widger","startTime":4488.64,"endTime":4493.14,"body":"work, and I but I do think it"},{"speaker":"Carl Widger","startTime":4488.64,"endTime":4493.14,"body":"can work, and I do think we can"},{"speaker":"Carl Widger","startTime":4493.14,"endTime":4497.28,"body":"add significant value to a small"},{"speaker":"Carl Widger","startTime":4493.14,"endTime":4497.28,"body":"group of people, and I think we"},{"speaker":"Carl Widger","startTime":4497.28,"endTime":4498.48,"body":"can change lives. I really do."},{"speaker":"Andy Hart","startTime":4498.48,"endTime":4505.58,"body":"I. I think, I think a"},{"speaker":"Andy Hart","startTime":4498.48,"endTime":4505.58,"body":"lot has been said already, but"},{"speaker":"Andy Hart","startTime":4506.18,"endTime":4509.42,"body":"I'm just going to mention a"},{"speaker":"Andy Hart","startTime":4506.18,"endTime":4509.42,"body":"couple of points. There's"},{"speaker":"Andy Hart","startTime":4509.42,"endTime":4512.42,"body":"various things that we can do"},{"speaker":"Andy Hart","startTime":4509.42,"endTime":4512.42,"body":"here, and we've got to be"},{"speaker":"Andy Hart","startTime":4512.42,"endTime":4516.86,"body":"careful of not encroaching on"},{"speaker":"Andy Hart","startTime":4512.42,"endTime":4516.86,"body":"other businesses in our space"},{"speaker":"Andy Hart","startTime":4516.86,"endTime":4519.14,"body":"that are already doing this,"},{"speaker":"Andy Hart","startTime":4516.86,"endTime":4519.14,"body":"maybe better than us. So for"},{"speaker":"Andy Hart","startTime":4519.14,"endTime":4521.8,"body":"example, if you've got an online"},{"speaker":"Andy Hart","startTime":4519.14,"endTime":4521.8,"body":"community, there might be better"},{"speaker":"Andy Hart","startTime":4521.8,"endTime":4524.26,"body":"online communities out there. At"},{"speaker":"Andy Hart","startTime":4521.8,"endTime":4524.26,"body":"the moment, if you're going to"},{"speaker":"Andy Hart","startTime":4524.26,"endTime":4527.74,"body":"create content for client, for"},{"speaker":"Andy Hart","startTime":4524.26,"endTime":4527.74,"body":"advisors, there might be better"},{"speaker":"Andy Hart","startTime":4527.74,"endTime":4531.76,"body":"companies out there already. You"},{"speaker":"Andy Hart","startTime":4527.74,"endTime":4531.76,"body":"know our real value is, you know"},{"speaker":"Andy Hart","startTime":4532.18,"endTime":4536.56,"body":"ourselves, our experience having"},{"speaker":"Andy Hart","startTime":4532.18,"endTime":4536.56,"body":"those conversations. So the"},{"speaker":"Andy Hart","startTime":4536.56,"endTime":4541.56,"body":"online trap Academy is an"},{"speaker":"Andy Hart","startTime":4536.56,"endTime":4541.56,"body":"obvious one for us to do, and"},{"speaker":"Andy Hart","startTime":4541.56,"endTime":4544.44,"body":"it's not a huge amount of"},{"speaker":"Andy Hart","startTime":4541.56,"endTime":4544.44,"body":"additional work. Because the"},{"speaker":"Andy Hart","startTime":4544.44,"endTime":4547.62,"body":"good thing about an online"},{"speaker":"Andy Hart","startTime":4544.44,"endTime":4547.62,"body":"academy community is it sort of"},{"speaker":"Andy Hart","startTime":4547.62,"endTime":4551.22,"body":"compounds. So when we first"},{"speaker":"Andy Hart","startTime":4547.62,"endTime":4551.22,"body":"launch, it will have X amount of"},{"speaker":"Andy Hart","startTime":4551.22,"endTime":4553.98,"body":"content. Then we add 2345,"},{"speaker":"Andy Hart","startTime":4551.22,"endTime":4553.98,"body":"things, you know, the following"},{"speaker":"Andy Hart","startTime":4553.98,"endTime":4556.86,"body":"month, and that just compounds."},{"speaker":"Andy Hart","startTime":4553.98,"endTime":4556.86,"body":"So the later and later, people"},{"speaker":"Andy Hart","startTime":4556.86,"endTime":4560.04,"body":"join it, let's say the more, the"},{"speaker":"Andy Hart","startTime":4556.86,"endTime":4560.04,"body":"more content they get. Something"},{"speaker":"Andy Hart","startTime":4560.4,"endTime":4562.94,"body":"else that crops up quite a bit,"},{"speaker":"Andy Hart","startTime":4560.4,"endTime":4562.94,"body":"and I think Alan's working on"},{"speaker":"Andy Hart","startTime":4562.94,"endTime":4565.1,"body":"it, but a jobs board is"},{"speaker":"Andy Hart","startTime":4562.94,"endTime":4565.1,"body":"something that we can look at,"},{"speaker":"Andy Hart","startTime":4565.1,"endTime":4567.68,"body":"because we often get contacted"},{"speaker":"Andy Hart","startTime":4565.1,"endTime":4567.68,"body":"by younger advisors saying, I"},{"speaker":"Andy Hart","startTime":4567.68,"endTime":4570.44,"body":"want to do full fat financial"},{"speaker":"Andy Hart","startTime":4567.68,"endTime":4570.44,"body":"plan. And we get contacted by"},{"speaker":"Andy Hart","startTime":4570.62,"endTime":4573.74,"body":"people that run firms and say,"},{"speaker":"Andy Hart","startTime":4570.62,"endTime":4573.74,"body":"we do full fat financial plan,"},{"speaker":"Andy Hart","startTime":4573.74,"endTime":4576.86,"body":"and we need more advisors."},{"speaker":"Andy Hart","startTime":4573.74,"endTime":4576.86,"body":"That's an obvious, you know,"},{"speaker":"Andy Hart","startTime":4577.28,"endTime":4580.9,"body":"matchmaking service that we need"},{"speaker":"Andy Hart","startTime":4577.28,"endTime":4580.9,"body":"to explore. The other one that"},{"speaker":"Andy Hart","startTime":4581.32,"endTime":4584.98,"body":"is maybe something we could do"},{"speaker":"Andy Hart","startTime":4581.32,"endTime":4584.98,"body":"is paywall podcasts, but we"},{"speaker":"Andy Hart","startTime":4584.98,"endTime":4589.12,"body":"obviously want to keep the two"},{"speaker":"Andy Hart","startTime":4584.98,"endTime":4589.12,"body":"that we do each month free for"},{"speaker":"Andy Hart","startTime":4589.12,"endTime":4593.02,"body":"everybody. That's our gift to"},{"speaker":"Andy Hart","startTime":4589.12,"endTime":4593.02,"body":"the community. But we could add"},{"speaker":"Andy Hart","startTime":4593.02,"endTime":4597.64,"body":"further nichey certain subjects,"},{"speaker":"Andy Hart","startTime":4593.02,"endTime":4597.64,"body":"one or two of us chewing the fat"},{"speaker":"Andy Hart","startTime":4598.3,"endTime":4601.56,"body":"about a paywall podcast. But"},{"speaker":"Andy Hart","startTime":4598.3,"endTime":4601.56,"body":"again, it's a little bit tricky"},{"speaker":"Andy Hart","startTime":4601.56,"endTime":4606.3,"body":"to try and do that Carl's right,"},{"speaker":"Andy Hart","startTime":4601.56,"endTime":4606.3,"body":"if we go away for 234, days, and"},{"speaker":"Andy Hart","startTime":4606.3,"endTime":4612.24,"body":"it's a highly priced retreat, it"},{"speaker":"Andy Hart","startTime":4606.3,"endTime":4612.24,"body":"doesn't want to be, let's say,"},{"speaker":"Andy Hart","startTime":4612.36,"endTime":4616.56,"body":"a, you know, a piss up. But we"},{"speaker":"Andy Hart","startTime":4612.36,"endTime":4616.56,"body":"could introduce trapped lunches"},{"speaker":"Andy Hart","startTime":4616.56,"endTime":4620.66,"body":"that are very much light"},{"speaker":"Andy Hart","startTime":4616.56,"endTime":4620.66,"body":"hearted, you know, maybe 234, of"},{"speaker":"Andy Hart","startTime":4620.66,"endTime":4623.18,"body":"us. There eight people around a"},{"speaker":"Andy Hart","startTime":4620.66,"endTime":4623.18,"body":"table, 10 people around the"},{"speaker":"Andy Hart","startTime":4623.18,"endTime":4627.74,"body":"table, and it is a bit more"},{"speaker":"Andy Hart","startTime":4623.18,"endTime":4627.74,"body":"relaxed, you know,"},{"speaker":"Andy Hart","startTime":4627.74,"endTime":4630.02,"body":"intentionally, but people sort"},{"speaker":"Andy Hart","startTime":4627.74,"endTime":4630.02,"body":"of know what they're getting."},{"speaker":"Andy Hart","startTime":4630.02,"endTime":4633.02,"body":"Some people are great at a three"},{"speaker":"Andy Hart","startTime":4630.02,"endTime":4633.02,"body":"day retreat. Some people that's"},{"speaker":"Andy Hart","startTime":4633.08,"endTime":4636.08,"body":"That's hell. Some people are"},{"speaker":"Andy Hart","startTime":4633.08,"endTime":4636.08,"body":"fantastic at lunches. Some"},{"speaker":"Andy Hart","startTime":4636.08,"endTime":4639.56,"body":"people That's hell. So we'll"},{"speaker":"Andy Hart","startTime":4636.08,"endTime":4639.56,"body":"offer, you know, a few, a few"},{"speaker":"Andy Hart","startTime":4639.56,"endTime":4643.06,"body":"different options. Our challenge"},{"speaker":"Andy Hart","startTime":4639.56,"endTime":4643.06,"body":"is, there's four of us, there's"},{"speaker":"Andy Hart","startTime":4643.06,"endTime":4645.46,"body":"four leaders. When there's four"},{"speaker":"Andy Hart","startTime":4643.06,"endTime":4645.46,"body":"leaders, there's no leader."