{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":13.592,"endTime":17.432,"body":"Matt, welcome to the"},{"speaker":"Unknown","startTime":13.592,"endTime":17.432,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":17.552,"endTime":21.38,"body":"P, T, T, please follow us and"},{"speaker":"Unknown","startTime":17.552,"endTime":21.38,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":21.38,"endTime":25.58,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":21.38,"endTime":25.58,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":25.58,"endTime":29.12,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":25.58,"endTime":29.12,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":29.12,"endTime":32.36,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":29.12,"endTime":32.36,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":32.36,"endTime":35.9,"body":"out of five star review on"},{"speaker":"Unknown","startTime":32.36,"endTime":35.9,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":35.9,"endTime":39.62,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":35.9,"endTime":39.62,"body":"can do more to help you. Now,"},{"speaker":"Unknown","startTime":39.62,"endTime":43.0,"body":"let's head over to the studio"},{"speaker":"Unknown","startTime":39.62,"endTime":43.0,"body":"for the latest pile of trap yes,"},{"speaker":"Nick Lincoln","startTime":47.8,"endTime":49.54,"body":"indeed, dear"},{"speaker":"Nick Lincoln","startTime":47.8,"endTime":49.54,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":49.54,"endTime":52.78,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":49.54,"endTime":52.78,"body":"88 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":52.78,"endTime":56.98,"body":"T, R, A, P, trap. My name is"},{"speaker":"Nick Lincoln","startTime":52.78,"endTime":56.98,"body":"indeed Lincoln. Lincoln, and"},{"speaker":"Nick Lincoln","startTime":56.98,"endTime":59.86,"body":"joining me is ever in the"},{"speaker":"Nick Lincoln","startTime":56.98,"endTime":59.86,"body":"digital studio of doom are the"},{"speaker":"Nick Lincoln","startTime":59.86,"endTime":63.54,"body":"three other Horsemen of the"},{"speaker":"Nick Lincoln","startTime":59.86,"endTime":63.54,"body":"Apocalypse. Carl della voce, the"},{"speaker":"Nick Lincoln","startTime":63.54,"endTime":68.76,"body":"voice widger, hello, Alan the"},{"speaker":"Nick Lincoln","startTime":63.54,"endTime":68.76,"body":"storyteller, Smith and Andy"},{"speaker":"Nick Lincoln","startTime":68.76,"endTime":72.48,"body":"Ultra heart, Now, gentlemen, we"},{"speaker":"Nick Lincoln","startTime":68.76,"endTime":72.48,"body":"have a show packed full of app,"},{"speaker":"Nick Lincoln","startTime":74.46,"endTime":77.22,"body":"absolutely nothing. So let's"},{"speaker":"Nick Lincoln","startTime":74.46,"endTime":77.22,"body":"start unpacking it straight away"},{"speaker":"Nick Lincoln","startTime":77.28,"endTime":79.86,"body":"with some more high energy"},{"speaker":"Nick Lincoln","startTime":77.28,"endTime":79.86,"body":"review reads. Read about my very"},{"speaker":"Nick Lincoln","startTime":79.86,"endTime":83.06,"body":"good friend, the right honorable"},{"speaker":"Nick Lincoln","startTime":79.86,"endTime":83.06,"body":"Mr. Andrew Usain Hart,"},{"speaker":"Andy Hart","startTime":83.54,"endTime":85.52,"body":"thank you very much."},{"speaker":"Andy Hart","startTime":83.54,"endTime":85.52,"body":"Nicholas, Hello. Happy New Year"},{"speaker":"Andy Hart","startTime":85.52,"endTime":88.82,"body":"to everybody. This review is"},{"speaker":"Andy Hart","startTime":85.52,"endTime":88.82,"body":"from Freddie Barton, five stars"},{"speaker":"Andy Hart","startTime":88.82,"endTime":92.12,"body":"on the Apple podcast platform."},{"speaker":"Andy Hart","startTime":88.82,"endTime":92.12,"body":"Amazing for all advisors, but"},{"speaker":"Andy Hart","startTime":92.12,"endTime":95.36,"body":"invaluable for the younger"},{"speaker":"Andy Hart","startTime":92.12,"endTime":95.36,"body":"cohort. As a 25 year old, in my"},{"speaker":"Andy Hart","startTime":95.36,"endTime":98.06,"body":"second year of providing"},{"speaker":"Andy Hart","startTime":95.36,"endTime":98.06,"body":"independent financial advice,"},{"speaker":"Andy Hart","startTime":98.06,"endTime":101.56,"body":"this podcast has been an"},{"speaker":"Andy Hart","startTime":98.06,"endTime":101.56,"body":"invaluable source of insight,"},{"speaker":"Andy Hart","startTime":101.56,"endTime":105.52,"body":"practical wisdom and motivation."},{"speaker":"Andy Hart","startTime":101.56,"endTime":105.52,"body":"The four lads are truly among"},{"speaker":"Andy Hart","startTime":105.52,"endTime":108.58,"body":"the profession's best, and I've"},{"speaker":"Andy Hart","startTime":105.52,"endTime":108.58,"body":"enjoyed listening since day one."},{"speaker":"Andy Hart","startTime":109.54,"endTime":113.8,"body":"Each episode provides insight or"},{"speaker":"Andy Hart","startTime":109.54,"endTime":113.8,"body":"something you can use to improve"},{"speaker":"Andy Hart","startTime":113.8,"endTime":117.04,"body":"your service business or simply"},{"speaker":"Andy Hart","startTime":113.8,"endTime":117.04,"body":"a good laugh, either from their"},{"speaker":"Andy Hart","startTime":117.04,"endTime":120.1,"body":"banter or their bickering. I've"},{"speaker":"Andy Hart","startTime":117.04,"endTime":120.1,"body":"been fortunate enough to win"},{"speaker":"Andy Hart","startTime":120.1,"endTime":122.82,"body":"lifetime access to Paul"},{"speaker":"Andy Hart","startTime":120.1,"endTime":122.82,"body":"Armstrong's inspiring advisors"},{"speaker":"Andy Hart","startTime":122.82,"endTime":125.7,"body":"program, and even recently"},{"speaker":"Andy Hart","startTime":122.82,"endTime":125.7,"body":"received a direct LinkedIn"},{"speaker":"Andy Hart","startTime":125.7,"endTime":129.78,"body":"message from the one and only"},{"speaker":"Andy Hart","startTime":125.7,"endTime":129.78,"body":"Nick Lincoln, who I have to"},{"speaker":"Andy Hart","startTime":129.78,"endTime":132.9,"body":"admit, is my personal favorite"},{"speaker":"Andy Hart","startTime":129.78,"endTime":132.9,"body":"of mine in the trap pack. I'm"},{"speaker":"Andy Hart","startTime":132.9,"endTime":137.88,"body":"hopeful that 2026 will bring the"},{"speaker":"Andy Hart","startTime":132.9,"endTime":137.88,"body":"chance to attend my first trap"},{"speaker":"Andy Hart","startTime":137.88,"endTime":140.28,"body":"live event and meet you all in"},{"speaker":"Andy Hart","startTime":137.88,"endTime":140.28,"body":"person. Keep up the fantastic"},{"speaker":"Andy Hart","startTime":140.28,"endTime":142.58,"body":"work. Your commitment to"},{"speaker":"Andy Hart","startTime":140.28,"endTime":142.58,"body":"elevating our profession"},{"speaker":"Andy Hart","startTime":142.58,"endTime":146.06,"body":"continue to make a remarkable"},{"speaker":"Andy Hart","startTime":142.58,"endTime":146.06,"body":"impact on me and many others."},{"speaker":"Andy Hart","startTime":146.3,"endTime":149.9,"body":"Nice review. Thank you, Freddie."},{"speaker":"Andy Hart","startTime":146.3,"endTime":149.9,"body":"Back to you. Nicholas, his"},{"speaker":"Andy Hart","startTime":149.9,"endTime":150.56,"body":"favorite,"},{"speaker":"Carl Widger","startTime":151.939,"endTime":155.179,"body":"I'd say you're"},{"speaker":"Carl Widger","startTime":151.939,"endTime":155.179,"body":"muted Nick right? Yeah, very"},{"speaker":"Carl Widger","startTime":155.239,"endTime":155.899,"body":"disappointing."},{"speaker":"Alan Smith","startTime":159.08,"endTime":161.62,"body":"First episode of 26"},{"speaker":"Alan Smith","startTime":159.08,"endTime":161.62,"body":"he's muted himself."},{"speaker":"Nick Lincoln","startTime":162.699,"endTime":164.859,"body":"I've never seen"},{"speaker":"Nick Lincoln","startTime":162.699,"endTime":164.859,"body":"Andrew Hart grit his teeth so"},{"speaker":"Nick Lincoln","startTime":164.859,"endTime":167.619,"body":"much when he had to read out"},{"speaker":"Nick Lincoln","startTime":164.859,"endTime":167.619,"body":"that Nick Lincoln is a personal"},{"speaker":"Nick Lincoln","startTime":167.619,"endTime":171.159,"body":"favorite of someone. Thank you,"},{"speaker":"Nick Lincoln","startTime":167.619,"endTime":171.159,"body":"Fred. That's lovely. And thank"},{"speaker":"Nick Lincoln","startTime":171.159,"endTime":174.039,"body":"you TRAPPIST for the reviews. I"},{"speaker":"Nick Lincoln","startTime":171.159,"endTime":174.039,"body":"know I said this every time, but"},{"speaker":"Nick Lincoln","startTime":174.039,"endTime":177.339,"body":"it does mean a lot to us, so"},{"speaker":"Nick Lincoln","startTime":174.039,"endTime":177.339,"body":"please do keep them coming. And"},{"speaker":"Nick Lincoln","startTime":177.339,"endTime":180.659,"body":"it feeds into the algorithm and"},{"speaker":"Nick Lincoln","startTime":177.339,"endTime":180.659,"body":"just sort of get gets us near"},{"speaker":"Nick Lincoln","startTime":180.659,"endTime":181.439,"body":"the top of the charts."},{"speaker":"Carl Widger","startTime":181.44,"endTime":184.92,"body":"Nick, Nick, when"},{"speaker":"Carl Widger","startTime":181.44,"endTime":184.92,"body":"can Freddie buy tickets to trap"},{"speaker":"Carl Widger","startTime":184.92,"endTime":187.62,"body":"live? I think that is upcoming."},{"speaker":"Carl Widger","startTime":184.92,"endTime":187.62,"body":"Am I right?"},{"speaker":"Nick Lincoln","startTime":187.979,"endTime":190.319,"body":"That is upcoming."},{"speaker":"Nick Lincoln","startTime":187.979,"endTime":190.319,"body":"That is upcoming. It's upcoming"},{"speaker":"Nick Lincoln","startTime":190.319,"endTime":195.839,"body":"on the so actually, this today,"},{"speaker":"Nick Lincoln","startTime":190.319,"endTime":195.839,"body":"today, the tickets go on sale"},{"speaker":"Nick Lincoln","startTime":195.839,"endTime":198.359,"body":"today. Watch out. There'll be"},{"speaker":"Nick Lincoln","startTime":195.839,"endTime":198.359,"body":"emails going out to various"},{"speaker":"Nick Lincoln","startTime":198.359,"endTime":200.779,"body":"lists. There'll be things on"},{"speaker":"Nick Lincoln","startTime":198.359,"endTime":200.779,"body":"Twitter, and there'll be things"},{"speaker":"Nick Lincoln","startTime":200.779,"endTime":203.959,"body":"in in LinkedIn and so forth, but"},{"speaker":"Nick Lincoln","startTime":200.779,"endTime":203.959,"body":"the 15th of Jan, when this"},{"speaker":"Nick Lincoln","startTime":203.959,"endTime":207.499,"body":"episode, and we'll be listening"},{"speaker":"Nick Lincoln","startTime":203.959,"endTime":207.499,"body":"to it in your logos,"},{"speaker":"Alan Smith","startTime":207.62,"endTime":209.72,"body":"will there be going"},{"speaker":"Alan Smith","startTime":207.62,"endTime":209.72,"body":"out early bird ticket"},{"speaker":"Alan Smith","startTime":209.72,"endTime":212.54,"body":"opportunity? Nick, for those who"},{"speaker":"Alan Smith","startTime":209.72,"endTime":212.54,"body":"buy the tickets quickly,"},{"speaker":"Nick Lincoln","startTime":213.259,"endTime":215.839,"body":"I yeah, we've got"},{"speaker":"Nick Lincoln","startTime":213.259,"endTime":215.839,"body":"an early bird you've got to be"},{"speaker":"Nick Lincoln","startTime":215.839,"endTime":219.199,"body":"at your at your desktop at 1am"},{"speaker":"Nick Lincoln","startTime":215.839,"endTime":219.199,"body":"on Thursday morning. It's"},{"speaker":"Nick Lincoln","startTime":219.199,"endTime":222.279,"body":"lasting for three minutes."},{"speaker":"Nick Lincoln","startTime":219.199,"endTime":222.279,"body":"That's how Keely"},{"speaker":"Andy Hart","startTime":222.939,"endTime":226.539,"body":"email list you'll be"},{"speaker":"Andy Hart","startTime":222.939,"endTime":226.539,"body":"getting all the information via"},{"speaker":"Andy Hart","startTime":226.539,"endTime":229.479,"body":"there and various other outlets."},{"speaker":"Andy Hart","startTime":226.539,"endTime":229.479,"body":"But yeah, sorry,"},{"speaker":"Nick Lincoln","startTime":229.48,"endTime":230.92,"body":"Nick, yeah, yeah."},{"speaker":"Nick Lincoln","startTime":229.48,"endTime":230.92,"body":"No, good, good. Thank you. Good"},{"speaker":"Nick Lincoln","startTime":230.92,"endTime":233.32,"body":"shout. Carl, Thanks for Thanks"},{"speaker":"Nick Lincoln","startTime":230.92,"endTime":233.32,"body":"for running. That can't wait."},{"speaker":"Nick Lincoln","startTime":233.32,"endTime":236.38,"body":"That's gonna be super exciting."},{"speaker":"Nick Lincoln","startTime":233.32,"endTime":236.38,"body":"Really good venue, we think, and"},{"speaker":"Nick Lincoln","startTime":236.38,"endTime":238.78,"body":"it's going to be going to be"},{"speaker":"Nick Lincoln","startTime":236.38,"endTime":238.78,"body":"good fun. Okay, let's put a"},{"speaker":"Nick Lincoln","startTime":238.78,"endTime":242.64,"body":"timestamp on on episode 88 of"},{"speaker":"Nick Lincoln","startTime":238.78,"endTime":242.64,"body":"the real advisor podcast, just,"},{"speaker":"Nick Lincoln","startTime":242.76,"endTime":245.4,"body":"I want to shout out. Shout out."},{"speaker":"Nick Lincoln","startTime":242.76,"endTime":245.4,"body":"Something happened to me this"},{"speaker":"Nick Lincoln","startTime":245.4,"endTime":248.4,"body":"morning, actually, then we can"},{"speaker":"Nick Lincoln","startTime":245.4,"endTime":248.4,"body":"go with the stuff I was I was"},{"speaker":"Nick Lincoln","startTime":248.46,"endTime":252.06,"body":"going to London for a breakfast"},{"speaker":"Nick Lincoln","startTime":248.46,"endTime":252.06,"body":"meeting with a friend, and I'm"},{"speaker":"Nick Lincoln","startTime":252.06,"endTime":256.44,"body":"on the Victoria line, and I get,"},{"speaker":"Nick Lincoln","startTime":252.06,"endTime":256.44,"body":"get this nudge in the back. And"},{"speaker":"Nick Lincoln","startTime":256.86,"endTime":259.38,"body":"bizarrely, I mean, it's just so"},{"speaker":"Nick Lincoln","startTime":256.86,"endTime":259.38,"body":"bizarre, this world of ours, the"},{"speaker":"Nick Lincoln","startTime":259.62,"endTime":262.14,"body":"chap who nudged me in the back"},{"speaker":"Nick Lincoln","startTime":259.62,"endTime":262.14,"body":"was listening to trap. He was a"},{"speaker":"Nick Lincoln","startTime":262.14,"endTime":264.92,"body":"financial advisor who I've met"},{"speaker":"Nick Lincoln","startTime":262.14,"endTime":264.92,"body":"before. And Andy knows"},{"speaker":"Nick Lincoln","startTime":264.92,"endTime":268.22,"body":"certainly. And Martin, Martin"},{"speaker":"Nick Lincoln","startTime":264.92,"endTime":268.22,"body":"McNamara, just want to say shout"},{"speaker":"Nick Lincoln","startTime":268.22,"endTime":272.48,"body":"out to Martin. And yeah, the"},{"speaker":"Nick Lincoln","startTime":268.22,"endTime":272.48,"body":"price of a little bit of fame, I"},{"speaker":"Nick Lincoln","startTime":272.48,"endTime":275.48,"body":"guess, just, just, what a"},{"speaker":"Nick Lincoln","startTime":272.48,"endTime":275.48,"body":"coincidence. And, but he said he"},{"speaker":"Nick Lincoln","startTime":275.48,"endTime":278.48,"body":"wasn't listening to you at the"},{"speaker":"Nick Lincoln","startTime":275.48,"endTime":278.48,"body":"time to catch up on. He was just"},{"speaker":"Nick Lincoln","startTime":278.48,"endTime":281.26,"body":"listening to me speaking in"},{"speaker":"Nick Lincoln","startTime":278.48,"endTime":281.26,"body":"Episode 84 as I walked on the"},{"speaker":"Nick Lincoln","startTime":281.26,"endTime":287.14,"body":"train, he gives you a prod in"},{"speaker":"Nick Lincoln","startTime":281.26,"endTime":287.14,"body":"the back. Yeah, yeah. So Martin"},{"speaker":"Nick Lincoln","startTime":287.2,"endTime":287.68,"body":"says"},{"speaker":"Carl Widger","startTime":288.04,"endTime":291.28,"body":"you're the best."},{"speaker":"Carl Widger","startTime":288.04,"endTime":291.28,"body":"Jesus, Nick, this week. Can't"},{"speaker":"Carl Widger","startTime":291.28,"endTime":292.0,"body":"get any better,"},{"speaker":"Nick Lincoln","startTime":292.0,"endTime":295.18,"body":"surely, Carlos, it"},{"speaker":"Nick Lincoln","startTime":292.0,"endTime":295.18,"body":"said it's a descent into chaos"},{"speaker":"Nick Lincoln","startTime":295.18,"endTime":299.44,"body":"right now. This is Pete lick."},{"speaker":"Nick Lincoln","startTime":295.18,"endTime":299.44,"body":"This is perfect. I'm gonna go"},{"speaker":"Nick Lincoln","startTime":299.44,"endTime":302.04,"body":"now. You. You free. Tyco, all"},{"speaker":"Nick Lincoln","startTime":299.44,"endTime":302.04,"body":"right, come on. Let's, let's get"},{"speaker":"Nick Lincoln","startTime":302.04,"endTime":305.82,"body":"this, let's get this show back"},{"speaker":"Nick Lincoln","startTime":302.04,"endTime":305.82,"body":"on the road. Okay, Smithy,"},{"speaker":"Alan Smith","startTime":307.44,"endTime":311.22,"body":"this, I hope, is the"},{"speaker":"Alan Smith","startTime":307.44,"endTime":311.22,"body":"last time I mentioned this. This"},{"speaker":"Alan Smith","startTime":311.22,"endTime":314.52,"body":"is a subject that has been on"},{"speaker":"Alan Smith","startTime":311.22,"endTime":314.52,"body":"our agendas for all of the last"},{"speaker":"Alan Smith","startTime":314.52,"endTime":318.48,"body":"year, and possibly a bit before"},{"speaker":"Alan Smith","startTime":314.52,"endTime":318.48,"body":"that, which is investing in"},{"speaker":"Alan Smith","startTime":318.48,"endTime":323.66,"body":"private markets, and we have"},{"speaker":"Alan Smith","startTime":318.48,"endTime":323.66,"body":"expressed our own views, our own"},{"speaker":"Alan Smith","startTime":323.66,"endTime":328.16,"body":"views of them. The the"},{"speaker":"Alan Smith","startTime":323.66,"endTime":328.16,"body":"Chancellor of the Exchequer in"},{"speaker":"Alan Smith","startTime":328.16,"endTime":332.84,"body":"the UK is very keen to get"},{"speaker":"Alan Smith","startTime":328.16,"endTime":332.84,"body":"pension schemes allocating"},{"speaker":"Alan Smith","startTime":332.9,"endTime":336.74,"body":"towards private markets, private"},{"speaker":"Alan Smith","startTime":332.9,"endTime":336.74,"body":"equity, private credit and all"},{"speaker":"Alan Smith","startTime":336.74,"endTime":340.16,"body":"that. Are those other"},{"speaker":"Alan Smith","startTime":336.74,"endTime":340.16,"body":"alternatives. And I just thought"},{"speaker":"Alan Smith","startTime":340.16,"endTime":343.06,"body":"it was very interesting and"},{"speaker":"Alan Smith","startTime":340.16,"endTime":343.06,"body":"useful, because our friends at"},{"speaker":"Alan Smith","startTime":343.06,"endTime":347.08,"body":"dimensional fund advisors, DFA,"},{"speaker":"Alan Smith","startTime":343.06,"endTime":347.08,"body":"who, if nothing else, are"},{"speaker":"Alan Smith","startTime":347.08,"endTime":350.68,"body":"financial scientists, they go"},{"speaker":"Alan Smith","startTime":347.08,"endTime":350.68,"body":"into the weeds, don't they, in"},{"speaker":"Alan Smith","startTime":350.68,"endTime":354.76,"body":"terms of research, data, facts,"},{"speaker":"Alan Smith","startTime":350.68,"endTime":354.76,"body":"and I noticed just before"},{"speaker":"Alan Smith","startTime":354.76,"endTime":357.82,"body":"Christmas, dimensional published"},{"speaker":"Alan Smith","startTime":354.76,"endTime":357.82,"body":"a paper and an article on their"},{"speaker":"Alan Smith","startTime":357.82,"endTime":361.32,"body":"website link to it in the show"},{"speaker":"Alan Smith","startTime":357.82,"endTime":361.32,"body":"notes, which just basically"},{"speaker":"Alan Smith","startTime":361.32,"endTime":364.98,"body":"breaks it down, unpacks it,"},{"speaker":"Alan Smith","startTime":361.32,"endTime":364.98,"body":"rather than saying, Oh, I don't"},{"speaker":"Alan Smith","startTime":364.98,"endTime":368.04,"body":"like private equity, or I do"},{"speaker":"Alan Smith","startTime":364.98,"endTime":368.04,"body":"like private equity. Here's the"},{"speaker":"Alan Smith","startTime":368.04,"endTime":370.74,"body":"data, here's the evidence,"},{"speaker":"Alan Smith","startTime":368.04,"endTime":370.74,"body":"here's the information. So if"},{"speaker":"Alan Smith","startTime":370.74,"endTime":376.02,"body":"anyone is considering or has a"},{"speaker":"Alan Smith","startTime":370.74,"endTime":376.02,"body":"client interested in it, then"},{"speaker":"Alan Smith","startTime":376.08,"endTime":378.6,"body":"that's the source to get the"},{"speaker":"Alan Smith","startTime":376.08,"endTime":378.6,"body":"facts and the data. And by the"},{"speaker":"Alan Smith","startTime":378.6,"endTime":380.72,"body":"way, they're not saying it's"},{"speaker":"Alan Smith","startTime":378.6,"endTime":380.72,"body":"absolutely awful, and you"},{"speaker":"Alan Smith","startTime":380.72,"endTime":383.6,"body":"shouldn't touch with the barge"},{"speaker":"Alan Smith","startTime":380.72,"endTime":383.6,"body":"pole, but they are giving you"},{"speaker":"Alan Smith","startTime":383.6,"endTime":387.74,"body":"some very thoughtful input based"},{"speaker":"Alan Smith","startTime":383.6,"endTime":387.74,"body":"on the facts, the research and"},{"speaker":"Alan Smith","startTime":387.74,"endTime":390.38,"body":"the evidence, which will allow"},{"speaker":"Alan Smith","startTime":387.74,"endTime":390.38,"body":"people to come to their own"},{"speaker":"Alan Smith","startTime":390.38,"endTime":393.38,"body":"conclusions. So it's worthwhile."},{"speaker":"Alan Smith","startTime":390.38,"endTime":393.38,"body":"It's a useful piece of research"},{"speaker":"Alan Smith","startTime":393.38,"endTime":397.22,"body":"that dimension have recently put"},{"speaker":"Alan Smith","startTime":393.38,"endTime":397.22,"body":"out on that market. That was it."},{"speaker":"Alan Smith","startTime":397.22,"endTime":398.36,"body":"You wanted to share it?"},{"speaker":"Nick Lincoln","startTime":400.22,"endTime":403.18,"body":"Okay, cool. Thank"},{"speaker":"Nick Lincoln","startTime":400.22,"endTime":403.18,"body":"you for doing that. My I think"},{"speaker":"Nick Lincoln","startTime":403.78,"endTime":407.5,"body":"it was me next on the slate. I'm"},{"speaker":"Nick Lincoln","startTime":403.78,"endTime":407.5,"body":"having problems accessing the"},{"speaker":"Nick Lincoln","startTime":407.5,"endTime":410.5,"body":"link. So can I just ask Carl"},{"speaker":"Nick Lincoln","startTime":407.5,"endTime":410.5,"body":"that we go straight to your to"},{"speaker":"Nick Lincoln","startTime":410.5,"endTime":413.5,"body":"your two points and they'll come"},{"speaker":"Nick Lincoln","startTime":410.5,"endTime":413.5,"body":"back to me certainly."},{"speaker":"Carl Widger","startTime":413.799,"endTime":418.839,"body":"So that's totally"},{"speaker":"Carl Widger","startTime":413.799,"endTime":418.839,"body":"thrown me. Oh yeah. So the first"},{"speaker":"Carl Widger","startTime":419.199,"endTime":425.879,"body":"link that I had was an article"},{"speaker":"Carl Widger","startTime":419.199,"endTime":425.879,"body":"about Ireland's tax take for"},{"speaker":"Carl Widger","startTime":426.539,"endTime":426.899,"body":"2025"},{"speaker":"Unknown","startTime":430.5,"endTime":432.48,"body":"and they'll also"},{"speaker":"Unknown","startTime":430.5,"endTime":432.48,"body":"they'll also see that I was"},{"speaker":"Unknown","startTime":432.48,"endTime":435.42,"body":"deeply uncomfortable with the"},{"speaker":"Unknown","startTime":432.48,"endTime":435.42,"body":"content of some of today's"},{"speaker":"Unknown","startTime":436.56,"endTime":441.2,"body":"Podcast owing to the Irish"},{"speaker":"Unknown","startTime":436.56,"endTime":441.2,"body":"versus UK cultural differences."},{"speaker":"Carl Widger","startTime":450.2,"endTime":453.92,"body":"There we go. Yes,"},{"speaker":"Carl Widger","startTime":450.2,"endTime":453.92,"body":"the Ireland's called the Six"},{"speaker":"Carl Widger","startTime":453.92,"endTime":459.44,"body":"Nations is upcoming. I'm not as"},{"speaker":"Carl Widger","startTime":453.92,"endTime":459.44,"body":"smug as I normally would be. I"},{"speaker":"Carl Widger","startTime":459.44,"endTime":462.94,"body":"don't think we should take this"},{"speaker":"Carl Widger","startTime":459.44,"endTime":462.94,"body":"year's very serious. Third"},{"speaker":"Carl Widger","startTime":462.94,"endTime":465.04,"body":"favorites, car, I don't think we"},{"speaker":"Carl Widger","startTime":462.94,"endTime":465.04,"body":"should take this year's"},{"speaker":"Carl Widger","startTime":465.04,"endTime":468.76,"body":"tournament seriously at all."},{"speaker":"Carl Widger","startTime":465.04,"endTime":468.76,"body":"Then Ireland, I think it's just"},{"speaker":"Carl Widger","startTime":469.06,"endTime":470.86,"body":"kind of a building tournament."},{"speaker":"Nick Lincoln","startTime":470.86,"endTime":472.6,"body":"Well, pack your"},{"speaker":"Nick Lincoln","startTime":470.86,"endTime":472.6,"body":"team full of Ulster players. You"},{"speaker":"Nick Lincoln","startTime":472.6,"endTime":473.98,"body":"might have a chance. Yeah."},{"speaker":"Carl Widger","startTime":474.04,"endTime":476.62,"body":"Well, we're packing"},{"speaker":"Carl Widger","startTime":474.04,"endTime":476.62,"body":"them full of aging Leinster"},{"speaker":"Carl Widger","startTime":476.62,"endTime":480.42,"body":"players, unfortunately, and it's"},{"speaker":"Carl Widger","startTime":476.62,"endTime":480.42,"body":"not working. But we'll see."},{"speaker":"Carl Widger","startTime":480.48,"endTime":486.54,"body":"We'll see. Anyway, the tax take"},{"speaker":"Carl Widger","startTime":480.48,"endTime":486.54,"body":"for 2025 is in 106 billion in"},{"speaker":"Carl Widger","startTime":486.54,"endTime":492.0,"body":"total, of which 34 point 7"},{"speaker":"Carl Widger","startTime":486.54,"endTime":492.0,"body":"billion came in in corporation"},{"speaker":"Carl Widger","startTime":492.0,"endTime":498.12,"body":"tax, which is 4.4 billion down"},{"speaker":"Carl Widger","startTime":492.0,"endTime":498.12,"body":"on last year. But if you"},{"speaker":"Carl Widger","startTime":498.12,"endTime":501.74,"body":"remember, last year we had an 11"},{"speaker":"Carl Widger","startTime":498.12,"endTime":501.74,"body":"billion. It's all about"},{"speaker":"Carl Widger","startTime":501.74,"endTime":506.18,"body":"billions. Here in Ireland, we"},{"speaker":"Carl Widger","startTime":501.74,"endTime":506.18,"body":"did an 11 billion windfall from"},{"speaker":"Carl Widger","startTime":506.3,"endTime":512.9,"body":"the Apple tax case. So so to"},{"speaker":"Carl Widger","startTime":506.3,"endTime":512.9,"body":"only be 4.4 billion down this"},{"speaker":"Carl Widger","startTime":512.9,"endTime":517.52,"body":"year is immense. And where we"},{"speaker":"Carl Widger","startTime":512.9,"endTime":517.52,"body":"have an Exchequer surplus of 3.8"},{"speaker":"Carl Widger","startTime":518.18,"endTime":524.08,"body":"billion, all billions guys, the"},{"speaker":"Carl Widger","startTime":518.18,"endTime":524.08,"body":"tax the corporation tax rate for"},{"speaker":"Carl Widger","startTime":524.08,"endTime":528.52,"body":"multinationals rises this year"},{"speaker":"Carl Widger","startTime":524.08,"endTime":528.52,"body":"from 12 and a half to 15% so"},{"speaker":"Carl Widger","startTime":528.52,"endTime":535.0,"body":"we're expecting it to be bigger"},{"speaker":"Carl Widger","startTime":528.52,"endTime":535.0,"body":"again, even in 2026 so yeah,"},{"speaker":"Carl Widger","startTime":535.0,"endTime":539.08,"body":"look, the gravy train just"},{"speaker":"Carl Widger","startTime":535.0,"endTime":539.08,"body":"continues. It's just absolutely"},{"speaker":"Carl Widger","startTime":539.08,"endTime":545.16,"body":"bloody mental. And to have these"},{"speaker":"Carl Widger","startTime":539.08,"endTime":545.16,"body":"kind of numbers when we don't"},{"speaker":"Carl Widger","startTime":545.16,"endTime":550.68,"body":"this year have the the apple tax"},{"speaker":"Carl Widger","startTime":545.16,"endTime":550.68,"body":"case, that that windfall that we"},{"speaker":"Carl Widger","startTime":550.74,"endTime":554.1,"body":"got is absolutely and utterly"},{"speaker":"Carl Widger","startTime":550.74,"endTime":554.1,"body":"phenomenal. Now, one of the"},{"speaker":"Carl Widger","startTime":554.1,"endTime":559.8,"body":"reasons for this is that a lot"},{"speaker":"Carl Widger","startTime":554.1,"endTime":559.8,"body":"of companies forward betted"},{"speaker":"Carl Widger","startTime":560.04,"endTime":563.0,"body":"their exports because of the"},{"speaker":"Carl Widger","startTime":560.04,"endTime":563.0,"body":"Trump tariffs, and they're"},{"speaker":"Carl Widger","startTime":563.0,"endTime":566.84,"body":"trying to get ahead of that."},{"speaker":"Carl Widger","startTime":563.0,"endTime":566.84,"body":"However, it seems that the Trump"},{"speaker":"Carl Widger","startTime":566.84,"endTime":571.52,"body":"tariffs didn't are not going to"},{"speaker":"Carl Widger","startTime":566.84,"endTime":571.52,"body":"have any. Are a very small"},{"speaker":"Carl Widger","startTime":571.52,"endTime":575.36,"body":"effect. So it seems like it's"},{"speaker":"Carl Widger","startTime":571.52,"endTime":575.36,"body":"business as usual, and just"},{"speaker":"Carl Widger","startTime":575.36,"endTime":581.14,"body":"drive on. So in a very, very,"},{"speaker":"Carl Widger","startTime":575.36,"endTime":581.14,"body":"very good place, spending has"},{"speaker":"Carl Widger","startTime":581.14,"endTime":586.42,"body":"increased. We are trying to do a"},{"speaker":"Carl Widger","startTime":581.14,"endTime":586.42,"body":"bit of a lot more infrastructure"},{"speaker":"Carl Widger","startTime":586.42,"endTime":589.84,"body":"spending, which is good, because"},{"speaker":"Carl Widger","startTime":586.42,"endTime":589.84,"body":"that's where we're sadly"},{"speaker":"Carl Widger","startTime":589.84,"endTime":595.6,"body":"lacking. But yeah, overall this,"},{"speaker":"Carl Widger","startTime":589.84,"endTime":595.6,"body":"this story, just continues to"},{"speaker":"Carl Widger","startTime":595.6,"endTime":599.74,"body":"run. When we think it's running"},{"speaker":"Carl Widger","startTime":595.6,"endTime":599.74,"body":"out of steam, onwards it goes"},{"speaker":"Carl Widger","startTime":599.74,"endTime":603.24,"body":"and. Um, it will finish at some"},{"speaker":"Carl Widger","startTime":599.74,"endTime":603.24,"body":"stage. We will struggle at some"},{"speaker":"Carl Widger","startTime":603.24,"endTime":607.8,"body":"stage. But for now, it's as you"},{"speaker":"Carl Widger","startTime":603.24,"endTime":607.8,"body":"were. Let's keep going. So,"},{"speaker":"Carl Widger","startTime":607.8,"endTime":609.3,"body":"Andy, you have a question,"},{"speaker":"Andy Hart","startTime":609.719,"endTime":612.899,"body":"what's the rationale"},{"speaker":"Andy Hart","startTime":609.719,"endTime":612.899,"body":"around increasing it from is it"},{"speaker":"Andy Hart","startTime":612.899,"endTime":616.499,"body":"1212? And a half to 15? I mean,"},{"speaker":"Andy Hart","startTime":612.899,"endTime":616.499,"body":"is life good enough at the"},{"speaker":"Andy Hart","startTime":616.499,"endTime":616.979,"body":"moment?"},{"speaker":"Carl Widger","startTime":617.459,"endTime":620.479,"body":"Yeah, that's not an"},{"speaker":"Carl Widger","startTime":617.459,"endTime":620.479,"body":"Irish thing. That's the European"},{"speaker":"Carl Widger","startTime":620.479,"endTime":623.239,"body":"thing, my friend. So we've had"},{"speaker":"Carl Widger","startTime":620.479,"endTime":623.239,"body":"to sign up to some European"},{"speaker":"Carl Widger","startTime":623.239,"endTime":626.059,"body":"rules as we are part of the EU."},{"speaker":"Andy Hart","startTime":626.12,"endTime":629.54,"body":"So okay, so you're"},{"speaker":"Andy Hart","startTime":626.12,"endTime":629.54,"body":"gonna lose your your edge"},{"speaker":"Andy Hart","startTime":629.54,"endTime":632.06,"body":"against the rest of Europe to"},{"speaker":"Andy Hart","startTime":629.54,"endTime":632.06,"body":"some degree."},{"speaker":"Carl Widger","startTime":662.3399999999999,"endTime":665.2199999999999,"body":"Yeah, but there is"},{"speaker":"Carl Widger","startTime":662.3399999999999,"endTime":665.2199999999999,"body":"an argument to be made whether"},{"speaker":"Carl Widger","startTime":665.2199999999999,"endTime":668.5799999999999,"body":"this is real or not, that"},{"speaker":"Carl Widger","startTime":665.2199999999999,"endTime":668.5799999999999,"body":"because we have a lot of the the"},{"speaker":"Carl Widger","startTime":669.8399999999999,"endTime":673.5799999999999,"body":"tech companies are ensconced"},{"speaker":"Carl Widger","startTime":669.8399999999999,"endTime":673.5799999999999,"body":"here and have many 1000s of"},{"speaker":"Carl Widger","startTime":673.5799999999999,"endTime":677.42,"body":"employees that it will be"},{"speaker":"Carl Widger","startTime":673.5799999999999,"endTime":677.42,"body":"difficult for them to move"},{"speaker":"Andy Hart","startTime":678.139,"endTime":680.959,"body":"employees in Ireland"},{"speaker":"Andy Hart","startTime":678.139,"endTime":680.959,"body":"just to keep the office open. I"},{"speaker":"Andy Hart","startTime":680.959,"endTime":681.319,"body":"don't know."},{"speaker":"Carl Widger","startTime":681.3199999999999,"endTime":684.98,"body":"No, they have 1000s"},{"speaker":"Carl Widger","startTime":681.3199999999999,"endTime":684.98,"body":"and 1000s of employees, so to"},{"speaker":"Carl Widger","startTime":684.98,"endTime":687.8,"body":"move them to somewhere else in"},{"speaker":"Carl Widger","startTime":684.98,"endTime":687.8,"body":"Europe would probably not make"},{"speaker":"Carl Widger","startTime":687.8,"endTime":690.76,"body":"an awful lot of sense when the"},{"speaker":"Carl Widger","startTime":687.8,"endTime":690.76,"body":"tax treatment is going to be the"},{"speaker":"Carl Widger","startTime":690.76,"endTime":691.3,"body":"same."},{"speaker":"Alan Smith","startTime":691.42,"endTime":694.54,"body":"Well, also the"},{"speaker":"Alan Smith","startTime":691.42,"endTime":694.54,"body":"language they speak. The"},{"speaker":"Alan Smith","startTime":694.54,"endTime":697.06,"body":"Americans speak the same"},{"speaker":"Alan Smith","startTime":694.54,"endTime":697.06,"body":"language as the Irish, almost,"},{"speaker":"Alan Smith","startTime":697.54,"endTime":698.56,"body":"whereas to move it to"},{"speaker":"Unknown","startTime":699.6999999999999,"endTime":702.4599999999999,"body":"almost as important,"},{"speaker":"Unknown","startTime":699.6999999999999,"endTime":702.4599999999999,"body":"yeah, but yeah, you're"},{"speaker":"Alan Smith","startTime":702.4599999999999,"endTime":704.5,"body":"right. We're going"},{"speaker":"Alan Smith","startTime":702.4599999999999,"endTime":704.5,"body":"to move it"},{"speaker":"Carl Widger","startTime":704.4989999999999,"endTime":706.7189999999999,"body":"to France. The"},{"speaker":"Carl Widger","startTime":704.4989999999999,"endTime":706.7189999999999,"body":"danger, the danger really, is"},{"speaker":"Carl Widger","startTime":706.7189999999999,"endTime":710.3389999999999,"body":"that they they move back home."},{"speaker":"Carl Widger","startTime":706.7189999999999,"endTime":710.3389999999999,"body":"That's right, manages to get"},{"speaker":"Carl Widger","startTime":710.3389999999999,"endTime":713.699,"body":"them back to America. I don't"},{"speaker":"Carl Widger","startTime":710.3389999999999,"endTime":713.699,"body":"think there's a massive danger"},{"speaker":"Carl Widger","startTime":713.699,"endTime":718.439,"body":"in moving lock, stock and barrel"},{"speaker":"Carl Widger","startTime":713.699,"endTime":718.439,"body":"to other countries. I think what"},{"speaker":"Carl Widger","startTime":718.439,"endTime":721.199,"body":"will happen is they might do,"},{"speaker":"Carl Widger","startTime":718.439,"endTime":721.199,"body":"you know, open other plants or"},{"speaker":"Carl Widger","startTime":721.199,"endTime":724.679,"body":"open other offices in some other"},{"speaker":"Carl Widger","startTime":721.199,"endTime":724.679,"body":"company, other countries, but we"},{"speaker":"Carl Widger","startTime":724.679,"endTime":728.579,"body":"will manage to hold on to what"},{"speaker":"Carl Widger","startTime":724.679,"endTime":728.579,"body":"we have at the moment, which is"},{"speaker":"Carl Widger","startTime":728.579,"endTime":735.139,"body":"all good so, so that's the good"},{"speaker":"Carl Widger","startTime":728.579,"endTime":735.139,"body":"news. But then I read another"},{"speaker":"Carl Widger","startTime":735.139,"endTime":739.159,"body":"article, which is the bad news,"},{"speaker":"Carl Widger","startTime":735.139,"endTime":739.159,"body":"and the bad news is, so we"},{"speaker":"Carl Widger","startTime":739.159,"endTime":741.9789999999999,"body":"started a sovereign wealth fund."