},{"speaker":"Andy Hart","startTime":4646.0,"endTime":4648.58,"body":"However, we're obviously getting"},{"speaker":"Andy Hart","startTime":4646.0,"endTime":4648.58,"body":"slightly better at that. We're"},{"speaker":"Andy Hart","startTime":4648.58,"endTime":4653.32,"body":"giving each one of us, you know,"},{"speaker":"Andy Hart","startTime":4648.58,"endTime":4653.32,"body":"one remit, to do one thing. So"},{"speaker":"Andy Hart","startTime":4653.32,"endTime":4656.26,"body":"it is interesting. Yeah, we have"},{"speaker":"Andy Hart","startTime":4653.32,"endTime":4656.26,"body":"been going, we have been going"},{"speaker":"Andy Hart","startTime":4656.26,"endTime":4658.96,"body":"for about, is it about two years"},{"speaker":"Andy Hart","startTime":4656.26,"endTime":4658.96,"body":"we've been going for? Is it a"},{"speaker":"Andy Hart","startTime":4658.96,"endTime":4660.64,"body":"lot longer?"},{"speaker":"Nick Lincoln","startTime":4660.64,"endTime":4663.42,"body":"Six weeks. So two,"},{"speaker":"Nick Lincoln","startTime":4660.64,"endTime":4663.42,"body":"two and a, yeah, three years."},{"speaker":"Andy Hart","startTime":4663.84,"endTime":4667.68,"body":"Three is okay. About"},{"speaker":"Andy Hart","startTime":4663.84,"endTime":4667.68,"body":"launch. Three years. Wow. A lot"},{"speaker":"Andy Hart","startTime":4667.68,"endTime":4670.98,"body":"has happened in that time. So"},{"speaker":"Andy Hart","startTime":4667.68,"endTime":4670.98,"body":"it's exciting, yeah, so our"},{"speaker":"Andy Hart","startTime":4670.98,"endTime":4673.62,"body":"first step is our partners, so"},{"speaker":"Andy Hart","startTime":4670.98,"endTime":4673.62,"body":"that we're doing lots of stuff"},{"speaker":"Andy Hart","startTime":4673.62,"endTime":4676.98,"body":"with them. And now, how do we"},{"speaker":"Andy Hart","startTime":4673.62,"endTime":4676.98,"body":"build this out? But we're for"},{"speaker":"Andy Hart","startTime":4676.98,"endTime":4682.1,"body":"busy business owners, and we've"},{"speaker":"Andy Hart","startTime":4676.98,"endTime":4682.1,"body":"got lots of stuff bubbling in"},{"speaker":"Andy Hart","startTime":4682.1,"endTime":4684.56,"body":"the background. We obviously"},{"speaker":"Andy Hart","startTime":4682.1,"endTime":4684.56,"body":"give trap the respect it"},{"speaker":"Andy Hart","startTime":4684.56,"endTime":4688.58,"body":"deserves, but we want to find"},{"speaker":"Andy Hart","startTime":4684.56,"endTime":4688.58,"body":"something that adds the most"},{"speaker":"Andy Hart","startTime":4688.58,"endTime":4692.66,"body":"amount of value, that requires"},{"speaker":"Andy Hart","startTime":4688.58,"endTime":4692.66,"body":"the least amount of our work,"},{"speaker":"Andy Hart","startTime":4692.66,"endTime":4695.66,"body":"that not that's not said in a"},{"speaker":"Andy Hart","startTime":4692.66,"endTime":4695.66,"body":"lazy way, that's just, that's"},{"speaker":"Andy Hart","startTime":4695.66,"endTime":4696.32,"body":"just how"},{"speaker":"Alan Smith","startTime":4696.68,"endTime":4699.68,"body":"this we want to be"},{"speaker":"Alan Smith","startTime":4696.68,"endTime":4699.68,"body":"the most effective, effective,"},{"speaker":"Alan Smith","startTime":4699.68,"endTime":4702.34,"body":"the most effective with our top"},{"speaker":"Alan Smith","startTime":4699.68,"endTime":4702.34,"body":"which is, which is why we're"},{"speaker":"Alan Smith","startTime":4702.34,"endTime":4704.92,"body":"raising this. This is why this"},{"speaker":"Alan Smith","startTime":4702.34,"endTime":4704.92,"body":"is the meat and potatoes on this"},{"speaker":"Alan Smith","startTime":4704.92,"endTime":4709.0,"body":"episode, in that, as Nick often"},{"speaker":"Alan Smith","startTime":4704.92,"endTime":4709.0,"body":"says, this is, you know, this is"},{"speaker":"Alan Smith","startTime":4709.0,"endTime":4711.28,"body":"for the community, by the"},{"speaker":"Alan Smith","startTime":4709.0,"endTime":4711.28,"body":"community, for the community."},{"speaker":"Alan Smith","startTime":4711.28,"endTime":4713.74,"body":"This is a symbiotic"},{"speaker":"Alan Smith","startTime":4711.28,"endTime":4713.74,"body":"relationship. We don't just"},{"speaker":"Alan Smith","startTime":4713.74,"endTime":4717.04,"body":"dictate. We ask for feedback"},{"speaker":"Alan Smith","startTime":4713.74,"endTime":4717.04,"body":"constantly from people, and we"},{"speaker":"Alan Smith","startTime":4717.04,"endTime":4720.3,"body":"get it. We get people's art."},{"speaker":"Alan Smith","startTime":4717.04,"endTime":4720.3,"body":"Well, we get, as we'll show in a"},{"speaker":"Alan Smith","startTime":4720.3,"endTime":4722.88,"body":"minute, you know, the TRAPPIST"},{"speaker":"Alan Smith","startTime":4720.3,"endTime":4722.88,"body":"questions and what have you. So"},{"speaker":"Alan Smith","startTime":4722.88,"endTime":4725.82,"body":"we're really there's no point in"},{"speaker":"Alan Smith","startTime":4722.88,"endTime":4725.82,"body":"us launching some fantastic"},{"speaker":"Alan Smith","startTime":4725.82,"endTime":4728.88,"body":"product or service. We've got"},{"speaker":"Alan Smith","startTime":4725.82,"endTime":4728.88,"body":"this three day intensive"},{"speaker":"Alan Smith","startTime":4728.88,"endTime":4733.5,"body":"mastermind retreat in Spain, and"},{"speaker":"Alan Smith","startTime":4728.88,"endTime":4733.5,"body":"no one's interested, like zero."},{"speaker":"Alan Smith","startTime":4733.8,"endTime":4737.46,"body":"So in every other version of"},{"speaker":"Alan Smith","startTime":4733.8,"endTime":4737.46,"body":"that, what we do know is that,"},{"speaker":"Alan Smith","startTime":4737.46,"endTime":4739.68,"body":"based on our downloads and our"},{"speaker":"Alan Smith","startTime":4737.46,"endTime":4739.68,"body":"numbers, that people are"},{"speaker":"Alan Smith","startTime":4739.68,"endTime":4744.32,"body":"interested. They consume the"},{"speaker":"Alan Smith","startTime":4739.68,"endTime":4744.32,"body":"podcast, the trap live is a"},{"speaker":"Alan Smith","startTime":4744.32,"endTime":4746.84,"body":"sellout. We've done it twice."},{"speaker":"Alan Smith","startTime":4744.32,"endTime":4746.84,"body":"It's a sellout, no doubt. When"},{"speaker":"Alan Smith","startTime":4746.84,"endTime":4749.66,"body":"we start promoting that again,"},{"speaker":"Alan Smith","startTime":4746.84,"endTime":4749.66,"body":"for next year, we'll sell out a"},{"speaker":"Alan Smith","startTime":4749.66,"endTime":4752.12,"body":"room, so there is demand. But"},{"speaker":"Alan Smith","startTime":4749.66,"endTime":4752.12,"body":"now we're looking at doing"},{"speaker":"Alan Smith","startTime":4752.12,"endTime":4755.06,"body":"something a little bit"},{"speaker":"Alan Smith","startTime":4752.12,"endTime":4755.06,"body":"different, a bit dynamic. So"},{"speaker":"Alan Smith","startTime":4755.06,"endTime":4758.12,"body":"please, as you say, I'd invite"},{"speaker":"Alan Smith","startTime":4755.06,"endTime":4758.12,"body":"anyone who's listening or"},{"speaker":"Alan Smith","startTime":4758.12,"endTime":4762.64,"body":"watching this podcast to go to"},{"speaker":"Alan Smith","startTime":4758.12,"endTime":4762.64,"body":"the website, which is WWE,"},{"speaker":"Alan Smith","startTime":4763.6,"endTime":4766.96,"body":"Sorry, go on the real advisor"},{"speaker":"Alan Smith","startTime":4763.6,"endTime":4766.96,"body":"podcast.com. Right."},{"speaker":"Andy Hart","startTime":4766.959,"endTime":4769.599,"body":"Nick with an E, the"},{"speaker":"Andy Hart","startTime":4766.959,"endTime":4769.599,"body":"real advisor podcast with an"},{"speaker":"Andy Hart","startTime":4769.599,"endTime":4770.499,"body":"e.com, as an"},{"speaker":"Alan Smith","startTime":4770.5,"endTime":4775.12,"body":"advisor, not"},{"speaker":"Alan Smith","startTime":4770.5,"endTime":4775.12,"body":"advisor. Advisor the moment. I"},{"speaker":"Alan Smith","startTime":4775.12,"endTime":4777.58,"body":"mean, if we had our act"},{"speaker":"Alan Smith","startTime":4775.12,"endTime":4777.58,"body":"together, we'd give sort of a"},{"speaker":"Alan Smith","startTime":4777.58,"endTime":4780.72,"body":"survey or something, but just"},{"speaker":"Alan Smith","startTime":4777.58,"endTime":4780.72,"body":"send a message, please, because"},{"speaker":"Alan Smith","startTime":4780.72,"endTime":4784.62,"body":"we can create, if, the if, the"},{"speaker":"Alan Smith","startTime":4780.72,"endTime":4784.62,"body":"if the market requests, that we"},{"speaker":"Alan Smith","startTime":4784.62,"endTime":4788.52,"body":"can create something that"},{"speaker":"Alan Smith","startTime":4784.62,"endTime":4788.52,"body":"hopefully is valuable to the"},{"speaker":"Alan Smith","startTime":4788.52,"endTime":4791.1,"body":"audience. So please do get in"},{"speaker":"Alan Smith","startTime":4788.52,"endTime":4791.1,"body":"touch once you listen, valuable"},{"speaker":"Alan Smith","startTime":4791.1,"endTime":4791.28,"body":"and"},{"speaker":"Andy Hart","startTime":4791.28,"endTime":4795.9,"body":"unique. Sorry, that's"},{"speaker":"Andy Hart","startTime":4791.28,"endTime":4795.9,"body":"the do. What everyone else is"},{"speaker":"Andy Hart","startTime":4795.9,"endTime":4798.6,"body":"doing, that other people are"},{"speaker":"Andy Hart","startTime":4795.9,"endTime":4798.6,"body":"doing stuff really well, that we"},{"speaker":"Andy Hart","startTime":4798.6,"endTime":4802.7,"body":"don't need to close. That model,"},{"speaker":"Andy Hart","startTime":4798.6,"endTime":4802.7,"body":"because it would just be, you"},{"speaker":"Andy Hart","startTime":4802.7,"endTime":4806.18,"body":"know, additional for people that"},{"speaker":"Andy Hart","startTime":4802.7,"endTime":4806.18,"body":"are part of both communities,"},{"speaker":"Andy Hart","startTime":4806.18,"endTime":4807.44,"body":"the something unique, the"},{"speaker":"Alan Smith","startTime":4807.44,"endTime":4812.0,"body":"differentiator. The"},{"speaker":"Alan Smith","startTime":4807.44,"endTime":4812.0,"body":"differentiator is where we"},{"speaker":"Alan Smith","startTime":4812.0,"endTime":4815.06,"body":"continue to we're practitioners"},{"speaker":"Alan Smith","startTime":4812.0,"endTime":4815.06,"body":"one to one degree or another."},{"speaker":"Alan Smith","startTime":4815.06,"endTime":4819.5,"body":"Role still at the coalface there"},{"speaker":"Alan Smith","startTime":4815.06,"endTime":4819.5,"body":"is, don't look at me like that."},{"speaker":"Alan Smith","startTime":4819.5,"endTime":4824.44,"body":"Nick, I am. I'm still out there."},{"speaker":"Alan Smith","startTime":4819.5,"endTime":4824.44,"body":"This is not this is not a knack."},{"speaker":"Alan Smith","startTime":4824.86,"endTime":4829.06,"body":"This is not a never advise the"},{"speaker":"Alan Smith","startTime":4824.86,"endTime":4829.06,"body":"client conference. This is real"},{"speaker":"Alan Smith","startTime":4829.06,"endTime":4832.54,"body":"life experiences, real life"},{"speaker":"Alan Smith","startTime":4829.06,"endTime":4832.54,"body":"stories, raw, honest, whatever"},{"speaker":"Alan Smith","startTime":4832.54,"endTime":4836.68,"body":"you want to do. So please get in"},{"speaker":"Alan Smith","startTime":4832.54,"endTime":4836.68,"body":"touch, drop a message, give us"},{"speaker":"Alan Smith","startTime":4836.68,"endTime":4840.18,"body":"your thoughts via the website is"},{"speaker":"Alan Smith","startTime":4836.68,"endTime":4840.18,"body":"the best way to do it, and"},{"speaker":"Alan Smith","startTime":4840.18,"endTime":4843.12,"body":"hopefully we can build something"},{"speaker":"Alan Smith","startTime":4840.18,"endTime":4843.12,"body":"that's is valuable for all of"},{"speaker":"Alan Smith","startTime":4843.12,"endTime":4843.36,"body":"us."},{"speaker":"Nick Lincoln","startTime":4845.04,"endTime":4847.56,"body":"Okay, right? We've"},{"speaker":"Nick Lincoln","startTime":4845.04,"endTime":4847.56,"body":"left that there, really. I think"},{"speaker":"Nick Lincoln","startTime":4847.74,"endTime":4850.26,"body":"this could easily become an"},{"speaker":"Nick Lincoln","startTime":4847.74,"endTime":4850.26,"body":"internal dialog that might be,"},{"speaker":"Nick Lincoln","startTime":4850.98,"endTime":4853.26,"body":"might be less, less interesting"},{"speaker":"Nick Lincoln","startTime":4850.98,"endTime":4853.26,"body":"to our audience. We've given"},{"speaker":"Nick Lincoln","startTime":4853.26,"endTime":4855.48,"body":"that good I think what the ideas"},{"speaker":"Nick Lincoln","startTime":4853.26,"endTime":4855.48,"body":"are thrown out there, we'd love"},{"speaker":"Nick Lincoln","startTime":4855.48,"endTime":4858.54,"body":"to hear your feedback. Do let us"},{"speaker":"Nick Lincoln","startTime":4855.48,"endTime":4858.54,"body":"know we're obviously progressing"},{"speaker":"Nick Lincoln","startTime":4858.54,"endTime":4861.42,"body":"things with trap. We're not"},{"speaker":"Nick Lincoln","startTime":4858.54,"endTime":4861.42,"body":"going away. As Andy said, the bi"},{"speaker":"Nick Lincoln","startTime":4861.42,"endTime":4863.84,"body":"weekly podcast will remain."},{"speaker":"Nick Lincoln","startTime":4861.42,"endTime":4863.84,"body":"Haven't killed each other, but"},{"speaker":"Nick Lincoln","startTime":4863.84,"endTime":4866.36,"body":"we're just looking to do other"},{"speaker":"Nick Lincoln","startTime":4863.84,"endTime":4866.36,"body":"things, all right. And everyone"},{"speaker":"Nick Lincoln","startTime":4866.36,"endTime":4868.94,"body":"benefits, all right? Everyone is"},{"speaker":"Nick Lincoln","startTime":4866.36,"endTime":4868.94,"body":"it's, you know, win. Win is a"},{"speaker":"Nick Lincoln","startTime":4868.94,"endTime":4871.52,"body":"thing because it does work in"},{"speaker":"Nick Lincoln","startTime":4868.94,"endTime":4871.52,"body":"the real world. Okay, right?"},{"speaker":"Nick Lincoln","startTime":4871.52,"endTime":4875.12,"body":"What about Jesus Christ? 81"},{"speaker":"Nick Lincoln","startTime":4871.52,"endTime":4875.12,"body":"minutes. Shoot me. Let's go on"},{"speaker":"Nick Lincoln","startTime":4875.12,"endTime":4878.66,"body":"to TRAPPIST questions. There she"},{"speaker":"Nick Lincoln","startTime":4875.12,"endTime":4878.66,"body":"goes. There's Posty hauling the"},{"speaker":"Nick Lincoln","startTime":4878.66,"endTime":4881.08,"body":"bulging sack of TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4878.66,"endTime":4881.08,"body":"questions on my drive. If you"},{"speaker":"Nick Lincoln","startTime":4881.26,"endTime":4883.84,"body":"want to have a question"},{"speaker":"Nick Lincoln","startTime":4881.26,"endTime":4883.84,"body":"answered, do click on the link"},{"speaker":"Nick Lincoln","startTime":4884.2,"endTime":4887.32,"body":"the pinned tweet, or next the"},{"speaker":"Nick Lincoln","startTime":4884.2,"endTime":4887.32,"body":"pinned X on tweet, there's a"},{"speaker":"Nick Lincoln","startTime":4887.32,"endTime":4890.02,"body":"link there. You can leave your"},{"speaker":"Nick Lincoln","startTime":4887.32,"endTime":4890.02,"body":"question in the hopper. We'll"},{"speaker":"Nick Lincoln","startTime":4890.02,"endTime":4892.36,"body":"get around to it. Also in the so"},{"speaker":"Nick Lincoln","startTime":4890.02,"endTime":4892.36,"body":"called show notes, there is a"},{"speaker":"Nick Lincoln","startTime":4892.36,"endTime":4896.02,"body":"link as well. Let's have a look"},{"speaker":"Nick Lincoln","startTime":4892.36,"endTime":4896.02,"body":"and see who this this one is for"},{"speaker":"Nick Lincoln","startTime":4896.02,"endTime":4898.78,"body":"others. Letters been open before"},{"speaker":"Nick Lincoln","startTime":4896.02,"endTime":4898.78,"body":"this letter was opened, was"},{"speaker":"Nick Lincoln","startTime":4898.78,"endTime":4902.46,"body":"sealed down again with sellotape"},{"speaker":"Nick Lincoln","startTime":4898.78,"endTime":4902.46,"body":"and resent to us, and we had to"},{"speaker":"Nick Lincoln","startTime":4902.46,"endTime":4905.04,"body":"pray the posters on this one."