},{"speaker":"Carl Widger","startTime":739.159,"endTime":741.9789999999999,"body":"I'm looking for my glasses here"},{"speaker":"Carl Widger","startTime":741.9789999999999,"endTime":745.039,"body":"to make sure I don't get any of"},{"speaker":"Carl Widger","startTime":741.9789999999999,"endTime":745.039,"body":"these numbers wrong. So we"},{"speaker":"Carl Widger","startTime":745.039,"endTime":748.399,"body":"started a sovereign wealth fund"},{"speaker":"Carl Widger","startTime":745.039,"endTime":748.399,"body":"when the gravy train kind of"},{"speaker":"Carl Widger","startTime":748.399,"endTime":752.379,"body":"started, when we realized this"},{"speaker":"Carl Widger","startTime":748.399,"endTime":752.379,"body":"is happy days. We started in"},{"speaker":"Carl Widger","startTime":752.679,"endTime":759.399,"body":"2024, and we added 4.3 million,"},{"speaker":"Carl Widger","startTime":752.679,"endTime":759.399,"body":"4.3 billion, because it's"},{"speaker":"Carl Widger","startTime":759.399,"endTime":762.759,"body":"Ireland. We only talk about"},{"speaker":"Carl Widger","startTime":759.399,"endTime":762.759,"body":"billions at that stage. And we"},{"speaker":"Carl Widger","startTime":762.759,"endTime":770.399,"body":"added a further 4.0 5 billion"},{"speaker":"Carl Widger","startTime":762.759,"endTime":770.399,"body":"and a further 4.1 billion into"},{"speaker":"Carl Widger","startTime":770.399,"endTime":773.939,"body":"our sovereign wealth fund. But"},{"speaker":"Carl Widger","startTime":770.399,"endTime":773.939,"body":"this article that I've shared"},{"speaker":"Carl Widger","startTime":774.659,"endTime":777.899,"body":"says that the investment"},{"speaker":"Carl Widger","startTime":774.659,"endTime":777.899,"body":"strategy for our sovereign"},{"speaker":"Carl Widger","startTime":777.899,"endTime":782.159,"body":"wealth fund has lost about 600"},{"speaker":"Carl Widger","startTime":777.899,"endTime":782.159,"body":"billion because they've just"},{"speaker":"Carl Widger","startTime":782.159,"endTime":785.579,"body":"decided what the long term"},{"speaker":"Carl Widger","startTime":782.159,"endTime":785.579,"body":"strategy is going to be. Guess"},{"speaker":"Carl Widger","startTime":785.579,"endTime":788.279,"body":"what it's the long term"},{"speaker":"Carl Widger","startTime":785.579,"endTime":788.279,"body":"investment strategy is going to"},{"speaker":"Carl Widger","startTime":788.279,"endTime":794.059,"body":"be bonds, property, 80% equities"},{"speaker":"Carl Widger","startTime":788.279,"endTime":794.059,"body":"and 20% bonds, which is yay,"},{"speaker":"Carl Widger","startTime":794.3589999999999,"endTime":798.8589999999999,"body":"good, but it took them a year"},{"speaker":"Carl Widger","startTime":794.3589999999999,"endTime":798.8589999999999,"body":"and a half to come up with this"},{"speaker":"Carl Widger","startTime":798.8589999999999,"endTime":810.399,"body":"strategy, and here too for it"},{"speaker":"Carl Widger","startTime":798.8589999999999,"endTime":810.399,"body":"was in cash, no a bond fund, but"},{"speaker":"Carl Widger","startTime":810.399,"endTime":815.379,"body":"short, dated and all that. So I"},{"speaker":"Carl Widger","startTime":810.399,"endTime":815.379,"body":"just, I just screenshot this"},{"speaker":"Carl Widger","startTime":815.379,"endTime":819.9989999999999,"body":"right. This is from the NTMA who"},{"speaker":"Carl Widger","startTime":815.379,"endTime":819.9989999999999,"body":"run the fund, implementing long"},{"speaker":"Carl Widger","startTime":819.9989999999999,"endTime":822.9989999999999,"body":"term strategies with a higher"},{"speaker":"Carl Widger","startTime":819.9989999999999,"endTime":822.9989999999999,"body":"risk profile is a complex"},{"speaker":"Carl Widger","startTime":822.9989999999999,"endTime":826.059,"body":"process which requires"},{"speaker":"Carl Widger","startTime":822.9989999999999,"endTime":826.059,"body":"appropriate levels of rigorous"},{"speaker":"Carl Widger","startTime":826.059,"endTime":829.5989999999999,"body":"assessment, due diligence,"},{"speaker":"Carl Widger","startTime":826.059,"endTime":829.5989999999999,"body":"governance and consultation with"},{"speaker":"Carl Widger","startTime":829.5989999999999,"endTime":832.079,"body":"stakeholders to ensure public"},{"speaker":"Carl Widger","startTime":829.5989999999999,"endTime":832.079,"body":"funds are protected"},{"speaker":"Carl Widger","startTime":832.079,"endTime":836.699,"body":"appropriately. So it took them a"},{"speaker":"Carl Widger","startTime":832.079,"endTime":836.699,"body":"year and a half because of that,"},{"speaker":"Carl Widger","startTime":836.939,"endTime":840.5989999999999,"body":"what I just read out to come up"},{"speaker":"Carl Widger","startTime":836.939,"endTime":840.5989999999999,"body":"with. What we would have come up"},{"speaker":"Carl Widger","startTime":840.5989999999999,"endTime":841.7389999999999,"body":"with in five minutes,"},{"speaker":"Alan Smith","startTime":842.28,"endTime":845.5799999999999,"body":"they've lost about"},{"speaker":"Alan Smith","startTime":842.28,"endTime":845.5799999999999,"body":"20% growth. In that time,"},{"speaker":"Unknown","startTime":845.64,"endTime":849.54,"body":"600 million they have"},{"speaker":"Unknown","startTime":845.64,"endTime":849.54,"body":"lost so in terms"},{"speaker":"Alan Smith","startTime":849.54,"endTime":851.7199999999999,"body":"of what they would"},{"speaker":"Alan Smith","startTime":849.54,"endTime":851.7199999999999,"body":"have, this is what you could"},{"speaker":"Alan Smith","startTime":851.7199999999999,"endTime":852.92,"body":"have won if you'd invested"},{"speaker":"Carl Widger","startTime":852.92,"endTime":855.8,"body":"exactly"},{"speaker":"Carl Widger","startTime":852.92,"endTime":855.8,"body":"opportunity. The return was 2%"},{"speaker":"Carl Widger","startTime":856.16,"endTime":859.8199999999999,"body":"and they're comparing it to the"},{"speaker":"Carl Widger","startTime":856.16,"endTime":859.8199999999999,"body":"Australian sovereign sovereign"},{"speaker":"Carl Widger","startTime":859.8199999999999,"endTime":862.3399999999999,"body":"wealth fund, the New Zealand"},{"speaker":"Carl Widger","startTime":859.8199999999999,"endTime":862.3399999999999,"body":"sovereign wealth fund. They"},{"speaker":"Carl Widger","startTime":862.3399999999999,"endTime":865.2199999999999,"body":"haven't spoken, they haven't"},{"speaker":"Carl Widger","startTime":862.3399999999999,"endTime":865.2199999999999,"body":"spoken about Norway isn't"},{"speaker":"Carl Widger","startTime":865.2199999999999,"endTime":867.8,"body":"mentioned that one, but they're"},{"speaker":"Carl Widger","startTime":865.2199999999999,"endTime":867.8,"body":"all getting double digit growth."},{"speaker":"Carl Widger","startTime":867.8,"endTime":871.48,"body":"So anyway, look, on the one"},{"speaker":"Carl Widger","startTime":867.8,"endTime":871.48,"body":"hand, it's just funny, isn't it"},{"speaker":"Carl Widger","startTime":871.5999999999999,"endTime":875.38,"body":"that this is, this is risk"},{"speaker":"Carl Widger","startTime":871.5999999999999,"endTime":875.38,"body":"profiling questionnaires, assets"},{"speaker":"Carl Widger","startTime":875.38,"endTime":880.12,"body":"like the extreme right that they"},{"speaker":"Carl Widger","startTime":875.38,"endTime":880.12,"body":"had to go through all the"},{"speaker":"Carl Widger","startTime":880.12,"endTime":884.38,"body":"stakeholders to come up with"},{"speaker":"Carl Widger","startTime":880.12,"endTime":884.38,"body":"this solution, and it took a"},{"speaker":"Carl Widger","startTime":884.38,"endTime":888.5799999999999,"body":"year and a half or they're about"},{"speaker":"Carl Widger","startTime":884.38,"endTime":888.5799999999999,"body":"to come to it. But it's like"},{"speaker":"Carl Widger","startTime":888.5799999999999,"endTime":890.52,"body":"just, you know, just when is"},{"speaker":"Carl Widger","startTime":888.5799999999999,"endTime":890.52,"body":"the, when is"},{"speaker":"Alan Smith","startTime":890.52,"endTime":894.48,"body":"the could have just"},{"speaker":"Alan Smith","startTime":890.52,"endTime":894.48,"body":"called you call to invest."},{"speaker":"Carl Widger","startTime":895.02,"endTime":897.8399999999999,"body":"The best time to"},{"speaker":"Carl Widger","startTime":895.02,"endTime":897.8399999999999,"body":"invest was 10 years ago. The"},{"speaker":"Carl Widger","startTime":897.8399999999999,"endTime":901.74,"body":"next best time is always today."},{"speaker":"Carl Widger","startTime":897.8399999999999,"endTime":901.74,"body":"And look that that big gap, but"},{"speaker":"Carl Widger","startTime":901.86,"endTime":906.12,"body":"we're in a good place now. We"},{"speaker":"Carl Widger","startTime":901.86,"endTime":906.12,"body":"are in 8020 what will be"},{"speaker":"Carl Widger","startTime":906.12,"endTime":911.24,"body":"interesting is when the"},{"speaker":"Carl Widger","startTime":906.12,"endTime":911.24,"body":"inevitable temporary market"},{"speaker":"Carl Widger","startTime":911.24,"endTime":916.4599999999999,"body":"decline happens? Will the"},{"speaker":"Carl Widger","startTime":911.24,"endTime":916.4599999999999,"body":"investment strategy endure? And"},{"speaker":"Carl Widger","startTime":916.4599999999999,"endTime":919.88,"body":"I would say somebody, or"},{"speaker":"Carl Widger","startTime":916.4599999999999,"endTime":919.88,"body":"probably a committee of people,"},{"speaker":"Carl Widger","startTime":920.18,"endTime":922.64,"body":"were sitting there for the last"},{"speaker":"Carl Widger","startTime":920.18,"endTime":922.64,"body":"year and a bit going to use the"},{"speaker":"Carl Widger","startTime":922.64,"endTime":925.64,"body":"markets are at the top, we're"},{"speaker":"Carl Widger","startTime":922.64,"endTime":925.64,"body":"all, we're all going to lose our"},{"speaker":"Carl Widger","startTime":925.64,"endTime":929.54,"body":"jobs if we recommend an 8020,"},{"speaker":"Carl Widger","startTime":925.64,"endTime":929.54,"body":"and then this thing tanks. So"},{"speaker":"Carl Widger","startTime":929.8399999999999,"endTime":932.8,"body":"we. They have the courage of"},{"speaker":"Carl Widger","startTime":929.8399999999999,"endTime":932.8,"body":"their conviction, you know, will"},{"speaker":"Carl Widger","startTime":932.8,"endTime":938.26,"body":"they stick with it, or if and"},{"speaker":"Carl Widger","startTime":932.8,"endTime":938.26,"body":"when these enormous tax takes"},{"speaker":"Carl Widger","startTime":938.26,"endTime":941.56,"body":"that were were getting the"},{"speaker":"Carl Widger","startTime":938.26,"endTime":941.56,"body":"benefit of at the moment, when"},{"speaker":"Carl Widger","startTime":941.56,"endTime":944.5,"body":"they kind of start to peter out,"},{"speaker":"Carl Widger","startTime":941.56,"endTime":944.5,"body":"will we go and raid our"},{"speaker":"Carl Widger","startTime":944.5,"endTime":948.2199999999999,"body":"sovereign wealth fund? That's"},{"speaker":"Carl Widger","startTime":944.5,"endTime":948.2199999999999,"body":"kind of what we've done in the"},{"speaker":"Carl Widger","startTime":948.2199999999999,"endTime":951.5999999999999,"body":"past. So who knows? At least"},{"speaker":"Carl Widger","startTime":948.2199999999999,"endTime":951.5999999999999,"body":"your buddy got the answer is"},{"speaker":"Carl Widger","startTime":951.66,"endTime":954.54,"body":"yes, right? Yeah. And a surplus"},{"speaker":"Carl Widger","startTime":951.66,"endTime":954.54,"body":"and a surplus, where's?"},{"speaker":"Alan Smith","startTime":954.5999999999999,"endTime":956.5799999999999,"body":"Where's our"},{"speaker":"Alan Smith","startTime":954.5999999999999,"endTime":956.5799999999999,"body":"sovereign wealth fund? Nicholas?"},{"speaker":"Alan Smith","startTime":957.18,"endTime":959.28,"body":"Where's the UK's? Well, the"},{"speaker":"Alan Smith","startTime":957.18,"endTime":959.28,"body":"North Sea oil money we made."},{"speaker":"Alan Smith","startTime":959.28,"endTime":960.0,"body":"It's in the North Sea,"},{"speaker":"Nick Lincoln","startTime":960.0,"endTime":961.62,"body":"but we're not"},{"speaker":"Nick Lincoln","startTime":960.0,"endTime":961.62,"body":"allowed to drill it, so we're"},{"speaker":"Nick Lincoln","startTime":961.62,"endTime":964.26,"body":"giving away to Norway, right? If"},{"speaker":"Nick Lincoln","startTime":961.62,"endTime":964.26,"body":"we can move on to the next part,"},{"speaker":"Nick Lincoln","startTime":964.26,"endTime":966.9599999999999,"body":"because now my point now becomes"},{"speaker":"Nick Lincoln","startTime":964.26,"endTime":966.9599999999999,"body":"even more relevant. I managed to"},{"speaker":"Nick Lincoln","startTime":966.9599999999999,"endTime":969.48,"body":"hack a paywall, and I can read"},{"speaker":"Nick Lincoln","startTime":966.9599999999999,"endTime":969.48,"body":"this off and remind myself what"},{"speaker":"Nick Lincoln","startTime":969.48,"endTime":972.0,"body":"I was blabbing on about, because"},{"speaker":"Nick Lincoln","startTime":969.48,"endTime":972.0,"body":"it links in with what you were"},{"speaker":"Nick Lincoln","startTime":972.0,"endTime":974.06,"body":"saying there. Carl, with saying"},{"speaker":"Nick Lincoln","startTime":972.0,"endTime":974.06,"body":"there, Carl with missed"},{"speaker":"Nick Lincoln","startTime":974.06,"endTime":978.26,"body":"opportunities. And this, this"},{"speaker":"Nick Lincoln","startTime":974.06,"endTime":978.26,"body":"whole thing about the in the UK,"},{"speaker":"Nick Lincoln","startTime":978.26,"endTime":980.7199999999999,"body":"we've just lost the ability to"},{"speaker":"Nick Lincoln","startTime":978.26,"endTime":980.7199999999999,"body":"take risk or assess risk"},{"speaker":"Nick Lincoln","startTime":980.7199999999999,"endTime":983.18,"body":"properly. This is a Times"},{"speaker":"Nick Lincoln","startTime":980.7199999999999,"endTime":983.18,"body":"article that came out the start"},{"speaker":"Nick Lincoln","startTime":983.18,"endTime":986.54,"body":"of this month, and on the"},{"speaker":"Nick Lincoln","startTime":983.18,"endTime":986.54,"body":"biggest pension schemes in the"},{"speaker":"Nick Lincoln","startTime":986.54,"endTime":988.8199999999999,"body":"UK and where they're invested"},{"speaker":"Nick Lincoln","startTime":986.54,"endTime":988.8199999999999,"body":"and what their returns have"},{"speaker":"Nick Lincoln","startTime":988.8199999999999,"endTime":992.92,"body":"been. And it's, it's beyond"},{"speaker":"Nick Lincoln","startTime":988.8199999999999,"endTime":992.92,"body":"shocking, the biggest defined"},{"speaker":"Nick Lincoln","startTime":993.2199999999999,"endTime":995.5,"body":"benefit pension scheme in the UK"},{"speaker":"Nick Lincoln","startTime":993.2199999999999,"endTime":995.5,"body":"is the university's"},{"speaker":"Nick Lincoln","startTime":995.5,"endTime":1000.9,"body":"superannuation scheme. The USS."},{"speaker":"Nick Lincoln","startTime":995.5,"endTime":1000.9,"body":"It has returned. What has it"},{"speaker":"Nick Lincoln","startTime":1000.9,"endTime":1008.9399999999999,"body":"done over the last five years?"},{"speaker":"Nick Lincoln","startTime":1000.9,"endTime":1008.9399999999999,"body":"1.7% 1.7% the airways, different"},{"speaker":"Nick Lincoln","startTime":1009.3,"endTime":1012.98,"body":"the BT pension fund has returned"},{"speaker":"Nick Lincoln","startTime":1009.3,"endTime":1012.98,"body":"over five years, minus 6.8%"},{"speaker":"Nick Lincoln","startTime":1014.18,"endTime":1018.14,"body":"average annual return. This is"},{"speaker":"Nick Lincoln","startTime":1014.18,"endTime":1018.14,"body":"almost impossible, and this"},{"speaker":"Nick Lincoln","startTime":1018.14,"endTime":1020.42,"body":"scheme, they will say, well,"},{"speaker":"Nick Lincoln","startTime":1018.14,"endTime":1020.42,"body":"these schemes are now in"},{"speaker":"Nick Lincoln","startTime":1020.42,"endTime":1022.76,"body":"surplus, and it's actually,"},{"speaker":"Nick Lincoln","startTime":1020.42,"endTime":1022.76,"body":"everything's fine. We've got"},{"speaker":"Nick Lincoln","startTime":1022.76,"endTime":1025.46,"body":"enough to pay out future things."},{"speaker":"Nick Lincoln","startTime":1022.76,"endTime":1025.46,"body":"They're only in surplus because"},{"speaker":"Nick Lincoln","startTime":1025.46,"endTime":1027.6200000000001,"body":"they ask the members and the"},{"speaker":"Nick Lincoln","startTime":1025.46,"endTime":1027.6200000000001,"body":"employers to whack in so much"},{"speaker":"Nick Lincoln","startTime":1027.6200000000001,"endTime":1030.08,"body":"more money those those members"},{"speaker":"Nick Lincoln","startTime":1027.6200000000001,"endTime":1030.08,"body":"and employers wouldn't have had"},{"speaker":"Nick Lincoln","startTime":1030.08,"endTime":1032.8600000000001,"body":"to if they had even a sensible"},{"speaker":"Nick Lincoln","startTime":1030.08,"endTime":1032.8600000000001,"body":"asset allocation. They're laden"},{"speaker":"Nick Lincoln","startTime":1032.8600000000001,"endTime":1036.1,"body":"with guilt. They should be laden"},{"speaker":"Nick Lincoln","startTime":1032.8600000000001,"endTime":1036.1,"body":"with guilt if they're a pension"},{"speaker":"Nick Lincoln","startTime":1036.1,"endTime":1039.28,"body":"trustee, but these things are"},{"speaker":"Nick Lincoln","startTime":1036.1,"endTime":1039.28,"body":"laden with guilt. Absolutely"},{"speaker":"Nick Lincoln","startTime":1039.28,"endTime":1042.88,"body":"diabolical. Return, illegal, all"},{"speaker":"Nick Lincoln","startTime":1039.28,"endTime":1042.88,"body":"totally legal. But, and here's,"},{"speaker":"Nick Lincoln","startTime":1042.88,"endTime":1045.04,"body":"here's the here's, here's the"},{"speaker":"Nick Lincoln","startTime":1042.88,"endTime":1045.04,"body":"quote that jumped out to me."},{"speaker":"Nick Lincoln","startTime":1045.04,"endTime":1047.32,"body":"Part of the reason that the"},{"speaker":"Nick Lincoln","startTime":1045.04,"endTime":1047.32,"body":"British economy has been so"},{"speaker":"Nick Lincoln","startTime":1047.32,"endTime":1051.24,"body":"masculinity is because of an"},{"speaker":"Nick Lincoln","startTime":1047.32,"endTime":1051.24,"body":"obsession with eliminating risk,"},{"speaker":"Nick Lincoln","startTime":1051.42,"endTime":1054.42,"body":"says Michael Tory, the chairman"},{"speaker":"Nick Lincoln","startTime":1051.42,"endTime":1054.42,"body":"of the financial advice firm"},{"speaker":"Nick Lincoln","startTime":1054.42,"endTime":1058.32,"body":"Ondra, the system is entirely"},{"speaker":"Nick Lincoln","startTime":1054.42,"endTime":1058.32,"body":"focused on risk elimination,"},{"speaker":"Nick Lincoln","startTime":1058.5,"endTime":1061.44,"body":"with no recognition that risk"},{"speaker":"Nick Lincoln","startTime":1058.5,"endTime":1061.44,"body":"and return are inextricably"},{"speaker":"Nick Lincoln","startTime":1061.44,"endTime":1066.3,"body":"linked in any capitalist system."},{"speaker":"Nick Lincoln","startTime":1061.44,"endTime":1066.3,"body":"So a five year annual return of"},{"speaker":"Nick Lincoln","startTime":1066.3,"endTime":1070.46,"body":"1.7% the 6040 portfolio that"},{"speaker":"Nick Lincoln","startTime":1066.3,"endTime":1070.46,"body":"some of my clients are in not"},{"speaker":"Nick Lincoln","startTime":1070.46,"endTime":1074.06,"body":"many, 60 equities, 40 bonds,"},{"speaker":"Nick Lincoln","startTime":1070.46,"endTime":1074.06,"body":"right? The classic has returned"},{"speaker":"Nick Lincoln","startTime":1074.06,"endTime":1078.44,"body":"just shy of 8% annualized over"},{"speaker":"Nick Lincoln","startTime":1074.06,"endTime":1078.44,"body":"over the last, since 2000 well"},{"speaker":"Nick Lincoln","startTime":1078.44,"endTime":1081.98,"body":"since, over the last 10 years."},{"speaker":"Nick Lincoln","startTime":1078.44,"endTime":1081.98,"body":"And that's not, by any means."},{"speaker":"Nick Lincoln","startTime":1081.98,"endTime":1085.7,"body":"That's not, that's not a high"},{"speaker":"Nick Lincoln","startTime":1081.98,"endTime":1085.7,"body":"volatility portfolio. I don't"},{"speaker":"Nick Lincoln","startTime":1085.7,"endTime":1087.98,"body":"know. I again, I could have had"},{"speaker":"Nick Lincoln","startTime":1085.7,"endTime":1087.98,"body":"five minutes with these people"},{"speaker":"Nick Lincoln","startTime":1087.98,"endTime":1091.06,"body":"and said, what, you know? What"},{"speaker":"Nick Lincoln","startTime":1087.98,"endTime":1091.06,"body":"are you doing? It's just unique."},{"speaker":"Andy Hart","startTime":1091.06,"endTime":1093.04,"body":"That she was an"},{"speaker":"Andy Hart","startTime":1091.06,"endTime":1093.04,"body":"individual. They're a committee."},{"speaker":"Andy Hart","startTime":1093.04,"endTime":1095.02,"body":"There's a common theme here."},{"speaker":"Andy Hart","startTime":1093.04,"endTime":1095.02,"body":"This is all by committee."},{"speaker":"Nick Lincoln","startTime":1095.02,"endTime":1096.7,"body":"Yeah, yeah, I"},{"speaker":"Nick Lincoln","startTime":1095.02,"endTime":1096.7,"body":"know, but they're creaming, and"},{"speaker":"Nick Lincoln","startTime":1097.18,"endTime":1100.72,"body":"there is no park in the world"},{"speaker":"Nick Lincoln","startTime":1097.18,"endTime":1100.72,"body":"where there's a statute highly"},{"speaker":"Nick Lincoln","startTime":1101.02,"endTime":1103.84,"body":"paid committees. Yeah, they're"},{"speaker":"Nick Lincoln","startTime":1101.02,"endTime":1103.84,"body":"highly paid. They are creaming"},{"speaker":"Nick Lincoln","startTime":1103.84,"endTime":1107.2,"body":"fees off these trustees. I'm"},{"speaker":"Nick Lincoln","startTime":1103.84,"endTime":1107.2,"body":"thinking, it's negligence. I'm"},{"speaker":"Nick Lincoln","startTime":1107.2,"endTime":1109.54,"body":"sorry. This is behind the veneer"},{"speaker":"Nick Lincoln","startTime":1107.2,"endTime":1109.54,"body":"of safety,"},{"speaker":"Alan Smith","startTime":1109.54,"endTime":1111.96,"body":"legal, it's true,"},{"speaker":"Alan Smith","startTime":1109.54,"endTime":1111.96,"body":"but it is one of the it's got to"},{"speaker":"Alan Smith","startTime":1111.96,"endTime":1115.5,"body":"be one of the biggest gravy"},{"speaker":"Alan Smith","startTime":1111.96,"endTime":1115.5,"body":"trains in investment, which is"},{"speaker":"Alan Smith","startTime":1115.5,"endTime":1119.58,"body":"these investment consultants"},{"speaker":"Alan Smith","startTime":1115.5,"endTime":1119.58,"body":"that the pension funds hire, and"},{"speaker":"Alan Smith","startTime":1120.06,"endTime":1123.48,"body":"everyone's worried about a"},{"speaker":"Alan Smith","startTime":1120.06,"endTime":1123.48,"body":"complicated getting fired. So"},{"speaker":"Alan Smith","startTime":1123.48,"endTime":1125.8799999999999,"body":"they hire all these external"},{"speaker":"Alan Smith","startTime":1123.48,"endTime":1125.8799999999999,"body":"consultants. They come in. I"},{"speaker":"Alan Smith","startTime":1125.8799999999999,"endTime":1128.04,"body":"knew somebody that worked for"},{"speaker":"Alan Smith","startTime":1125.8799999999999,"endTime":1128.04,"body":"one of these firms, and the"},{"speaker":"Alan Smith","startTime":1128.04,"endTime":1131.24,"body":"amount of money they charge for"},{"speaker":"Alan Smith","startTime":1128.04,"endTime":1131.24,"body":"these, which is basically just"},{"speaker":"Alan Smith","startTime":1131.24,"endTime":1135.2,"body":"for these reports. The answer is"},{"speaker":"Alan Smith","startTime":1131.24,"endTime":1135.2,"body":"actually 6040, you know. But,"},{"speaker":"Alan Smith","startTime":1135.2,"endTime":1139.76,"body":"you know, a 50 million page"},{"speaker":"Alan Smith","startTime":1135.2,"endTime":1139.76,"body":"report and a huge invoice to the"},{"speaker":"Alan Smith","startTime":1139.82,"endTime":1142.7,"body":"pension fund in order to do"},{"speaker":"Alan Smith","startTime":1139.82,"endTime":1142.7,"body":"this. And this is the result,"},{"speaker":"Alan Smith","startTime":1142.7,"endTime":1144.5,"body":"you know, it's just a scan."},{"speaker":"Nick Lincoln","startTime":1145.1589999999999,"endTime":1147.319,"body":"Nobody got fired"},{"speaker":"Nick Lincoln","startTime":1145.1589999999999,"endTime":1147.319,"body":"for buying IBM, right? That's"},{"speaker":"Nick Lincoln","startTime":1147.319,"endTime":1148.699,"body":"the thing you just Yeah, well,"},{"speaker":"Alan Smith","startTime":1150.26,"endTime":1153.3999999999999,"body":"everyone is guarding"},{"speaker":"Alan Smith","startTime":1150.26,"endTime":1153.3999999999999,"body":"their back. There's a whole"},{"speaker":"Alan Smith","startTime":1153.3999999999999,"endTime":1156.3999999999999,"body":"series of people just as"},{"speaker":"Alan Smith","startTime":1153.3999999999999,"endTime":1156.3999999999999,"body":"guarding throughout the whole"},{"speaker":"Alan Smith","startTime":1157.42,"endTime":1157.78,"body":"process."},{"speaker":"Andy Hart","startTime":1157.78,"endTime":1160.06,"body":"Isn't that the guy"},{"speaker":"Andy Hart","startTime":1157.78,"endTime":1160.06,"body":"isn't there? The guy in America,"},{"speaker":"Andy Hart","startTime":1160.06,"endTime":1163.72,"body":"Nevada, is it? Steve Edmondson,"},{"speaker":"Andy Hart","startTime":1160.06,"endTime":1163.72,"body":"yeah, he managed, yeah."},{"speaker":"Alan Smith","startTime":1164.02,"endTime":1167.56,"body":"He's hired someone"},{"speaker":"Alan Smith","startTime":1164.02,"endTime":1167.56,"body":"now he's got someone to get the"},{"speaker":"Andy Hart","startTime":1167.56,"endTime":1172.1399999999999,"body":"coffee, because if he"},{"speaker":"Andy Hart","startTime":1167.56,"endTime":1172.1399999999999,"body":"dies, she knows what he used to"},{"speaker":"Andy Hart","startTime":1172.1399999999999,"endTime":1174.96,"body":"do, like he's employing her not"},{"speaker":"Andy Hart","startTime":1172.1399999999999,"endTime":1174.96,"body":"to do anything. He's got it all"},{"speaker":"Andy Hart","startTime":1174.96,"endTime":1178.68,"body":"sorted. But if I die, you step"},{"speaker":"Andy Hart","startTime":1174.96,"endTime":1178.68,"body":"in. That's your role. Yeah. He"},{"speaker":"Andy Hart","startTime":1178.68,"endTime":1181.08,"body":"looks after the entire Nevada"},{"speaker":"Andy Hart","startTime":1178.68,"endTime":1181.08,"body":"state."},{"speaker":"Carl Widger","startTime":1181.56,"endTime":1183.3,"body":"All of the"},{"speaker":"Carl Widger","startTime":1181.56,"endTime":1183.3,"body":"brilliant podcast with him"},{"speaker":"Carl Widger","startTime":1183.3,"endTime":1185.46,"body":"actually isn't there. I think we"},{"speaker":"Carl Widger","startTime":1183.3,"endTime":1185.46,"body":"shared it here"},{"speaker":"Andy Hart","startTime":1185.46,"endTime":1189.36,"body":"one person, yeah,"},{"speaker":"Andy Hart","startTime":1185.46,"endTime":1189.36,"body":"yeah. Predominantly index funds,"},{"speaker":"Andy Hart","startTime":1189.36,"endTime":1192.62,"body":"predominantly low low fees,"},{"speaker":"Andy Hart","startTime":1189.36,"endTime":1192.62,"body":"predominantly equities. I mean,"},{"speaker":"Andy Hart","startTime":1192.62,"endTime":1193.34,"body":"that's the answer,"},{"speaker":"Alan Smith","startTime":1193.34,"endTime":1195.92,"body":"and they've"},{"speaker":"Alan Smith","startTime":1193.34,"endTime":1195.92,"body":"outperformed almost every other"},{"speaker":"Alan Smith","startTime":1195.92,"endTime":1197.06,"body":"state pension in the US."},{"speaker":"Nick Lincoln","startTime":1198.56,"endTime":1201.5,"body":"Okay, all right,"},{"speaker":"Nick Lincoln","startTime":1198.56,"endTime":1201.5,"body":"yeah, let's keep the tempo up."},{"speaker":"Nick Lincoln","startTime":1201.5,"endTime":1204.44,"body":"So thank you for that. Okay,"},{"speaker":"Nick Lincoln","startTime":1201.5,"endTime":1204.44,"body":"Andrew, the FCA, the"},{"speaker":"Andy Hart","startTime":1205.639,"endTime":1209.119,"body":"FCA, this is"},{"speaker":"Andy Hart","startTime":1205.639,"endTime":1209.119,"body":"dreadfully boring, but going to"},{"speaker":"Andy Hart","startTime":1209.119,"endTime":1211.839,"body":"be very useful for a lot of"},{"speaker":"Andy Hart","startTime":1209.119,"endTime":1211.839,"body":"practicing financial advisers"},{"speaker":"Andy Hart","startTime":1211.839,"endTime":1214.599,"body":"listening. I'm sure some of you"},{"speaker":"Andy Hart","startTime":1211.839,"endTime":1214.599,"body":"have come across it. Some of you"},{"speaker":"Andy Hart","startTime":1214.599,"endTime":1219.399,"body":"have missed it, but the FCA has"},{"speaker":"Andy Hart","startTime":1214.599,"endTime":1219.399,"body":"removed the mandatory 15 hour"},{"speaker":"Andy Hart","startTime":1219.399,"endTime":1225.099,"body":"CPD requirement in relation to"},{"speaker":"Andy Hart","startTime":1219.399,"endTime":1225.099,"body":"insurance and protection for our"},{"speaker":"Andy Hart","startTime":1225.9389999999999,"endTime":1231.899,"body":"annual CPD requirements. That's."},{"speaker":"Andy Hart","startTime":1225.9389999999999,"endTime":1231.899,"body":"Basically it. So just get this"},{"speaker":"Andy Hart","startTime":1231.899,"endTime":1234.839,"body":"checked off with your compliance"},{"speaker":"Andy Hart","startTime":1231.899,"endTime":1234.839,"body":"department and people that help"},{"speaker":"Andy Hart","startTime":1234.839,"endTime":1239.639,"body":"you with your CPD. But we were"},{"speaker":"Andy Hart","startTime":1234.839,"endTime":1239.639,"body":"required to do 15 hours of"},{"speaker":"Andy Hart","startTime":1239.639,"endTime":1243.839,"body":"insurance CPD every single year,"},{"speaker":"Andy Hart","startTime":1239.639,"endTime":1243.839,"body":"and now they've removed it. So I"},{"speaker":"Andy Hart","startTime":1244.079,"endTime":1247.019,"body":"think that applies to you,"},{"speaker":"Andy Hart","startTime":1244.079,"endTime":1247.019,"body":"Nicholas, not to Alan, and"},{"speaker":"Andy Hart","startTime":1247.019,"endTime":1250.339,"body":"obviously not to Carl, but he's"},{"speaker":"Andy Hart","startTime":1247.019,"endTime":1250.339,"body":"obviously got his own regime in"},{"speaker":"Andy Hart","startTime":1250.339,"endTime":1250.759,"body":"Ireland,"},{"speaker":"Nick Lincoln","startTime":1250.76,"endTime":1253.82,"body":"Nicholas and of"},{"speaker":"Nick Lincoln","startTime":1250.76,"endTime":1253.82,"body":"course, Andrew, every year you"},{"speaker":"Nick Lincoln","startTime":1253.82,"endTime":1257.6,"body":"were very diligent in getting"},{"speaker":"Nick Lincoln","startTime":1253.82,"endTime":1257.6,"body":"your 15 hours Absolutely. But of"},{"speaker":"Nick Lincoln","startTime":1257.6,"endTime":1258.98,"body":"course, we both were. We both"},{"speaker":"Nick Lincoln","startTime":1257.6,"endTime":1258.98,"body":"were, it"},{"speaker":"Andy Hart","startTime":1259.22,"endTime":1262.1,"body":"was a night. It was a"},{"speaker":"Andy Hart","startTime":1259.22,"endTime":1262.1,"body":"nightmare to try and get that"},{"speaker":"Alan Smith","startTime":1262.399,"endTime":1265.519,"body":"done at the last"},{"speaker":"Alan Smith","startTime":1262.399,"endTime":1265.519,"body":"hour. Do you get the sense that"},{"speaker":"Alan Smith","startTime":1265.519,"endTime":1270.339,"body":"the FCA are slowly but surely,"},{"speaker":"Alan Smith","startTime":1265.519,"endTime":1270.339,"body":"kind of loosening some of these"},{"speaker":"Alan Smith","startTime":1270.339,"endTime":1274.479,"body":"very prescriptive rules last 12"},{"speaker":"Alan Smith","startTime":1270.339,"endTime":1274.479,"body":"months, they seem to Yeah,"},{"speaker":"Nick Lincoln","startTime":1274.48,"endTime":1276.1,"body":"to their credit,"},{"speaker":"Nick Lincoln","startTime":1274.48,"endTime":1276.1,"body":"to their credit. They've now"},{"speaker":"Nick Lincoln","startTime":1276.1,"endTime":1278.5,"body":"started talking about risk as"},{"speaker":"Nick Lincoln","startTime":1276.1,"endTime":1278.5,"body":"the erosion of purchasing."},{"speaker":"Nick Lincoln","startTime":1278.5,"endTime":1282.28,"body":"That's right, inflation, yeah,"},{"speaker":"Nick Lincoln","startTime":1278.5,"endTime":1282.28,"body":"that's that's a massive, massive"},{"speaker":"Nick Lincoln","startTime":1282.28,"endTime":1284.5,"body":"sea change. If they start to"},{"speaker":"Nick Lincoln","startTime":1282.28,"endTime":1284.5,"body":"really embrace that in their"},{"speaker":"Nick Lincoln","startTime":1284.5,"endTime":1286.36,"body":"culture, that'll change"},{"speaker":"Nick Lincoln","startTime":1284.5,"endTime":1286.36,"body":"everything, that'll turn"},{"speaker":"Nick Lincoln","startTime":1286.36,"endTime":1289.0,"body":"everything around and great."},{"speaker":"Nick Lincoln","startTime":1286.36,"endTime":1289.0,"body":"Okay, to be welcome. Thanks."},{"speaker":"Nick Lincoln","startTime":1289.0,"endTime":1291.52,"body":"Andrew, that's one of your"},{"speaker":"Nick Lincoln","startTime":1289.0,"endTime":1291.52,"body":"better, boring stories, right?"},{"speaker":"Nick Lincoln","startTime":1291.52,"endTime":1295.2,"body":"Amazing. The other list of doing"},{"speaker":"Nick Lincoln","startTime":1291.52,"endTime":1295.2,"body":"me. It's me again. Oh, the best"},{"speaker":"Nick Lincoln","startTime":1295.2,"endTime":1298.08,"body":"person in track. Meet people on"},{"speaker":"Nick Lincoln","startTime":1295.2,"endTime":1298.08,"body":"the trainers. Now, another point"},{"speaker":"Nick Lincoln","startTime":1298.08,"endTime":1300.06,"body":"for me. Okay, I mentioned"},{"speaker":"Nick Lincoln","startTime":1298.08,"endTime":1300.06,"body":"callistoun Before you should"},{"speaker":"Nick Lincoln","startTime":1300.06,"endTime":1302.82,"body":"sign up for their reports. They"},{"speaker":"Nick Lincoln","startTime":1300.06,"endTime":1302.82,"body":"issue a report every month on UK"},{"speaker":"Nick Lincoln","startTime":1303.3,"endTime":1307.26,"body":"domiciled funds, which is going"},{"speaker":"Nick Lincoln","startTime":1303.3,"endTime":1307.26,"body":"where? Long story short, I'm"},{"speaker":"Nick Lincoln","startTime":1307.26,"endTime":1310.2,"body":"going to read some of this out"},{"speaker":"Nick Lincoln","startTime":1307.26,"endTime":1310.2,"body":"quickly. Equity funds suffered"},{"speaker":"Nick Lincoln","startTime":1310.2,"endTime":1316.1,"body":"record outflows in 2025 remember"},{"speaker":"Nick Lincoln","startTime":1310.2,"endTime":1316.1,"body":"that last year wasn't a bad"},{"speaker":"Nick Lincoln","startTime":1316.46,"endTime":1319.76,"body":"year, yeah. So UK domicile funds"},{"speaker":"Nick Lincoln","startTime":1316.46,"endTime":1319.76,"body":"saw the largest ever outflow"},{"speaker":"Nick Lincoln","startTime":1319.76,"endTime":1324.08,"body":"from equity funds. It's double"},{"speaker":"Nick Lincoln","startTime":1319.76,"endTime":1324.08,"body":"the previous record, which was"},{"speaker":"Nick Lincoln","startTime":1324.08,"endTime":1328.1,"body":"set in 2016 December marked the"},{"speaker":"Nick Lincoln","startTime":1324.08,"endTime":1328.1,"body":"seventh consecutive month of"},{"speaker":"Nick Lincoln","startTime":1328.1,"endTime":1331.6599999999999,"body":"outflows, the most prolonged"},{"speaker":"Nick Lincoln","startTime":1328.1,"endTime":1331.6599999999999,"body":"period of selling recorded safe"},{"speaker":"Nick Lincoln","startTime":1331.6599999999999,"endTime":1334.42,"body":"haven money market funds and"},{"speaker":"Nick Lincoln","startTime":1331.6599999999999,"endTime":1334.42,"body":"lower risk missed asset and"},{"speaker":"Nick Lincoln","startTime":1334.42,"endTime":1337.36,"body":"fixed income funds benefited"},{"speaker":"Nick Lincoln","startTime":1334.42,"endTime":1337.36,"body":"from the flight to lower risk"},{"speaker":"Nick Lincoln","startTime":1337.36,"endTime":1340.18,"body":"investments. So UK invest, and I"},{"speaker":"Nick Lincoln","startTime":1337.36,"endTime":1340.18,"body":"don't know whether it's broken"},{"speaker":"Nick Lincoln","startTime":1340.18,"endTime":1343.18,"body":"down between institutional and"},{"speaker":"Nick Lincoln","startTime":1340.18,"endTime":1343.18,"body":"resale, but UK based investors"},{"speaker":"Nick Lincoln","startTime":1343.3,"endTime":1346.6,"body":"with UK domicile funds are"},{"speaker":"Nick Lincoln","startTime":1343.3,"endTime":1346.6,"body":"fleeing an asset class that is"},{"speaker":"Nick Lincoln","startTime":1346.6,"endTime":1349.36,"body":"going up and up and up. Now,"},{"speaker":"Nick Lincoln","startTime":1346.6,"endTime":1349.36,"body":"part of me thinks, well, that's"},{"speaker":"Nick Lincoln","startTime":1349.36,"endTime":1352.68,"body":"really quite savvy, not because,"},{"speaker":"Nick Lincoln","startTime":1349.36,"endTime":1352.68,"body":"normally what we do is sell when"},{"speaker":"Nick Lincoln","startTime":1352.68,"endTime":1355.5,"body":"they when markets are tumbling,"},{"speaker":"Nick Lincoln","startTime":1352.68,"endTime":1355.5,"body":"that's when they really sell"},{"speaker":"Nick Lincoln","startTime":1355.5,"endTime":1357.84,"body":"out. And maybe people here are"},{"speaker":"Nick Lincoln","startTime":1355.5,"endTime":1357.84,"body":"just taking some money. And"},{"speaker":"Nick Lincoln","startTime":1357.84,"endTime":1360.3,"body":"there's this capital gains tax"},{"speaker":"Nick Lincoln","startTime":1357.84,"endTime":1360.3,"body":"thing in this country as well,"},{"speaker":"Nick Lincoln","startTime":1360.3,"endTime":1362.8799999999999,"body":"which is an influence around the"},{"speaker":"Nick Lincoln","startTime":1360.3,"endTime":1362.8799999999999,"body":"edges. But I just find that"},{"speaker":"Nick Lincoln","startTime":1362.94,"endTime":1365.7,"body":"because I know, I know when we"},{"speaker":"Nick Lincoln","startTime":1362.94,"endTime":1365.7,"body":"do have the next temporary"},{"speaker":"Nick Lincoln","startTime":1365.7,"endTime":1368.8799999999999,"body":"decline that Carl referred to a"},{"speaker":"Nick Lincoln","startTime":1365.7,"endTime":1368.8799999999999,"body":"few moments ago, they these"},{"speaker":"Nick Lincoln","startTime":1368.8799999999999,"endTime":1371.42,"body":"people will bail out. You know,"},{"speaker":"Nick Lincoln","startTime":1368.8799999999999,"endTime":1371.42,"body":"the selling electric will just,"},{"speaker":"Nick Lincoln","startTime":1371.42,"endTime":1373.8799999999999,"body":"will just gather a pace. So"},{"speaker":"Nick Lincoln","startTime":1371.42,"endTime":1373.8799999999999,"body":"there you go. I don't know what"},{"speaker":"Nick Lincoln","startTime":1373.8799999999999,"endTime":1374.24,"body":"there was."