},{"speaker":"Nick Lincoln","startTime":4902.46,"endTime":4905.04,"body":"And this is from a guy who, in"},{"speaker":"Nick Lincoln","startTime":4905.04,"endTime":4907.32,"body":"the last episode, we didn't give"},{"speaker":"Nick Lincoln","startTime":4905.04,"endTime":4907.32,"body":"him quite the respect he"},{"speaker":"Nick Lincoln","startTime":4907.32,"endTime":4909.54,"body":"deserved. And I'm not going to"},{"speaker":"Nick Lincoln","startTime":4907.32,"endTime":4909.54,"body":"butcher his name either. I've"},{"speaker":"Nick Lincoln","startTime":4909.54,"endTime":4914.76,"body":"been told twice by Connor"},{"speaker":"Nick Lincoln","startTime":4909.54,"endTime":4914.76,"body":"kahalan Kahala shit. Connor"},{"speaker":"Nick Lincoln","startTime":4914.76,"endTime":4918.66,"body":"kahalan, sorry, with a very"},{"speaker":"Nick Lincoln","startTime":4914.76,"endTime":4918.66,"body":"silent E, get Connor. Get rid of"},{"speaker":"Nick Lincoln","startTime":4918.66,"endTime":4924.74,"body":"the E's pointless. So Connor six"},{"speaker":"Nick Lincoln","startTime":4918.66,"endTime":4924.74,"body":"times. Connor was the same thing"},{"speaker":"Nick Lincoln","startTime":4924.74,"endTime":4927.8,"body":"as last week. Hi. How do you all"},{"speaker":"Nick Lincoln","startTime":4924.74,"endTime":4927.8,"body":"model for later life care and"},{"speaker":"Nick Lincoln","startTime":4927.8,"endTime":4931.1,"body":"home costs? Do you use any"},{"speaker":"Nick Lincoln","startTime":4927.8,"endTime":4931.1,"body":"products like Lifetime Care"},{"speaker":"Nick Lincoln","startTime":4931.1,"endTime":4934.1,"body":"annuities, or do you just set"},{"speaker":"Nick Lincoln","startTime":4931.1,"endTime":4934.1,"body":"aside some capital? And if so,"},{"speaker":"Nick Lincoln","startTime":4934.1,"endTime":4936.56,"body":"how much I know? Andy's going to"},{"speaker":"Nick Lincoln","startTime":4934.1,"endTime":4936.56,"body":"go on this. I'm quickly going on"},{"speaker":"Nick Lincoln","startTime":4936.56,"endTime":4938.78,"body":"this. I suppose you're not here"},{"speaker":"Nick Lincoln","startTime":4936.56,"endTime":4938.78,"body":"Connor, because I'd love to ask"},{"speaker":"Nick Lincoln","startTime":4938.78,"endTime":4942.28,"body":"you how you do it, and maybe in"},{"speaker":"Nick Lincoln","startTime":4938.78,"endTime":4942.28,"body":"the YouTube channel where you"},{"speaker":"Nick Lincoln","startTime":4942.28,"endTime":4944.62,"body":"left a comment, you could tell"},{"speaker":"Nick Lincoln","startTime":4942.28,"endTime":4944.62,"body":"us in there how you do it. I"},{"speaker":"Nick Lincoln","startTime":4944.62,"endTime":4947.5,"body":"would just say the times I've"},{"speaker":"Nick Lincoln","startTime":4944.62,"endTime":4947.5,"body":"done it and it hasn't been that"},{"speaker":"Nick Lincoln","startTime":4947.5,"endTime":4950.14,"body":"great. I have not done as much"},{"speaker":"Nick Lincoln","startTime":4947.5,"endTime":4950.14,"body":"as Andy has done it. But when"},{"speaker":"Nick Lincoln","startTime":4950.14,"endTime":4953.32,"body":"I've done it, cash flow has to"},{"speaker":"Nick Lincoln","startTime":4950.14,"endTime":4953.32,"body":"be integral to it. I mean, at"},{"speaker":"Nick Lincoln","startTime":4953.32,"endTime":4956.26,"body":"the very worst, at least a"},{"speaker":"Nick Lincoln","startTime":4953.32,"endTime":4956.26,"body":"spreadsheet. But if you're not,"},{"speaker":"Nick Lincoln","startTime":4956.26,"endTime":4959.56,"body":"you know care costs, the unknown"},{"speaker":"Nick Lincoln","startTime":4956.26,"endTime":4959.56,"body":"how many years you're going to"},{"speaker":"Nick Lincoln","startTime":4959.56,"endTime":4962.58,"body":"live against the known the"},{"speaker":"Nick Lincoln","startTime":4959.56,"endTime":4962.58,"body":"outlay for the care annuity"},{"speaker":"Nick Lincoln","startTime":4962.58,"endTime":4965.46,"body":"that's going to fund the care"},{"speaker":"Nick Lincoln","startTime":4962.58,"endTime":4965.46,"body":"costs and cash flow. With the"},{"speaker":"Nick Lincoln","startTime":4965.46,"endTime":4968.52,"body":"pretty graphs, right picture"},{"speaker":"Nick Lincoln","startTime":4965.46,"endTime":4968.52,"body":"says 1000 words. Where the lines"},{"speaker":"Nick Lincoln","startTime":4968.52,"endTime":4971.4,"body":"intersect is that, do you think"},{"speaker":"Nick Lincoln","startTime":4968.52,"endTime":4971.4,"body":"Mr. And Mrs. Client, or the"},{"speaker":"Nick Lincoln","startTime":4971.4,"endTime":4974.16,"body":"client, the family of the person"},{"speaker":"Nick Lincoln","startTime":4971.4,"endTime":4974.16,"body":"going to come? How do you feel"},{"speaker":"Nick Lincoln","startTime":4974.16,"endTime":4978.78,"body":"about that outlay now, to cap it"},{"speaker":"Nick Lincoln","startTime":4974.16,"endTime":4978.78,"body":"here, or we just run, run with"},{"speaker":"Nick Lincoln","startTime":4978.78,"endTime":4982.02,"body":"it. But every case is different."},{"speaker":"Nick Lincoln","startTime":4978.78,"endTime":4982.02,"body":"It's a very nuanced question, as"},{"speaker":"Nick Lincoln","startTime":4982.02,"endTime":4984.74,"body":"I'm sure Andy's about to Andy's"},{"speaker":"Nick Lincoln","startTime":4982.02,"endTime":4984.74,"body":"about to elaborate on now."},{"speaker":"Nick Lincoln","startTime":4984.74,"endTime":4985.46,"body":"Cole's gonna go"},{"speaker":"Carl Widger","startTime":4985.58,"endTime":4989.3,"body":"next? Am I that was"},{"speaker":"Carl Widger","startTime":4985.58,"endTime":4989.3,"body":"not get"},{"speaker":"Nick Lincoln","startTime":4989.72,"endTime":4991.4,"body":"used to these,"},{"speaker":"Nick Lincoln","startTime":4989.72,"endTime":4991.4,"body":"these things that's very slick,"},{"speaker":"Nick Lincoln","startTime":4991.4,"endTime":4992.42,"body":"good stuff. Yeah, yeah."},{"speaker":"Carl Widger","startTime":4992.419,"endTime":4996.919,"body":"No, look what I"},{"speaker":"Carl Widger","startTime":4992.419,"endTime":4996.919,"body":"would have answered last week,"},{"speaker":"Carl Widger","startTime":4997.219,"endTime":5000.479,"body":"but it was all a little bit all"},{"speaker":"Carl Widger","startTime":4997.219,"endTime":5000.479,"body":"over the place. So what we used"},{"speaker":"Carl Widger","startTime":5000.479,"endTime":5005.099,"body":"to do was, at age 85 we turn off"},{"speaker":"Carl Widger","startTime":5000.479,"endTime":5005.099,"body":"indexation on the basis that in"},{"speaker":"Carl Widger","startTime":5005.099,"endTime":5008.999,"body":"a 40 year plan, you know, at 85"},{"speaker":"Carl Widger","startTime":5005.099,"endTime":5008.999,"body":"you're probably not going to be"},{"speaker":"Carl Widger","startTime":5008.999,"endTime":5011.879,"body":"spending, you know, as much as"},{"speaker":"Carl Widger","startTime":5008.999,"endTime":5011.879,"body":"you had done"},{"speaker":"Nick Lincoln","startTime":5011.94,"endTime":5014.46,"body":"any indexation."},{"speaker":"Nick Lincoln","startTime":5011.94,"endTime":5014.46,"body":"Expenditure, yeah."},{"speaker":"Andy Hart","startTime":5014.88,"endTime":5017.7,"body":"Expense, yeah, yeah."},{"speaker":"Andy Hart","startTime":5014.88,"endTime":5017.7,"body":"He's well,"},{"speaker":"Carl Widger","startTime":5018.119,"endTime":5022.219,"body":"so we will, so we"},{"speaker":"Carl Widger","startTime":5018.119,"endTime":5022.219,"body":"will do that and but we will"},{"speaker":"Carl Widger","startTime":5022.219,"endTime":5025.339,"body":"then show, look, if clients"},{"speaker":"Carl Widger","startTime":5022.219,"endTime":5025.339,"body":"bring up, well, what about long"},{"speaker":"Carl Widger","startTime":5025.339,"endTime":5028.219,"body":"term care? We go, Well, if we"},{"speaker":"Carl Widger","startTime":5025.339,"endTime":5028.219,"body":"turn it back on, you know, we"},{"speaker":"Carl Widger","startTime":5028.219,"endTime":5032.599,"body":"think we have more than catered"},{"speaker":"Carl Widger","startTime":5028.219,"endTime":5032.599,"body":"for it. But to Andy's point last"},{"speaker":"Carl Widger","startTime":5032.599,"endTime":5040.359,"body":"week, which he he did mention,"},{"speaker":"Carl Widger","startTime":5032.599,"endTime":5040.359,"body":"for clients in their 40s or 50s,"},{"speaker":"Carl Widger","startTime":5040.359,"endTime":5043.419,"body":"doing financial plans and"},{"speaker":"Carl Widger","startTime":5040.359,"endTime":5043.419,"body":"putting in long term care costs."},{"speaker":"Carl Widger","startTime":5043.419,"endTime":5046.299,"body":"I don't think it's actually that"},{"speaker":"Carl Widger","startTime":5043.419,"endTime":5046.299,"body":"relevant. But when you start"},{"speaker":"Carl Widger","startTime":5046.299,"endTime":5050.739,"body":"talking with clients who are in"},{"speaker":"Carl Widger","startTime":5046.299,"endTime":5050.739,"body":"their 70s, or even late 60s and"},{"speaker":"Carl Widger","startTime":5050.739,"endTime":5054.939,"body":"into 70s, I think it becomes a"},{"speaker":"Carl Widger","startTime":5050.739,"endTime":5054.939,"body":"big part of the discussion at"},{"speaker":"Carl Widger","startTime":5054.939,"endTime":5058.059,"body":"that stage. And I think then at"},{"speaker":"Carl Widger","startTime":5054.939,"endTime":5058.059,"body":"that stage, you just put a"},{"speaker":"Carl Widger","startTime":5058.059,"endTime":5060.339,"body":"number on it. Well, that's,"},{"speaker":"Carl Widger","startTime":5058.059,"endTime":5060.339,"body":"that's what we would do anyway."},{"speaker":"Carl Widger","startTime":5060.339,"endTime":5065.699,"body":"We'd say, Okay, is it going to"},{"speaker":"Carl Widger","startTime":5060.339,"endTime":5065.699,"body":"be, you know, is it going to be"},{"speaker":"Carl Widger","startTime":5065.699,"endTime":5068.999,"body":"a grand a week? Is it going to"},{"speaker":"Carl Widger","startTime":5065.699,"endTime":5068.999,"body":"be 1200 a week, something like"},{"speaker":"Carl Widger","startTime":5068.999,"endTime":5071.939,"body":"that? And you put those numbers"},{"speaker":"Carl Widger","startTime":5068.999,"endTime":5071.939,"body":"in and you give some comfort"},{"speaker":"Carl Widger","startTime":5071.939,"endTime":5075.359,"body":"around it, I suppose the tricky"},{"speaker":"Carl Widger","startTime":5071.939,"endTime":5075.359,"body":"bit is, you don't know how long,"},{"speaker":"Carl Widger","startTime":5075.479,"endTime":5081.259,"body":"long term care is going to go on"},{"speaker":"Carl Widger","startTime":5075.479,"endTime":5081.259,"body":"for. So it's kind of hard. But"},{"speaker":"Carl Widger","startTime":5081.559,"endTime":5085.339,"body":"yeah. I think there's lots of"},{"speaker":"Carl Widger","startTime":5081.559,"endTime":5085.339,"body":"different ways that you can do"},{"speaker":"Carl Widger","startTime":5085.519,"endTime":5089.359,"body":"it, but for sure, it's something"},{"speaker":"Carl Widger","startTime":5085.519,"endTime":5089.359,"body":"that when you have more elderly"},{"speaker":"Carl Widger","startTime":5089.359,"endTime":5092.779,"body":"clients, it becomes something"},{"speaker":"Carl Widger","startTime":5089.359,"endTime":5092.779,"body":"you've got to focus in on a lot"},{"speaker":"Carl Widger","startTime":5092.779,"endTime":5093.439,"body":"more. I would say,"},{"speaker":"Andy Hart","startTime":5098.36,"endTime":5099.92,"body":"Alan, you've raised"},{"speaker":"Andy Hart","startTime":5098.36,"endTime":5099.92,"body":"your hand, yeah. Well."},{"speaker":"Alan Smith","startTime":5100.0,"endTime":5102.16,"body":"Thought you were,"},{"speaker":"Alan Smith","startTime":5100.0,"endTime":5102.16,"body":"you were the expert. I didn't"},{"speaker":"Alan Smith","startTime":5102.16,"endTime":5106.3,"body":"think I was gonna wait a few"},{"speaker":"Alan Smith","startTime":5102.16,"endTime":5106.3,"body":"guys just rambling, for the"},{"speaker":"Alan Smith","startTime":5106.3,"endTime":5114.7,"body":"amateurs to get out of the way."},{"speaker":"Alan Smith","startTime":5106.3,"endTime":5114.7,"body":"So, right, the so that the data"},{"speaker":"Alan Smith","startTime":5114.82,"endTime":5118.96,"body":"is car last time I looked at it,"},{"speaker":"Alan Smith","startTime":5114.82,"endTime":5118.96,"body":"the average stay in a care home"},{"speaker":"Alan Smith","startTime":5119.44,"endTime":5122.1,"body":"is two years across the country,"},{"speaker":"Alan Smith","startTime":5119.44,"endTime":5122.1,"body":"but"},{"speaker":"Andy Hart","startTime":5122.1,"endTime":5124.5,"body":"more two and a half"},{"speaker":"Andy Hart","startTime":5122.1,"endTime":5124.5,"body":"years in council, three and a"},{"speaker":"Andy Hart","startTime":5124.5,"endTime":5125.52,"body":"half years private, right?"},{"speaker":"Alan Smith","startTime":5125.52,"endTime":5127.98,"body":"That's, we're gonna"},{"speaker":"Alan Smith","startTime":5125.52,"endTime":5127.98,"body":"say, two years and then three"},{"speaker":"Alan Smith","startTime":5127.98,"endTime":5132.48,"body":"years in a private so you can"},{"speaker":"Alan Smith","startTime":5127.98,"endTime":5132.48,"body":"model that, and you can allocate"},{"speaker":"Alan Smith","startTime":5132.48,"endTime":5134.46,"body":"the funds, etc. And the"},{"speaker":"Alan Smith","startTime":5132.48,"endTime":5134.46,"body":"difference is, of course,"},{"speaker":"Alan Smith","startTime":5134.46,"endTime":5137.82,"body":"modeling is one thing. You might"},{"speaker":"Alan Smith","startTime":5134.46,"endTime":5137.82,"body":"be, your mum, yourself, your"},{"speaker":"Alan Smith","startTime":5137.82,"endTime":5139.86,"body":"grandmother, whatever might be"},{"speaker":"Alan Smith","startTime":5137.82,"endTime":5139.86,"body":"the outlier who lives eight"},{"speaker":"Alan Smith","startTime":5139.86,"endTime":5143.72,"body":"years in the care home. So this"},{"speaker":"Alan Smith","startTime":5139.86,"endTime":5143.72,"body":"is, I mean, the the annuities is"},{"speaker":"Alan Smith","startTime":5143.72,"endTime":5146.9,"body":"really for peace of mind, isn't"},{"speaker":"Alan Smith","startTime":5143.72,"endTime":5146.9,"body":"it? That's got to be the thing."},{"speaker":"Alan Smith","startTime":5146.9,"endTime":5149.6,"body":"You can model your cash flow so"},{"speaker":"Alan Smith","startTime":5146.9,"endTime":5149.6,"body":"you've got enough to more than"},{"speaker":"Alan Smith","startTime":5149.6,"endTime":5153.14,"body":"cover the cost for the next five"},{"speaker":"Alan Smith","startTime":5149.6,"endTime":5153.14,"body":"years, let's say. But what if"},{"speaker":"Alan Smith","startTime":5153.14,"endTime":5156.44,"body":"they live to be another seven"},{"speaker":"Alan Smith","startTime":5153.14,"endTime":5156.44,"body":"years in the care home? Once"},{"speaker":"Alan Smith","startTime":5156.44,"endTime":5161.44,"body":"again, it's an art as well as a"},{"speaker":"Alan Smith","startTime":5156.44,"endTime":5161.44,"body":"science. Over to the expert"},{"speaker":"Alan Smith","startTime":5161.44,"endTime":5161.56,"body":"though"},{"speaker":"Andy Hart","startTime":5164.38,"endTime":5166.66,"body":"we've covered quite a"},{"speaker":"Andy Hart","startTime":5164.38,"endTime":5166.66,"body":"bit in order to comprehensively"},{"speaker":"Andy Hart","startTime":5166.66,"endTime":5169.0,"body":"answer this question, it will"},{"speaker":"Andy Hart","startTime":5166.66,"endTime":5169.0,"body":"take me a long time, but I'm"},{"speaker":"Andy Hart","startTime":5169.0,"endTime":5171.52,"body":"just going to give some high"},{"speaker":"Andy Hart","startTime":5169.0,"endTime":5171.52,"body":"level points. So Carl's correct."},{"speaker":"Andy Hart","startTime":5171.52,"endTime":5176.32,"body":"If you've got 40, 5060, year old"},{"speaker":"Andy Hart","startTime":5171.52,"endTime":5176.32,"body":"client, early 60s and care home"},{"speaker":"Andy Hart","startTime":5176.32,"endTime":5180.36,"body":"is not a direct issue, then you"},{"speaker":"Andy Hart","startTime":5176.32,"endTime":5180.36,"body":"don't really need to model it. I"},{"speaker":"Andy Hart","startTime":5180.36,"endTime":5183.3,"body":"don't think so for young"},{"speaker":"Andy Hart","startTime":5180.36,"endTime":5183.3,"body":"clients, and also, if they're"},{"speaker":"Andy Hart","startTime":5183.3,"endTime":5188.28,"body":"very high spenders, sometimes"},{"speaker":"Andy Hart","startTime":5183.3,"endTime":5188.28,"body":"clients going to care home their"},{"speaker":"Andy Hart","startTime":5188.28,"endTime":5191.22,"body":"their total cost of life"},{"speaker":"Andy Hart","startTime":5188.28,"endTime":5191.22,"body":"reduces. If you've got a client"},{"speaker":"Andy Hart","startTime":5191.22,"endTime":5194.88,"body":"family that's been 150 grand a"},{"speaker":"Andy Hart","startTime":5191.22,"endTime":5194.88,"body":"year in the care home, 60 grand"},{"speaker":"Andy Hart","startTime":5194.88,"endTime":5197.94,"body":"with Irish numbers, maybe then"},{"speaker":"Andy Hart","startTime":5194.88,"endTime":5197.94,"body":"obviously, their overall cost of"},{"speaker":"Andy Hart","startTime":5197.94,"endTime":5200.6,"body":"living goes down. If they're low"},{"speaker":"Andy Hart","startTime":5197.94,"endTime":5200.6,"body":"spenders, then the care home"},{"speaker":"Andy Hart","startTime":5200.6,"endTime":5203.48,"body":"will have a big impact on it."},{"speaker":"Andy Hart","startTime":5200.6,"endTime":5203.48,"body":"I've got clients in their sort"},{"speaker":"Andy Hart","startTime":5203.48,"endTime":5208.34,"body":"of early, mid 80s, and care home"},{"speaker":"Andy Hart","startTime":5203.48,"endTime":5208.34,"body":"is going to be a potential issue"},{"speaker":"Andy Hart","startTime":5208.4,"endTime":5212.3,"body":"for health reasons. I do create"},{"speaker":"Andy Hart","startTime":5208.4,"endTime":5212.3,"body":"what if plans and purchase"},{"speaker":"Andy Hart","startTime":5213.14,"endTime":5215.66,"body":"immediately care annuities. But"},{"speaker":"Andy Hart","startTime":5213.14,"endTime":5215.66,"body":"I also do a lot of work where"},{"speaker":"Andy Hart","startTime":5215.66,"endTime":5217.94,"body":"someone's actually gone into a"},{"speaker":"Andy Hart","startTime":5215.66,"endTime":5217.94,"body":"care home. I know all the"},{"speaker":"Andy Hart","startTime":5217.94,"endTime":5221.44,"body":"finances. Then we need to build"},{"speaker":"Andy Hart","startTime":5217.94,"endTime":5221.44,"body":"the forecast. Then the last"},{"speaker":"Andy Hart","startTime":5221.44,"endTime":5225.7,"body":"three that I've done, the"},{"speaker":"Andy Hart","startTime":5221.44,"endTime":5225.7,"body":"average price of care. Now, all"},{"speaker":"Andy Hart","startTime":5225.7,"endTime":5231.58,"body":"three of them was 120,000 so the"},{"speaker":"Andy Hart","startTime":5225.7,"endTime":5231.58,"body":"UK, now, London, south east, we"},{"speaker":"Andy Hart","startTime":5231.58,"endTime":5234.22,"body":"used to say 1000 pounds a week"},{"speaker":"Andy Hart","startTime":5231.58,"endTime":5234.22,"body":"was a lot. Now we've reached"},{"speaker":"Andy Hart","startTime":5234.22,"endTime":5237.88,"body":"2000 pounds a week pretty"},{"speaker":"Andy Hart","startTime":5234.22,"endTime":5237.88,"body":"quickly since, since we hit 1000"},{"speaker":"Andy Hart","startTime":5238.36,"endTime":5241.62,"body":"a week. So it is a huge cost. I"},{"speaker":"Andy Hart","startTime":5238.36,"endTime":5241.62,"body":"believe Connor is based in"},{"speaker":"Andy Hart","startTime":5241.62,"endTime":5244.62,"body":"Northern Ireland, the numbers"},{"speaker":"Andy Hart","startTime":5241.62,"endTime":5244.62,"body":"will be slightly reduced, maybe."