},{"speaker":"Alan Smith","startTime":1374.24,"endTime":1376.82,"body":"There was a lot of"},{"speaker":"Alan Smith","startTime":1374.24,"endTime":1376.82,"body":"talk, wasn't it? There was a lot"},{"speaker":"Alan Smith","startTime":1376.82,"endTime":1379.52,"body":"of talk last year, and continues"},{"speaker":"Alan Smith","startTime":1376.82,"endTime":1379.52,"body":"to be about the AI bubble, the"},{"speaker":"Alan Smith","startTime":1379.52,"endTime":1382.94,"body":"mag seven. So, so people are"},{"speaker":"Alan Smith","startTime":1379.52,"endTime":1382.94,"body":"just banking profits. There's a"},{"speaker":"Alan Smith","startTime":1382.94,"endTime":1387.44,"body":"lot of that. Yeah, yeah. And I"},{"speaker":"Alan Smith","startTime":1382.94,"endTime":1387.44,"body":"think three years into this"},{"speaker":"Alan Smith","startTime":1387.44,"endTime":1391.54,"body":"podcast, there's some recurring"},{"speaker":"Alan Smith","startTime":1387.44,"endTime":1391.54,"body":"themes, private market"},{"speaker":"Alan Smith","startTime":1391.54,"endTime":1394.3,"body":"investment seems to give up a"},{"speaker":"Alan Smith","startTime":1391.54,"endTime":1394.3,"body":"lot. We kind of dismissed that."},{"speaker":"Alan Smith","startTime":1394.54,"endTime":1397.6,"body":"And this thing about market"},{"speaker":"Alan Smith","startTime":1394.54,"endTime":1397.6,"body":"timing comes up all the time,"},{"speaker":"Alan Smith","startTime":1444.2199999999998,"endTime":1447.76,"body":"and I think it always will do"},{"speaker":"Alan Smith","startTime":1444.2199999999998,"endTime":1447.76,"body":"you'll be reporting callerstone"},{"speaker":"Alan Smith","startTime":1448.06,"endTime":1453.04,"body":"next month, next quarter, next"},{"speaker":"Alan Smith","startTime":1448.06,"endTime":1453.04,"body":"year, and just reminds us all of"},{"speaker":"Alan Smith","startTime":1453.04,"endTime":1454.78,"body":"the value, the importance of the"},{"speaker":"Alan Smith","startTime":1453.04,"endTime":1454.78,"body":"work we do."},{"speaker":"Nick Lincoln","startTime":1456.6399999999999,"endTime":1458.76,"body":"Yep, fair enough."},{"speaker":"Nick Lincoln","startTime":1456.6399999999999,"endTime":1458.76,"body":"There's a link to the callistone"},{"speaker":"Nick Lincoln","startTime":1459.6599999999999,"endTime":1461.8799999999999,"body":"website, and then if you sign up"},{"speaker":"Nick Lincoln","startTime":1459.6599999999999,"endTime":1461.8799999999999,"body":"for that, you'll get there,"},{"speaker":"Nick Lincoln","startTime":1461.8799999999999,"endTime":1463.9799999999998,"body":"you'll get the report, and"},{"speaker":"Nick Lincoln","startTime":1461.8799999999999,"endTime":1463.9799999999998,"body":"they'll They Don't bombard"},{"speaker":"Nick Lincoln","startTime":1463.9799999999998,"endTime":1466.3799999999999,"body":"yourself. You'll get an email"},{"speaker":"Nick Lincoln","startTime":1463.9799999999998,"endTime":1466.3799999999999,"body":"once a month with just where we"},{"speaker":"Nick Lincoln","startTime":1466.3799999999999,"endTime":1469.26,"body":"are. It's just just something to"},{"speaker":"Nick Lincoln","startTime":1466.3799999999999,"endTime":1469.26,"body":"bear in mind in this thing of"},{"speaker":"Nick Lincoln","startTime":1469.26,"endTime":1472.32,"body":"ours. Okie dokie, storyteller,"},{"speaker":"Alan Smith","startTime":1474.54,"endTime":1478.58,"body":"this is one for all"},{"speaker":"Alan Smith","startTime":1474.54,"endTime":1478.58,"body":"the younger viewers and"},{"speaker":"Alan Smith","startTime":1478.58,"endTime":1482.1799999999998,"body":"listeners, there was a company."},{"speaker":"Alan Smith","startTime":1478.58,"endTime":1482.1799999999998,"body":"There was a company called"},{"speaker":"Alan Smith","startTime":1482.2399999999998,"endTime":1484.6399999999999,"body":"equitable life. Going back, oh,"},{"speaker":"Alan Smith","startTime":1482.2399999999998,"endTime":1484.6399999999999,"body":"God, is"},{"speaker":"Nick Lincoln","startTime":1484.6399999999999,"endTime":1486.4399999999998,"body":"this going to be?"},{"speaker":"Nick Lincoln","startTime":1484.6399999999999,"endTime":1486.4399999999998,"body":"Is this going to be? It's just"},{"speaker":"Nick Lincoln","startTime":1486.4399999999998,"endTime":1488.2399999999998,"body":"going to be a"},{"speaker":"Unknown","startTime":1490.04,"endTime":1494.6,"body":"special grab yourself a"},{"speaker":"Unknown","startTime":1490.04,"endTime":1494.6,"body":"drink, a very long drink. It's"},{"speaker":"Unknown","startTime":1494.6,"endTime":1497.32,"body":"story time with Alan Smith."},{"speaker":"Alan Smith","startTime":1500.62,"endTime":1502.78,"body":"It's been a while,"},{"speaker":"Alan Smith","startTime":1500.62,"endTime":1502.78,"body":"and actually, there is a little"},{"speaker":"Alan Smith","startTime":1502.78,"endTime":1506.6799999999998,"body":"story behind this. So I just saw"},{"speaker":"Alan Smith","startTime":1502.78,"endTime":1506.6799999999998,"body":"the other day the equitable"},{"speaker":"Alan Smith","startTime":1506.6799999999998,"endTime":1509.32,"body":"life. Who were. I mean, for"},{"speaker":"Alan Smith","startTime":1506.6799999999998,"endTime":1509.32,"body":"those of us have been around for"},{"speaker":"Alan Smith","startTime":1509.32,"endTime":1514.0,"body":"a few years, they were massive"},{"speaker":"Alan Smith","startTime":1509.32,"endTime":1514.0,"body":"competition for ifas. Remember"},{"speaker":"Alan Smith","startTime":1514.0,"endTime":1519.78,"body":"they were, they put themselves"},{"speaker":"Alan Smith","startTime":1514.0,"endTime":1519.78,"body":"forward as a sort of a firm,"},{"speaker":"Alan Smith","startTime":1519.78,"endTime":1523.1399999999999,"body":"like, kind of like an old school"},{"speaker":"Alan Smith","startTime":1519.78,"endTime":1523.1399999999999,"body":"SJP, almost. But they made a big"},{"speaker":"Alan Smith","startTime":1523.1399999999999,"endTime":1526.02,"body":"point of saying, we cut out the"},{"speaker":"Alan Smith","startTime":1523.1399999999999,"endTime":1526.02,"body":"middle man. You don't need to"},{"speaker":"Alan Smith","startTime":1526.02,"endTime":1529.02,"body":"hire an advisor come direct to"},{"speaker":"Alan Smith","startTime":1526.02,"endTime":1529.02,"body":"equitable life, because then"},{"speaker":"Alan Smith","startTime":1529.02,"endTime":1531.3,"body":"they sold pensions and"},{"speaker":"Alan Smith","startTime":1529.02,"endTime":1531.3,"body":"investment products and all"},{"speaker":"Alan Smith","startTime":1531.3,"endTime":1534.6,"body":"sorts of things. And they were"},{"speaker":"Alan Smith","startTime":1531.3,"endTime":1534.6,"body":"hugely, hugely successful, it"},{"speaker":"Alan Smith","startTime":1534.6,"endTime":1538.58,"body":"would be fair to say, and you"},{"speaker":"Alan Smith","startTime":1534.6,"endTime":1538.58,"body":"can look it up what happened to"},{"speaker":"Alan Smith","startTime":1538.58,"endTime":1541.4599999999998,"body":"them, but there was a whole"},{"speaker":"Alan Smith","startTime":1538.58,"endTime":1541.4599999999998,"body":"series of kind of scandals and"},{"speaker":"Alan Smith","startTime":1541.6999999999998,"endTime":1545.2399999999998,"body":"guarantees that they offered"},{"speaker":"Alan Smith","startTime":1541.6999999999998,"endTime":1545.2399999999998,"body":"which couldn't be delivered"},{"speaker":"Alan Smith","startTime":1545.2399999999998,"endTime":1548.2399999999998,"body":"upon. And, long story short,"},{"speaker":"Alan Smith","startTime":1545.2399999999998,"endTime":1548.2399999999998,"body":"they effectively went into"},{"speaker":"Alan Smith","startTime":1548.2399999999998,"endTime":1552.02,"body":"liquidation, kind of bailed out"},{"speaker":"Alan Smith","startTime":1548.2399999999998,"endTime":1552.02,"body":"people. I mean, a lot, a lot of"},{"speaker":"Alan Smith","startTime":1552.02,"endTime":1557.26,"body":"people lost a lot of money as a"},{"speaker":"Alan Smith","startTime":1552.02,"endTime":1557.26,"body":"result of them back in the day,"},{"speaker":"Alan Smith","startTime":1557.56,"endTime":1560.7399999999998,"body":"and I noticed something, because"},{"speaker":"Alan Smith","startTime":1557.56,"endTime":1560.7399999999998,"body":"they just, they're kind of just"},{"speaker":"Alan Smith","startTime":1560.7399999999998,"endTime":1563.3799999999999,"body":"one of these zombie funds now."},{"speaker":"Alan Smith","startTime":1560.7399999999998,"endTime":1563.3799999999999,"body":"They still exist. They've"},{"speaker":"Alan Smith","startTime":1563.3799999999999,"endTime":1565.9599999999998,"body":"obviously, they've got lots of"},{"speaker":"Alan Smith","startTime":1563.3799999999999,"endTime":1565.9599999999998,"body":"policy holders still receiving"},{"speaker":"Alan Smith","startTime":1565.9599999999998,"endTime":1568.6599999999999,"body":"income and various things like"},{"speaker":"Alan Smith","startTime":1565.9599999999998,"endTime":1568.6599999999999,"body":"that. They obviously haven't"},{"speaker":"Alan Smith","startTime":1568.6599999999999,"endTime":1571.54,"body":"been able to sell anything for a"},{"speaker":"Alan Smith","startTime":1568.6599999999999,"endTime":1571.54,"body":"long time, but they've just been"},{"speaker":"Alan Smith","startTime":1571.54,"endTime":1575.1399999999999,"body":"bought once again, by some"},{"speaker":"Alan Smith","startTime":1571.54,"endTime":1575.1399999999999,"body":"private equity company called"},{"speaker":"Alan Smith","startTime":1575.1399999999999,"endTime":1579.6,"body":"gj. A, B, who the other"},{"speaker":"Alan Smith","startTime":1575.1399999999999,"endTime":1579.6,"body":"companies, I thought, very"},{"speaker":"Alan Smith","startTime":1579.6,"endTime":1583.32,"body":"interesting that's in their"},{"speaker":"Alan Smith","startTime":1579.6,"endTime":1583.32,"body":"stable of investments is preta"},{"speaker":"Alan Smith","startTime":1583.32,"endTime":1587.6999999999998,"body":"Monte. No, they're European, of"},{"speaker":"Alan Smith","startTime":1583.32,"endTime":1587.6999999999998,"body":"some descriptions, I understand"},{"speaker":"Alan Smith","startTime":1588.6599999999999,"endTime":1592.5,"body":"it, but they also own preta"},{"speaker":"Alan Smith","startTime":1588.6599999999999,"endTime":1592.5,"body":"Monge and Krispy Kreme donuts."},{"speaker":"Alan Smith","startTime":1592.5,"endTime":1598.28,"body":"So it's a natural fit to have a"},{"speaker":"Alan Smith","startTime":1592.5,"endTime":1598.28,"body":"legacy insurance and investment"},{"speaker":"Alan Smith","startTime":1598.28,"endTime":1601.04,"body":"company founded, I think, was"},{"speaker":"Alan Smith","startTime":1598.28,"endTime":1601.04,"body":"the oldest one ever in the UK,"},{"speaker":"Alan Smith","startTime":1601.1,"endTime":1606.02,"body":"founded in 1755 or something. So"},{"speaker":"Alan Smith","startTime":1601.1,"endTime":1606.02,"body":"you can now, you know, check out"},{"speaker":"Alan Smith","startTime":1606.02,"endTime":1609.5,"body":"your pension policy and and get"},{"speaker":"Alan Smith","startTime":1606.02,"endTime":1609.5,"body":"a free sandwich as well at the"},{"speaker":"Alan Smith","startTime":1609.5,"endTime":1612.1999999999998,"body":"time. But it reminded me, and"},{"speaker":"Alan Smith","startTime":1609.5,"endTime":1612.1999999999998,"body":"hey, here's the story. This is"},{"speaker":"Alan Smith","startTime":1612.1999999999998,"endTime":1615.8,"body":"just a little bit of insight."},{"speaker":"Alan Smith","startTime":1612.1999999999998,"endTime":1615.8,"body":"And for anyone listening about"},{"speaker":"Alan Smith","startTime":1615.8,"endTime":1619.4199999999998,"body":"taking opportunities when the"},{"speaker":"Alan Smith","startTime":1615.8,"endTime":1619.4199999999998,"body":"equitable life saga really"},{"speaker":"Alan Smith","startTime":1619.4199999999998,"endTime":1622.54,"body":"began, as I was starting off in"},{"speaker":"Alan Smith","startTime":1619.4199999999998,"endTime":1622.54,"body":"business and I had no clients,"},{"speaker":"Alan Smith","startTime":1622.54,"endTime":1626.9799999999998,"body":"no nothing. What's up? Nick I"},{"speaker":"Alan Smith","startTime":1622.54,"endTime":1626.9799999999998,"body":"said this before about seven"},{"speaker":"Alan Smith","startTime":1626.9799999999998,"endTime":1631.0,"body":"times. All right, so listen,"},{"speaker":"Alan Smith","startTime":1626.9799999999998,"endTime":1631.0,"body":"listen to a past episode. I"},{"speaker":"Alan Smith","startTime":1631.0,"endTime":1634.0,"body":"just, I saw the name come up,"},{"speaker":"Alan Smith","startTime":1631.0,"endTime":1634.0,"body":"and I just put an advert in the"},{"speaker":"Alan Smith","startTime":1634.0,"endTime":1637.4399999999998,"body":"newspaper to to advertise"},{"speaker":"Alan Smith","startTime":1634.0,"endTime":1637.4399999999998,"body":"anyone. Because the great thing"},{"speaker":"Alan Smith","startTime":1637.4399999999998,"endTime":1639.8999999999999,"body":"was, they didn't have an"},{"speaker":"Alan Smith","startTime":1637.4399999999998,"endTime":1639.8999999999999,"body":"intermediary or advisors. The"},{"speaker":"Alan Smith","startTime":1639.8999999999999,"endTime":1643.02,"body":"point of the story with your"},{"speaker":"Alan Smith","startTime":1639.8999999999999,"endTime":1643.02,"body":"granddad, this point of the"},{"speaker":"Alan Smith","startTime":1643.02,"endTime":1645.6,"body":"story was when there are things"},{"speaker":"Alan Smith","startTime":1643.02,"endTime":1645.6,"body":"going on, when there are"},{"speaker":"Alan Smith","startTime":1645.6,"endTime":1649.56,"body":"prevailing news stories breaking"},{"speaker":"Alan Smith","startTime":1645.6,"endTime":1649.56,"body":"that are attracting people's"},{"speaker":"Alan Smith","startTime":1649.56,"endTime":1654.54,"body":"interest, then you can take the"},{"speaker":"Alan Smith","startTime":1649.56,"endTime":1654.54,"body":"opportunity to news Jack, as the"},{"speaker":"Alan Smith","startTime":1654.54,"endTime":1658.34,"body":"word is called news Jack. Things"},{"speaker":"Alan Smith","startTime":1654.54,"endTime":1658.34,"body":"are going on be a source of"},{"speaker":"Alan Smith","startTime":1658.34,"endTime":1663.02,"body":"information, ideas and advice to"},{"speaker":"Alan Smith","startTime":1658.34,"endTime":1663.02,"body":"those that might need it at the"},{"speaker":"Alan Smith","startTime":1663.02,"endTime":1666.1399999999999,"body":"time, because the company"},{"speaker":"Alan Smith","startTime":1663.02,"endTime":1666.1399999999999,"body":"they've got invested in is going"},{"speaker":"Alan Smith","startTime":1666.1399999999999,"endTime":1668.8999999999999,"body":"through a difficult period of"},{"speaker":"Alan Smith","startTime":1666.1399999999999,"endTime":1668.8999999999999,"body":"time. But anyway, that's it."},{"speaker":"Alan Smith","startTime":1668.8999999999999,"endTime":1673.1599999999999,"body":"They've been bought by pre a"},{"speaker":"Alan Smith","startTime":1668.8999999999999,"endTime":1673.1599999999999,"body":"Monge and some others. Over to"},{"speaker":"Alan Smith","startTime":1673.1599999999999,"endTime":1673.28,"body":"you."},{"speaker":"Carl Widger","startTime":1673.28,"endTime":1677.7399999999998,"body":"Nick, our chairman"},{"speaker":"Carl Widger","startTime":1673.28,"endTime":1677.7399999999998,"body":"at Matt is Tom Tierney has a"},{"speaker":"Carl Widger","startTime":1677.7399999999998,"endTime":1682.06,"body":"great phrase for that, Alan. He"},{"speaker":"Carl Widger","startTime":1677.7399999999998,"endTime":1682.06,"body":"says, Never waste a good crisis."},{"speaker":"Carl Widger","startTime":1682.6,"endTime":1685.6,"body":"He has, always opportunity,"},{"speaker":"Carl Widger","startTime":1682.6,"endTime":1685.6,"body":"always opportunity."},{"speaker":"Nick Lincoln","startTime":1685.7189999999998,"endTime":1688.059,"body":"This is true. This"},{"speaker":"Nick Lincoln","startTime":1685.7189999999998,"endTime":1688.059,"body":"is true. Tom is a wise man."},{"speaker":"Nick Lincoln","startTime":1688.6589999999999,"endTime":1691.779,"body":"Yeah, it was a terrible saga"},{"speaker":"Nick Lincoln","startTime":1688.6589999999999,"endTime":1691.779,"body":"that's a real stain on financial"},{"speaker":"Nick Lincoln","startTime":1691.779,"endTime":1693.6989999999998,"body":"services in the UK. They"},{"speaker":"Nick Lincoln","startTime":1691.779,"endTime":1693.6989999999998,"body":"shouldn't have been allowed to"},{"speaker":"Nick Lincoln","startTime":1693.6989999999998,"endTime":1695.9189999999999,"body":"do what they do. And then the"},{"speaker":"Nick Lincoln","startTime":1693.6989999999998,"endTime":1695.9189999999999,"body":"resolution took so long that"},{"speaker":"Nick Lincoln","startTime":1695.9189999999999,"endTime":1698.9989999999998,"body":"most, a lot of the annuitants"},{"speaker":"Andy Hart","startTime":1699.06,"endTime":1701.6399999999999,"body":"were dead by the"},{"speaker":"Andy Hart","startTime":1699.06,"endTime":1701.6399999999999,"body":"time, j, A, B, C, in it, Alan"},{"speaker":"Andy Hart","startTime":1701.76,"endTime":1702.9599999999998,"body":"was there any more in"},{"speaker":"Alan Smith","startTime":1703.9789999999998,"endTime":1708.2389999999998,"body":"the posted a link to"},{"speaker":"Alan Smith","startTime":1703.9789999999998,"endTime":1708.2389999999998,"body":"it. It was, do you know Henry"},{"speaker":"Alan Smith","startTime":1708.2389999999998,"endTime":1710.879,"body":"Tapper? He was the one. I saw"},{"speaker":"Alan Smith","startTime":1708.2389999999998,"endTime":1710.879,"body":"him. Yeah, subscribe to his"},{"speaker":"Alan Smith","startTime":1710.879,"endTime":1713.4589999999998,"body":"blood. He's like, sort of"},{"speaker":"Alan Smith","startTime":1710.879,"endTime":1713.4589999999998,"body":"pension expert, isn't he any? I"},{"speaker":"Alan Smith","startTime":1713.4589999999998,"endTime":1715.859,"body":"think I subscribed to his blog."},{"speaker":"Alan Smith","startTime":1713.4589999999998,"endTime":1715.859,"body":"I saw the thing soon. But I"},{"speaker":"Alan Smith","startTime":1715.859,"endTime":1718.399,"body":"guess the thing is, it's an"},{"speaker":"Alan Smith","startTime":1715.859,"endTime":1718.399,"body":"annuity income play, isn't it?"},{"speaker":"Alan Smith","startTime":1718.399,"endTime":1722.2389999999998,"body":"It's pretty much they're taking,"},{"speaker":"Alan Smith","startTime":1718.399,"endTime":1722.2389999999998,"body":"you know, policy fees and what"},{"speaker":"Alan Smith","startTime":1722.2389999999998,"endTime":1724.9989999999998,"body":"have you off this. I guess it's"},{"speaker":"Alan Smith","startTime":1722.2389999999998,"endTime":1724.9989999999998,"body":"a declining book of business as"},{"speaker":"Alan Smith","startTime":1724.9989999999998,"endTime":1725.7189999999998,"body":"people die."},{"speaker":"Andy Hart","startTime":1725.84,"endTime":1728.2399999999998,"body":"Have some assets"},{"speaker":"Andy Hart","startTime":1725.84,"endTime":1728.2399999999998,"body":"invested, like zombie funds and,"},{"speaker":"Andy Hart","startTime":1728.2399999999998,"endTime":1729.26,"body":"yeah, yeah, this,"},{"speaker":"Alan Smith","startTime":1729.26,"endTime":1731.4199999999998,"body":"the people are still"},{"speaker":"Alan Smith","startTime":1729.26,"endTime":1731.4199999999998,"body":"buying us. That's the whole"},{"speaker":"Alan Smith","startTime":1731.4199999999998,"endTime":1734.4799999999998,"body":"that's what Phoenix life were,"},{"speaker":"Alan Smith","startTime":1731.4199999999998,"endTime":1734.4799999999998,"body":"wouldn't it. They just went out."},{"speaker":"Alan Smith","startTime":1734.4799999999998,"endTime":1737.9199999999998,"body":"Whoever was behind them bought"},{"speaker":"Alan Smith","startTime":1734.4799999999998,"endTime":1737.9199999999998,"body":"out a bunch of these companies."},{"speaker":"Alan Smith","startTime":1738.1,"endTime":1740.56,"body":"You can make money at it. You"},{"speaker":"Alan Smith","startTime":1738.1,"endTime":1740.56,"body":"know, just you've got a"},{"speaker":"Alan Smith","startTime":1740.7399999999998,"endTime":1741.58,"body":"recurring maybe"},{"speaker":"Carl Widger","startTime":1741.58,"endTime":1743.32,"body":"they have bigger"},{"speaker":"Carl Widger","startTime":1741.58,"endTime":1743.32,"body":"plans. Maybe they're buying a"},{"speaker":"Carl Widger","startTime":1743.32,"endTime":1747.6999999999998,"body":"database. You never know. Yeah,"},{"speaker":"Carl Widger","startTime":1743.32,"endTime":1747.6999999999998,"body":"could be, who knows anyway."},{"speaker":"Nick Lincoln","startTime":1747.76,"endTime":1749.9199999999998,"body":"Well, the database"},{"speaker":"Nick Lincoln","startTime":1747.76,"endTime":1749.9199999999998,"body":"that most of them, most of them"},{"speaker":"Nick Lincoln","startTime":1750.04,"endTime":1751.2399999999998,"body":"will be in their 70s"},{"speaker":"Alan Smith","startTime":1752.08,"endTime":1754.9599999999998,"body":"and 80s. I thought"},{"speaker":"Alan Smith","startTime":1752.08,"endTime":1754.9599999999998,"body":"judges and lawyers."},{"speaker":"Nick Lincoln","startTime":1755.4389999999999,"endTime":1761.1589999999999,"body":"Um, okie dokie,"},{"speaker":"Nick Lincoln","startTime":1755.4389999999999,"endTime":1761.1589999999999,"body":"er, we are on ultra over"},{"speaker":"Andy Hart","startTime":1761.1599999999999,"endTime":1766.4399999999998,"body":"to me. So this is a"},{"speaker":"Andy Hart","startTime":1761.1599999999999,"endTime":1766.4399999999998,"body":"recurring link or blog post or"},{"speaker":"Andy Hart","startTime":1766.4399999999998,"endTime":1770.04,"body":"blog that I refer to, called"},{"speaker":"Andy Hart","startTime":1766.4399999999998,"endTime":1770.04,"body":"novel investor always does a"},{"speaker":"Andy Hart","startTime":1770.04,"endTime":1774.78,"body":"very deep dive into investment"},{"speaker":"Andy Hart","startTime":1770.04,"endTime":1774.78,"body":"returns, investment return porn,"},{"speaker":"Andy Hart","startTime":1774.78,"endTime":1777.9799999999998,"body":"as they call it, different asset"},{"speaker":"Andy Hart","startTime":1774.78,"endTime":1777.9799999999998,"body":"classes sectors, and he's done"},{"speaker":"Andy Hart","startTime":1777.9799999999998,"endTime":1782.3,"body":"his update for 2025 where the"},{"speaker":"Andy Hart","startTime":1777.9799999999998,"endTime":1782.3,"body":"returns come from. I'm quite"},{"speaker":"Andy Hart","startTime":1782.36,"endTime":1786.5,"body":"interested in every year, just"},{"speaker":"Andy Hart","startTime":1782.36,"endTime":1786.5,"body":"getting a bit of a snapshot of"},{"speaker":"Andy Hart","startTime":1786.56,"endTime":1789.8,"body":"what markets have performed,"},{"speaker":"Andy Hart","startTime":1786.56,"endTime":1789.8,"body":"what the highest returning"},{"speaker":"Andy Hart","startTime":1789.8,"endTime":1794.2399999999998,"body":"market sectors, global equity"},{"speaker":"Andy Hart","startTime":1789.8,"endTime":1794.2399999999998,"body":"funds, because you think you're"},{"speaker":"Andy Hart","startTime":1794.2399999999998,"endTime":1797.7399999999998,"body":"investing in very similar assets"},{"speaker":"Andy Hart","startTime":1794.2399999999998,"endTime":1797.7399999999998,"body":"like global equity funds, but"},{"speaker":"Andy Hart","startTime":1797.7399999999998,"endTime":1801.34,"body":"there's a wide range and a broad"},{"speaker":"Andy Hart","startTime":1797.7399999999998,"endTime":1801.34,"body":"church of different returns for"},{"speaker":"Andy Hart","startTime":1801.34,"endTime":1803.8,"body":"funds that you think are"},{"speaker":"Andy Hart","startTime":1801.34,"endTime":1803.8,"body":"actually quite similar to each"},{"speaker":"Andy Hart","startTime":1803.8,"endTime":1808.6599999999999,"body":"other. So anyway, there's a link"},{"speaker":"Andy Hart","startTime":1803.8,"endTime":1808.6599999999999,"body":"in the show. In the show notes,"},{"speaker":"Andy Hart","startTime":1809.1999999999998,"endTime":1812.02,"body":"the big thing from last year was"},{"speaker":"Andy Hart","startTime":1809.1999999999998,"endTime":1812.02,"body":"international markets beat"},{"speaker":"Andy Hart","startTime":1812.02,"endTime":1815.26,"body":"America. Obviously, America have"},{"speaker":"Andy Hart","startTime":1812.02,"endTime":1815.26,"body":"been beaten in international"},{"speaker":"Andy Hart","startTime":1815.26,"endTime":1817.9199999999998,"body":"markets for many years leading"},{"speaker":"Andy Hart","startTime":1815.26,"endTime":1817.9199999999998,"body":"up to it, there's some very"},{"speaker":"Andy Hart","startTime":1817.9199999999998,"endTime":1820.6799999999998,"body":"weird oddities in there. I think"},{"speaker":"Andy Hart","startTime":1817.9199999999998,"endTime":1820.6799999999998,"body":"the Spanish market was up by"},{"speaker":"Andy Hart","startTime":1820.6799999999998,"endTime":1824.4599999999998,"body":"over 50% and Europe did really"},{"speaker":"Andy Hart","startTime":1820.6799999999998,"endTime":1824.4599999999998,"body":"well last year. But we began"},{"speaker":"Andy Hart","startTime":1824.9399999999998,"endTime":1829.9199999999998,"body":"some some, yeah, as we did so,"},{"speaker":"Andy Hart","startTime":1824.9399999999998,"endTime":1829.9199999999998,"body":"just some numbers on this. So I"},{"speaker":"Andy Hart","startTime":1829.9199999999998,"endTime":1833.04,"body":"want to know roughly what my"},{"speaker":"Andy Hart","startTime":1829.9199999999998,"endTime":1833.04,"body":"100% global equity portfolio"},{"speaker":"Andy Hart","startTime":1833.04,"endTime":1836.9599999999998,"body":"done for my real life clients in"},{"speaker":"Andy Hart","startTime":1833.04,"endTime":1836.9599999999998,"body":"relation to the rest of the"},{"speaker":"Andy Hart","startTime":1836.9599999999998,"endTime":1840.9799999999998,"body":"market. I know, obviously it"},{"speaker":"Andy Hart","startTime":1836.9599999999998,"endTime":1840.9799999999998,"body":"fluctuates, and a year is"},{"speaker":"Andy Hart","startTime":1841.34,"endTime":1844.28,"body":"utterly irrelevant in investment"},{"speaker":"Andy Hart","startTime":1841.34,"endTime":1844.28,"body":"management, but it's just a"},{"speaker":"Andy Hart","startTime":1844.52,"endTime":1847.6999999999998,"body":"snapshot in time. But then"},{"speaker":"Andy Hart","startTime":1844.52,"endTime":1847.6999999999998,"body":"obviously I want to keep a good"},{"speaker":"Andy Hart","startTime":1847.6999999999998,"endTime":1851.0,"body":"idea of how things progress as"},{"speaker":"Andy Hart","startTime":1847.6999999999998,"endTime":1851.0,"body":"we move through the years and"},{"speaker":"Andy Hart","startTime":1851.0,"endTime":1855.08,"body":"move into the decade. So the s"},{"speaker":"Andy Hart","startTime":1851.0,"endTime":1855.08,"body":"and p5 100 did about 17% last"},{"speaker":"Andy Hart","startTime":1855.08,"endTime":1859.9599999999998,"body":"year. The Russell 2000 did 13%"},{"speaker":"Andy Hart","startTime":1855.08,"endTime":1859.9599999999998,"body":"the MSCI World, which is the,"},{"speaker":"Andy Hart","startTime":1860.56,"endTime":1864.76,"body":"you know, plain vanilla no"},{"speaker":"Andy Hart","startTime":1860.56,"endTime":1864.76,"body":"brainer portfolio. They call it,"},{"speaker":"Andy Hart","startTime":1864.76,"endTime":1870.1,"body":"did about 20% the essence the"},{"speaker":"Andy Hart","startTime":1864.76,"endTime":1870.1,"body":"FTSE 100 did 21% and then the"},{"speaker":"Andy Hart","startTime":1870.1,"endTime":1875.3799999999999,"body":"global equity funds that most of"},{"speaker":"Andy Hart","startTime":1870.1,"endTime":1875.3799999999999,"body":"us use for our clients were in"},{"speaker":"Andy Hart","startTime":1875.3799999999999,"endTime":1880.8,"body":"the range of. About 12 to 16%"},{"speaker":"Andy Hart","startTime":1875.3799999999999,"endTime":1880.8,"body":"and there's various reasons for"},{"speaker":"Andy Hart","startTime":1880.8,"endTime":1884.4599999999998,"body":"this, but the big thing for UK"},{"speaker":"Andy Hart","startTime":1880.8,"endTime":1884.4599999999998,"body":"investors was the currency. The"},{"speaker":"Andy Hart","startTime":1884.4599999999998,"endTime":1888.4799999999998,"body":"UK currency got stronger against"},{"speaker":"Andy Hart","startTime":1884.4599999999998,"endTime":1888.4799999999998,"body":"the US by about eight or 9% last"},{"speaker":"Andy Hart","startTime":1888.4799999999998,"endTime":1892.3799999999999,"body":"year. Anyway, some people are"},{"speaker":"Andy Hart","startTime":1888.4799999999998,"endTime":1892.3799999999999,"body":"interested in this, some people"},{"speaker":"Andy Hart","startTime":1892.3799999999999,"endTime":1895.32,"body":"are too interested in this, and"},{"speaker":"Andy Hart","startTime":1892.3799999999999,"endTime":1895.32,"body":"some people are utterly"},{"speaker":"Andy Hart","startTime":1895.32,"endTime":1898.28,"body":"disinterested in it. I'm"},{"speaker":"Andy Hart","startTime":1895.32,"endTime":1898.28,"body":"somewhere in the middle of it,"},{"speaker":"Andy Hart","startTime":1898.28,"endTime":1902.4799999999998,"body":"and I do do a bit of an analysis"},{"speaker":"Andy Hart","startTime":1898.28,"endTime":1902.4799999999998,"body":"every year with real clients"},{"speaker":"Andy Hart","startTime":1902.4799999999998,"endTime":1908.8999999999999,"body":"portfolios to work out roughly"},{"speaker":"Andy Hart","startTime":1902.4799999999998,"endTime":1908.8999999999999,"body":"where I am. My learnings from"},{"speaker":"Andy Hart","startTime":1908.8999999999999,"endTime":1911.9599999999998,"body":"last year, my general global"},{"speaker":"Andy Hart","startTime":1908.8999999999999,"endTime":1911.9599999999998,"body":"equity fund performed as well as"},{"speaker":"Andy Hart","startTime":1911.9599999999998,"endTime":1914.9599999999998,"body":"all the other global equity"},{"speaker":"Andy Hart","startTime":1911.9599999999998,"endTime":1914.9599999999998,"body":"funds. I have a big chunk of my"},{"speaker":"Andy Hart","startTime":1914.9599999999998,"endTime":1918.1599999999999,"body":"Maven invest 100 in emerging"},{"speaker":"Andy Hart","startTime":1914.9599999999998,"endTime":1918.1599999999999,"body":"markets that did incredibly"},{"speaker":"Andy Hart","startTime":1918.1599999999999,"endTime":1923.7399999999998,"body":"well, but then the kicker was a"},{"speaker":"Andy Hart","startTime":1918.1599999999999,"endTime":1923.7399999999998,"body":"very famous targeted Value Fund"},{"speaker":"Andy Hart","startTime":1923.8,"endTime":1929.4399999999998,"body":"underperformed for another year,"},{"speaker":"Andy Hart","startTime":1923.8,"endTime":1929.4399999999998,"body":"so I'm still waiting for that to"},{"speaker":"Andy Hart","startTime":1930.3999999999999,"endTime":1934.84,"body":"perform in the future. But all"},{"speaker":"Andy Hart","startTime":1930.3999999999999,"endTime":1934.84,"body":"in all, I'm I'm happy with where"},{"speaker":"Andy Hart","startTime":1934.84,"endTime":1938.2199999999998,"body":"the returns are, but I still"},{"speaker":"Andy Hart","startTime":1934.84,"endTime":1938.2199999999998,"body":"think it's worth as practicing"},{"speaker":"Andy Hart","startTime":1938.2199999999998,"endTime":1942.06,"body":"advisors, knowing these knowing"},{"speaker":"Andy Hart","startTime":1938.2199999999998,"endTime":1942.06,"body":"these numbers, knowing this"},{"speaker":"Andy Hart","startTime":1942.06,"endTime":1944.58,"body":"data, because you may or may not"},{"speaker":"Andy Hart","startTime":1942.06,"endTime":1944.58,"body":"have these conversations with"},{"speaker":"Andy Hart","startTime":1944.58,"endTime":1948.12,"body":"clients. You just, you're just"},{"speaker":"Andy Hart","startTime":1944.58,"endTime":1948.12,"body":"armed if these conversations are"},{"speaker":"Andy Hart","startTime":1948.12,"endTime":1952.26,"body":"raised, certainly if you have"},{"speaker":"Andy Hart","startTime":1948.12,"endTime":1952.26,"body":"people that are very much a"},{"speaker":"Andy Hart","startTime":1952.26,"endTime":1955.7399999999998,"body":"short term investment focus,"},{"speaker":"Andy Hart","startTime":1952.26,"endTime":1955.7399999999998,"body":"which hopefully you have minimal"},{"speaker":"Andy Hart","startTime":1955.86,"endTime":1959.78,"body":"of these clients, and they're"},{"speaker":"Andy Hart","startTime":1955.86,"endTime":1959.78,"body":"well trained, long term thinking"},{"speaker":"Andy Hart","startTime":1959.78,"endTime":1963.1399999999999,"body":"clients, but we deal with a"},{"speaker":"Andy Hart","startTime":1959.78,"endTime":1963.1399999999999,"body":"whole different range of types"},{"speaker":"Andy Hart","startTime":1963.1399999999999,"endTime":1966.08,"body":"of clients, and we have clients"},{"speaker":"Andy Hart","startTime":1963.1399999999999,"endTime":1966.08,"body":"that we've been working with for"},{"speaker":"Andy Hart","startTime":1966.08,"endTime":1968.9599999999998,"body":"a short period of time, a medium"},{"speaker":"Andy Hart","startTime":1966.08,"endTime":1968.9599999999998,"body":"period of time, a long period of"},{"speaker":"Andy Hart","startTime":1968.9599999999998,"endTime":1976.4199999999998,"body":"time. So yeah, that's that over"},{"speaker":"Andy Hart","startTime":1968.9599999999998,"endTime":1976.4199999999998,"body":"to smithing. You're muted. Did."},{"speaker":"Alan Smith","startTime":1983.26,"endTime":1985.54,"body":"It is quite"},{"speaker":"Alan Smith","startTime":1983.26,"endTime":1985.54,"body":"interesting when you get into"},{"speaker":"Alan Smith","startTime":1985.54,"endTime":1989.86,"body":"the weeds of some of this stuff."},{"speaker":"Alan Smith","startTime":1985.54,"endTime":1989.86,"body":"I remember in our investment"},{"speaker":"Alan Smith","startTime":1989.86,"endTime":1993.1599999999999,"body":"committee meetings, you know the"},{"speaker":"Alan Smith","startTime":1989.86,"endTime":1993.1599999999999,"body":"benchmarks you let's choose an"},{"speaker":"Alan Smith","startTime":1993.1599999999999,"endTime":1996.2199999999998,"body":"choose an emerging market"},{"speaker":"Alan Smith","startTime":1993.1599999999999,"endTime":1996.2199999999998,"body":"benchmarks. You got MSCI,"},{"speaker":"Alan Smith","startTime":1997.0,"endTime":1999.1799999999998,"body":"emerging such and such, or"},{"speaker":"Alan Smith","startTime":1997.0,"endTime":1999.1799999999998,"body":"you've got the foot See,"},{"speaker":"Alan Smith","startTime":1999.36,"endTime":2002.0,"body":"develop, develop markets. And"},{"speaker":"Alan Smith","startTime":1999.36,"endTime":2002.0,"body":"one, I remember, one was"},{"speaker":"Alan Smith","startTime":2002.0,"endTime":2004.6999999999998,"body":"massively different to the"},{"speaker":"Alan Smith","startTime":2002.0,"endTime":2004.6999999999998,"body":"other. I was trying to work out"},{"speaker":"Alan Smith","startTime":2004.6999999999998,"endTime":2007.1,"body":"what it why it was, and the"},{"speaker":"Alan Smith","startTime":2004.6999999999998,"endTime":2007.1,"body":"reason was because, on one of"},{"speaker":"Alan Smith","startTime":2007.1,"endTime":2009.6799999999998,"body":"them, I think it was South Korea"},{"speaker":"Alan Smith","startTime":2007.1,"endTime":2009.6799999999998,"body":"was included as an emerging"},{"speaker":"Alan Smith","startTime":2009.6799999999998,"endTime":2012.02,"body":"market, you know, developing"},{"speaker":"Alan Smith","startTime":2009.6799999999998,"endTime":2012.02,"body":"market, when others would say,"},{"speaker":"Alan Smith","startTime":2012.02,"endTime":2014.6599999999999,"body":"No, that's a proper main market."},{"speaker":"Alan Smith","startTime":2012.02,"endTime":2014.6599999999999,"body":"So it's excluded. So you do have"},{"speaker":"Alan Smith","startTime":2014.6599999999999,"endTime":2016.6999999999998,"body":"to be a bit careful about"},{"speaker":"Alan Smith","startTime":2014.6599999999999,"endTime":2016.6999999999998,"body":"creating, you know, if you're"},{"speaker":"Alan Smith","startTime":2016.6999999999998,"endTime":2019.1799999999998,"body":"creating you know, if you're"},{"speaker":"Alan Smith","startTime":2016.6999999999998,"endTime":2019.1799999999998,"body":"creating benchmarks and trying"},{"speaker":"Alan Smith","startTime":2019.1799999999998,"endTime":2021.76,"body":"to compare yourself against"},{"speaker":"Alan Smith","startTime":2019.1799999999998,"endTime":2021.76,"body":"others, you've always got to be"},{"speaker":"Alan Smith","startTime":2021.76,"endTime":2024.1,"body":"trying to compare like with like"},{"speaker":"Alan Smith","startTime":2021.76,"endTime":2024.1,"body":"is a minefield, very"},{"speaker":"Andy Hart","startTime":2024.1,"endTime":2025.2399999999998,"body":"messy. Yeah."},{"speaker":"Alan Smith","startTime":2027.34,"endTime":2029.9799999999998,"body":"Nicholas, what the"},{"speaker":"Alan Smith","startTime":2027.34,"endTime":2029.9799999999998,"body":"ONE FUND solution? Nick Lincoln,"},{"speaker":"Alan Smith","startTime":2029.9799999999998,"endTime":2030.82,"body":"he doesn't care."