},{"speaker":"Andy Hart","startTime":5244.8,"endTime":5248.04,"body":"So again, it does depend on the"},{"speaker":"Andy Hart","startTime":5244.8,"endTime":5248.04,"body":"age of the client, the impact of"},{"speaker":"Andy Hart","startTime":5248.04,"endTime":5251.7,"body":"the care cost, the current"},{"speaker":"Andy Hart","startTime":5248.04,"endTime":5251.7,"body":"assets that they've got. It's an"},{"speaker":"Andy Hart","startTime":5251.7,"endTime":5255.18,"body":"art, not a science, as Alan"},{"speaker":"Andy Hart","startTime":5251.7,"endTime":5255.18,"body":"Smith said. So yeah, good"},{"speaker":"Andy Hart","startTime":5255.18,"endTime":5258.36,"body":"question. Hopefully we've given"},{"speaker":"Andy Hart","startTime":5255.18,"endTime":5258.36,"body":"it a damn good thrashing this"},{"speaker":"Andy Hart","startTime":5258.36,"endTime":5258.9,"body":"week."},{"speaker":"Carl Widger","startTime":5260.28,"endTime":5262.7,"body":"Thank you, Connor,"},{"speaker":"Carl Widger","startTime":5260.28,"endTime":5262.7,"body":"for the question. Thank you"},{"speaker":"Carl Widger","startTime":5262.7,"endTime":5263.0,"body":"Connor."},{"speaker":"Alan Smith","startTime":5265.64,"endTime":5270.98,"body":"Nick, you're muted,"},{"speaker":"Alan Smith","startTime":5265.64,"endTime":5270.98,"body":"you amateur. Sorry you got"},{"speaker":"Nick Lincoln","startTime":5271.82,"endTime":5274.64,"body":"last week. Let's"},{"speaker":"Nick Lincoln","startTime":5271.82,"endTime":5274.64,"body":"move on to"},{"speaker":"Carl Widger","startTime":5277.94,"endTime":5284.14,"body":"culture. John"},{"speaker":"Carl Widger","startTime":5277.94,"endTime":5284.14,"body":"Collison has a podcast called"},{"speaker":"Carl Widger","startTime":5284.26,"endTime":5290.8,"body":"the cheeky pint. Yeah, it's"},{"speaker":"Carl Widger","startTime":5284.26,"endTime":5290.8,"body":"quite good with some very high"},{"speaker":"Carl Widger","startTime":5290.8,"endTime":5299.5,"body":"profile guests, but I committed"},{"speaker":"Carl Widger","startTime":5290.8,"endTime":5299.5,"body":"to continuingly, committing to"},{"speaker":"Carl Widger","startTime":5300.04,"endTime":5304.2,"body":"learning about cryptocurrency."},{"speaker":"Carl Widger","startTime":5300.04,"endTime":5304.2,"body":"He interviews Brian Armstrong,"},{"speaker":"Carl Widger","startTime":5304.2,"endTime":5307.74,"body":"who's the CEO of Coinbase. And"},{"speaker":"Carl Widger","startTime":5304.2,"endTime":5307.74,"body":"one thing I said was I'd start"},{"speaker":"Carl Widger","startTime":5307.74,"endTime":5310.86,"body":"taking this stuff more seriously"},{"speaker":"Carl Widger","startTime":5307.74,"endTime":5310.86,"body":"when it becomes more mainstream."},{"speaker":"Carl Widger","startTime":5311.1,"endTime":5314.64,"body":"Well, that's what Coinbase, this"},{"speaker":"Carl Widger","startTime":5311.1,"endTime":5314.64,"body":"mission is. It's a really good"},{"speaker":"Carl Widger","startTime":5316.08,"endTime":5319.86,"body":"it's an hour and a bit. So it's"},{"speaker":"Carl Widger","startTime":5316.08,"endTime":5319.86,"body":"a wide ranging conversation. You"},{"speaker":"Carl Widger","startTime":5319.86,"endTime":5323.3,"body":"will learn about Coinbase, you"},{"speaker":"Carl Widger","startTime":5319.86,"endTime":5323.3,"body":"will learn a little bit more"},{"speaker":"Carl Widger","startTime":5323.3,"endTime":5326.0,"body":"about cryptocurrency. He's"},{"speaker":"Carl Widger","startTime":5323.3,"endTime":5326.0,"body":"obviously very bullish about it."},{"speaker":"Carl Widger","startTime":5326.42,"endTime":5330.38,"body":"But you know what it's it's kind"},{"speaker":"Carl Widger","startTime":5326.42,"endTime":5330.38,"body":"of, there's a startup story"},{"speaker":"Carl Widger","startTime":5330.38,"endTime":5333.38,"body":"there. So the amount of times"},{"speaker":"Carl Widger","startTime":5330.38,"endTime":5333.38,"body":"that they were that people tried"},{"speaker":"Carl Widger","startTime":5333.38,"endTime":5336.44,"body":"to hack Coinbase and get into"},{"speaker":"Carl Widger","startTime":5333.38,"endTime":5336.44,"body":"them at the start, and it was"},{"speaker":"Carl Widger","startTime":5336.44,"endTime":5339.02,"body":"all going a bit and people"},{"speaker":"Carl Widger","startTime":5336.44,"endTime":5339.02,"body":"succeeded, and they were able to"},{"speaker":"Carl Widger","startTime":5339.02,"endTime":5342.16,"body":"kind of wind back and all that"},{"speaker":"Carl Widger","startTime":5339.02,"endTime":5342.16,"body":"kind of stuff. So it's very"},{"speaker":"Carl Widger","startTime":5342.16,"endTime":5346.84,"body":"interesting. I know stripe,"},{"speaker":"Carl Widger","startTime":5342.16,"endTime":5346.84,"body":"obviously are, you know, looking"},{"speaker":"Carl Widger","startTime":5346.84,"endTime":5350.5,"body":"at stable coin so then when you"},{"speaker":"Carl Widger","startTime":5346.84,"endTime":5350.5,"body":"learn about a little bit more"},{"speaker":"Carl Widger","startTime":5350.5,"endTime":5354.64,"body":"about Coinbase, yep, this stuff"},{"speaker":"Carl Widger","startTime":5350.5,"endTime":5354.64,"body":"is here to stay. It's going to"},{"speaker":"Carl Widger","startTime":5354.7,"endTime":5359.02,"body":"become more and more part of our"},{"speaker":"Carl Widger","startTime":5354.7,"endTime":5359.02,"body":"normal life, normal financial"},{"speaker":"Carl Widger","startTime":5359.02,"endTime":5364.08,"body":"life. So I would encourage"},{"speaker":"Carl Widger","startTime":5359.02,"endTime":5364.08,"body":"everybody to listen or watch"},{"speaker":"Carl Widger","startTime":5364.08,"endTime":5368.94,"body":"this podcast our YouTube video,"},{"speaker":"Carl Widger","startTime":5364.08,"endTime":5368.94,"body":"to learn a little bit more. But"},{"speaker":"Carl Widger","startTime":5369.18,"endTime":5372.9,"body":"this call these Collison guys."},{"speaker":"Carl Widger","startTime":5369.18,"endTime":5372.9,"body":"Wow. They're genius, very"},{"speaker":"Alan Smith","startTime":5372.9,"endTime":5375.54,"body":"impressive. Good old"},{"speaker":"Alan Smith","startTime":5372.9,"endTime":5375.54,"body":"Limerick boys, yeah, just on"},{"speaker":"Alan Smith","startTime":5375.54,"endTime":5376.02,"body":"that. I don't"},{"speaker":"Andy Hart","startTime":5376.02,"endTime":5378.48,"body":"know if Alan's got a"},{"speaker":"Andy Hart","startTime":5376.02,"endTime":5378.48,"body":"point on that as well. That is"},{"speaker":"Andy Hart","startTime":5378.48,"endTime":5381.0,"body":"the problem with crypto"},{"speaker":"Andy Hart","startTime":5378.48,"endTime":5381.0,"body":"exchanges. The people trying to"},{"speaker":"Andy Hart","startTime":5381.0,"endTime":5383.96,"body":"get in are the smartest people"},{"speaker":"Andy Hart","startTime":5381.0,"endTime":5383.96,"body":"and computers on planet Earth."},{"speaker":"Andy Hart","startTime":5384.02,"endTime":5387.44,"body":"Yeah, you know, the crypto"},{"speaker":"Andy Hart","startTime":5384.02,"endTime":5387.44,"body":"people are 10 steps ahead of,"},{"speaker":"Andy Hart","startTime":5387.5,"endTime":5391.58,"body":"you know, normal, normal"},{"speaker":"Andy Hart","startTime":5387.5,"endTime":5391.58,"body":"punters. So I can imagine the"},{"speaker":"Andy Hart","startTime":5391.58,"endTime":5395.06,"body":"security levels on the crypto"},{"speaker":"Andy Hart","startTime":5391.58,"endTime":5395.06,"body":"exchanges, yeah, getting better"},{"speaker":"Andy Hart","startTime":5395.06,"endTime":5397.58,"body":"and better every single day"},{"speaker":"Andy Hart","startTime":5395.06,"endTime":5397.58,"body":"because the people trying to get"},{"speaker":"Andy Hart","startTime":5397.58,"endTime":5399.74,"body":"in are the smartest hackers on"},{"speaker":"Andy Hart","startTime":5397.58,"endTime":5399.74,"body":"Planet bloody Earth."