},{"speaker":"Andy Hart","startTime":2031.54,"endTime":2035.7399999999998,"body":"Just there's so many"},{"speaker":"Andy Hart","startTime":2031.54,"endTime":2035.7399999999998,"body":"different one funds, Alan and"},{"speaker":"Andy Hart","startTime":2035.7399999999998,"endTime":2039.9599999999998,"body":"the range with the one funds"},{"speaker":"Andy Hart","startTime":2035.7399999999998,"endTime":2039.9599999999998,"body":"that I follow. It's broad, I"},{"speaker":"Andy Hart","startTime":2039.9599999999998,"endTime":2043.1399999999999,"body":"think long, long, long term, it"},{"speaker":"Andy Hart","startTime":2039.9599999999998,"endTime":2043.1399999999999,"body":"will all sort of revert to the"},{"speaker":"Andy Hart","startTime":2043.1399999999999,"endTime":2047.1599999999999,"body":"mean, as it were. But, yeah,"},{"speaker":"Andy Hart","startTime":2043.1399999999999,"endTime":2047.1599999999999,"body":"interesting."},{"speaker":"Nick Lincoln","startTime":2047.1599999999999,"endTime":2049.02,"body":"Well, I'm going"},{"speaker":"Nick Lincoln","startTime":2047.1599999999999,"endTime":2049.02,"body":"all in Spain this year."},{"speaker":"Andy Hart","startTime":2050.219,"endTime":2052.739,"body":"So, right, that was"},{"speaker":"Andy Hart","startTime":2050.219,"endTime":2052.739,"body":"last year, Nick"},{"speaker":"Nick Lincoln","startTime":2053.159,"endTime":2057.419,"body":"now I'm going this"},{"speaker":"Nick Lincoln","startTime":2053.159,"endTime":2057.419,"body":"year, because"},{"speaker":"Carl Widger","startTime":2058.439,"endTime":2060.919,"body":"fund managers will"},{"speaker":"Carl Widger","startTime":2058.439,"endTime":2060.919,"body":"do. There will be a Spain fund"},{"speaker":"Carl Widger","startTime":2061.879,"endTime":2065.359,"body":"to leverage on the amazing"},{"speaker":"Carl Widger","startTime":2061.879,"endTime":2065.359,"body":"opportunities in Spain."},{"speaker":"Nick Lincoln","startTime":2065.719,"endTime":2067.699,"body":"I'm going to the"},{"speaker":"Nick Lincoln","startTime":2065.719,"endTime":2067.699,"body":"Spanish smaller companies hedge"},{"speaker":"Nick Lincoln","startTime":2067.699,"endTime":2072.259,"body":"back to the Japanese yen, right?"},{"speaker":"Nick Lincoln","startTime":2067.699,"endTime":2072.259,"body":"Let's move on and watch"},{"speaker":"Carl Widger","startTime":2073.28,"endTime":2077.86,"body":"Monzo got their"},{"speaker":"Carl Widger","startTime":2073.28,"endTime":2077.86,"body":"Central Bank of Ireland banking"},{"speaker":"Carl Widger","startTime":2077.86,"endTime":2081.88,"body":"license, which apparently is the"},{"speaker":"Carl Widger","startTime":2077.86,"endTime":2081.88,"body":"most difficult one to get in"},{"speaker":"Carl Widger","startTime":2081.88,"endTime":2086.98,"body":"Europe. It's the most stringent,"},{"speaker":"Carl Widger","startTime":2081.88,"endTime":2086.98,"body":"but they have chosen to stick"},{"speaker":"Carl Widger","startTime":2086.98,"endTime":2089.5,"body":"with good reason after"},{"speaker":"Alan Smith","startTime":2091.3,"endTime":2092.32,"body":"the last time"},{"speaker":"Carl Widger","startTime":2093.1,"endTime":2095.08,"body":"of the sins of the"},{"speaker":"Carl Widger","startTime":2093.1,"endTime":2095.08,"body":"past, yeah, which is good, which"},{"speaker":"Carl Widger","startTime":2095.08,"endTime":2099.66,"body":"is actually good, right? But"},{"speaker":"Carl Widger","startTime":2095.08,"endTime":2099.66,"body":"it's a barrier to entry, so"},{"speaker":"Carl Widger","startTime":2099.66,"endTime":2103.62,"body":"therefore the pillar banks here"},{"speaker":"Carl Widger","startTime":2099.66,"endTime":2103.62,"body":"had no competition when everyone"},{"speaker":"Carl Widger","startTime":2103.62,"endTime":2107.04,"body":"else left after the financial"},{"speaker":"Carl Widger","startTime":2103.62,"endTime":2107.04,"body":"crisis, right? So we, I actually"},{"speaker":"Carl Widger","startTime":2107.04,"endTime":2110.28,"body":"said here, and someone corrected"},{"speaker":"Carl Widger","startTime":2107.04,"endTime":2110.28,"body":"me that there's two, only two"},{"speaker":"Carl Widger","startTime":2110.28,"endTime":2113.16,"body":"pillar banks in Ireland. There's"},{"speaker":"Carl Widger","startTime":2110.28,"endTime":2113.16,"body":"actually three. So there's Bank"},{"speaker":"Carl Widger","startTime":2113.16,"endTime":2115.74,"body":"of Ireland, there's AIB, and"},{"speaker":"Carl Widger","startTime":2113.16,"endTime":2115.74,"body":"then there's permanent tsp. And"},{"speaker":"Carl Widger","startTime":2115.74,"endTime":2119.24,"body":"I kind of don't or didn't count"},{"speaker":"Carl Widger","startTime":2115.74,"endTime":2119.24,"body":"permanent TSP, but they are for"},{"speaker":"Carl Widger","startTime":2119.24,"endTime":2123.74,"body":"sale now, so hopefully some"},{"speaker":"Carl Widger","startTime":2119.24,"endTime":2123.74,"body":"foreign bank comes in and tries"},{"speaker":"Carl Widger","startTime":2123.74,"endTime":2127.94,"body":"to seize an opportunity. Here in"},{"speaker":"Carl Widger","startTime":2123.74,"endTime":2127.94,"body":"Ireland, we've got revenue very"},{"speaker":"Carl Widger","startTime":2127.94,"endTime":2130.3399999999997,"body":"active here. So every in"},{"speaker":"Carl Widger","startTime":2127.94,"endTime":2130.3399999999997,"body":"Ireland, pretty much as revolute"},{"speaker":"Carl Widger","startTime":2130.3399999999997,"endTime":2134.18,"body":"accounts, I think. And we've"},{"speaker":"Carl Widger","startTime":2130.3399999999997,"endTime":2134.18,"body":"Monzo now, and people can open"},{"speaker":"Carl Widger","startTime":2134.18,"endTime":2136.8399999999997,"body":"Monzo accounts over the over the"},{"speaker":"Carl Widger","startTime":2134.18,"endTime":2136.8399999999997,"body":"coming months, which is"},{"speaker":"Carl Widger","startTime":2136.8399999999997,"endTime":2140.8599999999997,"body":"brilliant. Now, Monzo are using"},{"speaker":"Carl Widger","startTime":2136.8399999999997,"endTime":2140.8599999999997,"body":"it as a base to kind of have"},{"speaker":"Carl Widger","startTime":2140.8599999999997,"endTime":2143.2599999999998,"body":"their banking license into"},{"speaker":"Carl Widger","startTime":2140.8599999999997,"endTime":2143.2599999999998,"body":"Europe. So they're not only"},{"speaker":"Carl Widger","startTime":2143.2599999999998,"endTime":2147.04,"body":"focused on Ireland. The point"},{"speaker":"Carl Widger","startTime":2143.2599999999998,"endTime":2147.04,"body":"here, though, is that the Bank"},{"speaker":"Carl Widger","startTime":2147.04,"endTime":2150.52,"body":"of Ireland, AIB, have had it too"},{"speaker":"Carl Widger","startTime":2147.04,"endTime":2150.52,"body":"easy for too long. I've said"},{"speaker":"Carl Widger","startTime":2150.52,"endTime":2154.48,"body":"that so many times, and"},{"speaker":"Carl Widger","startTime":2150.52,"endTime":2154.48,"body":"competition is finally arriving,"},{"speaker":"Carl Widger","startTime":2154.48,"endTime":2158.64,"body":"and that can only be good for"},{"speaker":"Carl Widger","startTime":2154.48,"endTime":2158.64,"body":"consumers, and hopefully we'll"},{"speaker":"Carl Widger","startTime":2158.64,"endTime":2165.18,"body":"have some real options in terms"},{"speaker":"Carl Widger","startTime":2158.64,"endTime":2165.18,"body":"of banking products, in terms of"},{"speaker":"Carl Widger","startTime":2165.18,"endTime":2171.06,"body":"deposits, in terms of mortgages,"},{"speaker":"Carl Widger","startTime":2165.18,"endTime":2171.06,"body":"etc, etc. So really good. Very"},{"speaker":"Carl Widger","startTime":2171.06,"endTime":2175.3199999999997,"body":"welcome. Monzo. Can't wait to"},{"speaker":"Carl Widger","startTime":2171.06,"endTime":2175.3199999999997,"body":"see this market being shaken up"},{"speaker":"Carl Widger","startTime":2175.38,"endTime":2177.8599999999997,"body":"over the next. Last couple of"},{"speaker":"Carl Widger","startTime":2175.38,"endTime":2177.8599999999997,"body":"years,"},{"speaker":"Andy Hart","startTime":2179.24,"endTime":2182.06,"body":"ultra revolution,"},{"speaker":"Andy Hart","startTime":2179.24,"endTime":2182.06,"body":"Revolut and Monzo are quite"},{"speaker":"Andy Hart","startTime":2182.06,"endTime":2184.46,"body":"dangerous to the incumbents in"},{"speaker":"Andy Hart","startTime":2182.06,"endTime":2184.46,"body":"Ireland, aren't they? Carl,"},{"speaker":"Andy Hart","startTime":2184.46,"endTime":2187.8199999999997,"body":"because they can't buy them. You"},{"speaker":"Andy Hart","startTime":2184.46,"endTime":2187.8199999999997,"body":"know, if there's a threat coming"},{"speaker":"Andy Hart","startTime":2187.8199999999997,"endTime":2191.24,"body":"from a young company, the big"},{"speaker":"Andy Hart","startTime":2187.8199999999997,"endTime":2191.24,"body":"banks can buy them, they can't"},{"speaker":"Andy Hart","startTime":2191.24,"endTime":2195.02,"body":"buy Monzo or revolute. So"},{"speaker":"Andy Hart","startTime":2191.24,"endTime":2195.02,"body":"Revolut can just cause havoc in"},{"speaker":"Andy Hart","startTime":2195.02,"endTime":2199.06,"body":"Ireland in terms of new clients,"},{"speaker":"Andy Hart","startTime":2195.02,"endTime":2199.06,"body":"deposits, offering better"},{"speaker":"Andy Hart","startTime":2199.06,"endTime":2202.0,"body":"products, rates, mortgages,"},{"speaker":"Andy Hart","startTime":2199.06,"endTime":2202.0,"body":"everything, very exciting. I"},{"speaker":"Andy Hart","startTime":2202.0,"endTime":2202.2999999999997,"body":"think,"},{"speaker":"Carl Widger","startTime":2202.66,"endTime":2205.9,"body":"no, it is 100%"},{"speaker":"Carl Widger","startTime":2202.66,"endTime":2205.9,"body":"you're 100% right? And look, I"},{"speaker":"Carl Widger","startTime":2205.9,"endTime":2211.42,"body":"guess there's a lot of you know,"},{"speaker":"Carl Widger","startTime":2205.9,"endTime":2211.42,"body":"folks, elderly folks, who aren't"},{"speaker":"Carl Widger","startTime":2211.54,"endTime":2215.74,"body":"comfortable doing everything"},{"speaker":"Carl Widger","startTime":2211.54,"endTime":2215.74,"body":"digital, digitally. But I think"},{"speaker":"Carl Widger","startTime":2215.74,"endTime":2224.22,"body":"you know there are, yeah, I have"},{"speaker":"Carl Widger","startTime":2215.74,"endTime":2224.22,"body":"Revolut, by the way, no, but I"},{"speaker":"Carl Widger","startTime":2224.22,"endTime":2227.22,"body":"think people are, you know, most"},{"speaker":"Carl Widger","startTime":2224.22,"endTime":2227.22,"body":"people are becoming more and"},{"speaker":"Carl Widger","startTime":2227.22,"endTime":2229.68,"body":"more comfortable with it. Like"},{"speaker":"Carl Widger","startTime":2227.22,"endTime":2229.68,"body":"Revolut have gone into the"},{"speaker":"Carl Widger","startTime":2229.68,"endTime":2232.8599999999997,"body":"deposit space. They've gone into"},{"speaker":"Carl Widger","startTime":2229.68,"endTime":2232.8599999999997,"body":"the trading space. You know,"},{"speaker":"Carl Widger","startTime":2232.8599999999997,"endTime":2236.7799999999997,"body":"they are shaking this thing up."},{"speaker":"Carl Widger","startTime":2232.8599999999997,"endTime":2236.7799999999997,"body":"And you can buy it and sell"},{"speaker":"Carl Widger","startTime":2236.7799999999997,"endTime":2239.6,"body":"cryptocurrency on revolute as"},{"speaker":"Carl Widger","startTime":2236.7799999999997,"endTime":2239.6,"body":"well. It's, it's really, really"},{"speaker":"Carl Widger","startTime":2239.6,"endTime":2242.96,"body":"good to see this, and it will"},{"speaker":"Carl Widger","startTime":2239.6,"endTime":2242.96,"body":"make everyone sharpen their"},{"speaker":"Carl Widger","startTime":2242.96,"endTime":2247.58,"body":"pencils. And those massive,"},{"speaker":"Carl Widger","startTime":2242.96,"endTime":2247.58,"body":"massive profits that Bank of"},{"speaker":"Carl Widger","startTime":2247.58,"endTime":2252.08,"body":"Ireland and AIB are that they're"},{"speaker":"Carl Widger","startTime":2247.58,"endTime":2252.08,"body":"making on a yearly basis having"},{"speaker":"Carl Widger","startTime":2252.08,"endTime":2256.2999999999997,"body":"been bailed out by the Irish"},{"speaker":"Carl Widger","startTime":2252.08,"endTime":2256.2999999999997,"body":"taxpayer, yeah, hopefully that"},{"speaker":"Carl Widger","startTime":2256.2999999999997,"endTime":2258.94,"body":"comes to an end, and a spread"},{"speaker":"Carl Widger","startTime":2256.2999999999997,"endTime":2258.94,"body":"around a little bit, and we get"},{"speaker":"Carl Widger","startTime":2258.94,"endTime":2263.62,"body":"better service and more options."},{"speaker":"Carl Widger","startTime":2258.94,"endTime":2263.62,"body":"I think that's, that's, that's"},{"speaker":"Carl Widger","startTime":2263.62,"endTime":2266.14,"body":"going to be good for the Irish"},{"speaker":"Carl Widger","startTime":2263.62,"endTime":2266.14,"body":"consumer. Let's keep"},{"speaker":"Nick Lincoln","startTime":2266.14,"endTime":2267.58,"body":"the pace going."},{"speaker":"Nick Lincoln","startTime":2266.14,"endTime":2267.58,"body":"Thanks for that. Carl"},{"speaker":"Nick Lincoln","startTime":2268.6,"endTime":2269.14,"body":"storyteller,"},{"speaker":"Alan Smith","startTime":2270.819,"endTime":2273.6389999999997,"body":"yeah, I just want to"},{"speaker":"Alan Smith","startTime":2270.819,"endTime":2273.6389999999997,"body":"share what thing is, a really"},{"speaker":"Alan Smith","startTime":2273.6389999999997,"endTime":2277.1389999999997,"body":"positive message. I was"},{"speaker":"Alan Smith","startTime":2273.6389999999997,"endTime":2277.1389999999997,"body":"contacted during the holidays by"},{"speaker":"Alan Smith","startTime":2277.199,"endTime":2281.759,"body":"a gentleman, effectively, an"},{"speaker":"Alan Smith","startTime":2277.199,"endTime":2281.759,"body":"aspiring financial advisor"},{"speaker":"Alan Smith","startTime":2281.759,"endTime":2285.899,"body":"called Matt Spivey, and with his"},{"speaker":"Alan Smith","startTime":2281.759,"endTime":2285.899,"body":"permission, I'm sharing some of"},{"speaker":"Alan Smith","startTime":2285.899,"endTime":2288.959,"body":"the words that he's said and"},{"speaker":"Alan Smith","startTime":2285.899,"endTime":2288.959,"body":"some of the lessons I think that"},{"speaker":"Alan Smith","startTime":2288.959,"endTime":2292.1389999999997,"body":"are that are available to all of"},{"speaker":"Alan Smith","startTime":2288.959,"endTime":2292.1389999999997,"body":"us, and particularly advisors"},{"speaker":"Alan Smith","startTime":2292.979,"endTime":2295.379,"body":"looking possibly to change jobs,"},{"speaker":"Alan Smith","startTime":2292.979,"endTime":2295.379,"body":"looking to get into the"},{"speaker":"Alan Smith","startTime":2295.379,"endTime":2298.519,"body":"industry. But Matt contacted me"},{"speaker":"Alan Smith","startTime":2295.379,"endTime":2298.519,"body":"via LinkedIn and said, Alan,"},{"speaker":"Alan Smith","startTime":2298.519,"endTime":2300.979,"body":"just wanted to thank you and"},{"speaker":"Alan Smith","startTime":2298.519,"endTime":2300.979,"body":"tell you what the impact has"},{"speaker":"Alan Smith","startTime":2300.979,"endTime":2304.5789999999997,"body":"been from a couple of your"},{"speaker":"Alan Smith","startTime":2300.979,"endTime":2304.5789999999997,"body":"suggestions on trap. I'm 55"},{"speaker":"Alan Smith","startTime":2304.879,"endTime":2307.759,"body":"looking to move into financial"},{"speaker":"Alan Smith","startTime":2304.879,"endTime":2307.759,"body":"advice following redundancy from"},{"speaker":"Alan Smith","startTime":2307.759,"endTime":2310.999,"body":"another industry, etc, etc,"},{"speaker":"Alan Smith","startTime":2307.759,"endTime":2310.999,"body":"while studying and taking the"},{"speaker":"Alan Smith","startTime":2310.999,"endTime":2313.219,"body":"exams this year, I've been"},{"speaker":"Alan Smith","startTime":2310.999,"endTime":2313.219,"body":"catching up on trap up to"},{"speaker":"Alan Smith","startTime":2313.219,"endTime":2319.0589999999997,"body":"episode 71 so you've done well."},{"speaker":"Alan Smith","startTime":2313.219,"endTime":2319.0589999999997,"body":"Hope that supported your exams"},{"speaker":"Alan Smith","startTime":2319.0589999999997,"endTime":2321.699,"body":"and study, it's really helped me"},{"speaker":"Alan Smith","startTime":2319.0589999999997,"endTime":2321.699,"body":"to see what's actually"},{"speaker":"Alan Smith","startTime":2321.699,"endTime":2325.479,"body":"important, over and above what I"},{"speaker":"Alan Smith","startTime":2321.699,"endTime":2325.479,"body":"had to learn from the exams. And"},{"speaker":"Alan Smith","startTime":2325.479,"endTime":2327.519,"body":"he said, in an early episode,"},{"speaker":"Alan Smith","startTime":2325.479,"endTime":2327.519,"body":"you were asked what you do"},{"speaker":"Alan Smith","startTime":2327.6389999999997,"endTime":2330.339,"body":"differently if you started now."},{"speaker":"Alan Smith","startTime":2327.6389999999997,"endTime":2330.339,"body":"And you and Nick mentioned"},{"speaker":"Alan Smith","startTime":2330.339,"endTime":2333.819,"body":"picking a niche. I've done that,"},{"speaker":"Alan Smith","startTime":2330.339,"endTime":2333.819,"body":"and it's made my business plan"},{"speaker":"Alan Smith","startTime":2333.879,"endTime":2337.799,"body":"much stronger. So he's chosen a"},{"speaker":"Alan Smith","startTime":2333.879,"endTime":2337.799,"body":"specific niche, and I said the"},{"speaker":"Alan Smith","startTime":2337.799,"endTime":2340.979,"body":"other suggestion was about"},{"speaker":"Alan Smith","startTime":2337.799,"endTime":2340.979,"body":"standing out when approaching"},{"speaker":"Alan Smith","startTime":2340.979,"endTime":2344.219,"body":"practices to work with or for"},{"speaker":"Alan Smith","startTime":2340.979,"endTime":2344.219,"body":"you, advise setting up a web"},{"speaker":"Alan Smith","startTime":2344.219,"endTime":2347.5789999999997,"body":"page and sharing information."},{"speaker":"Alan Smith","startTime":2344.219,"endTime":2347.5789999999997,"body":"Now I shared it with his"},{"speaker":"Alan Smith","startTime":2347.6389999999997,"endTime":2351.299,"body":"permission with you guys, and"},{"speaker":"Alan Smith","startTime":2347.6389999999997,"endTime":2351.299,"body":"it's fantastic. So Matt has"},{"speaker":"Alan Smith","startTime":2351.299,"endTime":2355.1389999999997,"body":"built this simple but very"},{"speaker":"Alan Smith","startTime":2351.299,"endTime":2355.1389999999997,"body":"effective web page with a short"},{"speaker":"Alan Smith","startTime":2355.1389999999997,"endTime":2355.5589999999997,"body":"video."},{"speaker":"Unknown","startTime":2355.799,"endTime":2358.339,"body":"Brilliant, isn't it?"},{"speaker":"Unknown","startTime":2355.799,"endTime":2358.339,"body":"Really is brilliant."},{"speaker":"Alan Smith","startTime":2359.6,"endTime":2362.48,"body":"And he's and he"},{"speaker":"Alan Smith","startTime":2359.6,"endTime":2362.48,"body":"said, If you do happen to know"},{"speaker":"Alan Smith","startTime":2362.48,"endTime":2365.48,"body":"any firms in my area, Sheffield,"},{"speaker":"Alan Smith","startTime":2362.48,"endTime":2365.48,"body":"Yorkshire, may be interested"},{"speaker":"Alan Smith","startTime":2365.48,"endTime":2368.6,"body":"having conversation, then"},{"speaker":"Alan Smith","startTime":2365.48,"endTime":2368.6,"body":"obviously, get in touch. I've"},{"speaker":"Alan Smith","startTime":2368.6,"endTime":2372.2599999999998,"body":"put a link to Matt's web page in"},{"speaker":"Alan Smith","startTime":2368.6,"endTime":2372.2599999999998,"body":"the show notes to have a to"},{"speaker":"Alan Smith","startTime":2372.2599999999998,"endTime":2375.3199999999997,"body":"check it out. And so I just"},{"speaker":"Alan Smith","startTime":2372.2599999999998,"endTime":2375.3199999999997,"body":"think we did mention it before"},{"speaker":"Alan Smith","startTime":2375.3199999999997,"endTime":2378.88,"body":"this that people applying for"},{"speaker":"Alan Smith","startTime":2375.3199999999997,"endTime":2378.88,"body":"jobs. We all get inbound or"},{"speaker":"Alan Smith","startTime":2378.88,"endTime":2382.12,"body":"certainly, Carl and I do blah,"},{"speaker":"Alan Smith","startTime":2378.88,"endTime":2382.12,"body":"blah, blah, looking for a job."},{"speaker":"Alan Smith","startTime":2382.12,"endTime":2385.54,"body":"You've any, any vacancies, etc,"},{"speaker":"Alan Smith","startTime":2382.12,"endTime":2385.54,"body":"and it's like, Yeah, sort of."},{"speaker":"Alan Smith","startTime":2385.54,"endTime":2389.14,"body":"But if somebody like, produce"},{"speaker":"Alan Smith","startTime":2385.54,"endTime":2389.14,"body":"something like, like, Matt has"},{"speaker":"Alan Smith","startTime":2389.14,"endTime":2391.96,"body":"done the really professionally"},{"speaker":"Alan Smith","startTime":2389.14,"endTime":2391.96,"body":"put together website. He got his"},{"speaker":"Alan Smith","startTime":2391.96,"endTime":2395.2599999999998,"body":"business plan documented in"},{"speaker":"Alan Smith","startTime":2391.96,"endTime":2395.2599999999998,"body":"public, this is how I'm going to"},{"speaker":"Alan Smith","startTime":2395.2599999999998,"endTime":2397.6,"body":"grow the company. I've never"},{"speaker":"Alan Smith","startTime":2395.2599999999998,"endTime":2397.6,"body":"been in the industry before. I'm"},{"speaker":"Alan Smith","startTime":2397.6,"endTime":2399.6,"body":"going to grow it. This is the"},{"speaker":"Alan Smith","startTime":2397.6,"endTime":2399.6,"body":"niche I'm going to focus on."},{"speaker":"Alan Smith","startTime":2399.6,"endTime":2402.12,"body":"This is a bit about me. A little"},{"speaker":"Alan Smith","startTime":2399.6,"endTime":2402.12,"body":"short video. I think it's a"},{"speaker":"Alan Smith","startTime":2402.12,"endTime":2404.64,"body":"fantastic example that anyone"},{"speaker":"Alan Smith","startTime":2402.12,"endTime":2404.64,"body":"should adopt."},{"speaker":"Carl Widger","startTime":2405.24,"endTime":2407.94,"body":"It's amazing. And"},{"speaker":"Carl Widger","startTime":2405.24,"endTime":2407.94,"body":"the little video, like you know,"},{"speaker":"Carl Widger","startTime":2408.18,"endTime":2411.18,"body":"clearly you can get from that"},{"speaker":"Carl Widger","startTime":2408.18,"endTime":2411.18,"body":"that this guy can present, he"},{"speaker":"Carl Widger","startTime":2411.18,"endTime":2414.3599999999997,"body":"can, yeah, he can get his ideas"},{"speaker":"Carl Widger","startTime":2411.18,"endTime":2414.3599999999997,"body":"across. So it's really good. And"},{"speaker":"Carl Widger","startTime":2414.3599999999997,"endTime":2419.18,"body":"in sharp contrast to some of the"},{"speaker":"Carl Widger","startTime":2414.3599999999997,"endTime":2419.18,"body":"CVS that I'm being just sent"},{"speaker":"Carl Widger","startTime":2419.18,"endTime":2423.5,"body":"willy nilly by The Recruitment"},{"speaker":"Carl Widger","startTime":2419.18,"endTime":2423.5,"body":"firms are awful. Recruitment"},{"speaker":"Carl Widger","startTime":2423.5,"endTime":2427.4,"body":"firms are sending just absolute"},{"speaker":"Carl Widger","startTime":2423.5,"endTime":2427.4,"body":"crap. Yeah, so everyone should"},{"speaker":"Carl Widger","startTime":2427.4,"endTime":2427.58,"body":"look"},{"speaker":"Andy Hart","startTime":2427.58,"endTime":2430.3399999999997,"body":"at this just a"},{"speaker":"Andy Hart","startTime":2427.58,"endTime":2430.3399999999997,"body":"horrible two page Word document"},{"speaker":"Andy Hart","startTime":2430.3399999999997,"endTime":2433.8199999999997,"body":"that looked like it's been put"},{"speaker":"Andy Hart","startTime":2430.3399999999997,"endTime":2433.8199999999997,"body":"together in 1997 and then"},{"speaker":"Andy Hart","startTime":2433.8199999999997,"endTime":2436.66,"body":"they're saying in the body of"},{"speaker":"Andy Hart","startTime":2433.8199999999997,"endTime":2436.66,"body":"the email, I'm young, innovative"},{"speaker":"Andy Hart","startTime":2436.66,"endTime":2441.7599999999998,"body":"and creative problem solver. You"},{"speaker":"Andy Hart","startTime":2436.66,"endTime":2441.7599999999998,"body":"haven't got a clue. You haven't"},{"speaker":"Andy Hart","startTime":2441.7599999999998,"endTime":2443.08,"body":"got a clue. So this is"},{"speaker":"Carl Widger","startTime":2443.08,"endTime":2445.72,"body":"our recruitment"},{"speaker":"Carl Widger","startTime":2443.08,"endTime":2445.72,"body":"firm sent me something. It was"},{"speaker":"Carl Widger","startTime":2445.72,"endTime":2449.14,"body":"last week of the report. So this"},{"speaker":"Carl Widger","startTime":2445.72,"endTime":2449.14,"body":"is recency bias, right? Saying"},{"speaker":"Carl Widger","startTime":2449.14,"endTime":2453.3399999999997,"body":"that this girl would be amazing"},{"speaker":"Carl Widger","startTime":2449.14,"endTime":2453.3399999999997,"body":"in your business. And I actually"},{"speaker":"Carl Widger","startTime":2453.3399999999997,"endTime":2456.66,"body":"looked through the CV, and she"},{"speaker":"Carl Widger","startTime":2453.3399999999997,"endTime":2456.66,"body":"changed jobs every single year"},{"speaker":"Carl Widger","startTime":2456.66,"endTime":2457.68,"body":"for the last five years."},{"speaker":"Unknown","startTime":2459.359,"endTime":2462.239,"body":"Yeah, why would you"},{"speaker":"Unknown","startTime":2459.359,"endTime":2462.239,"body":"think that person is great for"},{"speaker":"Unknown","startTime":2462.299,"endTime":2464.6389999999997,"body":"me? Like, you know, come on."},{"speaker":"Unknown","startTime":2462.299,"endTime":2464.6389999999997,"body":"Like, if you want me to take you"},{"speaker":"Unknown","startTime":2464.6389999999997,"endTime":2468.479,"body":"seriously, respect,"},{"speaker":"Carl Widger","startTime":2470.16,"endTime":2473.2799999999997,"body":"respect my inbox."},{"speaker":"Carl Widger","startTime":2470.16,"endTime":2473.2799999999997,"body":"Like, that sounds like an"},{"speaker":"Carl Widger","startTime":2473.7,"endTime":2476.66,"body":"awfully arrogant thing to say,"},{"speaker":"Carl Widger","startTime":2473.7,"endTime":2476.66,"body":"but like, it's just. Mean, like,"},{"speaker":"Carl Widger","startTime":2476.66,"endTime":2479.6,"body":"I'm not taking the next email"},{"speaker":"Carl Widger","startTime":2476.66,"endTime":2479.6,"body":"seriously, you know? And I"},{"speaker":"Alan Smith","startTime":2479.779,"endTime":2482.479,"body":"think that's,"},{"speaker":"Alan Smith","startTime":2479.779,"endTime":2482.479,"body":"that's, that's why we've, we've"},{"speaker":"Alan Smith","startTime":2482.479,"endTime":2485.419,"body":"mentioned them a couple of times"},{"speaker":"Alan Smith","startTime":2482.479,"endTime":2485.419,"body":"before, why James Barden has"},{"speaker":"Alan Smith","startTime":2485.419,"endTime":2488.1189999999997,"body":"been helpful to some of the"},{"speaker":"Alan Smith","startTime":2485.419,"endTime":2488.1189999999997,"body":"people that approached us as a"},{"speaker":"Alan Smith","startTime":2488.1189999999997,"endTime":2490.519,"body":"specialist recruitment"},{"speaker":"Alan Smith","startTime":2488.1189999999997,"endTime":2490.519,"body":"consultant. The feedback we've"},{"speaker":"Alan Smith","startTime":2490.519,"endTime":2493.819,"body":"got from people who've spoken to"},{"speaker":"Alan Smith","startTime":2490.519,"endTime":2493.819,"body":"him has been very positive. He"},{"speaker":"Alan Smith","startTime":2493.819,"endTime":2496.159,"body":"would have, probably, I assume,"},{"speaker":"Alan Smith","startTime":2493.819,"endTime":2496.159,"body":"would never have done that car"},{"speaker":"Alan Smith","startTime":2496.159,"endTime":2498.399,"body":"just sent you another you"},{"speaker":"Alan Smith","startTime":2496.159,"endTime":2498.399,"body":"probably wouldn't have dealt"},{"speaker":"Alan Smith","startTime":2498.5789999999997,"endTime":2501.519,"body":"with that applicant in the first"},{"speaker":"Alan Smith","startTime":2498.5789999999997,"endTime":2501.519,"body":"place. So James is very good."},{"speaker":"Alan Smith","startTime":2501.879,"endTime":2502.719,"body":"All right, what's next?"},{"speaker":"Nick Lincoln","startTime":2503.38,"endTime":2506.2,"body":"Very good. Very"},{"speaker":"Nick Lincoln","startTime":2503.38,"endTime":2506.2,"body":"good. James. Matt's. Matt's site"},{"speaker":"Nick Lincoln","startTime":2506.2,"endTime":2508.42,"body":"is in the so called show notes,"},{"speaker":"Nick Lincoln","startTime":2506.2,"endTime":2508.42,"body":"and he built it on the, on the"},{"speaker":"Nick Lincoln","startTime":2508.42,"endTime":2510.88,"body":"on the Google site, which is"},{"speaker":"Nick Lincoln","startTime":2508.42,"endTime":2510.88,"body":"free, you know. So there's no"},{"speaker":"Nick Lincoln","startTime":2510.88,"endTime":2513.52,"body":"excuse not to do this, and"},{"speaker":"Nick Lincoln","startTime":2510.88,"endTime":2513.52,"body":"that's not a cost thing. So well"},{"speaker":"Nick Lincoln","startTime":2513.52,"endTime":2515.74,"body":"done to Matt for doing that."},{"speaker":"Nick Lincoln","startTime":2513.52,"endTime":2515.74,"body":"Okay, me quickly, quick rant,"},{"speaker":"Nick Lincoln","startTime":2515.74,"endTime":2518.52,"body":"really. But also it's a positive"},{"speaker":"Nick Lincoln","startTime":2515.74,"endTime":2518.52,"body":"thing as well. Service Standards"},{"speaker":"Nick Lincoln","startTime":2518.52,"endTime":2521.4,"body":"in this in the UK, certainly not"},{"speaker":"Nick Lincoln","startTime":2518.52,"endTime":2521.4,"body":"so much in your neck of the"},{"speaker":"Nick Lincoln","startTime":2521.4,"endTime":2523.8599999999997,"body":"woods car where things seem to"},{"speaker":"Nick Lincoln","startTime":2521.4,"endTime":2523.8599999999997,"body":"be going great guns. But in the"},{"speaker":"Nick Lincoln","startTime":2523.8599999999997,"endTime":2526.2,"body":"UK, there's a general sense of"},{"speaker":"Nick Lincoln","startTime":2523.8599999999997,"endTime":2526.2,"body":"malaise here, and the economy"},{"speaker":"Nick Lincoln","startTime":2526.56,"endTime":2530.16,"body":"is, to use an economic term, in"},{"speaker":"Nick Lincoln","startTime":2526.56,"endTime":2530.16,"body":"the shitter, and we're all very"},{"speaker":"Nick Lincoln","startTime":2530.16,"endTime":2535.44,"body":"keen to blame the government of"},{"speaker":"Nick Lincoln","startTime":2530.16,"endTime":2535.44,"body":"any hue, blue or red. I do"},{"speaker":"Nick Lincoln","startTime":2535.44,"endTime":2538.4,"body":"wonder how much of our economic"},{"speaker":"Nick Lincoln","startTime":2535.44,"endTime":2538.4,"body":"woes are down to just in net"},{"speaker":"Nick Lincoln","startTime":2538.4,"endTime":2541.4,"body":"businesses. I service standards,"},{"speaker":"Nick Lincoln","startTime":2538.4,"endTime":2541.4,"body":"right? This drives me up the"},{"speaker":"Nick Lincoln","startTime":2541.4,"endTime":2545.48,"body":"bloody wall last year. Last"},{"speaker":"Nick Lincoln","startTime":2541.4,"endTime":2545.48,"body":"year, I emailed two cleaning"},{"speaker":"Nick Lincoln","startTime":2545.48,"endTime":2548.3599999999997,"body":"companies near me because we"},{"speaker":"Nick Lincoln","startTime":2545.48,"endTime":2548.3599999999997,"body":"need a new cleaner, because our"},{"speaker":"Nick Lincoln","startTime":2548.3599999999997,"endTime":2551.12,"body":"other one has moved out the"},{"speaker":"Nick Lincoln","startTime":2548.3599999999997,"endTime":2551.12,"body":"area. I haven't even got a"},{"speaker":"Nick Lincoln","startTime":2551.12,"endTime":2554.18,"body":"holding email back from either"},{"speaker":"Nick Lincoln","startTime":2551.12,"endTime":2554.18,"body":"them, let alone, you know, yeah,"},{"speaker":"Nick Lincoln","startTime":2554.18,"endTime":2556.6,"body":"we'd love, you know, blah, but"},{"speaker":"Nick Lincoln","startTime":2554.18,"endTime":2556.6,"body":"nothing whatsoever, just just"},{"speaker":"Nick Lincoln","startTime":2556.6,"endTime":2560.08,"body":"Tumbleweed. Why bother? Why are"},{"speaker":"Nick Lincoln","startTime":2556.6,"endTime":2560.08,"body":"you in business? At the start of"},{"speaker":"Nick Lincoln","startTime":2560.08,"endTime":2563.2599999999998,"body":"this year, I emailed a plumbing"},{"speaker":"Nick Lincoln","startTime":2560.08,"endTime":2563.2599999999998,"body":"company up the road in hem on"},{"speaker":"Nick Lincoln","startTime":2563.2599999999998,"endTime":2565.72,"body":"Hempstead. I've got quite a big"},{"speaker":"Nick Lincoln","startTime":2563.2599999999998,"endTime":2565.72,"body":"ticket thing, I think that needs"},{"speaker":"Nick Lincoln","startTime":2565.72,"endTime":2568.12,"body":"fixed in my garage, a water"},{"speaker":"Nick Lincoln","startTime":2565.72,"endTime":2568.12,"body":"filtration system thing. And I"},{"speaker":"Nick Lincoln","startTime":2568.12,"endTime":2572.2599999999998,"body":"don't got a bloody clue. I've"},{"speaker":"Nick Lincoln","startTime":2568.12,"endTime":2572.2599999999998,"body":"heard nothing back. And it just"},{"speaker":"Nick Lincoln","startTime":2572.2599999999998,"endTime":2576.4,"body":"drives me up the wall. And it"},{"speaker":"Nick Lincoln","startTime":2572.2599999999998,"endTime":2576.4,"body":"makes me realize, I think drives"},{"speaker":"Nick Lincoln","startTime":2576.4,"endTime":2578.94,"body":"joke about the wall more than"},{"speaker":"Nick Lincoln","startTime":2576.4,"endTime":2578.94,"body":"perhaps the average Joe Public"},{"speaker":"Nick Lincoln","startTime":2578.94,"endTime":2581.46,"body":"is because we are in financial"},{"speaker":"Nick Lincoln","startTime":2578.94,"endTime":2581.46,"body":"services, right? We are very,"},{"speaker":"Nick Lincoln","startTime":2581.46,"endTime":2584.7,"body":"very service orientated. And"},{"speaker":"Nick Lincoln","startTime":2581.46,"endTime":2584.7,"body":"it's a massive it's a massive"},{"speaker":"Nick Lincoln","startTime":2584.7,"endTime":2588.18,"body":"USP for ifas, I think we"},{"speaker":"Nick Lincoln","startTime":2584.7,"endTime":2588.18,"body":"undersell to prospect. People in"},{"speaker":"Nick Lincoln","startTime":2588.18,"endTime":2590.7,"body":"this country are so used to"},{"speaker":"Nick Lincoln","startTime":2588.18,"endTime":2590.7,"body":"shitty service that if you say"},{"speaker":"Nick Lincoln","startTime":2590.7,"endTime":2593.1,"body":"to them, Listen, if you come on"},{"speaker":"Nick Lincoln","startTime":2590.7,"endTime":2593.1,"body":"boards a client, we guarantee"},{"speaker":"Nick Lincoln","startTime":2593.1,"endTime":2595.56,"body":"that if you make contact with"},{"speaker":"Nick Lincoln","startTime":2593.1,"endTime":2595.56,"body":"us, we will come back to you"},{"speaker":"Nick Lincoln","startTime":2595.56,"endTime":2600.14,"body":"within 24 hours, whatever your"},{"speaker":"Nick Lincoln","startTime":2595.56,"endTime":2600.14,"body":"turnaround time is, if you tell"},{"speaker":"Nick Lincoln","startTime":2600.14,"endTime":2602.3599999999997,"body":"people that they're not"},{"speaker":"Nick Lincoln","startTime":2600.14,"endTime":2602.3599999999997,"body":"expecting and as long as you do"},{"speaker":"Nick Lincoln","startTime":2602.3599999999997,"endTime":2605.6,"body":"it, you're already so far ahead"},{"speaker":"Nick Lincoln","startTime":2602.3599999999997,"endTime":2605.6,"body":"of the pack. And the service"},{"speaker":"Nick Lincoln","startTime":2605.6,"endTime":2608.06,"body":"standards that I deliver, and I"},{"speaker":"Nick Lincoln","startTime":2605.6,"endTime":2608.06,"body":"know you guys as well, will be"},{"speaker":"Nick Lincoln","startTime":2608.06,"endTime":2610.58,"body":"way above what most people"},{"speaker":"Nick Lincoln","startTime":2608.06,"endTime":2610.58,"body":"experience. So I think in the"},{"speaker":"Nick Lincoln","startTime":2610.58,"endTime":2613.04,"body":"prospecting stage, when you"},{"speaker":"Nick Lincoln","startTime":2610.58,"endTime":2613.04,"body":"onboarding clients, tell them"},{"speaker":"Nick Lincoln","startTime":2613.04,"endTime":2615.5,"body":"what you're going to do for"},{"speaker":"Nick Lincoln","startTime":2613.04,"endTime":2615.5,"body":"them, obviously, make sure you"},{"speaker":"Nick Lincoln","startTime":2615.5,"endTime":2618.3399999999997,"body":"do it, but just because they"},{"speaker":"Nick Lincoln","startTime":2615.5,"endTime":2618.3399999999997,"body":"won't be expecting it. They'll"},{"speaker":"Nick Lincoln","startTime":2618.3399999999997,"endTime":2622.72,"body":"be expecting to just have emails"},{"speaker":"Nick Lincoln","startTime":2618.3399999999997,"endTime":2622.72,"body":"sent into the void, get nothing"},{"speaker":"Nick Lincoln","startTime":2622.72,"endTime":2626.74,"body":"back, and just do it. Yeah, it's"},{"speaker":"Nick Lincoln","startTime":2622.72,"endTime":2626.74,"body":"just, it's so bad. And I know"},{"speaker":"Nick Lincoln","startTime":2626.74,"endTime":2629.44,"body":"Alan myself, I think this is a"},{"speaker":"Nick Lincoln","startTime":2626.74,"endTime":2629.44,"body":"particular bug bear. But people"},{"speaker":"Nick Lincoln","startTime":2629.44,"endTime":2632.7999999999997,"body":"just can't, just do not do what"},{"speaker":"Nick Lincoln","startTime":2629.44,"endTime":2632.7999999999997,"body":"they say. They're just piss off."},{"speaker":"Nick Lincoln","startTime":2632.7999999999997,"endTime":2635.7999999999997,"body":"Why are you in business? Why are"},{"speaker":"Nick Lincoln","startTime":2632.7999999999997,"endTime":2635.7999999999997,"body":"you in business? You might as"},{"speaker":"Nick Lincoln","startTime":2635.7999999999997,"endTime":2638.46,"body":"well be shut so there you go. So"},{"speaker":"Nick Lincoln","startTime":2635.7999999999997,"endTime":2638.46,"body":"you can, we're financial"},{"speaker":"Nick Lincoln","startTime":2638.46,"endTime":2641.1,"body":"services, and, you know, keep"},{"speaker":"Nick Lincoln","startTime":2638.46,"endTime":2641.1,"body":"the service standards up, and"},{"speaker":"Nick Lincoln","startTime":2641.1,"endTime":2643.92,"body":"you'll stand out from the rest."},{"speaker":"Nick Lincoln","startTime":2641.1,"endTime":2643.92,"body":"Sadly, that's just the way it is"},{"speaker":"Nick Lincoln","startTime":2643.92,"endTime":2644.2799999999997,"body":"the minute."},{"speaker":"Andy Hart","startTime":2644.879,"endTime":2646.799,"body":"Yeah, no, this is a"},{"speaker":"Andy Hart","startTime":2644.879,"endTime":2646.799,"body":"recurring theme. Yeah, show up."},{"speaker":"Andy Hart","startTime":2646.799,"endTime":2648.839,"body":"Do what you said you're going to"},{"speaker":"Andy Hart","startTime":2646.799,"endTime":2648.839,"body":"do, and, you know, be"},{"speaker":"Andy Hart","startTime":2648.839,"endTime":2651.899,"body":"consistent. And yeah, our"},{"speaker":"Andy Hart","startTime":2648.839,"endTime":2651.899,"body":"clients are very lucky that we"},{"speaker":"Andy Hart","startTime":2652.199,"endTime":2655.259,"body":"hold ourselves to those service"},{"speaker":"Andy Hart","startTime":2652.199,"endTime":2655.259,"body":"standards. However, Nick my"},{"speaker":"Andy Hart","startTime":2655.259,"endTime":2658.459,"body":"question to you, what was your"},{"speaker":"Andy Hart","startTime":2655.259,"endTime":2658.459,"body":"tone with your original email to"},{"speaker":"Andy Hart","startTime":2658.459,"endTime":2662.779,"body":"these companies? Because I have"},{"speaker":"Andy Hart","startTime":2658.459,"endTime":2662.779,"body":"been on these opening emails,"},{"speaker":"Andy Hart","startTime":2663.0789999999997,"endTime":2666.0789999999997,"body":"and I know you think it's funny,"},{"speaker":"Andy Hart","startTime":2663.0789999999997,"endTime":2666.0789999999997,"body":"but if I received that as a"},{"speaker":"Andy Hart","startTime":2666.0789999999997,"endTime":2667.0989999999997,"body":"cleaning company,"},{"speaker":"Alan Smith","startTime":2668.359,"endTime":2669.799,"body":"things are cranking."},{"speaker":"Alan Smith","startTime":2668.359,"endTime":2669.799,"body":"No, I didn't."},{"speaker":"Nick Lincoln","startTime":2669.859,"endTime":2671.719,"body":"There was no"},{"speaker":"Nick Lincoln","startTime":2669.859,"endTime":2671.719,"body":"sarcasm. There were no sexual"},{"speaker":"Nick Lincoln","startTime":2671.719,"endTime":2673.939,"body":"references. I've got them."},{"speaker":"Andy Hart","startTime":2674.96,"endTime":2679.0,"body":"I know you Nick and I"},{"speaker":"Andy Hart","startTime":2674.96,"endTime":2679.0,"body":"know you're funny to us, but it"},{"speaker":"Andy Hart","startTime":2679.0,"endTime":2679.42,"body":"can come"},{"speaker":"Alan Smith","startTime":2680.56,"endTime":2682.7799999999997,"body":"on, right? Plebs,"},{"speaker":"Alan Smith","startTime":2680.56,"endTime":2682.7799999999997,"body":"right? Plebs need some"},{"speaker":"Andy Hart","startTime":2683.859,"endTime":2686.6189999999997,"body":"cleaning done. Yeah,"},{"speaker":"Andy Hart","startTime":2683.859,"endTime":2686.6189999999997,"body":"I know you're a cleaning"},{"speaker":"Nick Lincoln","startTime":2687.04,"endTime":2689.3199999999997,"body":"company, so you're"},{"speaker":"Nick Lincoln","startTime":2687.04,"endTime":2689.3199999999997,"body":"probably polish. You might have"},{"speaker":"Nick Lincoln","startTime":2689.3199999999997,"endTime":2692.02,"body":"had to read this email, but if"},{"speaker":"Nick Lincoln","startTime":2689.3199999999997,"endTime":2692.02,"body":"you can read it, no, it's"},{"speaker":"Nick Lincoln","startTime":2692.02,"endTime":2695.44,"body":"nothing. They were very vanilla,"},{"speaker":"Nick Lincoln","startTime":2692.02,"endTime":2695.44,"body":"very vanilla, and not, not by"},{"speaker":"Nick Lincoln","startTime":2695.44,"endTime":2698.52,"body":"yours. So, right, quickly."},{"speaker":"Carl Widger","startTime":2699.72,"endTime":2704.1,"body":"No, no point in"},{"speaker":"Carl Widger","startTime":2699.72,"endTime":2704.1,"body":"that. Sorry. All Financial"},{"speaker":"Carl Widger","startTime":2704.1,"endTime":2707.7,"body":"Services is great. I'm in the"},{"speaker":"Carl Widger","startTime":2704.1,"endTime":2707.7,"body":"middle of sorting out some of my"},{"speaker":"Carl Widger","startTime":2708.18,"endTime":2712.2,"body":"mom's stuff from my dad's"},{"speaker":"Carl Widger","startTime":2708.18,"endTime":2712.2,"body":"estate, and I could tell you a"},{"speaker":"Carl Widger","startTime":2712.2,"endTime":2714.72,"body":"few stories. I won't just now"},{"speaker":"Carl Widger","startTime":2712.2,"endTime":2714.72,"body":"because I'm waiting for a few"},{"speaker":"Carl Widger","startTime":2714.72,"endTime":2719.42,"body":"things to be done. But, yeah,"},{"speaker":"Carl Widger","startTime":2714.72,"endTime":2719.42,"body":"the financial services aren't"},{"speaker":"Carl Widger","startTime":2719.42,"endTime":2723.02,"body":"all great. I assure you of that"},{"speaker":"Carl Widger","startTime":2719.42,"endTime":2723.02,"body":"some of the bigger providers"},{"speaker":"Carl Widger","startTime":2723.2599999999998,"endTime":2726.2,"body":"defined benefit well mentioned"},{"speaker":"Carl Widger","startTime":2723.2599999999998,"endTime":2726.2,"body":"scheme providers, some of the"},{"speaker":"Carl Widger","startTime":2726.2,"endTime":2731.2999999999997,"body":"things that they are doing, it's"},{"speaker":"Carl Widger","startTime":2726.2,"endTime":2731.2999999999997,"body":"absolutely disgraceful, yep."},{"speaker":"Alan Smith","startTime":2731.2999999999997,"endTime":2734.18,"body":"So I can imagine, I"},{"speaker":"Alan Smith","startTime":2731.2999999999997,"endTime":2734.18,"body":"can imagine Carl, I think, and"},{"speaker":"Alan Smith","startTime":2734.18,"endTime":2739.12,"body":"it's a point well made. Nick as"},{"speaker":"Alan Smith","startTime":2734.18,"endTime":2739.12,"body":"it relates to TRAPPIST, a lot of"},{"speaker":"Alan Smith","startTime":2739.12,"endTime":2742.24,"body":"the people that tune into this"},{"speaker":"Alan Smith","startTime":2739.12,"endTime":2742.24,"body":"are working for what I'll call"},{"speaker":"Alan Smith","startTime":2742.24,"endTime":2744.88,"body":"boutique firms, and not"},{"speaker":"Alan Smith","startTime":2742.24,"endTime":2744.88,"body":"necessarily the biggest even if"},{"speaker":"Alan Smith","startTime":2744.88,"endTime":2747.7,"body":"you're SJP, you're generally"},{"speaker":"Alan Smith","startTime":2744.88,"endTime":2747.7,"body":"running your own practice, we"},{"speaker":"Alan Smith","startTime":2747.7,"endTime":2751.12,"body":"care because that email comes"},{"speaker":"Alan Smith","startTime":2747.7,"endTime":2751.12,"body":"in, it's personal to us. If it's"},{"speaker":"Alan Smith","startTime":2751.12,"endTime":2754.42,"body":"an institution and it's a call"},{"speaker":"Alan Smith","startTime":2751.12,"endTime":2754.42,"body":"center and it is such in our"},{"speaker":"Alan Smith","startTime":2754.42,"endTime":2757.7999999999997,"body":"business, it's such an"},{"speaker":"Alan Smith","startTime":2754.42,"endTime":2757.7999999999997,"body":"advantage, it really is you"},{"speaker":"Alan Smith","startTime":2757.7999999999997,"endTime":2760.2,"body":"right. Nick, make that part of"},{"speaker":"Alan Smith","startTime":2757.7999999999997,"endTime":2760.2,"body":"your initial pitch speaking to"},{"speaker":"Alan Smith","startTime":2760.2,"endTime":2764.64,"body":"clients, because the you don't"},{"speaker":"Alan Smith","startTime":2760.2,"endTime":2764.64,"body":"have to be even outstanding. You"},{"speaker":"Alan Smith","startTime":2764.8199999999997,"endTime":2768.0,"body":"just got to freaking respond to"},{"speaker":"Alan Smith","startTime":2764.8199999999997,"endTime":2768.0,"body":"people in a reasonable the"},{"speaker":"Alan Smith","startTime":2768.0,"endTime":2770.7,"body":"barriers to being good. Nick, do"},{"speaker":"Alan Smith","startTime":2768.0,"endTime":2770.7,"body":"you remember we were trying to"},{"speaker":"Alan Smith","startTime":2770.7,"endTime":2773.7,"body":"get a venue for trap live, and"},{"speaker":"Alan Smith","startTime":2770.7,"endTime":2773.7,"body":"we did? We, you know, we were"},{"speaker":"Alan Smith","startTime":2773.7,"endTime":2776.66,"body":"going to write a big check to"},{"speaker":"Alan Smith","startTime":2773.7,"endTime":2776.66,"body":"hire a venue get. Get a couple"},{"speaker":"Alan Smith","startTime":2776.66,"endTime":2779.8399999999997,"body":"100 people along. We couldn't"},{"speaker":"Alan Smith","startTime":2776.66,"endTime":2779.8399999999997,"body":"phone them up, left a message,"},{"speaker":"Alan Smith","startTime":2779.8399999999997,"endTime":2781.16,"body":"couldn't get people"},{"speaker":"Nick Lincoln","startTime":2781.339,"endTime":2784.0389999999998,"body":"to even respond. I"},{"speaker":"Nick Lincoln","startTime":2781.339,"endTime":2784.0389999999998,"body":"put a post on LinkedIn about"},{"speaker":"Nick Lincoln","startTime":2784.0389999999998,"endTime":2786.1389999999997,"body":"this, and then just certain"},{"speaker":"Nick Lincoln","startTime":2784.0389999999998,"endTime":2786.1389999999997,"body":"standards and just how"},{"speaker":"Nick Lincoln","startTime":2786.1389999999997,"endTime":2789.019,"body":"diabolical it isn't someone"},{"speaker":"Nick Lincoln","startTime":2786.1389999999997,"endTime":2789.019,"body":"who's not in this thing of ours,"},{"speaker":"Nick Lincoln","startTime":2789.019,"endTime":2792.0789999999997,"body":"he's in a hospitality business."},{"speaker":"Nick Lincoln","startTime":2789.019,"endTime":2792.0789999999997,"body":"He says he regularly emails"},{"speaker":"Nick Lincoln","startTime":2792.0789999999997,"endTime":2795.199,"body":"venues because he's got this"},{"speaker":"Nick Lincoln","startTime":2792.0789999999997,"endTime":2795.199,"body":"event. He wants to host it, and"},{"speaker":"Nick Lincoln","startTime":2795.199,"endTime":2797.5389999999998,"body":"there's been loads of customers"},{"speaker":"Nick Lincoln","startTime":2795.199,"endTime":2797.5389999999998,"body":"coming, spending money. He"},{"speaker":"Nick Lincoln","startTime":2797.5389999999998,"endTime":2801.5789999999997,"body":"typically gets one in four of"},{"speaker":"Nick Lincoln","startTime":2797.5389999999998,"endTime":2801.5789999999997,"body":"them will respond, even respond."},{"speaker":"Nick Lincoln","startTime":2802.719,"endTime":2808.1189999999997,"body":"It's why are you bothering? Just"},{"speaker":"Nick Lincoln","startTime":2802.719,"endTime":2808.1189999999997,"body":"shut the thing down. I don't"},{"speaker":"Nick Lincoln","startTime":2808.1189999999997,"endTime":2812.0789999999997,"body":"know. It just drives me nuts"},{"speaker":"Nick Lincoln","startTime":2808.1189999999997,"endTime":2812.0789999999997,"body":"wild. I'm sorry to belabor the"},{"speaker":"Nick Lincoln","startTime":2812.0789999999997,"endTime":2814.0589999999997,"body":"point here, but we are. We have"},{"speaker":"Nick Lincoln","startTime":2812.0789999999997,"endTime":2814.0589999999997,"body":"got a guest in the lobby. We"},{"speaker":"Nick Lincoln","startTime":2814.0589999999997,"endTime":2816.699,"body":"were 45 minutes in. We've got"},{"speaker":"Nick Lincoln","startTime":2814.0589999999997,"endTime":2816.699,"body":"two more points to go. So let's"},{"speaker":"Nick Lincoln","startTime":2816.699,"endTime":2818.939,"body":"just do these. Smith thank you"},{"speaker":"Nick Lincoln","startTime":2816.699,"endTime":2818.939,"body":"guys for Smithy."},{"speaker":"Alan Smith","startTime":2819.359,"endTime":2822.1189999999997,"body":"But my one's very"},{"speaker":"Alan Smith","startTime":2819.359,"endTime":2822.1189999999997,"body":"quick. There's a guy I know is"},{"speaker":"Alan Smith","startTime":2822.1189999999997,"endTime":2825.179,"body":"that English guy lives in the US"},{"speaker":"Alan Smith","startTime":2822.1189999999997,"endTime":2825.179,"body":"we spend increasing the amount"},{"speaker":"Alan Smith","startTime":2825.179,"endTime":2829.5589999999997,"body":"of time in the UK, called Matt"},{"speaker":"Alan Smith","startTime":2825.179,"endTime":2829.5589999999997,"body":"Anderson. Again, I met him just"},{"speaker":"Alan Smith","startTime":2829.5589999999997,"endTime":2833.0389999999998,"body":"before Christmas. His whole"},{"speaker":"Alan Smith","startTime":2829.5589999999997,"endTime":2833.0389999999998,"body":"focus is on referrals, how to"},{"speaker":"Alan Smith","startTime":2833.0389999999998,"endTime":2835.859,"body":"build robust referral strategies"},{"speaker":"Alan Smith","startTime":2833.0389999999998,"endTime":2835.859,"body":"within your business. He's he's"},{"speaker":"Alan Smith","startTime":2835.859,"endTime":2838.399,"body":"written a couple of books on the"},{"speaker":"Alan Smith","startTime":2835.859,"endTime":2838.399,"body":"subject. He's keen to spend a"},{"speaker":"Alan Smith","startTime":2838.399,"endTime":2843.199,"body":"bit more time in the UK. He's"},{"speaker":"Alan Smith","startTime":2838.399,"endTime":2843.199,"body":"got a new program he's just"},{"speaker":"Alan Smith","startTime":2843.199,"endTime":2847.459,"body":"launching, which is generally is"},{"speaker":"Alan Smith","startTime":2843.199,"endTime":2847.459,"body":"done over the interweb. But he"},{"speaker":"Alan Smith","startTime":2847.459,"endTime":2850.0989999999997,"body":"will be in the UK quite a lot"},{"speaker":"Alan Smith","startTime":2847.459,"endTime":2850.0989999999997,"body":"this year, and he has provided a"},{"speaker":"Alan Smith","startTime":2850.0989999999997,"endTime":2852.979,"body":"discount if anyone's remotely"},{"speaker":"Alan Smith","startTime":2850.0989999999997,"endTime":2852.979,"body":"interested in growing their"},{"speaker":"Alan Smith","startTime":2852.979,"endTime":2856.959,"body":"referrals within their business"},{"speaker":"Alan Smith","startTime":2852.979,"endTime":2856.959,"body":"using a repeatable, scalable"},{"speaker":"Alan Smith","startTime":2856.959,"endTime":2860.019,"body":"structures, strategy, referral"},{"speaker":"Alan Smith","startTime":2856.959,"endTime":2860.019,"body":"strategy. Then check out the"},{"speaker":"Alan Smith","startTime":2860.019,"endTime":2862.239,"body":"link in the show notes, and you"},{"speaker":"Alan Smith","startTime":2860.019,"endTime":2862.239,"body":"will benefit. If you're"},{"speaker":"Alan Smith","startTime":2862.239,"endTime":2866.5589999999997,"body":"interested, you will benefit"},{"speaker":"Alan Smith","startTime":2862.239,"endTime":2866.5589999999997,"body":"from a discount as a trap. Ist"},{"speaker":"Alan Smith","startTime":2867.159,"endTime":2870.759,"body":"okay? Is he a close personal"},{"speaker":"Alan Smith","startTime":2867.159,"endTime":2870.759,"body":"friend? He is, of course, a"},{"speaker":"Alan Smith","startTime":2870.759,"endTime":2872.1389999999997,"body":"close personal friend."},{"speaker":"Nick Lincoln","startTime":2872.62,"endTime":2874.72,"body":"Okay, great. And"},{"speaker":"Nick Lincoln","startTime":2872.62,"endTime":2874.72,"body":"the last topical tidbit of"},{"speaker":"Nick Lincoln","startTime":2874.72,"endTime":2875.92,"body":"episode 88 Ultra."},{"speaker":"Andy Hart","startTime":2876.819,"endTime":2880.739,"body":"This is a cracker."},{"speaker":"Andy Hart","startTime":2876.819,"endTime":2880.739,"body":"The title of this Nick train"},{"speaker":"Andy Hart","startTime":2880.799,"endTime":2885.5989999999997,"body":"apologizes again for poor fund"},{"speaker":"Andy Hart","startTime":2880.799,"endTime":2885.5989999999997,"body":"performance. This is another"},{"speaker":"Andy Hart","startTime":2885.5989999999997,"endTime":2889.6189999999997,"body":"star fund managers, fool from"},{"speaker":"Andy Hart","startTime":2885.5989999999997,"endTime":2889.6189999999997,"body":"grace. I'll give him a little"},{"speaker":"Andy Hart","startTime":2889.6189999999997,"endTime":2892.5589999999997,"body":"bit of credit. Obviously, he"},{"speaker":"Andy Hart","startTime":2889.6189999999997,"endTime":2892.5589999999997,"body":"runs a couple of big funds, and"},{"speaker":"Andy Hart","startTime":2892.5589999999997,"endTime":2894.659,"body":"they've done very well since,"},{"speaker":"Andy Hart","startTime":2892.5589999999997,"endTime":2894.659,"body":"since they've launched,"},{"speaker":"Andy Hart","startTime":2894.719,"endTime":2900.739,"body":"apparently. But his UK equity"},{"speaker":"Andy Hart","startTime":2894.719,"endTime":2900.739,"body":"fund 2025 basically fell by 7%"},{"speaker":"Andy Hart","startTime":2901.6389999999997,"endTime":2907.5789999999997,"body":"fell by as in minus where he was"},{"speaker":"Andy Hart","startTime":2901.6389999999997,"endTime":2907.5789999999997,"body":"trying to his benchmark was a"},{"speaker":"Andy Hart","startTime":2907.5789999999997,"endTime":2912.439,"body":"FTSE all share index, which"},{"speaker":"Andy Hart","startTime":2907.5789999999997,"endTime":2912.439,"body":"returned a positive 21.4 so this"},{"speaker":"Andy Hart","startTime":2912.439,"endTime":2915.019,"body":"happens, obviously, with staff"},{"speaker":"Andy Hart","startTime":2912.439,"endTime":2915.019,"body":"fund managers, they have many,"},{"speaker":"Andy Hart","startTime":2915.019,"endTime":2917.859,"body":"many years of great returns"},{"speaker":"Andy Hart","startTime":2915.019,"endTime":2917.859,"body":"people pile in at the wrong and"},{"speaker":"Andy Hart","startTime":2917.859,"endTime":2921.159,"body":"right time, you know, you choose"},{"speaker":"Andy Hart","startTime":2917.859,"endTime":2921.159,"body":"your poison in relation to that."},{"speaker":"Andy Hart","startTime":2921.159,"endTime":2924.279,"body":"And then they have a shocking"},{"speaker":"Andy Hart","startTime":2921.159,"endTime":2924.279,"body":"year, because they are generally"},{"speaker":"Andy Hart","startTime":2924.279,"endTime":2928.719,"body":"contrarian. They go against the"},{"speaker":"Andy Hart","startTime":2924.279,"endTime":2928.719,"body":"crowd. So they do well."},{"speaker":"Andy Hart","startTime":2928.719,"endTime":2931.299,"body":"Sometimes when the market's not"},{"speaker":"Andy Hart","startTime":2928.719,"endTime":2931.299,"body":"doing well, because they've"},{"speaker":"Andy Hart","startTime":2931.299,"endTime":2934.419,"body":"picked the other horses. And"},{"speaker":"Andy Hart","startTime":2931.299,"endTime":2934.419,"body":"then obviously, when the market"},{"speaker":"Andy Hart","startTime":2934.419,"endTime":2936.5989999999997,"body":"does very well, that sometimes"},{"speaker":"Andy Hart","startTime":2934.419,"endTime":2936.5989999999997,"body":"they can get massively"},{"speaker":"Andy Hart","startTime":2936.5989999999997,"endTime":2940.319,"body":"underwater anyway, that's"},{"speaker":"Andy Hart","startTime":2936.5989999999997,"endTime":2940.319,"body":"happened to him. Imagine, yeah,"},{"speaker":"Andy Hart","startTime":2940.319,"endTime":2944.5789999999997,"body":"imagine if you had a huge chunk"},{"speaker":"Andy Hart","startTime":2940.319,"endTime":2944.5789999999997,"body":"of your your life savings, and"},{"speaker":"Andy Hart","startTime":2944.5789999999997,"endTime":2948.959,"body":"your and your clients life"},{"speaker":"Andy Hart","startTime":2944.5789999999997,"endTime":2948.959,"body":"savings in these, you know, Star"},{"speaker":"Andy Hart","startTime":2948.959,"endTime":2953.819,"body":"active managers. It's just not"},{"speaker":"Andy Hart","startTime":2948.959,"endTime":2953.819,"body":"worth the risk. I mean, all the"},{"speaker":"Andy Hart","startTime":2953.819,"endTime":2958.879,"body":"returns long term come from, you"},{"speaker":"Andy Hart","startTime":2953.819,"endTime":2958.879,"body":"know, index, global equity"},{"speaker":"Andy Hart","startTime":2958.879,"endTime":2961.819,"body":"returns, blah, blah, blah."},{"speaker":"Andy Hart","startTime":2958.879,"endTime":2961.819,"body":"Anyway, so that's the latest."},{"speaker":"Andy Hart","startTime":2961.819,"endTime":2965.5989999999997,"body":"Okay, right, guys through the"},{"speaker":"Andy Hart","startTime":2961.819,"endTime":2965.5989999999997,"body":"fund managers still there. Over"},{"speaker":"Andy Hart","startTime":2965.5989999999997,"endTime":2966.199,"body":"to you. Carl, yeah,"},{"speaker":"Carl Widger","startTime":2966.5,"endTime":2969.8599999999997,"body":"yeah, there. Let's"},{"speaker":"Carl Widger","startTime":2966.5,"endTime":2969.8599999999997,"body":"debunk this myth. There are no"},{"speaker":"Carl Widger","startTime":2969.8599999999997,"endTime":2973.88,"body":"such thing as Star fund"},{"speaker":"Carl Widger","startTime":2969.8599999999997,"endTime":2973.88,"body":"managers. They can't endure."},{"speaker":"Carl Widger","startTime":2973.88,"endTime":2977.44,"body":"They don't endure. It's a whole"},{"speaker":"Carl Widger","startTime":2973.88,"endTime":2977.44,"body":"lot of bullshit, and"},{"speaker":"Alan Smith","startTime":2978.819,"endTime":2981.219,"body":"it is a total whole"},{"speaker":"Alan Smith","startTime":2978.819,"endTime":2981.219,"body":"lot of terrorism. They endure"},{"speaker":"Alan Smith","startTime":2981.219,"endTime":2985.779,"body":"until they don't, yeah, until"},{"speaker":"Alan Smith","startTime":2981.219,"endTime":2985.779,"body":"they got they got lucky until"},{"speaker":"Carl Widger","startTime":2987.16,"endTime":2989.98,"body":"and they're not."},{"speaker":"Carl Widger","startTime":2987.16,"endTime":2989.98,"body":"It's not true to say they're"},{"speaker":"Carl Widger","startTime":2989.98,"endTime":2994.12,"body":"contrarian. What they do is"},{"speaker":"Carl Widger","startTime":2989.98,"endTime":2994.12,"body":"they, broadly speaking, match"},{"speaker":"Carl Widger","startTime":2994.12,"endTime":2997.98,"body":"index funds, and then they do a"},{"speaker":"Carl Widger","startTime":2994.12,"endTime":2997.98,"body":"little bit of their own betting,"},{"speaker":"Carl Widger","startTime":2998.46,"endTime":3002.96,"body":"and that's what it is. It's"},{"speaker":"Carl Widger","startTime":2998.46,"endTime":3002.96,"body":"betting. And there isn't one,"},{"speaker":"Carl Widger","startTime":3002.96,"endTime":3007.58,"body":"there isn't one inverted commas,"},{"speaker":"Carl Widger","startTime":3002.96,"endTime":3007.58,"body":"Star fund manager who has"},{"speaker":"Carl Widger","startTime":3007.58,"endTime":3011.0,"body":"endured over time like Warren"},{"speaker":"Carl Widger","startTime":3007.58,"endTime":3011.0,"body":"Buffett, people would say, Well,"},{"speaker":"Carl Widger","startTime":3011.06,"endTime":3014.72,"body":"you know, but he's, he's a fund"},{"speaker":"Carl Widger","startTime":3011.06,"endTime":3014.72,"body":"that has been going on for 50"},{"speaker":"Carl Widger","startTime":3014.72,"endTime":3019.06,"body":"years, but it's a fund. Star"},{"speaker":"Carl Widger","startTime":3014.72,"endTime":3019.06,"body":"fund managers. Name them out."},{"speaker":"Carl Widger","startTime":3019.12,"endTime":3021.04,"body":"You know, Neil, why is Terry"},{"speaker":"Carl Widger","startTime":3019.12,"endTime":3021.04,"body":"Smith?"},{"speaker":"Andy Hart","startTime":3021.339,"endTime":3023.919,"body":"I put buff into the"},{"speaker":"Andy Hart","startTime":3021.339,"endTime":3023.919,"body":"business category. He's a"},{"speaker":"Andy Hart","startTime":3023.919,"endTime":3028.719,"body":"business grower, manager,"},{"speaker":"Andy Hart","startTime":3023.919,"endTime":3028.719,"body":"picking, picking, picking"},{"speaker":"Andy Hart","startTime":3028.719,"endTime":3029.019,"body":"stocks."},{"speaker":"Unknown","startTime":3029.08,"endTime":3031.12,"body":"Terry Smith, like, why"},{"speaker":"Unknown","startTime":3029.08,"endTime":3031.12,"body":"are people still"},{"speaker":"Alan Smith","startTime":3031.12,"endTime":3033.88,"body":"investing with"},{"speaker":"Alan Smith","startTime":3031.12,"endTime":3033.88,"body":"these? I was gonna say I come"},{"speaker":"Alan Smith","startTime":3033.88,"endTime":3036.66,"body":"across someone. Came across"},{"speaker":"Alan Smith","startTime":3033.88,"endTime":3036.66,"body":"someone the other day who said I"},{"speaker":"Alan Smith","startTime":3036.66,"endTime":3039.72,"body":"diversified. I've got summer"},{"speaker":"Alan Smith","startTime":3036.66,"endTime":3039.72,"body":"money with Nick train, some with"},{"speaker":"Alan Smith","startTime":3039.72,"endTime":3040.2599999999998,"body":"Terry Smith."},{"speaker":"Carl Widger","startTime":3041.88,"endTime":3044.1,"body":"I like, I never,"},{"speaker":"Carl Widger","startTime":3041.88,"endTime":3044.1,"body":"I've heard of this Nick train"},{"speaker":"Carl Widger","startTime":3044.1,"endTime":3046.56,"body":"fellow recently, but I never"},{"speaker":"Carl Widger","startTime":3044.1,"endTime":3046.56,"body":"heard of him before. Like, when"},{"speaker":"Carl Widger","startTime":3046.56,"endTime":3052.74,"body":"did he become 25 years? Yeah,"},{"speaker":"Carl Widger","startTime":3046.56,"endTime":3052.74,"body":"happy wood dropped out of the"},{"speaker":"Carl Widger","startTime":3052.74,"endTime":3055.7999999999997,"body":"that list, or Woodford dropped"},{"speaker":"Carl Widger","startTime":3052.74,"endTime":3055.7999999999997,"body":"out of that list. Yeah."},{"speaker":"Alan Smith","startTime":3055.799,"endTime":3058.219,"body":"Well, they all do,"},{"speaker":"Alan Smith","startTime":3055.799,"endTime":3058.219,"body":"eventually they all do. All"},{"speaker":"Alan Smith","startTime":3058.219,"endTime":3060.379,"body":"right. Nick, let our guest,"},{"speaker":"Alan Smith","startTime":3058.219,"endTime":3060.379,"body":"yeah,"},{"speaker":"Nick Lincoln","startTime":3060.5,"endTime":3063.14,"body":"okay, great stuff."},{"speaker":"Nick Lincoln","startTime":3060.5,"endTime":3063.14,"body":"Great stuff. Okay, so that's"},{"speaker":"Nick Lincoln","startTime":3063.14,"endTime":3065.66,"body":"topical tip. It's done now. It's"},{"speaker":"Nick Lincoln","startTime":3063.14,"endTime":3065.66,"body":"time to move on to what many"},{"speaker":"Nick Lincoln","startTime":3065.66,"endTime":3068.2999999999997,"body":"people call the meat and"},{"speaker":"Nick Lincoln","startTime":3065.66,"endTime":3068.2999999999997,"body":"potatoes of the real advisor"},{"speaker":"Nick Lincoln","startTime":3068.2999999999997,"endTime":3071.6,"body":"podcast. And I'm very glad to"},{"speaker":"Nick Lincoln","startTime":3068.2999999999997,"endTime":3071.6,"body":"say that for this episode, as"},{"speaker":"Nick Lincoln","startTime":3071.6,"endTime":3075.14,"body":"we're doing more and more so"},{"speaker":"Nick Lincoln","startTime":3071.6,"endTime":3075.14,"body":"we've got a guest, a guest"},{"speaker":"Nick Lincoln","startTime":3075.44,"endTime":3078.1,"body":"coming on to the. Show, and I'm"},{"speaker":"Nick Lincoln","startTime":3075.44,"endTime":3078.1,"body":"gonna let him into the lobby. If"},{"speaker":"Nick Lincoln","startTime":3078.1,"endTime":3080.8599999999997,"body":"I can find the button to do it,"},{"speaker":"Nick Lincoln","startTime":3078.1,"endTime":3080.8599999999997,"body":"I'll let Alan give the"},{"speaker":"Nick Lincoln","startTime":3081.16,"endTime":3089.02,"body":"introduction. Okay, there's"},{"speaker":"Nick Lincoln","startTime":3081.16,"endTime":3089.02,"body":"somebody at the door."},{"speaker":"Alan Smith","startTime":3095.68,"endTime":3098.3399999999997,"body":"James, welcome to"},{"speaker":"Alan Smith","startTime":3095.68,"endTime":3098.3399999999997,"body":"trap. Good to see you."},{"speaker":"James McPartland","startTime":3100.2599999999998,"endTime":3102.72,"body":"Can you hear"},{"speaker":"James McPartland","startTime":3100.2599999999998,"endTime":3102.72,"body":"me? Are you getting on? Okay,"},{"speaker":"Alan Smith","startTime":3104.88,"endTime":3109.62,"body":"there was a slight"},{"speaker":"Alan Smith","startTime":3104.88,"endTime":3109.62,"body":"glitch. Good to see you, James."},{"speaker":"Alan Smith","startTime":3109.62,"endTime":3113.7599999999998,"body":"Now, James, you and I have met"},{"speaker":"Alan Smith","startTime":3109.62,"endTime":3113.7599999999998,"body":"several times, I think, in the"},{"speaker":"Alan Smith","startTime":3113.7599999999998,"endTime":3118.7,"body":"past, and you've been on from"},{"speaker":"Alan Smith","startTime":3113.7599999999998,"endTime":3118.7,"body":"what, from where I can see. It a"},{"speaker":"Alan Smith","startTime":3118.7,"endTime":3121.7599999999998,"body":"bit of a journey. Right? When"},{"speaker":"Alan Smith","startTime":3118.7,"endTime":3121.7599999999998,"body":"you and I first met up, we went"},{"speaker":"Alan Smith","startTime":3121.7599999999998,"endTime":3126.3199999999997,"body":"for a coffee in the city, and"},{"speaker":"Alan Smith","startTime":3121.7599999999998,"endTime":3126.3199999999997,"body":"you were a partner at a very"},{"speaker":"Alan Smith","startTime":3126.3199999999997,"endTime":3131.96,"body":"successful SJP practice, right?"},{"speaker":"Alan Smith","startTime":3126.3199999999997,"endTime":3131.96,"body":"That is no longer underestimate"},{"speaker":"Alan Smith","startTime":3131.96,"endTime":3138.94,"body":"the power of the dark side. So"},{"speaker":"Alan Smith","startTime":3131.96,"endTime":3138.94,"body":"that's no that's no longer the"},{"speaker":"Alan Smith","startTime":3138.94,"endTime":3142.18,"body":"case. It's fair to say. So I"},{"speaker":"Alan Smith","startTime":3138.94,"endTime":3142.18,"body":"think a great place to start"},{"speaker":"Alan Smith","startTime":3142.24,"endTime":3145.0,"body":"would be to share for the"},{"speaker":"Alan Smith","startTime":3142.24,"endTime":3145.0,"body":"audience who don't know you,"},{"speaker":"Alan Smith","startTime":3145.6,"endTime":3149.08,"body":"your background, your journey"},{"speaker":"Alan Smith","startTime":3145.6,"endTime":3149.08,"body":"and kind of where you are now."},{"speaker":"Alan Smith","startTime":3150.64,"endTime":3151.06,"body":"Cool."},{"speaker":"James McPartland","startTime":3152.14,"endTime":3156.22,"body":"So, yeah, we I"},{"speaker":"James McPartland","startTime":3152.14,"endTime":3156.22,"body":"think everybody says this, but"},{"speaker":"James McPartland","startTime":3156.22,"endTime":3161.58,"body":"they pretty much fell into"},{"speaker":"James McPartland","startTime":3156.22,"endTime":3161.58,"body":"financial services. I was just"},{"speaker":"James McPartland","startTime":3161.64,"endTime":3164.64,"body":"super lucky. That was my first"},{"speaker":"James McPartland","startTime":3161.64,"endTime":3164.64,"body":"job, straight out of university."},{"speaker":"James McPartland","startTime":3165.7799999999997,"endTime":3168.7799999999997,"body":"Normally takes few years for"},{"speaker":"James McPartland","startTime":3165.7799999999997,"endTime":3168.7799999999997,"body":"people to get to get into it."},{"speaker":"James McPartland","startTime":3168.7799999999997,"endTime":3173.3399999999997,"body":"So, yeah, we I had a job lined"},{"speaker":"James McPartland","startTime":3168.7799999999997,"endTime":3173.3399999999997,"body":"up at a stock breaking firm"},{"speaker":"James McPartland","startTime":3173.4,"endTime":3177.42,"body":"called MF Global. Think it's"},{"speaker":"James McPartland","startTime":3173.4,"endTime":3177.42,"body":"actually gone bust. Now it's"},{"speaker":"James McPartland","startTime":3177.42,"endTime":3180.8599999999997,"body":"nothing to do with me, but I"},{"speaker":"James McPartland","startTime":3177.42,"endTime":3180.8599999999997,"body":"with me, but we I wasn't due to"},{"speaker":"James McPartland","startTime":3181.46,"endTime":3185.12,"body":"wasn't due to start for a sort"},{"speaker":"James McPartland","startTime":3181.46,"endTime":3185.12,"body":"of three or four months. So I"},{"speaker":"James McPartland","startTime":3185.12,"endTime":3187.7,"body":"thought I better go and get a"},{"speaker":"James McPartland","startTime":3185.12,"endTime":3187.7,"body":"better go and get a job. In the"},{"speaker":"James McPartland","startTime":3187.7,"endTime":3192.08,"body":"meantime, I interviewed at this"},{"speaker":"James McPartland","startTime":3187.7,"endTime":3192.08,"body":"place for, I think I had three"},{"speaker":"James McPartland","startTime":3192.08,"endTime":3200.08,"body":"or four interviews, and ended up"},{"speaker":"James McPartland","startTime":3192.08,"endTime":3200.08,"body":"getting a job. And and it was a"},{"speaker":"James McPartland","startTime":3200.08,"endTime":3203.14,"body":"bit of a baptism of fire, I"},{"speaker":"James McPartland","startTime":3200.08,"endTime":3203.14,"body":"would say, I had absolutely no"},{"speaker":"James McPartland","startTime":3203.14,"endTime":3208.66,"body":"idea what I was getting into at"},{"speaker":"James McPartland","startTime":3203.14,"endTime":3208.66,"body":"the time you turned up. You were"},{"speaker":"James McPartland","startTime":3208.66,"endTime":3213.22,"body":"given a phone, you were given a"},{"speaker":"James McPartland","startTime":3208.66,"endTime":3213.22,"body":"script, you were given an"},{"speaker":"James McPartland","startTime":3213.22,"endTime":3216.8399999999997,"body":"objection sheet and told to"},{"speaker":"James McPartland","startTime":3213.22,"endTime":3216.8399999999997,"body":"basically go and learn, learn"},{"speaker":"James McPartland","startTime":3216.9,"endTime":3222.2999999999997,"body":"learn it all, and you your"},{"speaker":"James McPartland","startTime":3216.9,"endTime":3222.2999999999997,"body":"payment structure was 1500"},{"speaker":"James McPartland","startTime":3222.72,"endTime":3226.38,"body":"pounds for three months, and"},{"speaker":"James McPartland","startTime":3222.72,"endTime":3226.38,"body":"then it was just fees only, and"},{"speaker":"James McPartland","startTime":3226.38,"endTime":3233.04,"body":"it was very much survival of the"},{"speaker":"James McPartland","startTime":3226.38,"endTime":3233.04,"body":"fittest. But the slight issue"},{"speaker":"James McPartland","startTime":3233.04,"endTime":3238.1,"body":"was that I was absolutely"},{"speaker":"James McPartland","startTime":3233.04,"endTime":3238.1,"body":"useless at cold calling. So I"},{"speaker":"James McPartland","startTime":3238.1,"endTime":3242.8399999999997,"body":"think in my fourth month I am I"},{"speaker":"James McPartland","startTime":3238.1,"endTime":3242.8399999999997,"body":"was working 1213, hour days, and"},{"speaker":"James McPartland","startTime":3242.8399999999997,"endTime":3248.18,"body":"I think I got paid 204 quid, so"},{"speaker":"James McPartland","startTime":3242.8399999999997,"endTime":3248.18,"body":"I was pretty much"},{"speaker":"Unknown","startTime":3250.7,"endTime":3254.48,"body":"looking so they"},{"speaker":"Unknown","startTime":3250.7,"endTime":3254.48,"body":"overpaid you in the first three"},{"speaker":"Unknown","startTime":3254.48,"endTime":3254.9,"body":"months."