},{"speaker":"Carl Widger","startTime":5399.74,"endTime":5402.04,"body":"Yeah. He does. He"},{"speaker":"Carl Widger","startTime":5399.74,"endTime":5402.04,"body":"does tell a couple of stories."},{"speaker":"Carl Widger","startTime":5402.04,"endTime":5404.32,"body":"Andy about that, so it's, it's"},{"speaker":"Carl Widger","startTime":5402.04,"endTime":5404.32,"body":"very interesting stuff, and"},{"speaker":"Carl Widger","startTime":5404.32,"endTime":5406.12,"body":"you're exactly right. You're"},{"speaker":"Carl Widger","startTime":5404.32,"endTime":5406.12,"body":"exactly right."},{"speaker":"Alan Smith","startTime":5407.56,"endTime":5409.54,"body":"That's great. Carl,"},{"speaker":"Alan Smith","startTime":5407.56,"endTime":5409.54,"body":"I am. I'm going to check that"},{"speaker":"Alan Smith","startTime":5409.54,"endTime":5412.66,"body":"out. Sounds good. Sounds good."},{"speaker":"Alan Smith","startTime":5409.54,"endTime":5412.66,"body":"Yeah, I listened to over the"},{"speaker":"Alan Smith","startTime":5412.66,"endTime":5415.66,"body":"weekend probably two of the most"},{"speaker":"Alan Smith","startTime":5412.66,"endTime":5415.66,"body":"popular podcasts out there."},{"speaker":"Alan Smith","startTime":5415.66,"endTime":5418.84,"body":"Number one was Joe Rogan, and"},{"speaker":"Alan Smith","startTime":5415.66,"endTime":5418.84,"body":"the other was Tim Ferriss. So"},{"speaker":"Alan Smith","startTime":5418.84,"endTime":5423.24,"body":"Joe Rogan, once again, has"},{"speaker":"Alan Smith","startTime":5418.84,"endTime":5423.24,"body":"invited Elon Musk back three and"},{"speaker":"Alan Smith","startTime":5423.24,"endTime":5426.3,"body":"a half hours long. You know,"},{"speaker":"Alan Smith","startTime":5423.24,"endTime":5426.3,"body":"whatever you think about Elon"},{"speaker":"Alan Smith","startTime":5426.3,"endTime":5429.48,"body":"Musk, my God, you know, just,"},{"speaker":"Alan Smith","startTime":5426.3,"endTime":5429.48,"body":"you know, living and observing"},{"speaker":"Alan Smith","startTime":5429.48,"endTime":5431.94,"body":"him in real time, what he's"},{"speaker":"Alan Smith","startTime":5429.48,"endTime":5431.94,"body":"doing, what he's up to, it is"},{"speaker":"Alan Smith","startTime":5431.94,"endTime":5434.82,"body":"just off the scale. I mean,"},{"speaker":"Alan Smith","startTime":5431.94,"endTime":5434.82,"body":"there's just so many things."},{"speaker":"Alan Smith","startTime":5434.88,"endTime":5438.06,"body":"It's a long podcast. Listen to"},{"speaker":"Alan Smith","startTime":5434.88,"endTime":5438.06,"body":"it or watch it over a period of"},{"speaker":"Alan Smith","startTime":5438.06,"endTime":5441.56,"body":"time. It's entertaining, wide"},{"speaker":"Alan Smith","startTime":5438.06,"endTime":5441.56,"body":"ranging. They speak about the UK"},{"speaker":"Alan Smith","startTime":5441.92,"endTime":5446.12,"body":"quite a bit, but just talk about"},{"speaker":"Alan Smith","startTime":5441.92,"endTime":5446.12,"body":"the technological revolution"},{"speaker":"Alan Smith","startTime":5446.18,"endTime":5450.02,"body":"that he is driving, and he's all"},{"speaker":"Alan Smith","startTime":5446.18,"endTime":5450.02,"body":"these various companies. The one"},{"speaker":"Alan Smith","startTime":5450.02,"endTime":5453.92,"body":"thing he's talking about is when"},{"speaker":"Alan Smith","startTime":5450.02,"endTime":5453.92,"body":"they released the new Tesla"},{"speaker":"Alan Smith","startTime":5453.98,"endTime":5456.8,"body":"Tesla Roadster, which is going"},{"speaker":"Alan Smith","startTime":5453.98,"endTime":5456.8,"body":"to be, he said, this year, when"},{"speaker":"Alan Smith","startTime":5456.8,"endTime":5459.2,"body":"this year has almost finished,"},{"speaker":"Alan Smith","startTime":5456.8,"endTime":5459.2,"body":"he said it's going to be the"},{"speaker":"Alan Smith","startTime":5459.2,"endTime":5462.1,"body":"biggest product release, the"},{"speaker":"Alan Smith","startTime":5459.2,"endTime":5462.1,"body":"most mind blowing product"},{"speaker":"Alan Smith","startTime":5462.1,"endTime":5465.88,"body":"release ever in history. So"},{"speaker":"Alan Smith","startTime":5462.1,"endTime":5465.88,"body":"imagine the iPhone. Imagine"},{"speaker":"Alan Smith","startTime":5465.88,"endTime":5469.3,"body":"every product has ever gone"},{"speaker":"Alan Smith","startTime":5465.88,"endTime":5469.3,"body":"that, in Elon's opinion, there's"},{"speaker":"Alan Smith","startTime":5469.3,"endTime":5472.48,"body":"a suggestion that we might be it"},{"speaker":"Alan Smith","startTime":5469.3,"endTime":5472.48,"body":"might be able to fly the new"},{"speaker":"Alan Smith","startTime":5472.48,"endTime":5477.16,"body":"Tesla car. So yeah, I just the"},{"speaker":"Alan Smith","startTime":5472.48,"endTime":5477.16,"body":"whole thing is just mind blowing"},{"speaker":"Alan Smith","startTime":5477.22,"endTime":5480.9,"body":"when you when you listen and"},{"speaker":"Alan Smith","startTime":5477.22,"endTime":5480.9,"body":"watch that and the other one on"},{"speaker":"Alan Smith","startTime":5480.9,"endTime":5483.36,"body":"a slightly different tack, in a"},{"speaker":"Alan Smith","startTime":5480.9,"endTime":5483.36,"body":"much more kind of sedate, but"},{"speaker":"Alan Smith","startTime":5483.36,"endTime":5487.32,"body":"nevertheless quite impressive"},{"speaker":"Alan Smith","startTime":5483.36,"endTime":5487.32,"body":"and inspiring way. Tim Ferriss,"},{"speaker":"Alan Smith","startTime":5487.56,"endTime":5490.8,"body":"who's a podcast he's been around"},{"speaker":"Alan Smith","startTime":5487.56,"endTime":5490.8,"body":"forever, and he's got nearly"},{"speaker":"Alan Smith","startTime":5490.8,"endTime":5493.5,"body":"1000 episodes out there, and he"},{"speaker":"Alan Smith","startTime":5490.8,"endTime":5493.5,"body":"just interviews really good"},{"speaker":"Alan Smith","startTime":5493.5,"endTime":5495.78,"body":"people, and he's just"},{"speaker":"Alan Smith","startTime":5493.5,"endTime":5495.78,"body":"interviewed, had a conversation"},{"speaker":"Alan Smith","startTime":5495.78,"endTime":5498.96,"body":"with a guy called Jack Canfield,"},{"speaker":"Alan Smith","startTime":5495.78,"endTime":5498.96,"body":"if you guys have come across"},{"speaker":"Alan Smith","startTime":5498.96,"endTime":5502.04,"body":"famously, the author of Chicken"},{"speaker":"Alan Smith","startTime":5498.96,"endTime":5502.04,"body":"Soup for the Soul back in the"},{"speaker":"Alan Smith","startTime":5502.04,"endTime":5504.68,"body":"day, which became one of the"},{"speaker":"Alan Smith","startTime":5502.04,"endTime":5504.68,"body":"biggest best sellers ever. But"},{"speaker":"Alan Smith","startTime":5504.68,"endTime":5508.46,"body":"it's just the gut. So Jack"},{"speaker":"Alan Smith","startTime":5504.68,"endTime":5508.46,"body":"Canfield is 8080, something now."},{"speaker":"Alan Smith","startTime":5508.46,"endTime":5512.0,"body":"So imagine that his whole kind"},{"speaker":"Alan Smith","startTime":5508.46,"endTime":5512.0,"body":"of life story, upbringing,"},{"speaker":"Alan Smith","startTime":5512.24,"endTime":5515.36,"body":"entrepreneurial journey, is"},{"speaker":"Alan Smith","startTime":5512.24,"endTime":5515.36,"body":"really quite inspiring. What he"},{"speaker":"Alan Smith","startTime":5515.36,"endTime":5518.3,"body":"did, and the hard work that he"},{"speaker":"Alan Smith","startTime":5515.36,"endTime":5518.3,"body":"put in, and his sort of how he"},{"speaker":"Alan Smith","startTime":5518.3,"endTime":5520.6,"body":"got his business off the ground,"},{"speaker":"Alan Smith","startTime":5518.3,"endTime":5520.6,"body":"and sort of how he had to be"},{"speaker":"Alan Smith","startTime":5520.6,"endTime":5523.6,"body":"creative and all these things."},{"speaker":"Alan Smith","startTime":5520.6,"endTime":5523.6,"body":"It's a and that's just over an"},{"speaker":"Alan Smith","startTime":5523.6,"endTime":5526.06,"body":"hour, and it's just, I just"},{"speaker":"Alan Smith","startTime":5523.6,"endTime":5526.06,"body":"found it really, really good,"},{"speaker":"Alan Smith","startTime":5526.24,"endTime":5530.02,"body":"very positive and very"},{"speaker":"Alan Smith","startTime":5526.24,"endTime":5530.02,"body":"inspiring. So check out Joe and"},{"speaker":"Alan Smith","startTime":5530.02,"endTime":5532.18,"body":"check out Tim Ferriss. Really"},{"speaker":"Alan Smith","startTime":5530.02,"endTime":5532.18,"body":"good stuff."