},{"speaker":"James McPartland","startTime":3254.899,"endTime":3259.299,"body":"Yeah, yeah,"},{"speaker":"James McPartland","startTime":3254.899,"endTime":3259.299,"body":"exactly my hourly rate hasn't"},{"speaker":"James McPartland","startTime":3259.299,"endTime":3265.659,"body":"actually gone up since, to be"},{"speaker":"James McPartland","startTime":3259.299,"endTime":3265.659,"body":"honest with you, bno, we I had a"},{"speaker":"James McPartland","startTime":3265.659,"endTime":3269.019,"body":"bit of a I have had a bit of a"},{"speaker":"James McPartland","startTime":3265.659,"endTime":3269.019,"body":"taskmaster as a boss as well. So"},{"speaker":"James McPartland","startTime":3269.499,"endTime":3274.479,"body":"he made sure I made my calls and"},{"speaker":"James McPartland","startTime":3269.499,"endTime":3274.479,"body":"pretty much got on with it. But"},{"speaker":"James McPartland","startTime":3274.779,"endTime":3279.1189999999997,"body":"yeah, in some ways, I'm very"},{"speaker":"James McPartland","startTime":3274.779,"endTime":3279.1189999999997,"body":"thankful for that, because after"},{"speaker":"James McPartland","startTime":3279.1189999999997,"endTime":3282.659,"body":"the first year, it was brutal,"},{"speaker":"James McPartland","startTime":3279.1189999999997,"endTime":3282.659,"body":"but I started to improve,"},{"speaker":"James McPartland","startTime":3282.659,"endTime":3286.439,"body":"luckily, and I became pretty"},{"speaker":"James McPartland","startTime":3282.659,"endTime":3286.439,"body":"decent at the whole cold calling"},{"speaker":"James McPartland","startTime":3286.439,"endTime":3291.0589999999997,"body":"thing. So after the first year,"},{"speaker":"James McPartland","startTime":3286.439,"endTime":3291.0589999999997,"body":"we had a pretty much 100"},{"speaker":"James McPartland","startTime":3291.479,"endTime":3297.179,"body":"households to to then go at. So"},{"speaker":"James McPartland","startTime":3291.479,"endTime":3297.179,"body":"that was, I was, what, 23 and"},{"speaker":"James McPartland","startTime":3297.359,"endTime":3300.199,"body":"you've got a client base of 100"},{"speaker":"James McPartland","startTime":3297.359,"endTime":3300.199,"body":"households, it's a massive head"},{"speaker":"James McPartland","startTime":3300.199,"endTime":3307.399,"body":"start. So did that for a couple"},{"speaker":"James McPartland","startTime":3300.199,"endTime":3307.399,"body":"of years, and then we weren't"},{"speaker":"James McPartland","startTime":3307.399,"endTime":3312.439,"body":"really we wanted to try and own"},{"speaker":"James McPartland","startTime":3307.399,"endTime":3312.439,"body":"our own business. So we we went"},{"speaker":"James McPartland","startTime":3312.439,"endTime":3317.0789999999997,"body":"and looked at what the options"},{"speaker":"James McPartland","startTime":3312.439,"endTime":3317.0789999999997,"body":"out there, and SJP were"},{"speaker":"James McPartland","startTime":3317.0789999999997,"endTime":3323.5589999999997,"body":"certainly one of them. So we, as"},{"speaker":"James McPartland","startTime":3317.0789999999997,"endTime":3323.5589999999997,"body":"myself and three business"},{"speaker":"James McPartland","startTime":3323.5589999999997,"endTime":3327.0389999999998,"body":"partners, went and set up a"},{"speaker":"James McPartland","startTime":3323.5589999999997,"endTime":3327.0389999999998,"body":"business. And it, to be honest"},{"speaker":"James McPartland","startTime":3327.0389999999998,"endTime":3330.399,"body":"with it was a pretty good fit,"},{"speaker":"James McPartland","startTime":3327.0389999999998,"endTime":3330.399,"body":"because it felt like we were"},{"speaker":"James McPartland","startTime":3330.399,"endTime":3333.519,"body":"still young. We were 25 like we"},{"speaker":"James McPartland","startTime":3330.399,"endTime":3333.519,"body":"don't have a bloody clue what we"},{"speaker":"James McPartland","startTime":3333.519,"endTime":3338.399,"body":"were doing. And it felt like a"},{"speaker":"James McPartland","startTime":3333.519,"endTime":3338.399,"body":"happy medium. So happy medium"},{"speaker":"James McPartland","startTime":3338.399,"endTime":3343.199,"body":"between starting your own"},{"speaker":"James McPartland","startTime":3338.399,"endTime":3343.199,"body":"business the IFA thing seemed"},{"speaker":"James McPartland","startTime":3343.199,"endTime":3352.1389999999997,"body":"like a shitload of hassle. Yeah,"},{"speaker":"James McPartland","startTime":3343.199,"endTime":3352.1389999999997,"body":"I'm glad I didn't do that when I"},{"speaker":"James McPartland","startTime":3352.1389999999997,"endTime":3357.5589999999997,"body":"was 25 but yeah, no, it was a"},{"speaker":"James McPartland","startTime":3352.1389999999997,"endTime":3357.5589999999997,"body":"super good fit to begin with."},{"speaker":"James McPartland","startTime":3360.679,"endTime":3365.0589999999997,"body":"I'd say at the beginning, it was"},{"speaker":"James McPartland","startTime":3360.679,"endTime":3365.0589999999997,"body":"a pretty good it was a pretty"},{"speaker":"James McPartland","startTime":3365.0589999999997,"endTime":3368.779,"body":"good brand to have behind you."},{"speaker":"James McPartland","startTime":3365.0589999999997,"endTime":3368.779,"body":"It was like FTSE 250 it was"},{"speaker":"James McPartland","startTime":3368.779,"endTime":3373.819,"body":"going to FTSE 100 was exciting"},{"speaker":"James McPartland","startTime":3368.779,"endTime":3373.819,"body":"growth journey, and that fitted"},{"speaker":"James McPartland","startTime":3373.819,"endTime":3376.719,"body":"with what we what we were trying"},{"speaker":"James McPartland","startTime":3373.819,"endTime":3376.719,"body":"to do. But it's. Sort of things"},{"speaker":"James McPartland","startTime":3376.719,"endTime":3378.0989999999997,"body":"changed after, after a bit of"},{"speaker":"James McPartland","startTime":3376.719,"endTime":3378.0989999999997,"body":"time."},{"speaker":"Alan Smith","startTime":3378.1,"endTime":3381.7599999999998,"body":"Really give me a"},{"speaker":"Alan Smith","startTime":3378.1,"endTime":3381.7599999999998,"body":"sort of timeline on this, James,"},{"speaker":"Alan Smith","startTime":3381.7599999999998,"endTime":3384.1,"body":"when was it that you joined SJP?"},{"speaker":"James McPartland","startTime":3384.52,"endTime":3390.52,"body":"So it must"},{"speaker":"James McPartland","startTime":3384.52,"endTime":3390.52,"body":"have been 2014 so I left"},{"speaker":"James McPartland","startTime":3390.52,"endTime":3395.38,"body":"university, 2010 2011 joined"},{"speaker":"James McPartland","startTime":3390.52,"endTime":3395.38,"body":"SJP, 2014 so it was on the cusp"},{"speaker":"James McPartland","startTime":3395.38,"endTime":3399.0,"body":"of FTSE, 250 gun into FTSE, 100"},{"speaker":"James McPartland","startTime":3395.38,"endTime":3399.0,"body":"right?"},{"speaker":"Alan Smith","startTime":3399.0,"endTime":3402.66,"body":"And what? What did"},{"speaker":"Alan Smith","startTime":3399.0,"endTime":3402.66,"body":"you notice? What had changed"},{"speaker":"Alan Smith","startTime":3403.2599999999998,"endTime":3407.2799999999997,"body":"over the years between 2014 and,"},{"speaker":"Alan Smith","startTime":3403.2599999999998,"endTime":3407.2799999999997,"body":"say, last year?"},{"speaker":"James McPartland","startTime":3407.2799999999997,"endTime":3411.48,"body":"Not, not a lot"},{"speaker":"James McPartland","startTime":3407.2799999999997,"endTime":3411.48,"body":"for about seven or eight years."},{"speaker":"James McPartland","startTime":3411.54,"endTime":3415.56,"body":"But that was the problem. It was"},{"speaker":"James McPartland","startTime":3411.54,"endTime":3415.56,"body":"a great place to grow a business"},{"speaker":"James McPartland","startTime":3415.56,"endTime":3418.4,"body":"like we, we started, and we"},{"speaker":"James McPartland","startTime":3415.56,"endTime":3418.4,"body":"probably had five, 10 million"},{"speaker":"James McPartland","startTime":3418.4,"endTime":3420.74,"body":"between the between the four of"},{"speaker":"James McPartland","startTime":3418.4,"endTime":3420.74,"body":"us, and we grew it to,"},{"speaker":"James McPartland","startTime":3421.04,"endTime":3426.98,"body":"organically, to 400 million"},{"speaker":"James McPartland","startTime":3421.04,"endTime":3426.98,"body":"quid. But I would say the past"},{"speaker":"James McPartland","startTime":3426.98,"endTime":3432.8599999999997,"body":"the last three years, it became,"},{"speaker":"James McPartland","startTime":3426.98,"endTime":3432.8599999999997,"body":"we wanted to change some things."},{"speaker":"James McPartland","startTime":3432.8599999999997,"endTime":3437.56,"body":"And it's, it's a massive beast,"},{"speaker":"James McPartland","startTime":3432.8599999999997,"endTime":3437.56,"body":"SJP, so any changes that you're"},{"speaker":"James McPartland","startTime":3437.56,"endTime":3440.92,"body":"trying to make, it's like"},{"speaker":"James McPartland","startTime":3437.56,"endTime":3440.92,"body":"turning an oil tanker. It was"},{"speaker":"James McPartland","startTime":3440.92,"endTime":3443.44,"body":"just so slow and that just"},{"speaker":"James McPartland","startTime":3440.92,"endTime":3443.44,"body":"didn't really fit with what we"},{"speaker":"James McPartland","startTime":3443.44,"endTime":3446.68,"body":"were trying to build. So we just"},{"speaker":"James McPartland","startTime":3443.44,"endTime":3446.68,"body":"became frustrated. It would be"},{"speaker":"James McPartland","startTime":3446.68,"endTime":3451.72,"body":"much easier for us to stay"},{"speaker":"James McPartland","startTime":3446.68,"endTime":3451.72,"body":"there, but yeah, we just became"},{"speaker":"James McPartland","startTime":3451.72,"endTime":3456.18,"body":"frustrated with what the pace of"},{"speaker":"James McPartland","startTime":3451.72,"endTime":3456.18,"body":"change, and either it was the"},{"speaker":"James McPartland","startTime":3456.18,"endTime":3460.98,"body":"answer was, either the changes"},{"speaker":"James McPartland","startTime":3456.18,"endTime":3460.98,"body":"that you want are coming or"},{"speaker":"James McPartland","startTime":3460.98,"endTime":3464.7,"body":"we're not going to do it at all."},{"speaker":"James McPartland","startTime":3460.98,"endTime":3464.7,"body":"And we just became a little bit"},{"speaker":"James McPartland","startTime":3464.7,"endTime":3465.24,"body":"annoyed at that."},{"speaker":"Alan Smith","startTime":3466.38,"endTime":3468.66,"body":"And of course, SJP"},{"speaker":"Alan Smith","startTime":3466.38,"endTime":3468.66,"body":"themselves have gone through"},{"speaker":"Alan Smith","startTime":3468.66,"endTime":3471.24,"body":"this complete kind of still"},{"speaker":"Alan Smith","startTime":3468.66,"endTime":3471.24,"body":"going through it, I guess, to an"},{"speaker":"Alan Smith","startTime":3471.24,"endTime":3474.8399999999997,"body":"extent, kind of complete"},{"speaker":"Alan Smith","startTime":3471.24,"endTime":3474.8399999999997,"body":"restructure, reorganization. I"},{"speaker":"Alan Smith","startTime":3474.8399999999997,"endTime":3478.58,"body":"mean, the share price absolutely"},{"speaker":"Alan Smith","startTime":3474.8399999999997,"endTime":3478.58,"body":"collapsed, recovered mostly"},{"speaker":"Alan Smith","startTime":3478.58,"endTime":3482.24,"body":"since then. But obviously you"},{"speaker":"Alan Smith","startTime":3478.58,"endTime":3482.24,"body":"were working in the in the"},{"speaker":"Alan Smith","startTime":3482.24,"endTime":3484.16,"body":"machine at the time, and that"},{"speaker":"Alan Smith","startTime":3482.24,"endTime":3484.16,"body":"must have been quite a"},{"speaker":"Alan Smith","startTime":3484.16,"endTime":3487.52,"body":"challenging period for you, when"},{"speaker":"Alan Smith","startTime":3484.16,"endTime":3487.52,"body":"lot of negative publicity, lot"},{"speaker":"Alan Smith","startTime":3487.52,"endTime":3489.92,"body":"of bad press, and all the fees"},{"speaker":"Alan Smith","startTime":3487.52,"endTime":3489.92,"body":"and charges"},{"speaker":"James McPartland","startTime":3490.94,"endTime":3493.8199999999997,"body":"challenging"},{"speaker":"James McPartland","startTime":3490.94,"endTime":3493.8199999999997,"body":"time. Yeah, massively, like the"},{"speaker":"James McPartland","startTime":3493.8199999999997,"endTime":3499.0,"body":"it was more around bringing on"},{"speaker":"James McPartland","startTime":3493.8199999999997,"endTime":3499.0,"body":"new board. On board, new"},{"speaker":"James McPartland","startTime":3499.0,"endTime":3503.2599999999998,"body":"clients. The negative press was"},{"speaker":"James McPartland","startTime":3499.0,"endTime":3503.2599999999998,"body":"a killer. You were always up"},{"speaker":"James McPartland","startTime":3503.2599999999998,"endTime":3508.9,"body":"against some sort of shit"},{"speaker":"James McPartland","startTime":3503.2599999999998,"endTime":3508.9,"body":"headline. And people you get to"},{"speaker":"James McPartland","startTime":3508.96,"endTime":3511.96,"body":"the stage where you present it"},{"speaker":"James McPartland","startTime":3508.96,"endTime":3511.96,"body":"to a client, and they come back"},{"speaker":"James McPartland","startTime":3511.96,"endTime":3514.72,"body":"and say, Oh, what about this? Or"},{"speaker":"James McPartland","startTime":3511.96,"endTime":3514.72,"body":"what about that? And most of"},{"speaker":"James McPartland","startTime":3514.72,"endTime":3517.2599999999998,"body":"all, like from existing clients,"},{"speaker":"James McPartland","startTime":3514.72,"endTime":3517.2599999999998,"body":"you could get around it, was"},{"speaker":"James McPartland","startTime":3517.2599999999998,"endTime":3521.04,"body":"fine, you could explain it, but"},{"speaker":"James McPartland","startTime":3517.2599999999998,"endTime":3521.04,"body":"bringing on new new onboard new"},{"speaker":"James McPartland","startTime":3521.04,"endTime":3524.58,"body":"clients, it was pretty"},{"speaker":"James McPartland","startTime":3521.04,"endTime":3524.58,"body":"challenging. And I'd say there"},{"speaker":"James McPartland","startTime":3524.58,"endTime":3528.42,"body":"was quite a big cultural shift"},{"speaker":"James McPartland","startTime":3524.58,"endTime":3528.42,"body":"the past two or three years. It"},{"speaker":"James McPartland","startTime":3528.42,"endTime":3534.0,"body":"became a lot more about the"},{"speaker":"James McPartland","startTime":3528.42,"endTime":3534.0,"body":"shareholders rather than the"},{"speaker":"James McPartland","startTime":3534.12,"endTime":3537.54,"body":"client advisor relationship."},{"speaker":"James McPartland","startTime":3534.12,"endTime":3537.54,"body":"I've got loads of examples stuff"},{"speaker":"James McPartland","startTime":3537.54,"endTime":3541.22,"body":"that I probably can't say on"},{"speaker":"James McPartland","startTime":3537.54,"endTime":3541.22,"body":"here, but that I probably"},{"speaker":"Unknown","startTime":3542.54,"endTime":3544.3399999999997,"body":"can't say on here, but"},{"speaker":"Unknown","startTime":3542.54,"endTime":3544.3399999999997,"body":"the"},{"speaker":"James McPartland","startTime":3546.2,"endTime":3550.8199999999997,"body":"Oh yeah, all"},{"speaker":"James McPartland","startTime":3546.2,"endTime":3550.8199999999997,"body":"right, yeah, all right, I'm"},{"speaker":"James McPartland","startTime":3550.8199999999997,"endTime":3553.46,"body":"probably going to get in"},{"speaker":"Unknown","startTime":3553.46,"endTime":3555.14,"body":"trouble for saying"},{"speaker":"Unknown","startTime":3553.46,"endTime":3555.14,"body":"this. But"},{"speaker":"James McPartland","startTime":3558.02,"endTime":3560.14,"body":"the All right,"},{"speaker":"James McPartland","startTime":3558.02,"endTime":3560.14,"body":"fine. I was gonna say something"},{"speaker":"James McPartland","startTime":3560.14,"endTime":3562.8399999999997,"body":"then, but probably best not."},{"speaker":"Carl Widger","startTime":3563.859,"endTime":3566.199,"body":"Can I just ask a"},{"speaker":"Carl Widger","startTime":3563.859,"endTime":3566.199,"body":"question, just in terms of,"},{"speaker":"Carl Widger","startTime":3566.199,"endTime":3570.819,"body":"like, the I know SJP gets a lot"},{"speaker":"Carl Widger","startTime":3566.199,"endTime":3570.819,"body":"of bad press in the UK, but"},{"speaker":"Carl Widger","startTime":3570.819,"endTime":3573.219,"body":"they're not, they're not in"},{"speaker":"Carl Widger","startTime":3570.819,"endTime":3573.219,"body":"Ireland, and I'm on the record"},{"speaker":"Carl Widger","startTime":3573.219,"endTime":3576.459,"body":"saying, Yeah, but there's an"},{"speaker":"Carl Widger","startTime":3573.219,"endTime":3576.459,"body":"awful lot of good stuff that SJP"},{"speaker":"Carl Widger","startTime":3576.459,"endTime":3580.799,"body":"have done, and I'm interested in"},{"speaker":"Carl Widger","startTime":3576.459,"endTime":3580.799,"body":"your journey from like the cold"},{"speaker":"Carl Widger","startTime":3580.799,"endTime":3584.879,"body":"calling to you guys, then"},{"speaker":"Carl Widger","startTime":3580.799,"endTime":3584.879,"body":"deciding to go as a as a four of"},{"speaker":"Carl Widger","startTime":3584.879,"endTime":3588.839,"body":"you go together to SGP, and in"},{"speaker":"Carl Widger","startTime":3584.879,"endTime":3588.839,"body":"terms of the training and"},{"speaker":"Carl Widger","startTime":3588.839,"endTime":3591.719,"body":"development that they gave you"},{"speaker":"Carl Widger","startTime":3588.839,"endTime":3591.719,"body":"then at that stage, like did,"},{"speaker":"Carl Widger","startTime":3591.719,"endTime":3594.959,"body":"has that stood to you. Would you"},{"speaker":"Carl Widger","startTime":3591.719,"endTime":3594.959,"body":"recommend that you know, what"},{"speaker":"Carl Widger","startTime":3594.959,"endTime":3599.299,"body":"would you advise someone in your"},{"speaker":"Carl Widger","startTime":3594.959,"endTime":3599.299,"body":"position now. So 2223 24 year"},{"speaker":"Carl Widger","startTime":3599.299,"endTime":3602.5389999999998,"body":"old coming out, is the SJP"},{"speaker":"Carl Widger","startTime":3599.299,"endTime":3602.5389999999998,"body":"Academy still a good place for"},{"speaker":"Carl Widger","startTime":3602.5389999999998,"endTime":3603.019,"body":"them to go?"},{"speaker":"James McPartland","startTime":3605.72,"endTime":3608.2999999999997,"body":"I think there"},{"speaker":"James McPartland","startTime":3605.72,"endTime":3608.2999999999997,"body":"is definitely positives to that."},{"speaker":"James McPartland","startTime":3608.2999999999997,"endTime":3613.88,"body":"We didn't do the SJP Academy, so"},{"speaker":"James McPartland","startTime":3608.2999999999997,"endTime":3613.88,"body":"we just set up a business and"},{"speaker":"James McPartland","startTime":3613.88,"endTime":3616.66,"body":"started from there. But there's"},{"speaker":"James McPartland","startTime":3613.88,"endTime":3616.66,"body":"some, been some really good"},{"speaker":"James McPartland","startTime":3616.66,"endTime":3620.14,"body":"businesses that have come out of"},{"speaker":"James McPartland","startTime":3616.66,"endTime":3620.14,"body":"it. I'd say it's a lot more"},{"speaker":"James McPartland","startTime":3620.14,"endTime":3624.22,"body":"successful than it used to be."},{"speaker":"James McPartland","startTime":3620.14,"endTime":3624.22,"body":"It was a bit hit and miss. We"},{"speaker":"James McPartland","startTime":3624.22,"endTime":3627.3399999999997,"body":"bring on a lot of new advisors,"},{"speaker":"James McPartland","startTime":3624.22,"endTime":3627.3399999999997,"body":"but we don't, we didn't put them"},{"speaker":"James McPartland","startTime":3627.3399999999997,"endTime":3629.98,"body":"through the SJP Academy because"},{"speaker":"James McPartland","startTime":3627.3399999999997,"endTime":3629.98,"body":"we wanted to train them in our"},{"speaker":"James McPartland","startTime":3629.98,"endTime":3634.24,"body":"way. But I think if you're brand"},{"speaker":"James McPartland","startTime":3629.98,"endTime":3634.24,"body":"new to the industry, and you"},{"speaker":"James McPartland","startTime":3634.24,"endTime":3636.2799999999997,"body":"don't really know what you're"},{"speaker":"James McPartland","startTime":3634.24,"endTime":3636.2799999999997,"body":"getting into, I think it's a"},{"speaker":"James McPartland","startTime":3636.2799999999997,"endTime":3639.2999999999997,"body":"good grounding, definitely,"},{"speaker":"James McPartland","startTime":3636.2799999999997,"endTime":3639.2999999999997,"body":"because they get you up and"},{"speaker":"James McPartland","startTime":3639.2999999999997,"endTime":3644.1,"body":"running pretty quickly. But we"},{"speaker":"James McPartland","startTime":3639.2999999999997,"endTime":3644.1,"body":"just felt there was a different"},{"speaker":"James McPartland","startTime":3644.1,"endTime":3648.18,"body":"way to train advisors. But I've"},{"speaker":"James McPartland","startTime":3644.1,"endTime":3648.18,"body":"had a few people reach out to me"},{"speaker":"James McPartland","startTime":3648.18,"endTime":3650.58,"body":"and ask me about the academy,"},{"speaker":"James McPartland","startTime":3648.18,"endTime":3650.58,"body":"and I don't think it's a bad way"},{"speaker":"James McPartland","startTime":3650.58,"endTime":3654.48,"body":"to go. Just for us, what we"},{"speaker":"James McPartland","startTime":3650.58,"endTime":3654.48,"body":"wanted to try and do was bring"},{"speaker":"James McPartland","startTime":3654.48,"endTime":3659.0,"body":"on our own associates and train"},{"speaker":"James McPartland","startTime":3654.48,"endTime":3659.0,"body":"them in our way. I still think"},{"speaker":"James McPartland","startTime":3659.0,"endTime":3662.06,"body":"there's a lot of businesses that"},{"speaker":"James McPartland","startTime":3659.0,"endTime":3662.06,"body":"do that, but if you don't know"},{"speaker":"James McPartland","startTime":3662.06,"endTime":3663.92,"body":"any other business, I think it's"},{"speaker":"James McPartland","startTime":3662.06,"endTime":3663.92,"body":"a good option."},{"speaker":"Carl Widger","startTime":3665.6,"endTime":3668.42,"body":"And James, what's"},{"speaker":"Carl Widger","startTime":3665.6,"endTime":3668.42,"body":"the single biggest positive"},{"speaker":"Carl Widger","startTime":3668.42,"endTime":3671.72,"body":"change that you guys have seen?"},{"speaker":"Carl Widger","startTime":3668.42,"endTime":3671.72,"body":"That is that has helped the"},{"speaker":"Carl Widger","startTime":3671.72,"endTime":3675.3199999999997,"body":"growth of your business since"},{"speaker":"Carl Widger","startTime":3671.72,"endTime":3675.3199999999997,"body":"you've gone from SGP to to out"},{"speaker":"Carl Widger","startTime":3675.38,"endTime":3676.24,"body":"on your own? Yeah,"},{"speaker":"James McPartland","startTime":3683.02,"endTime":3686.2599999999998,"body":"I would say"},{"speaker":"James McPartland","startTime":3683.02,"endTime":3686.2599999999998,"body":"the lack of friction between"},{"speaker":"James McPartland","startTime":3686.2599999999998,"endTime":3690.16,"body":"bringing on board new clients,"},{"speaker":"James McPartland","startTime":3686.2599999999998,"endTime":3690.16,"body":"there's no longer that sort of"},{"speaker":"James McPartland","startTime":3690.16,"endTime":3694.12,"body":"monkey on your back, rightly or"},{"speaker":"James McPartland","startTime":3690.16,"endTime":3694.12,"body":"wrongly, I think it does get bad"},{"speaker":"James McPartland","startTime":3694.12,"endTime":3698.22,"body":"press, and some of it is"},{"speaker":"James McPartland","startTime":3694.12,"endTime":3698.22,"body":"probably unjustified, but I"},{"speaker":"James McPartland","startTime":3698.8199999999997,"endTime":3701.4,"body":"think just not having a monkey"},{"speaker":"James McPartland","startTime":3698.8199999999997,"endTime":3701.4,"body":"on a bat, there's no friction"},{"speaker":"James McPartland","startTime":3701.4,"endTime":3705.8399999999997,"body":"now to bring in on new onboard,"},{"speaker":"James McPartland","startTime":3701.4,"endTime":3705.8399999999997,"body":"new clients. I think the biggest"},{"speaker":"James McPartland","startTime":3705.8399999999997,"endTime":3710.04,"body":"thing to the biggest challenge"},{"speaker":"James McPartland","startTime":3705.8399999999997,"endTime":3710.04,"body":"that people face leaving is that"},{"speaker":"James McPartland","startTime":3710.2799999999997,"endTime":3713.3399999999997,"body":"you're essentially walking away."},{"speaker":"James McPartland","startTime":3710.2799999999997,"endTime":3713.3399999999997,"body":"We walked away from 400 million"},{"speaker":"James McPartland","startTime":3713.3399999999997,"endTime":3718.52,"body":"pound business to then start"},{"speaker":"James McPartland","startTime":3713.3399999999997,"endTime":3718.52,"body":"again, which is obviously pretty"},{"speaker":"James McPartland","startTime":3718.52,"endTime":3721.58,"body":"worrying. I've got three kids,"},{"speaker":"James McPartland","startTime":3718.52,"endTime":3721.58,"body":"you know, we got staff to look"},{"speaker":"James McPartland","startTime":3721.58,"endTime":3725.24,"body":"after, so that's the biggest"},{"speaker":"James McPartland","startTime":3721.58,"endTime":3725.24,"body":"pain point. But actually we'll"},{"speaker":"James McPartland","startTime":3725.24,"endTime":3728.42,"body":"be, we've been going since"},{"speaker":"James McPartland","startTime":3725.24,"endTime":3728.42,"body":"March, we'll be back to 300"},{"speaker":"James McPartland","startTime":3728.8399999999997,"endTime":3730.52,"body":"million within within a year."},{"speaker":"Carl Widger","startTime":3731.839,"endTime":3737.1389999999997,"body":"Is that your"},{"speaker":"Carl Widger","startTime":3731.839,"endTime":3737.1389999999997,"body":"existing clients have decided to"},{"speaker":"Carl Widger","startTime":3737.1389999999997,"endTime":3739.779,"body":"come with you, but they have to"},{"speaker":"Carl Widger","startTime":3737.1389999999997,"endTime":3739.779,"body":"decide themselves, as opposed to"},{"speaker":"Carl Widger","startTime":3739.779,"endTime":3741.699,"body":"you going after them. Is that"},{"speaker":"Carl Widger","startTime":3739.779,"endTime":3741.699,"body":"how it works?"},{"speaker":"James McPartland","startTime":3743.2599999999998,"endTime":3745.24,"body":"Or Correct?"},{"speaker":"James McPartland","startTime":3743.2599999999998,"endTime":3745.24,"body":"No, no, no. So we again, it's a"},{"speaker":"James McPartland","startTime":3745.3599999999997,"endTime":3748.06,"body":"bit of a common myth. There's no"},{"speaker":"James McPartland","startTime":3745.3599999999997,"endTime":3748.06,"body":"restricted covenants. It's your"},{"speaker":"James McPartland","startTime":3748.06,"endTime":3752.08,"body":"they're your clients. So okay,"},{"speaker":"James McPartland","startTime":3748.06,"endTime":3752.08,"body":"you leave, but you leave the"},{"speaker":"James McPartland","startTime":3752.08,"endTime":3755.56,"body":"ongoing advice fees. So all of"},{"speaker":"James McPartland","startTime":3752.08,"endTime":3755.56,"body":"the income that we built up,"},{"speaker":"James McPartland","startTime":3755.56,"endTime":3760.08,"body":"obviously, we had 1520, staff to"},{"speaker":"James McPartland","startTime":3755.56,"endTime":3760.08,"body":"look after all of our income"},{"speaker":"James McPartland","startTime":3760.08,"endTime":3768.24,"body":"stops. So it's a bit of a bit of"},{"speaker":"James McPartland","startTime":3760.08,"endTime":3768.24,"body":"a leap of faith, but actually it"},{"speaker":"James McPartland","startTime":3768.24,"endTime":3771.0,"body":"can be done as long as you do it"},{"speaker":"James McPartland","startTime":3768.24,"endTime":3771.0,"body":"in the right way, and you're"},{"speaker":"James McPartland","startTime":3771.0,"endTime":3774.12,"body":"doing it for the right reasons,"},{"speaker":"James McPartland","startTime":3771.0,"endTime":3774.12,"body":"your clients will follow you"},{"speaker":"James McPartland","startTime":3775.68,"endTime":3778.94,"body":"because, and also, what I would"},{"speaker":"James McPartland","startTime":3775.68,"endTime":3778.94,"body":"say is that once you explain the"},{"speaker":"James McPartland","startTime":3778.94,"endTime":3781.88,"body":"story and what you've given up,"},{"speaker":"James McPartland","startTime":3778.94,"endTime":3781.88,"body":"they become your biggest"},{"speaker":"James McPartland","startTime":3781.88,"endTime":3784.04,"body":"advocates. The amount of"},{"speaker":"James McPartland","startTime":3781.88,"endTime":3784.04,"body":"referrals and personal"},{"speaker":"James McPartland","startTime":3784.04,"endTime":3786.62,"body":"instructions we've had since"},{"speaker":"James McPartland","startTime":3784.04,"endTime":3786.62,"body":"because we've made the changes"},{"speaker":"James McPartland","startTime":3786.62,"endTime":3788.8399999999997,"body":"for the right reasons, has been"},{"speaker":"James McPartland","startTime":3786.62,"endTime":3788.8399999999997,"body":"unbelievable."},{"speaker":"Alan Smith","startTime":3790.64,"endTime":3793.4,"body":"Brilliant, brilliant"},{"speaker":"Alan Smith","startTime":3790.64,"endTime":3793.4,"body":"Nick. You've got a question?"},{"speaker":"Alan Smith","startTime":3794.48,"endTime":3794.8399999999997,"body":"Yeah."},{"speaker":"Nick Lincoln","startTime":3794.9,"endTime":3796.48,"body":"So you've made"},{"speaker":"Nick Lincoln","startTime":3794.9,"endTime":3796.48,"body":"this journey from this massive"},{"speaker":"Nick Lincoln","startTime":3796.48,"endTime":3800.62,"body":"brand. James recognized brand"},{"speaker":"Nick Lincoln","startTime":3796.48,"endTime":3800.62,"body":"for good and bad, and you set up"},{"speaker":"Nick Lincoln","startTime":3800.62,"endTime":3806.62,"body":"Porter partners in March. What's"},{"speaker":"Nick Lincoln","startTime":3800.62,"endTime":3806.62,"body":"the one thing that surprised you"},{"speaker":"Nick Lincoln","startTime":3806.62,"endTime":3809.98,"body":"on the transition from SJP to"},{"speaker":"Nick Lincoln","startTime":3806.62,"endTime":3809.98,"body":"being an independent financial"},{"speaker":"Nick Lincoln","startTime":3809.98,"endTime":3813.04,"body":"advisor? What was the one thing"},{"speaker":"Nick Lincoln","startTime":3809.98,"endTime":3813.04,"body":"that's happened to you you just"},{"speaker":"Nick Lincoln","startTime":3813.04,"endTime":3815.98,"body":"didn't think would be either a"},{"speaker":"Nick Lincoln","startTime":3813.04,"endTime":3815.98,"body":"good thing or a bad thing?"},{"speaker":"James McPartland","startTime":3818.98,"endTime":3822.24,"body":"I think the we"},{"speaker":"James McPartland","startTime":3818.98,"endTime":3822.24,"body":"spent two or three years"},{"speaker":"James McPartland","startTime":3822.24,"endTime":3826.2599999999998,"body":"planning this, and the amount of"},{"speaker":"James McPartland","startTime":3822.24,"endTime":3826.2599999999998,"body":"things that you have to think"},{"speaker":"James McPartland","startTime":3826.2599999999998,"endTime":3829.74,"body":"about is pretty ridiculous. The"},{"speaker":"James McPartland","startTime":3826.2599999999998,"endTime":3829.74,"body":"amount of times I said tech"},{"speaker":"James McPartland","startTime":3829.74,"endTime":3837.14,"body":"stack was unbelievable. Just the"},{"speaker":"James McPartland","startTime":3829.74,"endTime":3837.14,"body":"technology providers, the CRM"},{"speaker":"James McPartland","startTime":3837.14,"endTime":3839.9,"body":"providers like how you going to"},{"speaker":"James McPartland","startTime":3837.14,"endTime":3839.9,"body":"go and get regulated? There's"},{"speaker":"James McPartland","startTime":3839.9,"endTime":3843.3199999999997,"body":"just so much things to think"},{"speaker":"James McPartland","startTime":3839.9,"endTime":3843.3199999999997,"body":"about. SJP is quite easy. In"},{"speaker":"James McPartland","startTime":3843.3199999999997,"endTime":3848.42,"body":"some ways, because it's simple."},{"speaker":"James McPartland","startTime":3843.3199999999997,"endTime":3848.42,"body":"You know what you're doing, you"},{"speaker":"James McPartland","startTime":3848.42,"endTime":3851.0,"body":"know what you're advising on."},{"speaker":"James McPartland","startTime":3848.42,"endTime":3851.0,"body":"There's a limited choice, and in"},{"speaker":"James McPartland","startTime":3851.0,"endTime":3855.2,"body":"some ways that's a really good"},{"speaker":"James McPartland","startTime":3851.0,"endTime":3855.2,"body":"thing, but actually, the amount"},{"speaker":"James McPartland","startTime":3855.2,"endTime":3857.44,"body":"of stuff that's out there that"},{"speaker":"James McPartland","startTime":3855.2,"endTime":3857.44,"body":"you have to think about. That's"},{"speaker":"James McPartland","startTime":3857.44,"endTime":3861.8199999999997,"body":"probably the biggest thing that"},{"speaker":"James McPartland","startTime":3857.44,"endTime":3861.8199999999997,"body":"surprised us. But again, it was"},{"speaker":"James McPartland","startTime":3861.8199999999997,"endTime":3865.0,"body":"a massive opportunity, because"},{"speaker":"James McPartland","startTime":3861.8199999999997,"endTime":3865.0,"body":"we got to start again from from"},{"speaker":"James McPartland","startTime":3865.0,"endTime":3868.66,"body":"a blank sheet, design it from"},{"speaker":"James McPartland","startTime":3865.0,"endTime":3868.66,"body":"the from the ground up, and only"},{"speaker":"James McPartland","startTime":3868.66,"endTime":3872.8599999999997,"body":"use very simple things. Don't"},{"speaker":"James McPartland","startTime":3868.66,"endTime":3872.8599999999997,"body":"over complicate it. I think a"},{"speaker":"James McPartland","startTime":3872.8599999999997,"endTime":3876.2799999999997,"body":"lot of the businesses that we"},{"speaker":"James McPartland","startTime":3872.8599999999997,"endTime":3876.2799999999997,"body":"looked at just had so many going"},{"speaker":"James McPartland","startTime":3876.2799999999997,"endTime":3879.24,"body":"on. And I was like, Jesus"},{"speaker":"James McPartland","startTime":3876.2799999999997,"endTime":3879.24,"body":"Christ. It just seems like"},{"speaker":"James McPartland","startTime":3879.48,"endTime":3883.38,"body":"there's too much. So I think"},{"speaker":"James McPartland","startTime":3879.48,"endTime":3883.38,"body":"what we've tried to do is just"},{"speaker":"James McPartland","startTime":3883.38,"endTime":3883.56,"body":"keep"},{"speaker":"Nick Lincoln","startTime":3889.68,"endTime":3895.2599999999998,"body":"it Amen to that"},{"speaker":"Nick Lincoln","startTime":3889.68,"endTime":3895.2599999999998,"body":"God James."},{"speaker":"Andy Hart","startTime":3895.2599999999998,"endTime":3898.64,"body":"Let me just chip in."},{"speaker":"Andy Hart","startTime":3895.2599999999998,"endTime":3898.64,"body":"Yeah. Your story sounds amazing."},{"speaker":"Andy Hart","startTime":3898.64,"endTime":3901.7,"body":"Well done for taking the huge"},{"speaker":"Andy Hart","startTime":3898.64,"endTime":3901.7,"body":"leap, mate. That's a massive"},{"speaker":"Andy Hart","startTime":3901.7,"endTime":3904.46,"body":"thing to do, especially with"},{"speaker":"Andy Hart","startTime":3901.7,"endTime":3904.46,"body":"three young kids. My question is"},{"speaker":"Andy Hart","startTime":3904.46,"endTime":3907.7599999999998,"body":"specifically about the investing"},{"speaker":"Andy Hart","startTime":3904.46,"endTime":3907.7599999999998,"body":"and investments and how you"},{"speaker":"Andy Hart","startTime":3907.7599999999998,"endTime":3910.7,"body":"invest your clients money. How"},{"speaker":"Andy Hart","startTime":3907.7599999999998,"endTime":3910.7,"body":"has that changed from you going"},{"speaker":"Andy Hart","startTime":3910.7,"endTime":3914.9,"body":"from the big blue to yourself?"},{"speaker":"Andy Hart","startTime":3910.7,"endTime":3914.9,"body":"How has that changed or not in"},{"speaker":"Andy Hart","startTime":3914.9,"endTime":3916.66,"body":"relation to how you think about"},{"speaker":"Andy Hart","startTime":3914.9,"endTime":3916.66,"body":"investing?"},{"speaker":"James McPartland","startTime":3919.54,"endTime":3922.0,"body":"So we're,"},{"speaker":"James McPartland","startTime":3919.54,"endTime":3922.0,"body":"we're pretty much 100%"},{"speaker":"James McPartland","startTime":3922.7799999999997,"endTime":3930.1,"body":"dimensional. We, we really like"},{"speaker":"James McPartland","startTime":3922.7799999999997,"endTime":3930.1,"body":"those guys. We, we think they're"},{"speaker":"James McPartland","startTime":3930.1,"endTime":3932.92,"body":"super supportive. They're really"},{"speaker":"James McPartland","startTime":3930.1,"endTime":3932.92,"body":"good people to go and speak to"},{"speaker":"James McPartland","startTime":3933.04,"endTime":3936.22,"body":"and because, and they introduced"},{"speaker":"James McPartland","startTime":3933.04,"endTime":3936.22,"body":"us to quite a lot of other"},{"speaker":"James McPartland","startTime":3936.22,"endTime":3942.0,"body":"people and other businesses that"},{"speaker":"James McPartland","startTime":3936.22,"endTime":3942.0,"body":"you can go and speak to. But"},{"speaker":"James McPartland","startTime":3942.12,"endTime":3945.0,"body":"yeah, we we looked at loads of"},{"speaker":"James McPartland","startTime":3942.12,"endTime":3945.0,"body":"different things. We wanted low"},{"speaker":"James McPartland","startTime":3945.0,"endTime":3951.7799999999997,"body":"cost, like model portfolio"},{"speaker":"James McPartland","startTime":3945.0,"endTime":3951.7799999999997,"body":"services. And actually, SJP has"},{"speaker":"James McPartland","startTime":3951.7799999999997,"endTime":3955.02,"body":"introduced that to be fair to"},{"speaker":"James McPartland","startTime":3951.7799999999997,"endTime":3955.02,"body":"them. But yeah, it was just"},{"speaker":"James McPartland","startTime":3955.02,"endTime":3960.5,"body":"taking too long for us. So I"},{"speaker":"James McPartland","startTime":3955.02,"endTime":3960.5,"body":"think that is a good change that"},{"speaker":"James McPartland","startTime":3960.5,"endTime":3963.44,"body":"they've made. But yeah, we're"},{"speaker":"James McPartland","startTime":3960.5,"endTime":3963.44,"body":"100% dimensional. We really like"},{"speaker":"James McPartland","startTime":3963.44,"endTime":3963.98,"body":"those guys."},{"speaker":"Andy Hart","startTime":3967.7599999999998,"endTime":3969.7999999999997,"body":"But as your thinking"},{"speaker":"Andy Hart","startTime":3967.7599999999998,"endTime":3969.7999999999997,"body":"change, so that's less the"},{"speaker":"Andy Hart","startTime":3969.7999999999997,"endTime":3973.64,"body":"building blocks of who you use."},{"speaker":"Andy Hart","startTime":3969.7999999999997,"endTime":3973.64,"body":"But has your philosophy changed,"},{"speaker":"Andy Hart","startTime":3973.64,"endTime":3976.04,"body":"or is it quite similar? That's"},{"speaker":"Andy Hart","startTime":3973.64,"endTime":3976.04,"body":"what I'm sort of."},{"speaker":"James McPartland","startTime":3976.12,"endTime":3981.46,"body":"Yeah, yeah,"},{"speaker":"James McPartland","startTime":3976.12,"endTime":3981.46,"body":"yeah, definitely. And that's"},{"speaker":"James McPartland","startTime":3981.46,"endTime":3984.7599999999998,"body":"what we were, that's one of the"},{"speaker":"James McPartland","startTime":3981.46,"endTime":3984.7599999999998,"body":"main bug bears of that we wanted"},{"speaker":"James McPartland","startTime":3984.7599999999998,"endTime":3988.48,"body":"to change a few years ago. So we"},{"speaker":"James McPartland","startTime":3984.7599999999998,"endTime":3988.48,"body":"wanted them to introduce some"},{"speaker":"James McPartland","startTime":3988.48,"endTime":3993.88,"body":"low cost stuff, but it was just"},{"speaker":"James McPartland","startTime":3988.48,"endTime":3993.88,"body":"they were going to do it, but it"},{"speaker":"James McPartland","startTime":3993.88,"endTime":3997.5,"body":"was just a matter of when, and"},{"speaker":"James McPartland","startTime":3993.88,"endTime":3997.5,"body":"we just run out of time. Our"},{"speaker":"James McPartland","startTime":3997.5,"endTime":4000.74,"body":"clients were after it. We look"},{"speaker":"James McPartland","startTime":3997.5,"endTime":4000.74,"body":"after city based professionals."},{"speaker":"James McPartland","startTime":4001.3399999999997,"endTime":4005.12,"body":"Index investing is everywhere,"},{"speaker":"James McPartland","startTime":4001.3399999999997,"endTime":4005.12,"body":"and we wanted to be able to"},{"speaker":"James McPartland","startTime":4005.12,"endTime":4008.54,"body":"offer it. Some clients might not"},{"speaker":"James McPartland","startTime":4005.12,"endTime":4008.54,"body":"want it, but a lot of our"},{"speaker":"James McPartland","startTime":4008.54,"endTime":4012.62,"body":"clients did, so we just wanted"},{"speaker":"James McPartland","startTime":4008.54,"endTime":4012.62,"body":"to be able to give that option,"},{"speaker":"James McPartland","startTime":4012.62,"endTime":4017.92,"body":"and it was just too slow to come"},{"speaker":"James McPartland","startTime":4012.62,"endTime":4017.92,"body":"really hmm, cool, cool."},{"speaker":"Alan Smith","startTime":4018.94,"endTime":4021.52,"body":"James, can you share"},{"speaker":"Alan Smith","startTime":4018.94,"endTime":4021.52,"body":"that? Because you obviously,"},{"speaker":"Alan Smith","startTime":4021.52,"endTime":4024.8199999999997,"body":"it's a brilliant thing to start"},{"speaker":"Alan Smith","startTime":4021.52,"endTime":4024.8199999999997,"body":"from blank piece of paper. It's"},{"speaker":"Alan Smith","startTime":4024.8199999999997,"endTime":4028.24,"body":"great, and I think a lot of us"},{"speaker":"Alan Smith","startTime":4024.8199999999997,"endTime":4028.24,"body":"would like to do that sometimes"},{"speaker":"Alan Smith","startTime":4028.24,"endTime":4030.7599999999998,"body":"so, but you are just looking at"},{"speaker":"Alan Smith","startTime":4028.24,"endTime":4030.7599999999998,"body":"the marketplace. You're looking"},{"speaker":"Alan Smith","startTime":4030.8199999999997,"endTime":4033.46,"body":"at all the options. I'm sure you"},{"speaker":"Alan Smith","startTime":4030.8199999999997,"endTime":4033.46,"body":"had lots of meetings and lots of"},{"speaker":"Alan Smith","startTime":4033.46,"endTime":4036.96,"body":"sort of sales pitches from tech"},{"speaker":"Alan Smith","startTime":4033.46,"endTime":4036.96,"body":"companies and various things and"},{"speaker":"Alan Smith","startTime":4036.96,"endTime":4039.72,"body":"you've landed, and where you've"},{"speaker":"Alan Smith","startTime":4036.96,"endTime":4039.72,"body":"landed, can you share where"},{"speaker":"Alan Smith","startTime":4039.72,"endTime":4042.6,"body":"you've where you have landed, in"},{"speaker":"Alan Smith","startTime":4039.72,"endTime":4042.6,"body":"terms of your tech stack, the"},{"speaker":"Alan Smith","startTime":4042.66,"endTime":4045.9,"body":"services that you use? Yeah. So"},{"speaker":"Alan Smith","startTime":4042.66,"endTime":4045.9,"body":"we, we"},{"speaker":"James McPartland","startTime":4046.98,"endTime":4050.16,"body":"use, well, we,"},{"speaker":"James McPartland","startTime":4046.98,"endTime":4050.16,"body":"we ended. We looked like we were"},{"speaker":"James McPartland","startTime":4050.16,"endTime":4053.58,"body":"going to use about 30 different"},{"speaker":"James McPartland","startTime":4050.16,"endTime":4053.58,"body":"things. Then we scaled it back"},{"speaker":"James McPartland","startTime":4054.54,"endTime":4058.1,"body":"to having a fundamental base of"},{"speaker":"James McPartland","startTime":4054.54,"endTime":4058.1,"body":"getting the CRM provider, we"},{"speaker":"James McPartland","startTime":4058.3399999999997,"endTime":4063.14,"body":"write so we use planner, rightly"},{"speaker":"James McPartland","startTime":4058.3399999999997,"endTime":4063.14,"body":"or wrongly. We think it's we"},{"speaker":"James McPartland","startTime":4063.14,"endTime":4068.2999999999997,"body":"think it's a pretty good place"},{"speaker":"James McPartland","startTime":4063.14,"endTime":4068.2999999999997,"body":"to go. From a investment"},{"speaker":"James McPartland","startTime":4068.2999999999997,"endTime":4073.16,"body":"platform. We have looked at"},{"speaker":"James McPartland","startTime":4068.2999999999997,"endTime":4073.16,"body":"fundment. We've looked at the"},{"speaker":"James McPartland","startTime":4073.2799999999997,"endTime":4079.3599999999997,"body":"Soderberg platform, like sekol"},{"speaker":"James McPartland","startTime":4073.2799999999997,"endTime":4079.3599999999997,"body":"and transact. So each one offers"},{"speaker":"James McPartland","startTime":4079.3599999999997,"endTime":4082.72,"body":"like a little niche, but"},{"speaker":"James McPartland","startTime":4079.3599999999997,"endTime":4082.72,"body":"technology driven is super"},{"speaker":"James McPartland","startTime":4082.72,"endTime":4090.94,"body":"important. We used advisory AI"},{"speaker":"James McPartland","startTime":4082.72,"endTime":4090.94,"body":"so we like those guys, so"},{"speaker":"James McPartland","startTime":4091.0,"endTime":4094.06,"body":"they're the main sort of things"},{"speaker":"James McPartland","startTime":4091.0,"endTime":4094.06,"body":"really just not trying to over"},{"speaker":"James McPartland","startTime":4094.06,"endTime":4100.02,"body":"complicate it. We've got a"},{"speaker":"James McPartland","startTime":4094.06,"endTime":4100.02,"body":"pretty, pretty forward thinking"},{"speaker":"James McPartland","startTime":4100.02,"endTime":4104.04,"body":"team that tries to automate"},{"speaker":"James McPartland","startTime":4100.02,"endTime":4104.04,"body":"things like letter authority, so"},{"speaker":"James McPartland","startTime":4104.04,"endTime":4106.9800000000005,"body":"we've built some of it"},{"speaker":"James McPartland","startTime":4104.04,"endTime":4106.9800000000005,"body":"ourselves, but the fundamental"},{"speaker":"James McPartland","startTime":4106.9800000000005,"endTime":4110.22,"body":"was making sure that the CRM"},{"speaker":"James McPartland","startTime":4106.9800000000005,"endTime":4110.22,"body":"provider was right. And planner,"},{"speaker":"James McPartland","startTime":4110.22,"endTime":4113.04,"body":"we think is, is a pretty good"},{"speaker":"James McPartland","startTime":4110.22,"endTime":4113.04,"body":"option, because it gives you"},{"speaker":"James McPartland","startTime":4113.04,"endTime":4116.1,"body":"loads of things that you can"},{"speaker":"James McPartland","startTime":4113.04,"endTime":4116.1,"body":"build, build off yourselves. And"},{"speaker":"James McPartland","startTime":4116.1,"endTime":4118.52,"body":"the API links are pretty, pretty"},{"speaker":"James McPartland","startTime":4116.1,"endTime":4118.52,"body":"slick."},{"speaker":"Alan Smith","startTime":4121.4000000000005,"endTime":4123.74,"body":"Yeah, I think, I"},{"speaker":"Alan Smith","startTime":4121.4000000000005,"endTime":4123.74,"body":"think that's great. And, yeah,"},{"speaker":"Alan Smith","startTime":4123.74,"endTime":4127.04,"body":"less is more, because I think I"},{"speaker":"Alan Smith","startTime":4123.74,"endTime":4127.04,"body":"can think of, you know, we're"},{"speaker":"Alan Smith","startTime":4127.7,"endTime":4131.0,"body":"trying to streamline it, but I"},{"speaker":"Alan Smith","startTime":4127.7,"endTime":4131.0,"body":"know some companies have got"},{"speaker":"Alan Smith","startTime":4131.18,"endTime":4134.84,"body":"1250, more different sort of"},{"speaker":"Alan Smith","startTime":4131.18,"endTime":4134.84,"body":"systems to try to speak to each"},{"speaker":"Alan Smith","startTime":4134.84,"endTime":4138.46,"body":"other, and it just doesn't."},{"speaker":"Alan Smith","startTime":4134.84,"endTime":4138.46,"body":"There is a real appetite for"},{"speaker":"Alan Smith","startTime":4139.06,"endTime":4142.24,"body":"shiny objects and technology."},{"speaker":"Alan Smith","startTime":4139.06,"endTime":4142.24,"body":"And every, every month, there's"},{"speaker":"Alan Smith","startTime":4142.24,"endTime":4142.4800000000005,"body":"a new"},{"speaker":"Unknown","startTime":4142.4800000000005,"endTime":4145.06,"body":"tech if you're if"},{"speaker":"Unknown","startTime":4142.4800000000005,"endTime":4145.06,"body":"you're that way,"},{"speaker":"Alan Smith","startTime":4146.799,"endTime":4151.119,"body":"I've heard of"},{"speaker":"Alan Smith","startTime":4146.799,"endTime":4151.119,"body":"somebody who is not anymore. I"},{"speaker":"Alan Smith","startTime":4151.119,"endTime":4154.479,"body":"mean, I'm in recovery shiny new"},{"speaker":"Alan Smith","startTime":4151.119,"endTime":4154.479,"body":"object syndrome."},{"speaker":"Carl Widger","startTime":4155.26,"endTime":4158.58,"body":"Can I ask? Just in"},{"speaker":"Carl Widger","startTime":4155.26,"endTime":4158.58,"body":"terms of where you are now? And"},{"speaker":"Carl Widger","startTime":4158.58,"endTime":4161.28,"body":"obviously, you're in a good"},{"speaker":"Carl Widger","startTime":4158.58,"endTime":4161.28,"body":"place, and the clients have"},{"speaker":"Carl Widger","startTime":4162.18,"endTime":4165.96,"body":"broadly come across with you,"},{"speaker":"Carl Widger","startTime":4162.18,"endTime":4165.96,"body":"when you look back at, say, that"},{"speaker":"Carl Widger","startTime":4165.96,"endTime":4169.68,"body":"period from a you know, you"},{"speaker":"Carl Widger","startTime":4165.96,"endTime":4169.68,"body":"started very early, and then you"},{"speaker":"Carl Widger","startTime":4169.68,"endTime":4172.98,"body":"went to the SJP, and now you're"},{"speaker":"Carl Widger","startTime":4169.68,"endTime":4172.98,"body":"doing your own thing, like, is"},{"speaker":"Carl Widger","startTime":4172.98,"endTime":4175.86,"body":"there anything, if you had your"},{"speaker":"Carl Widger","startTime":4172.98,"endTime":4175.86,"body":"time back, would you have"},{"speaker":"Carl Widger","startTime":4175.86,"endTime":4180.86,"body":"changed? Or did everything just"},{"speaker":"Carl Widger","startTime":4175.86,"endTime":4180.86,"body":"fit at the right time? You know,"},{"speaker":"Carl Widger","startTime":4180.86,"endTime":4183.86,"body":"was it just this is the right"},{"speaker":"Carl Widger","startTime":4180.86,"endTime":4183.86,"body":"time to do this particular thing"},{"speaker":"Carl Widger","startTime":4183.86,"endTime":4186.92,"body":"and then you changed? Or would"},{"speaker":"Carl Widger","startTime":4183.86,"endTime":4186.92,"body":"you change things if you went"},{"speaker":"Carl Widger","startTime":4186.92,"endTime":4189.74,"body":"back? So I the reason I'm asking"},{"speaker":"Carl Widger","startTime":4186.92,"endTime":4189.74,"body":"the question. We have a lot of"},{"speaker":"Carl Widger","startTime":4189.74,"endTime":4192.14,"body":"younger listeners who are kind"},{"speaker":"Carl Widger","startTime":4189.74,"endTime":4192.14,"body":"of, you know, going, Okay, what"},{"speaker":"Carl Widger","startTime":4192.14,"endTime":4195.38,"body":"should I be doing, or whatever."},{"speaker":"Carl Widger","startTime":4192.14,"endTime":4195.38,"body":"So if you had your time back,"},{"speaker":"Carl Widger","startTime":4195.38,"endTime":4197.44,"body":"what would you do differently?"},{"speaker":"Carl Widger","startTime":4195.38,"endTime":4197.44,"body":"If anything at all."},{"speaker":"James McPartland","startTime":4202.18,"endTime":4206.2,"body":"No, I would, I"},{"speaker":"James McPartland","startTime":4202.18,"endTime":4206.2,"body":"would say, I'm been super lucky,"},{"speaker":"James McPartland","startTime":4206.2,"endTime":4212.14,"body":"like I went I've always been"},{"speaker":"James McPartland","startTime":4206.2,"endTime":4212.14,"body":"self employed, which was"},{"speaker":"James McPartland","startTime":4212.5599999999995,"endTime":4216.04,"body":"obviously it came with its"},{"speaker":"James McPartland","startTime":4212.5599999999995,"endTime":4216.04,"body":"challenges. I got paid 206 quid"},{"speaker":"James McPartland","startTime":4216.04,"endTime":4220.86,"body":"on month four. But actually, if"},{"speaker":"James McPartland","startTime":4216.04,"endTime":4220.86,"body":"you can get over that period of"},{"speaker":"James McPartland","startTime":4220.92,"endTime":4225.9,"body":"growing the initial client base,"},{"speaker":"James McPartland","startTime":4220.92,"endTime":4225.9,"body":"there's a lot of people just"},{"speaker":"James McPartland","startTime":4225.9,"endTime":4230.76,"body":"drag it out for far too long. So"},{"speaker":"James McPartland","startTime":4225.9,"endTime":4230.76,"body":"I'd say everything happens in a"},{"speaker":"James McPartland","startTime":4230.76,"endTime":4233.7,"body":"pretty good order for us. We"},{"speaker":"James McPartland","startTime":4230.76,"endTime":4233.7,"body":"were sick. I was super lucky. I"},{"speaker":"James McPartland","startTime":4233.76,"endTime":4236.88,"body":"became self employed, built a"},{"speaker":"James McPartland","startTime":4233.76,"endTime":4236.88,"body":"quick client base, joined SJP,"},{"speaker":"James McPartland","startTime":4236.88,"endTime":4239.96,"body":"which was, gave you the"},{"speaker":"James McPartland","startTime":4236.88,"endTime":4239.96,"body":"infrastructure to go and grow a"},{"speaker":"James McPartland","startTime":4239.96,"endTime":4245.0,"body":"business, and we're super"},{"speaker":"James McPartland","startTime":4239.96,"endTime":4245.0,"body":"grateful for that. And it just"},{"speaker":"James McPartland","startTime":4245.0,"endTime":4249.26,"body":"felt like it was good timing to"},{"speaker":"James McPartland","startTime":4245.0,"endTime":4249.26,"body":"sort of part ways,"},{"speaker":"Carl Widger","startTime":4250.4,"endTime":4252.68,"body":"yeah, that's cool"},{"speaker":"Carl Widger","startTime":4250.4,"endTime":4252.68,"body":"and very mature way of looking"},{"speaker":"Carl Widger","startTime":4252.68,"endTime":4255.44,"body":"at things. I think sometimes"},{"speaker":"Carl Widger","startTime":4252.68,"endTime":4255.44,"body":"people are too quick to say, oh,"},{"speaker":"Carl Widger","startTime":4255.44,"endTime":4258.4,"body":"yeah, one thing that I used to"},{"speaker":"Carl Widger","startTime":4255.44,"endTime":4258.4,"body":"do that wasn't any good, but I"},{"speaker":"Carl Widger","startTime":4258.4,"endTime":4261.0999999999995,"body":"think, you know, that's kudos to"},{"speaker":"Carl Widger","startTime":4258.4,"endTime":4261.0999999999995,"body":"you for saying that. I think"},{"speaker":"Carl Widger","startTime":4261.0999999999995,"endTime":4261.88,"body":"that's important."},{"speaker":"James McPartland","startTime":4263.0199999999995,"endTime":4269.2,"body":"Andy, one"},{"speaker":"James McPartland","startTime":4263.0199999999995,"endTime":4269.2,"body":"thing I would say, Go on and go."},{"speaker":"James McPartland","startTime":4269.2,"endTime":4269.98,"body":"Andy, go for it."},{"speaker":"Andy Hart","startTime":4271.18,"endTime":4272.44,"body":"Michael James, you're"},{"speaker":"Andy Hart","startTime":4271.18,"endTime":4272.44,"body":"the guest."},{"speaker":"James McPartland","startTime":4275.14,"endTime":4278.22,"body":"One thing. I"},{"speaker":"James McPartland","startTime":4275.14,"endTime":4278.22,"body":"would say, is that for new"},{"speaker":"James McPartland","startTime":4278.22,"endTime":4282.78,"body":"advisors, what we do with ours,"},{"speaker":"James McPartland","startTime":4278.22,"endTime":4282.78,"body":"rightly or wrongly, is we get"},{"speaker":"James McPartland","startTime":4282.78,"endTime":4287.28,"body":"them into client meetings"},{"speaker":"James McPartland","startTime":4282.78,"endTime":4287.28,"body":"immediately, so associates going"},{"speaker":"James McPartland","startTime":4287.28,"endTime":4290.7,"body":"through their exams, get them in"},{"speaker":"James McPartland","startTime":4287.28,"endTime":4290.7,"body":"the meetings and get them to do"},{"speaker":"James McPartland","startTime":4290.7,"endTime":4293.28,"body":"the follow up and have as much"},{"speaker":"James McPartland","startTime":4290.7,"endTime":4293.28,"body":"client contact as humanly"},{"speaker":"James McPartland","startTime":4293.28,"endTime":4296.48,"body":"possible, because that is what"},{"speaker":"James McPartland","startTime":4293.28,"endTime":4296.48,"body":"the job is. All About, building"},{"speaker":"James McPartland","startTime":4296.48,"endTime":4299.84,"body":"relationships, being in those"},{"speaker":"James McPartland","startTime":4296.48,"endTime":4299.84,"body":"tough conversations, and the"},{"speaker":"James McPartland","startTime":4299.84,"endTime":4303.26,"body":"more exposure that it can get."},{"speaker":"James McPartland","startTime":4299.84,"endTime":4303.26,"body":"Rather than doing Power planning"},{"speaker":"James McPartland","startTime":4303.26,"endTime":4306.14,"body":"for a number of years, in my"},{"speaker":"James McPartland","startTime":4303.26,"endTime":4306.14,"body":"opinion, that is the most"},{"speaker":"James McPartland","startTime":4306.14,"endTime":4310.04,"body":"valuable thing that an associate"},{"speaker":"James McPartland","startTime":4306.14,"endTime":4310.04,"body":"advisor does. We get them in"},{"speaker":"James McPartland","startTime":4310.04,"endTime":4313.34,"body":"client meetings from day one,"},{"speaker":"James McPartland","startTime":4310.04,"endTime":4313.34,"body":"because ultimately, that's what"},{"speaker":"James McPartland","startTime":4313.34,"endTime":4316.04,"body":"the job is. So I would say, if"},{"speaker":"James McPartland","startTime":4313.34,"endTime":4316.04,"body":"you're going to go and join a"},{"speaker":"James McPartland","startTime":4316.04,"endTime":4320.0199999999995,"body":"firm, just make sure that they"},{"speaker":"James McPartland","startTime":4316.04,"endTime":4320.0199999999995,"body":"you've got client exposure"},{"speaker":"James McPartland","startTime":4320.0199999999995,"endTime":4320.62,"body":"immediately."},{"speaker":"Andy Hart","startTime":4323.62,"endTime":4325.96,"body":"That's brilliant."},{"speaker":"Andy Hart","startTime":4323.62,"endTime":4325.96,"body":"James, my question is, how do"},{"speaker":"Andy Hart","startTime":4325.96,"endTime":4328.84,"body":"you see the future of financial"},{"speaker":"Andy Hart","startTime":4325.96,"endTime":4328.84,"body":"advice panning out? What's your"},{"speaker":"Andy Hart","startTime":4328.84,"endTime":4329.62,"body":"thoughts on that?"},{"speaker":"James McPartland","startTime":4330.46,"endTime":4339.36,"body":"Whoo, nice,"},{"speaker":"James McPartland","startTime":4330.46,"endTime":4339.36,"body":"simple. Yeah. Cheers. I would"},{"speaker":"James McPartland","startTime":4339.36,"endTime":4342.96,"body":"say it's, it's going to be"},{"speaker":"James McPartland","startTime":4339.36,"endTime":4342.96,"body":"technology focused. I think it's"},{"speaker":"James McPartland","startTime":4342.96,"endTime":4346.92,"body":"going to be a lot. We've tried"},{"speaker":"James McPartland","startTime":4342.96,"endTime":4346.92,"body":"to do a quite a lot of this, so"},{"speaker":"James McPartland","startTime":4347.22,"endTime":4349.62,"body":"making sure that the client and"},{"speaker":"James McPartland","startTime":4347.22,"endTime":4349.62,"body":"boarding it can be done in"},{"speaker":"James McPartland","startTime":4349.62,"endTime":4353.22,"body":"minutes rather than days, or"},{"speaker":"James McPartland","startTime":4349.62,"endTime":4353.22,"body":"making sure that there's a"},{"speaker":"James McPartland","startTime":4353.22,"endTime":4355.98,"body":"suitability letter in a client's"},{"speaker":"James McPartland","startTime":4353.22,"endTime":4355.98,"body":"hands 15 minutes after the"},{"speaker":"James McPartland","startTime":4355.98,"endTime":4358.82,"body":"meeting. It's all client"},{"speaker":"James McPartland","startTime":4355.98,"endTime":4358.82,"body":"experience stuff that should be"},{"speaker":"James McPartland","startTime":4358.82,"endTime":4363.92,"body":"technology driven. There's so"},{"speaker":"James McPartland","startTime":4358.82,"endTime":4363.92,"body":"many things now the way you can"},{"speaker":"James McPartland","startTime":4363.98,"endTime":4368.5999999999995,"body":"open an account and be a client"},{"speaker":"James McPartland","startTime":4363.98,"endTime":4368.5999999999995,"body":"within minutes. And I just"},{"speaker":"James McPartland","startTime":4368.5999999999995,"endTime":4374.42,"body":"think, certainly in some"},{"speaker":"James McPartland","startTime":4368.5999999999995,"endTime":4374.42,"body":"businesses, it can take weeks or"},{"speaker":"James McPartland","startTime":4374.42,"endTime":4376.96,"body":"months to become a client. And I"},{"speaker":"James McPartland","startTime":4374.42,"endTime":4376.96,"body":"just think that's ridiculous."},{"speaker":"James McPartland","startTime":4377.14,"endTime":4381.28,"body":"Clients want it immediately, and"},{"speaker":"James McPartland","startTime":4377.14,"endTime":4381.28,"body":"I think the better and more"},{"speaker":"James McPartland","startTime":4381.28,"endTime":4385.24,"body":"simple people can keep that, the"},{"speaker":"James McPartland","startTime":4381.28,"endTime":4385.24,"body":"better business that they'll"},{"speaker":"James McPartland","startTime":4385.24,"endTime":4389.44,"body":"run. And I think there's going"},{"speaker":"James McPartland","startTime":4385.24,"endTime":4389.44,"body":"to be a massive going from 30"},{"speaker":"James McPartland","startTime":4389.44,"endTime":4392.38,"body":"different systems to basically"},{"speaker":"James McPartland","startTime":4389.44,"endTime":4392.38,"body":"having, hopefully one or two"},{"speaker":"James McPartland","startTime":4392.38,"endTime":4397.26,"body":"that actually do everything that"},{"speaker":"James McPartland","startTime":4392.38,"endTime":4397.26,"body":"you can do. I think that is a"},{"speaker":"James McPartland","startTime":4397.26,"endTime":4399.78,"body":"general shift that we're seeing,"},{"speaker":"James McPartland","startTime":4397.26,"endTime":4399.78,"body":"and we've tried to sort of do"},{"speaker":"James McPartland","startTime":4399.78,"endTime":4401.28,"body":"that less is more."},{"speaker":"Alan Smith","startTime":4404.7,"endTime":4407.88,"body":"Yeah, that makes"},{"speaker":"Alan Smith","startTime":4404.7,"endTime":4407.88,"body":"that makes perfect sense. James,"},{"speaker":"Alan Smith","startTime":4407.88,"endTime":4412.5599999999995,"body":"I want to ask you something that"},{"speaker":"Alan Smith","startTime":4407.88,"endTime":4412.5599999999995,"body":"has come up on this podcast"},{"speaker":"Alan Smith","startTime":4412.5599999999995,"endTime":4416.96,"body":"before, and I know a few of us"},{"speaker":"Alan Smith","startTime":4412.5599999999995,"endTime":4416.96,"body":"have had conversations about"},{"speaker":"Alan Smith","startTime":4416.96,"endTime":4422.42,"body":"with SJP people. There is a"},{"speaker":"Alan Smith","startTime":4416.96,"endTime":4422.42,"body":"famous you call it like a loan"},{"speaker":"Alan Smith","startTime":4422.42,"endTime":4426.8,"body":"scheme, where the business will"},{"speaker":"Alan Smith","startTime":4422.42,"endTime":4426.8,"body":"lend money to practice"},{"speaker":"Alan Smith","startTime":4426.8,"endTime":4429.38,"body":"professionals, practice owners,"},{"speaker":"Alan Smith","startTime":4426.8,"endTime":4429.38,"body":"to help them grow the business"},{"speaker":"Alan Smith","startTime":4429.38,"endTime":4432.98,"body":"and what have you. But it's had,"},{"speaker":"Alan Smith","startTime":4429.38,"endTime":4432.98,"body":"there's been some sort of"},{"speaker":"Alan Smith","startTime":4432.98,"endTime":4436.22,"body":"contentious issues. I've seen"},{"speaker":"Alan Smith","startTime":4432.98,"endTime":4436.22,"body":"some stuff on LinkedIn, people"},{"speaker":"Alan Smith","startTime":4436.22,"endTime":4439.3,"body":"back and forward. None of us"},{"speaker":"Alan Smith","startTime":4436.22,"endTime":4439.3,"body":"know anything about it. But what"},{"speaker":"Alan Smith","startTime":4439.3,"endTime":4441.88,"body":"are your thoughts? Because from"},{"speaker":"Alan Smith","startTime":4439.3,"endTime":4441.88,"body":"our conversation, that we don't"},{"speaker":"Alan Smith","startTime":4441.88,"endTime":4444.64,"body":"mind me saying you you didn't"},{"speaker":"Alan Smith","startTime":4441.88,"endTime":4444.64,"body":"participate, and you were very"},{"speaker":"Alan Smith","startTime":4444.64,"endTime":4448.0,"body":"keen not to participate. But"},{"speaker":"Alan Smith","startTime":4444.64,"endTime":4448.0,"body":"what are your thoughts to anyone"},{"speaker":"Alan Smith","startTime":4448.0,"endTime":4451.9,"body":"who's listening to this, who's"},{"speaker":"Alan Smith","startTime":4448.0,"endTime":4451.9,"body":"at SJP thinking of participating"},{"speaker":"Alan Smith","startTime":4451.9,"endTime":4452.5599999999995,"body":"in that scheme?"},{"speaker":"James McPartland","startTime":4452.5599999999995,"endTime":4455.86,"body":"So you talk"},{"speaker":"James McPartland","startTime":4452.5599999999995,"endTime":4455.86,"body":"about the business, the business"},{"speaker":"James McPartland","startTime":4455.86,"endTime":4459.42,"body":"sale and purchase stuff. Yes,"},{"speaker":"James McPartland","startTime":4455.86,"endTime":4459.42,"body":"buying a business, they loan you"},{"speaker":"James McPartland","startTime":4459.42,"endTime":4462.18,"body":"the money that that's one of the"},{"speaker":"James McPartland","startTime":4459.42,"endTime":4462.18,"body":"things that attracted us in the"},{"speaker":"James McPartland","startTime":4462.18,"endTime":4466.32,"body":"first place. Got to be honest,"},{"speaker":"James McPartland","startTime":4462.18,"endTime":4466.32,"body":"like, right? You we were 25 and"},{"speaker":"James McPartland","startTime":4466.32,"endTime":4468.96,"body":"you could build a business for"},{"speaker":"James McPartland","startTime":4466.32,"endTime":4468.96,"body":"15 years and essentially sell"},{"speaker":"James McPartland","startTime":4468.96,"endTime":4473.88,"body":"it. You've got retirement plan."},{"speaker":"James McPartland","startTime":4468.96,"endTime":4473.88,"body":"I don't think that model is as"},{"speaker":"James McPartland","startTime":4476.76,"endTime":4481.22,"body":"sustainable as it was, let's say"},{"speaker":"James McPartland","startTime":4476.76,"endTime":4481.22,"body":"that that was pretty diplomatic"},{"speaker":"James McPartland","startTime":4481.22,"endTime":4483.5,"body":"of me, as pretty much as"},{"speaker":"James McPartland","startTime":4481.22,"endTime":4483.5,"body":"diplomatic as I can be."},{"speaker":"Alan Smith","startTime":4483.8,"endTime":4484.64,"body":"That's not like you."},{"speaker":"James McPartland","startTime":4486.44,"endTime":4491.3,"body":"So I've had"},{"speaker":"James McPartland","startTime":4486.44,"endTime":4491.3,"body":"fair warning. So all right, no,"},{"speaker":"James McPartland","startTime":4491.3,"endTime":4495.32,"body":"it wouldn't be for me. I"},{"speaker":"James McPartland","startTime":4491.3,"endTime":4495.32,"body":"wouldn't be doing it right now."},{"speaker":"James McPartland","startTime":4496.34,"endTime":4502.5999999999995,"body":"I know that BSB values are down."},{"speaker":"James McPartland","startTime":4496.34,"endTime":4502.5999999999995,"body":"So the business, the business"},{"speaker":"James McPartland","startTime":4502.5999999999995,"endTime":4506.5599999999995,"body":"values are down. I know there's"},{"speaker":"James McPartland","startTime":4502.5999999999995,"endTime":4506.5599999999995,"body":"less of a market than they used,"},{"speaker":"James McPartland","startTime":4506.5599999999995,"endTime":4510.94,"body":"used to be, if it was me. Now"},{"speaker":"James McPartland","startTime":4506.5599999999995,"endTime":4510.94,"body":"there's no way I do it, because"},{"speaker":"James McPartland","startTime":4510.94,"endTime":4514.9,"body":"obviously we've moved on, but"},{"speaker":"James McPartland","startTime":4510.94,"endTime":4514.9,"body":"obviously each their own. And I"},{"speaker":"James McPartland","startTime":4515.38,"endTime":4517.86,"body":"know some people that have done"},{"speaker":"James McPartland","startTime":4515.38,"endTime":4517.86,"body":"it, and we've got, I've got I've"},{"speaker":"James McPartland","startTime":4517.86,"endTime":4521.64,"body":"got mates still there SJP, and"},{"speaker":"James McPartland","startTime":4517.86,"endTime":4521.64,"body":"they're still amazing businesses"},{"speaker":"James McPartland","startTime":4521.64,"endTime":4526.5599999999995,"body":"there for me. No, I wouldn't get"},{"speaker":"James McPartland","startTime":4521.64,"endTime":4526.5599999999995,"body":"involved in it. I think having a"},{"speaker":"James McPartland","startTime":4526.5599999999995,"endTime":4531.9,"body":"personal guarantee on it is, is"},{"speaker":"James McPartland","startTime":4526.5599999999995,"endTime":4531.9,"body":"pretty tricky as well. So, yeah,"},{"speaker":"James McPartland","startTime":4531.9,"endTime":4535.08,"body":"it's not something that I would"},{"speaker":"James McPartland","startTime":4531.9,"endTime":4535.08,"body":"get involved in."},{"speaker":"Alan Smith","startTime":4535.079,"endTime":4538.639,"body":"Okay, that's, that"},{"speaker":"Alan Smith","startTime":4535.079,"endTime":4538.639,"body":"is diplomatic, and it's, yeah,"},{"speaker":"Alan Smith","startTime":4538.639,"endTime":4541.639,"body":"it's good advice to anyone,"},{"speaker":"Alan Smith","startTime":4538.639,"endTime":4541.639,"body":"because we have had a few people"},{"speaker":"Alan Smith","startTime":4541.639,"endTime":4544.339,"body":"contact us and we said, look, we"},{"speaker":"Alan Smith","startTime":4541.639,"endTime":4544.339,"body":"can't advise you, but like"},{"speaker":"Alan Smith","startTime":4544.339,"endTime":4547.519,"body":"anything you know, read the"},{"speaker":"Alan Smith","startTime":4544.339,"endTime":4547.519,"body":"small print, do your homework."},{"speaker":"Alan Smith","startTime":4548.239,"endTime":4551.959,"body":"Particularly you're right when,"},{"speaker":"Alan Smith","startTime":4548.239,"endTime":4551.959,"body":"when they've got that personal"},{"speaker":"Alan Smith","startTime":4551.959,"endTime":4554.959,"body":"guarantee, and can, in theory,"},{"speaker":"Alan Smith","startTime":4551.959,"endTime":4554.959,"body":"take your house away if the"},{"speaker":"Alan Smith","startTime":4555.259,"endTime":4558.699,"body":"numbers don't add up. No idea"},{"speaker":"Alan Smith","startTime":4555.259,"endTime":4558.699,"body":"any further thoughts or"},{"speaker":"Alan Smith","startTime":4558.699,"endTime":4559.899,"body":"questions for James,"},{"speaker":"Andy Hart","startTime":4560.14,"endTime":4562.18,"body":"that's what personal"},{"speaker":"Andy Hart","startTime":4560.14,"endTime":4562.18,"body":"guarantees are in business."},{"speaker":"Andy Hart","startTime":4562.18,"endTime":4565.5999999999995,"body":"Alan, the personal guarantees"},{"speaker":"Andy Hart","startTime":4562.18,"endTime":4565.5999999999995,"body":"for SJP are not, not exclusive"},{"speaker":"Andy Hart","startTime":4565.5999999999995,"endTime":4568.42,"body":"to them. Personal guarantee. No,"},{"speaker":"Andy Hart","startTime":4565.5999999999995,"endTime":4568.42,"body":"I know, I know exactly, but they"},{"speaker":"Andy Hart","startTime":4568.42,"endTime":4570.76,"body":"call it an idiot with a pen."},{"speaker":"Andy Hart","startTime":4568.42,"endTime":4570.76,"body":"That's what they call personal"},{"speaker":"Andy Hart","startTime":4570.76,"endTime":4577.14,"body":"guarantees. But, yeah, John,"},{"speaker":"Andy Hart","startTime":4570.76,"endTime":4577.14,"body":"yeah. Any. Questions, and to"},{"speaker":"James McPartland","startTime":4577.68,"endTime":4582.0599999999995,"body":"be honest, if"},{"speaker":"James McPartland","startTime":4577.68,"endTime":4582.0599999999995,"body":"people want to, if people want"},{"speaker":"James McPartland","startTime":4582.0599999999995,"endTime":4584.0999999999995,"body":"to grow their business, if"},{"speaker":"James McPartland","startTime":4582.0599999999995,"endTime":4584.0999999999995,"body":"people want to grow their"},{"speaker":"James McPartland","startTime":4584.0999999999995,"endTime":4586.68,"body":"business that way, each their"},{"speaker":"James McPartland","startTime":4584.0999999999995,"endTime":4586.68,"body":"own, isn't it? It's their"},{"speaker":"James McPartland","startTime":4586.68,"endTime":4591.18,"body":"choice. But for me, obviously,"},{"speaker":"James McPartland","startTime":4586.68,"endTime":4591.18,"body":"we're out. There's no way I'll"},{"speaker":"James McPartland","startTime":4591.18,"endTime":4594.72,"body":"be doing it. But yeah, going"},{"speaker":"James McPartland","startTime":4591.18,"endTime":4594.72,"body":"back, probably"},{"speaker":"Nick Lincoln","startTime":4596.46,"endTime":4601.0999999999995,"body":"not, right? I've"},{"speaker":"Nick Lincoln","startTime":4596.46,"endTime":4601.0999999999995,"body":"raised my hand quickly, just"},{"speaker":"Nick Lincoln","startTime":4601.0999999999995,"endTime":4603.68,"body":"okay if we're going to wrap this"},{"speaker":"Nick Lincoln","startTime":4601.0999999999995,"endTime":4603.68,"body":"up. So James, we as you know,"},{"speaker":"Nick Lincoln","startTime":4603.68,"endTime":4606.32,"body":"because you're an avid TRAPPIST,"},{"speaker":"Nick Lincoln","startTime":4603.68,"endTime":4606.32,"body":"obviously you've probably got"},{"speaker":"Nick Lincoln","startTime":4606.32,"endTime":4608.66,"body":"your favorite member of the trap"},{"speaker":"Nick Lincoln","startTime":4606.32,"endTime":4608.66,"body":"pack, and I thank you for the"},{"speaker":"Nick Lincoln","startTime":4608.66,"endTime":4613.04,"body":"private messages. I'm very, very"},{"speaker":"Nick Lincoln","startTime":4608.66,"endTime":4613.04,"body":"flattered by that. If we're"},{"speaker":"Nick Lincoln","startTime":4614.72,"endTime":4617.5599999999995,"body":"getting lots of traction with"},{"speaker":"Nick Lincoln","startTime":4614.72,"endTime":4617.5599999999995,"body":"advisors who are with firms that"},{"speaker":"Nick Lincoln","startTime":4617.5599999999995,"endTime":4621.5199999999995,"body":"they're not particularly happy"},{"speaker":"Nick Lincoln","startTime":4617.5599999999995,"endTime":4621.5199999999995,"body":"with, some IFA firms, some SJP,"},{"speaker":"Nick Lincoln","startTime":4622.12,"endTime":4625.0,"body":"and they're on the cusp of"},{"speaker":"Nick Lincoln","startTime":4622.12,"endTime":4625.0,"body":"leaving and doing, what would be"},{"speaker":"Nick Lincoln","startTime":4625.0,"endTime":4627.94,"body":"your message to them, and what"},{"speaker":"Nick Lincoln","startTime":4625.0,"endTime":4627.94,"body":"would be the key thing that they"},{"speaker":"Nick Lincoln","startTime":4627.94,"endTime":4631.12,"body":"have to get sorted if they're"},{"speaker":"Nick Lincoln","startTime":4627.94,"endTime":4631.12,"body":"leaving a firm to go to pass as"},{"speaker":"Nick Lincoln","startTime":4631.12,"endTime":4631.42,"body":"new"},{"speaker":"James McPartland","startTime":4634.54,"endTime":4636.78,"body":"I would go and"},{"speaker":"James McPartland","startTime":4634.54,"endTime":4636.78,"body":"speak To as many advisors that"},{"speaker":"James McPartland","startTime":4636.78,"endTime":4644.22,"body":"have done it as possible. And we"},{"speaker":"James McPartland","startTime":4636.78,"endTime":4644.22,"body":"are super lucky that there is so"},{"speaker":"James McPartland","startTime":4644.22,"endTime":4647.76,"body":"little competition in our"},{"speaker":"James McPartland","startTime":4644.22,"endTime":4647.76,"body":"profession that people are so"},{"speaker":"James McPartland","startTime":4647.76,"endTime":4652.68,"body":"willing to help. And actually"},{"speaker":"James McPartland","startTime":4647.76,"endTime":4652.68,"body":"that's pretty unique, I would"},{"speaker":"James McPartland","startTime":4652.68,"endTime":4657.0,"body":"say, like Alan went and met me"},{"speaker":"James McPartland","startTime":4652.68,"endTime":4657.0,"body":"for a coffee. He put me in"},{"speaker":"James McPartland","startTime":4657.0,"endTime":4661.22,"body":"contact with Rob Stevenson. We"},{"speaker":"James McPartland","startTime":4657.0,"endTime":4661.22,"body":"are super lucky that there's"},{"speaker":"James McPartland","startTime":4661.22,"endTime":4663.68,"body":"loads of people that have been"},{"speaker":"James McPartland","startTime":4661.22,"endTime":4663.68,"body":"there and done it. Just go and"},{"speaker":"James McPartland","startTime":4663.68,"endTime":4665.72,"body":"reach out to them, because"},{"speaker":"James McPartland","startTime":4663.68,"endTime":4665.72,"body":"they're more than happy to speak"},{"speaker":"James McPartland","startTime":4665.84,"endTime":4668.36,"body":"to you. I think that is probably"},{"speaker":"James McPartland","startTime":4665.84,"endTime":4668.36,"body":"the best bit about our"},{"speaker":"James McPartland","startTime":4668.36,"endTime":4668.96,"body":"profession."