},{"speaker":"Andy Hart","startTime":5534.46,"endTime":5536.56,"body":"Thanks for your two"},{"speaker":"Andy Hart","startTime":5534.46,"endTime":5536.56,"body":"recommendations. Alan should"},{"speaker":"Andy Hart","startTime":5536.56,"endTime":5539.92,"body":"have been one, but hey, ho"},{"speaker":"Andy Hart","startTime":5536.56,"endTime":5539.92,"body":"right. Might one. Keep it short"},{"speaker":"Andy Hart","startTime":5539.92,"endTime":5543.36,"body":"and sweet. I listened to the"},{"speaker":"Andy Hart","startTime":5539.92,"endTime":5543.36,"body":"Elon Musk podcast. It is"},{"speaker":"Andy Hart","startTime":5543.72,"endTime":5546.66,"body":"amazing. I mean, it's three and"},{"speaker":"Andy Hart","startTime":5543.72,"endTime":5546.66,"body":"a half hours long. I wish it was"},{"speaker":"Andy Hart","startTime":5546.66,"endTime":5550.74,"body":"a 13 and a half hours long."},{"speaker":"Andy Hart","startTime":5546.66,"endTime":5550.74,"body":"Yeah, awesome. Check it out."},{"speaker":"Andy Hart","startTime":5551.28,"endTime":5554.76,"body":"Next up, my recommendation is"},{"speaker":"Andy Hart","startTime":5551.28,"endTime":5554.76,"body":"Chris Williamson, modern wisdom,"},{"speaker":"Andy Hart","startTime":5555.54,"endTime":5561.8,"body":"slightly off beat guest, but"},{"speaker":"Andy Hart","startTime":5555.54,"endTime":5561.8,"body":"he's a UK, British rapper or"},{"speaker":"Andy Hart","startTime":5562.04,"endTime":5566.18,"body":"businessman and actor, Bugsy"},{"speaker":"Andy Hart","startTime":5562.04,"endTime":5566.18,"body":"Malone, two and a half hours"},{"speaker":"Andy Hart","startTime":5566.18,"endTime":5570.8,"body":"long. Again, it is amazing."},{"speaker":"Andy Hart","startTime":5566.18,"endTime":5570.8,"body":"Really, really, really good."},{"speaker":"Andy Hart","startTime":5570.8,"endTime":5572.24,"body":"Check it out. Over to you."},{"speaker":"Nick Lincoln","startTime":5572.24,"endTime":5574.4,"body":"Nicholas, okay,"},{"speaker":"Nick Lincoln","startTime":5572.24,"endTime":5574.4,"body":"I'll be quick on this, because"},{"speaker":"Nick Lincoln","startTime":5574.82,"endTime":5578.48,"body":"we're way over time, really. My"},{"speaker":"Nick Lincoln","startTime":5574.82,"endTime":5578.48,"body":"podcast is from the FT behind"},{"speaker":"Nick Lincoln","startTime":5578.48,"endTime":5581.02,"body":"the money series. Quite a good"},{"speaker":"Nick Lincoln","startTime":5578.48,"endTime":5581.02,"body":"podcast, normally, well put"},{"speaker":"Nick Lincoln","startTime":5581.02,"endTime":5583.84,"body":"together, well researched."},{"speaker":"Nick Lincoln","startTime":5581.02,"endTime":5583.84,"body":"Obviously, the FT is still"},{"speaker":"Nick Lincoln","startTime":5583.84,"endTime":5586.9,"body":"vaguely credible sometimes. And"},{"speaker":"Nick Lincoln","startTime":5583.84,"endTime":5586.9,"body":"this is about this company"},{"speaker":"Nick Lincoln","startTime":5586.9,"endTime":5589.48,"body":"called first brands group in"},{"speaker":"Nick Lincoln","startTime":5586.9,"endTime":5589.48,"body":"America, which has collapsed"},{"speaker":"Nick Lincoln","startTime":5589.72,"endTime":5592.66,"body":"with lots of dodgy finance. But"},{"speaker":"Nick Lincoln","startTime":5589.72,"endTime":5592.66,"body":"again, it's private involved."},{"speaker":"Nick Lincoln","startTime":5592.66,"endTime":5596.2,"body":"This is now private credit, as"},{"speaker":"Nick Lincoln","startTime":5592.66,"endTime":5596.2,"body":"opposed to private markets. But"},{"speaker":"Nick Lincoln","startTime":5596.2,"endTime":5599.02,"body":"there's this whole swathe of"},{"speaker":"Nick Lincoln","startTime":5596.2,"endTime":5599.02,"body":"credit being given to companies"},{"speaker":"Nick Lincoln","startTime":5599.02,"endTime":5601.68,"body":"that, since the financial"},{"speaker":"Nick Lincoln","startTime":5599.02,"endTime":5601.68,"body":"crisis, couldn't get credit"},{"speaker":"Nick Lincoln","startTime":5601.68,"endTime":5604.56,"body":"through the more conventional"},{"speaker":"Nick Lincoln","startTime":5601.68,"endTime":5604.56,"body":"banks, and they got into other"},{"speaker":"Nick Lincoln","startTime":5604.56,"endTime":5607.32,"body":"routes to get it, but the other"},{"speaker":"Nick Lincoln","startTime":5604.56,"endTime":5607.32,"body":"banks are kind of involved. It's"},{"speaker":"Nick Lincoln","startTime":5607.32,"endTime":5609.6,"body":"like all these things. There's"},{"speaker":"Nick Lincoln","startTime":5607.32,"endTime":5609.6,"body":"layer upon layer upon layer, but"},{"speaker":"Nick Lincoln","startTime":5609.6,"endTime":5611.82,"body":"there are people like Jamie"},{"speaker":"Nick Lincoln","startTime":5609.6,"endTime":5611.82,"body":"diamond are talking about this,"},{"speaker":"Nick Lincoln","startTime":5611.82,"endTime":5614.58,"body":"and people at HSBC talking about"},{"speaker":"Nick Lincoln","startTime":5611.82,"endTime":5614.58,"body":"this. This could have a ripple"},{"speaker":"Nick Lincoln","startTime":5614.58,"endTime":5618.06,"body":"effect. Again, I'm not"},{"speaker":"Nick Lincoln","startTime":5614.58,"endTime":5618.06,"body":"suggesting, I'm not forecasting,"},{"speaker":"Nick Lincoln","startTime":5618.06,"endTime":5622.58,"body":"but just keep an eye on this,"},{"speaker":"Nick Lincoln","startTime":5618.06,"endTime":5622.58,"body":"because it is a thing, and it's"},{"speaker":"Nick Lincoln","startTime":5622.58,"endTime":5625.46,"body":"just part of this thing, this,"},{"speaker":"Nick Lincoln","startTime":5622.58,"endTime":5625.46,"body":"this whole private thing. It's"},{"speaker":"Nick Lincoln","startTime":5625.46,"endTime":5627.38,"body":"just, I don't know, Carl, you"},{"speaker":"Nick Lincoln","startTime":5625.46,"endTime":5627.38,"body":"quite enjoyed this,"},{"speaker":"Carl Widger","startTime":5627.68,"endTime":5630.5,"body":"didn't you? Yeah, I"},{"speaker":"Carl Widger","startTime":5627.68,"endTime":5630.5,"body":"did, and I loved your man. Jamie"},{"speaker":"Carl Widger","startTime":5630.5,"endTime":5633.98,"body":"diamond said, if you see one"},{"speaker":"Carl Widger","startTime":5630.5,"endTime":5633.98,"body":"cockroach, it's likely there"},{"speaker":"Alan Smith","startTime":5633.98,"endTime":5637.52,"body":"are more. There's"},{"speaker":"Alan Smith","startTime":5633.98,"endTime":5637.52,"body":"more. Yeah, I actually mentioned"},{"speaker":"Alan Smith","startTime":5637.94,"endTime":5640.6,"body":"this and that company on the"},{"speaker":"Alan Smith","startTime":5637.94,"endTime":5640.6,"body":"last episode, or couple of"},{"speaker":"Alan Smith","startTime":5640.6,"endTime":5646.18,"body":"episodes ago, so the FTA podcast"},{"speaker":"Alan Smith","startTime":5640.6,"endTime":5646.18,"body":"as well. I think I was, yeah,"},{"speaker":"Alan Smith","startTime":5646.18,"endTime":5646.54,"body":"right. Okay,"},{"speaker":"Nick Lincoln","startTime":5646.54,"endTime":5648.94,"body":"excellent. Okay,"},{"speaker":"Nick Lincoln","startTime":5646.54,"endTime":5648.94,"body":"sorry, you can clearly validate"},{"speaker":"Nick Lincoln","startTime":5648.94,"endTime":5651.88,"body":"my point. Okay, there you go,"},{"speaker":"Nick Lincoln","startTime":5648.94,"endTime":5651.88,"body":"dear TRAPPIST, Episode 83 of"},{"speaker":"Nick Lincoln","startTime":5651.88,"endTime":5654.76,"body":"trap comes to a close and slides"},{"speaker":"Nick Lincoln","startTime":5651.88,"endTime":5654.76,"body":"down the U bend of Father Time."},{"speaker":"Nick Lincoln","startTime":5654.76,"endTime":5656.86,"body":"Thank you, dear TRAPPIST, for"},{"speaker":"Nick Lincoln","startTime":5654.76,"endTime":5656.86,"body":"your time. Please do leave"},{"speaker":"Nick Lincoln","startTime":5656.86,"endTime":5659.92,"body":"reviews and comments like and"},{"speaker":"Nick Lincoln","startTime":5656.86,"endTime":5659.92,"body":"subscribe to our YouTube"},{"speaker":"Nick Lincoln","startTime":5659.92,"endTime":5662.76,"body":"channel, but until the next time"},{"speaker":"Nick Lincoln","startTime":5659.92,"endTime":5662.76,"body":"it's adios from me, take care of"},{"speaker":"Nick Lincoln","startTime":5662.76,"endTime":5664.74,"body":"there, adios from the Track"},{"speaker":"Nick Lincoln","startTime":5662.76,"endTime":5664.74,"body":"Pack, and we'll see you on the"},{"speaker":"Nick Lincoln","startTime":5664.74,"endTime":5665.34,"body":"other side."},{"speaker":"Alan Smith","startTime":5665.34,"endTime":5670.14,"body":"Goodbye. Bye. Bye."},{"speaker":"Alan Smith","startTime":5665.34,"endTime":5670.14,"body":"Don't forget simple suggestions."},{"speaker":"Alan Smith","startTime":5674.22,"endTime":5678.6,"body":"How long was that? Long?"}]}