},{"speaker":"Nick Lincoln","startTime":4671.9,"endTime":4674.18,"body":"Yeah, yeah, yeah,"},{"speaker":"Nick Lincoln","startTime":4671.9,"endTime":4674.18,"body":"yeah. I mean, we talk about"},{"speaker":"Nick Lincoln","startTime":4674.18,"endTime":4676.22,"body":"that, that we this is such a"},{"speaker":"Nick Lincoln","startTime":4674.18,"endTime":4676.22,"body":"shirt. I don't think other"},{"speaker":"Nick Lincoln","startTime":4676.22,"endTime":4678.26,"body":"professions do it. I mean, I"},{"speaker":"Nick Lincoln","startTime":4676.22,"endTime":4678.26,"body":"don't know. I'm not an"},{"speaker":"Nick Lincoln","startTime":4678.26,"endTime":4681.58,"body":"accountant. I'm not a solicitor,"},{"speaker":"Nick Lincoln","startTime":4678.26,"endTime":4681.58,"body":"but I don't think there's this"},{"speaker":"Nick Lincoln","startTime":4681.58,"endTime":4684.82,"body":"level of just cross, cross"},{"speaker":"Nick Lincoln","startTime":4681.58,"endTime":4684.82,"body":"fertilization of ideas, and the"},{"speaker":"Nick Lincoln","startTime":4684.82,"endTime":4686.2,"body":"willing just to share stuff,"},{"speaker":"Nick Lincoln","startTime":4684.82,"endTime":4686.2,"body":"and,"},{"speaker":"Alan Smith","startTime":4686.2,"endTime":4688.36,"body":"yeah, collaboration,"},{"speaker":"Alan Smith","startTime":4686.2,"endTime":4688.36,"body":"most people will have a coffee"},{"speaker":"Alan Smith","startTime":4688.36,"endTime":4691.78,"body":"with you, give you the best"},{"speaker":"Alan Smith","startTime":4688.36,"endTime":4691.78,"body":"ideas, the best thoughts. And I"},{"speaker":"Alan Smith","startTime":4691.78,"endTime":4694.24,"body":"think that's that's true, that"},{"speaker":"Alan Smith","startTime":4691.78,"endTime":4694.24,"body":"there is, there's very little"},{"speaker":"Alan Smith","startTime":4694.24,"endTime":4696.54,"body":"competition, so you're happy to"},{"speaker":"Alan Smith","startTime":4694.24,"endTime":4696.54,"body":"help. You're in theory, your"},{"speaker":"Alan Smith","startTime":4696.54,"endTime":4700.98,"body":"competitor get started and,"},{"speaker":"Alan Smith","startTime":4696.54,"endTime":4700.98,"body":"yeah, we're all about just"},{"speaker":"Alan Smith","startTime":4700.98,"endTime":4703.38,"body":"making the profession better."},{"speaker":"Alan Smith","startTime":4700.98,"endTime":4703.38,"body":"Just make it better. Have good"},{"speaker":"Alan Smith","startTime":4703.38,"endTime":4706.0199999999995,"body":"people like you, James, come"},{"speaker":"Alan Smith","startTime":4703.38,"endTime":4706.0199999999995,"body":"into the independent sector, and"},{"speaker":"Alan Smith","startTime":4706.0199999999995,"endTime":4708.78,"body":"your colleagues, fantastic"},{"speaker":"Alan Smith","startTime":4706.0199999999995,"endTime":4708.78,"body":"business there. Quarter"},{"speaker":"Alan Smith","startTime":4708.78,"endTime":4712.8,"body":"partners, 334, 100 million of"},{"speaker":"Alan Smith","startTime":4708.78,"endTime":4712.8,"body":"assets. And I'm sure growing,"},{"speaker":"Alan Smith","startTime":4713.22,"endTime":4717.08,"body":"growing fast. So it's, it's a"},{"speaker":"Alan Smith","startTime":4713.22,"endTime":4717.08,"body":"positive, I think, for the"},{"speaker":"Alan Smith","startTime":4717.08,"endTime":4721.5199999999995,"body":"entire sector. So we're happy to"},{"speaker":"Alan Smith","startTime":4717.08,"endTime":4721.5199999999995,"body":"share, share all these stories."},{"speaker":"Alan Smith","startTime":4721.94,"endTime":4724.34,"body":"So that's great. Really good to"},{"speaker":"Alan Smith","startTime":4721.94,"endTime":4724.34,"body":"see you, my friend, James,"},{"speaker":"Alan Smith","startTime":4724.34,"endTime":4726.5599999999995,"body":"hopefully catch up with you"},{"speaker":"Alan Smith","startTime":4724.34,"endTime":4726.5599999999995,"body":"again in the not too distant"},{"speaker":"Alan Smith","startTime":4726.5599999999995,"endTime":4728.24,"body":"future, definitely."},{"speaker":"James McPartland","startTime":4728.24,"endTime":4730.4,"body":"Thank you very"},{"speaker":"James McPartland","startTime":4728.24,"endTime":4730.4,"body":"much. Brilliant. Do it over a"},{"speaker":"James McPartland","startTime":4730.4,"endTime":4731.48,"body":"beer, right? And a coffee."},{"speaker":"Alan Smith","startTime":4732.5,"endTime":4734.36,"body":"Let's do that. Yeah,"},{"speaker":"James McPartland","startTime":4734.3589999999995,"endTime":4736.579,"body":"James, if you"},{"speaker":"James McPartland","startTime":4734.3589999999995,"endTime":4736.579,"body":"could leave the studio"},{"speaker":"Nick Lincoln","startTime":4736.579,"endTime":4738.939,"body":"by clicking on the"},{"speaker":"Nick Lincoln","startTime":4736.579,"endTime":4738.939,"body":"leave, the studio by clicking on"},{"speaker":"Nick Lincoln","startTime":4738.939,"endTime":4741.399,"body":"the leave icon, for thing, if"},{"speaker":"Nick Lincoln","startTime":4738.939,"endTime":4741.399,"body":"you can see that and just keep"},{"speaker":"Nick Lincoln","startTime":4741.399,"endTime":4743.559,"body":"your browser open until the"},{"speaker":"Nick Lincoln","startTime":4741.399,"endTime":4743.559,"body":"download is the upload is"},{"speaker":"Nick Lincoln","startTime":4743.559,"endTime":4745.599,"body":"finished, please. Thank you,"},{"speaker":"Nick Lincoln","startTime":4743.559,"endTime":4745.599,"body":"James of WA, thank you,"},{"speaker":"James McPartland","startTime":4746.38,"endTime":4748.12,"body":"James. Cheers"},{"speaker":"James McPartland","startTime":4746.38,"endTime":4748.12,"body":"guys, look ourselves."},{"speaker":"Nick Lincoln","startTime":4748.119,"endTime":4754.299,"body":"Cheers, Good Guy."},{"speaker":"Nick Lincoln","startTime":4748.119,"endTime":4754.299,"body":"Guy, good guy. He's, yeah, he's"},{"speaker":"Nick Lincoln","startTime":4754.299,"endTime":4757.199,"body":"gonna do great things. He's"},{"speaker":"Nick Lincoln","startTime":4754.299,"endTime":4757.199,"body":"already doing great things. On a"},{"speaker":"Nick Lincoln","startTime":4757.199,"endTime":4757.619,"body":"tear."},{"speaker":"Alan Smith","startTime":4758.04,"endTime":4760.26,"body":"We thought just be,"},{"speaker":"Alan Smith","startTime":4758.04,"endTime":4760.26,"body":"it'd be very interesting to get"},{"speaker":"Alan Smith","startTime":4760.26,"endTime":4762.48,"body":"on this, because this is what we"},{"speaker":"Alan Smith","startTime":4760.26,"endTime":4762.48,"body":"hear a lot about, this"},{"speaker":"Alan Smith","startTime":4762.48,"endTime":4765.12,"body":"transition. And just as you were"},{"speaker":"Alan Smith","startTime":4762.48,"endTime":4765.12,"body":"saying that, going from bigger"},{"speaker":"Alan Smith","startTime":4765.12,"endTime":4768.0599999999995,"body":"companies setting up your own,"},{"speaker":"Alan Smith","startTime":4765.12,"endTime":4768.0599999999995,"body":"there's a few others that we"},{"speaker":"Alan Smith","startTime":4768.12,"endTime":4771.48,"body":"know that are yet to be"},{"speaker":"Alan Smith","startTime":4768.12,"endTime":4771.48,"body":"announced. So there's a lot of"},{"speaker":"Alan Smith","startTime":4771.48,"endTime":4774.96,"body":"movement going on in our sector."},{"speaker":"Alan Smith","startTime":4771.48,"endTime":4774.96,"body":"So James is a great example of"},{"speaker":"Alan Smith","startTime":4774.96,"endTime":4778.34,"body":"someone coming from, you know,"},{"speaker":"Alan Smith","startTime":4774.96,"endTime":4778.34,"body":"the huge institution which is in"},{"speaker":"Alan Smith","startTime":4778.34,"endTime":4782.54,"body":"James's place, and it takes a"},{"speaker":"Alan Smith","startTime":4778.34,"endTime":4782.54,"body":"brave man or men or women to"},{"speaker":"Alan Smith","startTime":4782.54,"endTime":4785.5999999999995,"body":"leave, walk away from that 400"},{"speaker":"Alan Smith","startTime":4782.54,"endTime":4785.5999999999995,"body":"million AUM and the mothership"},{"speaker":"Alan Smith","startTime":4785.5999999999995,"endTime":4788.3,"body":"taking care of most of the big"},{"speaker":"Alan Smith","startTime":4785.5999999999995,"endTime":4788.3,"body":"things for you, start from"},{"speaker":"Alan Smith","startTime":4788.3,"endTime":4790.22,"body":"scratch again. Very good, very"},{"speaker":"Alan Smith","startTime":4788.3,"endTime":4790.22,"body":"good."},{"speaker":"Andy Hart","startTime":4790.22,"endTime":4792.62,"body":"I enjoyed that. I'm"},{"speaker":"Andy Hart","startTime":4790.22,"endTime":4792.62,"body":"sure, in hindsight, you know,"},{"speaker":"Andy Hart","startTime":4792.62,"endTime":4795.0199999999995,"body":"many, many years down the line,"},{"speaker":"Andy Hart","startTime":4792.62,"endTime":4795.0199999999995,"body":"he'll be delighted that he did."},{"speaker":"Andy Hart","startTime":4795.0199999999995,"endTime":4797.92,"body":"Oh, completely not. He's already"},{"speaker":"Andy Hart","startTime":4795.0199999999995,"endTime":4797.92,"body":"not from who he went to just"},{"speaker":"Andy Hart","startTime":4797.92,"endTime":4800.8,"body":"now, he's fully in control of"},{"speaker":"Andy Hart","startTime":4797.92,"endTime":4800.8,"body":"his own destiny, and he'll be"},{"speaker":"Andy Hart","startTime":4800.8,"endTime":4803.5599999999995,"body":"delighted. Question Time."},{"speaker":"Andy Hart","startTime":4800.8,"endTime":4803.5599999999995,"body":"Nicholas, yes, it is"},{"speaker":"Nick Lincoln","startTime":4803.5599999999995,"endTime":4805.24,"body":"question time,"},{"speaker":"Nick Lincoln","startTime":4803.5599999999995,"endTime":4805.24,"body":"because we're coming to that"},{"speaker":"Nick Lincoln","startTime":4805.24,"endTime":4808.66,"body":"section of the Show, Episode 88"},{"speaker":"Nick Lincoln","startTime":4805.24,"endTime":4808.66,"body":"of the real advisor podcast, and"},{"speaker":"Nick Lincoln","startTime":4808.66,"endTime":4811.78,"body":"there's post it at my front"},{"speaker":"Nick Lincoln","startTime":4808.66,"endTime":4811.78,"body":"door. She's called the bulging"},{"speaker":"Nick Lincoln","startTime":4811.78,"endTime":4814.54,"body":"sack of TRAPPIST questions up my"},{"speaker":"Nick Lincoln","startTime":4811.78,"endTime":4814.54,"body":"driveway, and we're now going to"},{"speaker":"Nick Lincoln","startTime":4814.54,"endTime":4817.14,"body":"answer one if you want to send"},{"speaker":"Nick Lincoln","startTime":4814.54,"endTime":4817.14,"body":"in a question. As ever. It's the"},{"speaker":"Nick Lincoln","startTime":4817.14,"endTime":4820.44,"body":"pinned tweet on x, the pinned X"},{"speaker":"Nick Lincoln","startTime":4817.14,"endTime":4820.44,"body":"on tweet. Also in the so called"},{"speaker":"Nick Lincoln","startTime":4820.44,"endTime":4823.8,"body":"show notes, we do get to them."},{"speaker":"Nick Lincoln","startTime":4820.44,"endTime":4823.8,"body":"We tend to do it in in order. So"},{"speaker":"Nick Lincoln","startTime":4823.8,"endTime":4826.74,"body":"if you put your question in the"},{"speaker":"Nick Lincoln","startTime":4823.8,"endTime":4826.74,"body":"hopper, we will get to you in"},{"speaker":"Nick Lincoln","startTime":4826.74,"endTime":4829.38,"body":"due course. So let's see who"},{"speaker":"Nick Lincoln","startTime":4826.74,"endTime":4829.38,"body":"this one is from. There's a bit"},{"speaker":"Nick Lincoln","startTime":4829.38,"endTime":4836.9,"body":"of a quite a cheap envelope."},{"speaker":"Nick Lincoln","startTime":4829.38,"endTime":4836.9,"body":"This is not the best, not the"},{"speaker":"Nick Lincoln","startTime":4836.9,"endTime":4840.26,"body":"best. Letter, either. Lack of"},{"speaker":"Nick Lincoln","startTime":4836.9,"endTime":4840.26,"body":"detail. This is from Wilson. M,"},{"speaker":"Nick Lincoln","startTime":4841.64,"endTime":4845.5999999999995,"body":"yeah, so this is obviously some"},{"speaker":"Nick Lincoln","startTime":4841.64,"endTime":4845.5999999999995,"body":"sort of secret agent question."},{"speaker":"Nick Lincoln","startTime":4845.96,"endTime":4849.08,"body":"Do you think we should have a"},{"speaker":"Nick Lincoln","startTime":4845.96,"endTime":4849.08,"body":"prerequisite qualification for"},{"speaker":"Nick Lincoln","startTime":4849.08,"endTime":4852.08,"body":"chancellors? You wouldn't be a"},{"speaker":"Nick Lincoln","startTime":4849.08,"endTime":4852.08,"body":"CFO of a company without"},{"speaker":"Nick Lincoln","startTime":4852.08,"endTime":4854.54,"body":"relevant experience or"},{"speaker":"Nick Lincoln","startTime":4852.08,"endTime":4854.54,"body":"qualifications. Why should you"},{"speaker":"Nick Lincoln","startTime":4854.54,"endTime":4857.5599999999995,"body":"steward the state, the nation's"},{"speaker":"Nick Lincoln","startTime":4854.54,"endTime":4857.5599999999995,"body":"finances without qualifications."},{"speaker":"Nick Lincoln","startTime":4857.5599999999995,"endTime":4860.08,"body":"I think this accountability will"},{"speaker":"Nick Lincoln","startTime":4857.5599999999995,"endTime":4860.08,"body":"help protect the country's"},{"speaker":"Nick Lincoln","startTime":4860.08,"endTime":4862.9,"body":"finances and economic future."},{"speaker":"Nick Lincoln","startTime":4860.08,"endTime":4862.9,"body":"What do you guys think, if"},{"speaker":"Nick Lincoln","startTime":4862.9,"endTime":4863.92,"body":"that's okay with you, correct?"},{"speaker":"Carl Widger","startTime":4863.92,"endTime":4865.5999999999995,"body":"You got the answer"},{"speaker":"Carl Widger","startTime":4863.92,"endTime":4865.5999999999995,"body":"right in your question? Yeah."},{"speaker":"Carl Widger","startTime":4865.5999999999995,"endTime":4867.64,"body":"Well, no, I don't think you can."},{"speaker":"Carl Widger","startTime":4865.5999999999995,"endTime":4867.64,"body":"That's that's the reason the"},{"speaker":"Nick Lincoln","startTime":4867.64,"endTime":4869.86,"body":"civil service is"},{"speaker":"Nick Lincoln","startTime":4867.64,"endTime":4869.86,"body":"there and you can't expect this."},{"speaker":"Nick Lincoln","startTime":4869.86,"endTime":4872.62,"body":"Is the other notion that somehow"},{"speaker":"Nick Lincoln","startTime":4869.86,"endTime":4872.62,"body":"we expect governments to be able"},{"speaker":"Nick Lincoln","startTime":4872.62,"endTime":4875.08,"body":"to run things. We can't run the"},{"speaker":"Nick Lincoln","startTime":4872.62,"endTime":4875.08,"body":"economy. The best thing you do"},{"speaker":"Nick Lincoln","startTime":4875.08,"endTime":4878.76,"body":"is get out the economy. Way, the"},{"speaker":"Nick Lincoln","startTime":4875.08,"endTime":4878.76,"body":"economy is impossible to run by"},{"speaker":"Nick Lincoln","startTime":4878.76,"endTime":4881.28,"body":"one person. They haven't got the"},{"speaker":"Nick Lincoln","startTime":4878.76,"endTime":4881.28,"body":"training for, and the training"},{"speaker":"Nick Lincoln","startTime":4881.28,"endTime":4883.98,"body":"doesn't exist. That's why you"},{"speaker":"Nick Lincoln","startTime":4881.28,"endTime":4883.98,"body":"have this retinue of expertise,"},{"speaker":"Nick Lincoln","startTime":4883.98,"endTime":4886.68,"body":"apparently, in Westminster, that"},{"speaker":"Nick Lincoln","startTime":4883.98,"endTime":4886.68,"body":"you lean on whether or not the"},{"speaker":"Nick Lincoln","startTime":4886.68,"endTime":4888.54,"body":"civil service were up to, I"},{"speaker":"Nick Lincoln","startTime":4886.68,"endTime":4888.54,"body":"don't know, but no, you"},{"speaker":"Nick Lincoln","startTime":4888.54,"endTime":4891.0,"body":"couldn't. But again, we have to"},{"speaker":"Nick Lincoln","startTime":4888.54,"endTime":4891.0,"body":"get away from this idea that"},{"speaker":"Nick Lincoln","startTime":4891.0,"endTime":4893.76,"body":"somehow one person or two people"},{"speaker":"Nick Lincoln","startTime":4891.0,"endTime":4893.76,"body":"in government or three people in"},{"speaker":"Nick Lincoln","startTime":4893.76,"endTime":4896.66,"body":"the cabinet can somehow run a"},{"speaker":"Nick Lincoln","startTime":4893.76,"endTime":4896.66,"body":"company. It cannot be done. And"},{"speaker":"Nick Lincoln","startTime":4896.66,"endTime":4899.12,"body":"the more they run a country,"},{"speaker":"Nick Lincoln","startTime":4896.66,"endTime":4899.12,"body":"yeah, and the more they try and"},{"speaker":"Nick Lincoln","startTime":4899.12,"endTime":4900.92,"body":"do it, the worse they make it."},{"speaker":"Nick Lincoln","startTime":4899.12,"endTime":4900.92,"body":"The best thing that the"},{"speaker":"Nick Lincoln","startTime":4900.92,"endTime":4903.98,"body":"chancellor can do is get the f"},{"speaker":"Nick Lincoln","startTime":4900.92,"endTime":4903.98,"body":"out of the way of the economy"},{"speaker":"Nick Lincoln","startTime":4903.98,"endTime":4905.78,"body":"and let it just run. Is my"},{"speaker":"Nick Lincoln","startTime":4903.98,"endTime":4905.78,"body":"answer."},{"speaker":"Carl Widger","startTime":4905.78,"endTime":4910.28,"body":"Guys. I go, we have"},{"speaker":"Carl Widger","startTime":4905.78,"endTime":4910.28,"body":"a great case study. At the"},{"speaker":"Carl Widger","startTime":4910.28,"endTime":4913.04,"body":"moment, we had a brilliant,"},{"speaker":"Carl Widger","startTime":4910.28,"endTime":4913.04,"body":"brilliant finance minister,"},{"speaker":"Carl Widger","startTime":4913.04,"endTime":4916.84,"body":"Minister of Finance, Pascal"},{"speaker":"Carl Widger","startTime":4913.04,"endTime":4916.84,"body":"Donahue, and he's left for the"},{"speaker":"Carl Widger","startTime":4916.84,"endTime":4919.0,"body":"World Bank, but he was a"},{"speaker":"Carl Widger","startTime":4916.84,"endTime":4919.0,"body":"brilliant guy, and I would"},{"speaker":"Carl Widger","startTime":4919.0,"endTime":4921.7,"body":"credit him with a lot of what,"},{"speaker":"Carl Widger","startTime":4919.0,"endTime":4921.7,"body":"all of the good stuff that has"},{"speaker":"Carl Widger","startTime":4921.7,"endTime":4925.3,"body":"happened in our economy. And"},{"speaker":"Carl Widger","startTime":4921.7,"endTime":4925.3,"body":"he's left, and he's his job has"},{"speaker":"Carl Widger","startTime":4925.3,"endTime":4927.58,"body":"been taken by a guy called Simon"},{"speaker":"Carl Widger","startTime":4925.3,"endTime":4927.58,"body":"Harris. He's a career"},{"speaker":"Carl Widger","startTime":4927.58,"endTime":4932.74,"body":"politician, I'd say very guy"},{"speaker":"Carl Widger","startTime":4927.58,"endTime":4932.74,"body":"with huge integrity, Simon"},{"speaker":"Carl Widger","startTime":4932.74,"endTime":4937.44,"body":"Harris, but he's no experience"},{"speaker":"Carl Widger","startTime":4932.74,"endTime":4937.44,"body":"in this stuff like at all. So"},{"speaker":"Carl Widger","startTime":4937.44,"endTime":4941.82,"body":"let's just see, because either"},{"speaker":"Carl Widger","startTime":4937.44,"endTime":4941.82,"body":"Nick will be right, or Pascal"},{"speaker":"Carl Widger","startTime":4941.82,"endTime":4945.9,"body":"done, who was an absolute"},{"speaker":"Carl Widger","startTime":4941.82,"endTime":4945.9,"body":"genius, I fear that Pascal Don"},{"speaker":"Carl Widger","startTime":4945.9,"endTime":4950.58,"body":"who might have been an absolute"},{"speaker":"Carl Widger","startTime":4945.9,"endTime":4950.58,"body":"genius, and we mightn't be so"},{"speaker":"Carl Widger","startTime":4950.58,"endTime":4953.7,"body":"well set up for the future, but"},{"speaker":"Carl Widger","startTime":4950.58,"endTime":4953.7,"body":"we'll see. I think"},{"speaker":"Alan Smith","startTime":4953.7,"endTime":4957.2,"body":"so there's a concept"},{"speaker":"Alan Smith","startTime":4953.7,"endTime":4957.2,"body":"of, you know, modeling, modeling"},{"speaker":"Alan Smith","startTime":4957.2,"endTime":4961.82,"body":"success. And so you look around"},{"speaker":"Alan Smith","startTime":4957.2,"endTime":4961.82,"body":"the world at countries that have"},{"speaker":"Alan Smith","startTime":4961.82,"endTime":4964.0999999999995,"body":"you know where? Where are the"},{"speaker":"Alan Smith","startTime":4961.82,"endTime":4964.0999999999995,"body":"countries that have achieved"},{"speaker":"Alan Smith","startTime":4964.16,"endTime":4967.22,"body":"significant economic success,"},{"speaker":"Alan Smith","startTime":4964.16,"endTime":4967.22,"body":"often from very challenging"},{"speaker":"Alan Smith","startTime":4967.64,"endTime":4971.9,"body":"backgrounds and origins."},{"speaker":"Alan Smith","startTime":4967.64,"endTime":4971.9,"body":"Salvador, the one that's really"},{"speaker":"Alan Smith","startTime":4971.9,"endTime":4975.5599999999995,"body":"put forward strongly on this"},{"speaker":"Alan Smith","startTime":4971.9,"endTime":4975.5599999999995,"body":"Ireland is one, to be fair, the"},{"speaker":"Alan Smith","startTime":4975.5599999999995,"endTime":4979.0599999999995,"body":"last last decade or so. The"},{"speaker":"Alan Smith","startTime":4975.5599999999995,"endTime":4979.0599999999995,"body":"other one is Singapore, and"},{"speaker":"Alan Smith","startTime":4979.0599999999995,"endTime":4981.88,"body":"Singapore, which is a tiny,"},{"speaker":"Alan Smith","startTime":4979.0599999999995,"endTime":4981.88,"body":"little spit of land, which was"},{"speaker":"Alan Smith","startTime":4981.88,"endTime":4986.74,"body":"just a wasteland down the tail"},{"speaker":"Alan Smith","startTime":4981.88,"endTime":4986.74,"body":"end of Malaysia, I think on you"},{"speaker":"Alan Smith","startTime":4987.16,"endTime":4990.4,"body":"exactly right. So Lee Kuan Yew"},{"speaker":"Alan Smith","startTime":4987.16,"endTime":4990.4,"body":"came in, was this revolutionary"},{"speaker":"Alan Smith","startTime":4990.4,"endTime":4993.82,"body":"politician or businessman,"},{"speaker":"Alan Smith","startTime":4990.4,"endTime":4993.82,"body":"really, who came in and, and"},{"speaker":"Alan Smith","startTime":4993.88,"endTime":4996.3,"body":"there's a there's a paper, my"},{"speaker":"Alan Smith","startTime":4993.88,"endTime":4996.3,"body":"close personal friend and"},{"speaker":"Alan Smith","startTime":4996.3,"endTime":4999.54,"body":"billionaire so Tom Hunter gave"},{"speaker":"Alan Smith","startTime":4996.3,"endTime":4999.54,"body":"me a paper on this recently,"},{"speaker":"Alan Smith","startTime":4999.54,"endTime":5002.5999999999995,"body":"because the hunter Foundation"},{"speaker":"Alan Smith","startTime":4999.54,"endTime":5002.5999999999995,"body":"has done a lot of work on this."},{"speaker":"Andy Hart","startTime":5003.5,"endTime":5004.94,"body":"Have you handed you"},{"speaker":"Andy Hart","startTime":5003.5,"endTime":5004.94,"body":"personally?"},{"speaker":"Alan Smith","startTime":5006.2,"endTime":5010.82,"body":"Yeah, did actually,"},{"speaker":"Alan Smith","startTime":5006.2,"endTime":5010.82,"body":"when I was in his castle just"},{"speaker":"Alan Smith","startTime":5011.0599999999995,"endTime":5017.26,"body":"before Christmas. That's why"},{"speaker":"Alan Smith","startTime":5011.0599999999995,"endTime":5017.26,"body":"email, literally, when I was at"},{"speaker":"Alan Smith","startTime":5017.26,"endTime":5020.5599999999995,"body":"Blair Castle, enjoying the"},{"speaker":"Alan Smith","startTime":5017.26,"endTime":5020.5599999999995,"body":"company him and a few others."},{"speaker":"Alan Smith","startTime":5021.0999999999995,"endTime":5024.28,"body":"But they've done a lot of work"},{"speaker":"Alan Smith","startTime":5021.0999999999995,"endTime":5024.28,"body":"this Hunter foundation on, you"},{"speaker":"Alan Smith","startTime":5024.28,"endTime":5027.4,"body":"know, why are we so bad, and"},{"speaker":"Alan Smith","startTime":5024.28,"endTime":5027.4,"body":"which, which other countries are"},{"speaker":"Alan Smith","startTime":5027.4,"endTime":5030.34,"body":"good? And I did, it's"},{"speaker":"Alan Smith","startTime":5027.4,"endTime":5030.34,"body":"fascinating. So just a quick"},{"speaker":"Alan Smith","startTime":5030.34,"endTime":5033.76,"body":"example on that to answer the"},{"speaker":"Alan Smith","startTime":5030.34,"endTime":5033.76,"body":"original question. Singapore,"},{"speaker":"Alan Smith","startTime":5033.76,"endTime":5036.84,"body":"very purposely, go out to"},{"speaker":"Alan Smith","startTime":5033.76,"endTime":5036.84,"body":"industry, to business, to the"},{"speaker":"Alan Smith","startTime":5036.84,"endTime":5040.26,"body":"military, and they find really,"},{"speaker":"Alan Smith","startTime":5036.84,"endTime":5040.26,"body":"really smart people, and they"},{"speaker":"Alan Smith","startTime":5040.26,"endTime":5042.9,"body":"encourage them to join the"},{"speaker":"Alan Smith","startTime":5040.26,"endTime":5042.9,"body":"government, and they train them,"},{"speaker":"Alan Smith","startTime":5042.9,"endTime":5045.3,"body":"and they educate them, and they"},{"speaker":"Alan Smith","startTime":5042.9,"endTime":5045.3,"body":"make them the very and they, by"},{"speaker":"Alan Smith","startTime":5045.3,"endTime":5047.64,"body":"the way, they pay them. That's"},{"speaker":"Alan Smith","startTime":5045.3,"endTime":5047.64,"body":"another thing. They pay them a"},{"speaker":"Alan Smith","startTime":5047.64,"endTime":5050.16,"body":"lot. They pay them what you"},{"speaker":"Alan Smith","startTime":5047.64,"endTime":5050.16,"body":"would get paid if you were doing"},{"speaker":"Alan Smith","startTime":5050.16,"endTime":5053.04,"body":"a similar job in in the private"},{"speaker":"Alan Smith","startTime":5050.16,"endTime":5053.04,"body":"sector to do that as well,"},{"speaker":"Alan Smith","startTime":5053.04,"endTime":5055.32,"body":"because you're not going to go"},{"speaker":"Alan Smith","startTime":5053.04,"endTime":5055.32,"body":"and take if you could be earning"},{"speaker":"Alan Smith","startTime":5055.32,"endTime":5057.78,"body":"a million dollars a year, why"},{"speaker":"Alan Smith","startTime":5055.32,"endTime":5057.78,"body":"are you going to earn like, 150"},{"speaker":"Alan Smith","startTime":5058.5599999999995,"endTime":5060.86,"body":"work for the guy? Work for the"},{"speaker":"Alan Smith","startTime":5058.5599999999995,"endTime":5060.86,"body":"government and a very difficult"},{"speaker":"Alan Smith","startTime":5060.86,"endTime":5063.26,"body":"job? So pay them really well,"},{"speaker":"Alan Smith","startTime":5060.86,"endTime":5063.26,"body":"but identify really good people."},{"speaker":"Alan Smith","startTime":5063.26,"endTime":5066.5,"body":"We have got these career"},{"speaker":"Alan Smith","startTime":5063.26,"endTime":5066.5,"body":"politicians that went to did a"},{"speaker":"Alan Smith","startTime":5066.5,"endTime":5069.74,"body":"politics degree at university,"},{"speaker":"Alan Smith","startTime":5066.5,"endTime":5069.74,"body":"went into work for some charity,"},{"speaker":"Alan Smith","startTime":5069.74,"endTime":5071.96,"body":"did some legal work, and all of"},{"speaker":"Alan Smith","startTime":5069.74,"endTime":5071.96,"body":"a sudden they're running the"},{"speaker":"Alan Smith","startTime":5071.96,"endTime":5074.84,"body":"bloody country. It makes no"},{"speaker":"Alan Smith","startTime":5071.96,"endTime":5074.84,"body":"sense, I would say, adopt a"},{"speaker":"Alan Smith","startTime":5074.84,"endTime":5078.4,"body":"Singapore model, because they"},{"speaker":"Alan Smith","startTime":5074.84,"endTime":5078.4,"body":"have done very, very well as a"},{"speaker":"Alan Smith","startTime":5078.4,"endTime":5082.36,"body":"small economy with limited"},{"speaker":"Alan Smith","startTime":5078.4,"endTime":5082.36,"body":"resources. That's your answer."},{"speaker":"Alan Smith","startTime":5082.36,"endTime":5083.5599999999995,"body":"Yeah. I mean,"},{"speaker":"Nick Lincoln","startTime":5083.5599999999995,"endTime":5085.48,"body":"then another"},{"speaker":"Nick Lincoln","startTime":5083.5599999999995,"endTime":5085.48,"body":"example is Hong Kong, which,"},{"speaker":"Nick Lincoln","startTime":5085.48,"endTime":5088.84,"body":"until we gave it to the Chinese"},{"speaker":"Nick Lincoln","startTime":5085.48,"endTime":5088.84,"body":"in 97 Hong Kong was an amazing,"},{"speaker":"Nick Lincoln","startTime":5088.84,"endTime":5091.84,"body":"amazing economy, Sir John"},{"speaker":"Nick Lincoln","startTime":5088.84,"endTime":5091.84,"body":"Cowperthwaite, who was the"},{"speaker":"Nick Lincoln","startTime":5091.84,"endTime":5096.0999999999995,"body":"financial secretary there, and"},{"speaker":"Nick Lincoln","startTime":5091.84,"endTime":5096.0999999999995,"body":"he said, I do very little. All I"},{"speaker":"Nick Lincoln","startTime":5096.0999999999995,"endTime":5098.8,"body":"did was try to prevent some of"},{"speaker":"Nick Lincoln","startTime":5096.0999999999995,"endTime":5098.8,"body":"the things that might undo it."},{"speaker":"Nick Lincoln","startTime":5098.92,"endTime":5101.4,"body":"And it. And another quote of"},{"speaker":"Nick Lincoln","startTime":5098.92,"endTime":5101.4,"body":"his, I was at my desk at 630"},{"speaker":"Nick Lincoln","startTime":5101.7,"endTime":5104.0999999999995,"body":"every morning to get there"},{"speaker":"Nick Lincoln","startTime":5101.7,"endTime":5104.0999999999995,"body":"before the civil servants turned"},{"speaker":"Nick Lincoln","startTime":5104.0999999999995,"endTime":5109.32,"body":"up and tried to do things. Yeah,"},{"speaker":"Nick Lincoln","startTime":5104.0999999999995,"endTime":5109.32,"body":"so Wilson. M, Peter's not"},{"speaker":"Nick Lincoln","startTime":5109.32,"endTime":5112.8,"body":"Wilson. P, I could call you"},{"speaker":"Nick Lincoln","startTime":5109.32,"endTime":5112.8,"body":"Wilson picky, but I can't Mary"},{"speaker":"Nick Lincoln","startTime":5112.8,"endTime":5114.78,"body":"Wilson, she was not the soul"},{"speaker":"Nick Lincoln","startTime":5112.8,"endTime":5114.78,"body":"singer. There we go. Mary"},{"speaker":"Nick Lincoln","startTime":5114.78,"endTime":5117.98,"body":"Wilson, the soul singer has had"},{"speaker":"Nick Lincoln","startTime":5114.78,"endTime":5117.98,"body":"your question, right? Football"},{"speaker":"Nick Lincoln","startTime":5117.98,"endTime":5118.46,"body":"that Tom"},{"speaker":"Carl Widger","startTime":5119.72,"endTime":5122.3,"body":"Hanks had on"},{"speaker":"Carl Widger","startTime":5119.72,"endTime":5122.3,"body":"Castaway Wilson was, yeah,"},{"speaker":"Carl Widger","startTime":5122.3,"endTime":5126.98,"body":"that's right. Football, yeah,"},{"speaker":"Carl Widger","startTime":5122.3,"endTime":5126.98,"body":"yeah. So maybe that's who sent"},{"speaker":"Carl Widger","startTime":5126.98,"endTime":5127.22,"body":"in."},{"speaker":"Nick Lincoln","startTime":5127.5199999999995,"endTime":5130.04,"body":"Okay, I'm my depth"},{"speaker":"Nick Lincoln","startTime":5127.5199999999995,"endTime":5130.04,"body":"on that one. Okay, right? We're"},{"speaker":"Nick Lincoln","startTime":5130.04,"endTime":5135.5599999999995,"body":"at 84 minutes in. Bang on,"},{"speaker":"Nick Lincoln","startTime":5130.04,"endTime":5135.5599999999995,"body":"perfect. Let's, let's move on to"},{"speaker":"Nick Lincoln","startTime":5135.62,"endTime":5138.64,"body":"what many people call culture"},{"speaker":"Nick Lincoln","startTime":5135.62,"endTime":5138.64,"body":"corner."},{"speaker":"Andy Hart","startTime":5144.22,"endTime":5146.5,"body":"I am first my you"},{"speaker":"Nick Lincoln","startTime":5146.5,"endTime":5148.42,"body":"don't just say"},{"speaker":"Nick Lincoln","startTime":5146.5,"endTime":5148.42,"body":"that, you just start speaking."},{"speaker":"Nick Lincoln","startTime":5148.42,"endTime":5148.9,"body":"Just go, Oh,"},{"speaker":"Andy Hart","startTime":5152.5599999999995,"endTime":5157.62,"body":"shut up. So mine is a"},{"speaker":"Andy Hart","startTime":5152.5599999999995,"endTime":5157.62,"body":"YouTube clip of Jensen Huang,"},{"speaker":"Andy Hart","startTime":5157.62,"endTime":5163.44,"body":"who is the founder Wang Nvidia,"},{"speaker":"Andy Hart","startTime":5157.62,"endTime":5163.44,"body":"who I've become a bit of a huge"},{"speaker":"Andy Hart","startTime":5163.44,"endTime":5166.62,"body":"fanboy of him recently, very"},{"speaker":"Andy Hart","startTime":5163.44,"endTime":5166.62,"body":"smart, very close to the tech"},{"speaker":"Andy Hart","startTime":5166.62,"endTime":5171.24,"body":"action, great business. He's"},{"speaker":"Andy Hart","startTime":5166.62,"endTime":5171.24,"body":"great. This is an interview or a"},{"speaker":"Andy Hart","startTime":5171.24,"endTime":5175.68,"body":"speech he gave at a business"},{"speaker":"Andy Hart","startTime":5171.24,"endTime":5175.68,"body":"school in 2011 do watch it? It's"},{"speaker":"Andy Hart","startTime":5175.68,"endTime":5179.96,"body":"all about. About, you know,"},{"speaker":"Andy Hart","startTime":5175.68,"endTime":5179.96,"body":"culture innovation, tech"},{"speaker":"Andy Hart","startTime":5179.96,"endTime":5182.42,"body":"progress, loads of stuff he"},{"speaker":"Andy Hart","startTime":5179.96,"endTime":5182.42,"body":"covers. It's absolutely"},{"speaker":"Andy Hart","startTime":5182.42,"endTime":5188.78,"body":"brilliant. Try and overdose on"},{"speaker":"Andy Hart","startTime":5182.42,"endTime":5188.78,"body":"Jensen Huang, Nvidia's founder."},{"speaker":"Andy Hart","startTime":5188.78,"endTime":5190.94,"body":"That's me over to the next"},{"speaker":"Andy Hart","startTime":5188.78,"endTime":5190.94,"body":"person"},{"speaker":"Alan Smith","startTime":5191.9,"endTime":5194.3,"body":"I think this. I'm"},{"speaker":"Alan Smith","startTime":5191.9,"endTime":5194.3,"body":"aiming for something of a trap"},{"speaker":"Alan Smith","startTime":5194.36,"endTime":5200.44,"body":"record, because my culture"},{"speaker":"Alan Smith","startTime":5194.36,"endTime":5200.44,"body":"corner is my another close"},{"speaker":"Alan Smith","startTime":5200.44,"endTime":5205.96,"body":"personal friend, one of Andy and"},{"speaker":"Alan Smith","startTime":5200.44,"endTime":5205.96,"body":"I, which is we mentioned"},{"speaker":"Andy Hart","startTime":5208.0599999999995,"endTime":5209.2,"body":"this on the show"},{"speaker":"Andy Hart","startTime":5208.0599999999995,"endTime":5209.2,"body":"already, but"},{"speaker":"Alan Smith","startTime":5209.2,"endTime":5211.66,"body":"no, you mentioned it"},{"speaker":"Alan Smith","startTime":5209.2,"endTime":5211.66,"body":"previous one times. But no, no,"},{"speaker":"Alan Smith","startTime":5211.66,"endTime":5216.04,"body":"this one Morgan household book,"},{"speaker":"Alan Smith","startTime":5211.66,"endTime":5216.04,"body":"this latest book you can't have"},{"speaker":"Alan Smith","startTime":5216.04,"endTime":5218.94,"body":"done. It's just come out The Art"},{"speaker":"Alan Smith","startTime":5216.04,"endTime":5218.94,"body":"of spending you a few months"},{"speaker":"Alan Smith","startTime":5218.94,"endTime":5221.46,"body":"ago, you have mentioned, you"},{"speaker":"Alan Smith","startTime":5218.94,"endTime":5221.46,"body":"mentioned, have you read it?"},{"speaker":"Alan Smith","startTime":5221.46,"endTime":5225.36,"body":"Then have you? Have you? Have"},{"speaker":"Alan Smith","startTime":5221.46,"endTime":5225.36,"body":"you got it here? Yeah, you"},{"speaker":"Alan Smith","startTime":5225.36,"endTime":5230.28,"body":"haven't read it. So this is the,"},{"speaker":"Alan Smith","startTime":5225.36,"endTime":5230.28,"body":"this is Morgan households"},{"speaker":"Alan Smith","startTime":5230.28,"endTime":5232.8,"body":"latest. Is his third book just"},{"speaker":"Alan Smith","startTime":5230.28,"endTime":5232.8,"body":"come out. Very interesting. The"},{"speaker":"Alan Smith","startTime":5232.8,"endTime":5234.96,"body":"original one being the"},{"speaker":"Alan Smith","startTime":5232.8,"endTime":5234.96,"body":"psychology of money, which is"},{"speaker":"Alan Smith","startTime":5234.96,"endTime":5238.58,"body":"considered to be probably the"},{"speaker":"Alan Smith","startTime":5234.96,"endTime":5238.58,"body":"best book on personal finance"},{"speaker":"Alan Smith","startTime":5238.76,"endTime":5242.18,"body":"this, and that's always about"},{"speaker":"Alan Smith","startTime":5238.76,"endTime":5242.18,"body":"accumulating wealth, saving,"},{"speaker":"Alan Smith","startTime":5242.18,"endTime":5244.4,"body":"investing this. This is"},{"speaker":"Alan Smith","startTime":5242.18,"endTime":5244.4,"body":"obviously the other side of this"},{"speaker":"Alan Smith","startTime":5244.4,"endTime":5248.0,"body":"is called The Art of spending"},{"speaker":"Alan Smith","startTime":5244.4,"endTime":5248.0,"body":"money. Read it over Christmas,"},{"speaker":"Alan Smith","startTime":5248.12,"endTime":5250.5199999999995,"body":"really. I mean, typically, he's"},{"speaker":"Alan Smith","startTime":5248.12,"endTime":5250.5199999999995,"body":"just a good writer. He's good"},{"speaker":"Alan Smith","startTime":5250.5199999999995,"endTime":5253.5199999999995,"body":"storytellers, good writer. He"},{"speaker":"Alan Smith","startTime":5250.5199999999995,"endTime":5253.5199999999995,"body":"articulates things very crisply"},{"speaker":"Alan Smith","startTime":5253.58,"endTime":5257.08,"body":"and cleanly. It's an absolutely"},{"speaker":"Alan Smith","startTime":5253.58,"endTime":5257.08,"body":"essential reading for anyone in"},{"speaker":"Alan Smith","startTime":5257.08,"endTime":5259.48,"body":"the profession, I was thinking,"},{"speaker":"Alan Smith","startTime":5257.08,"endTime":5259.48,"body":"it's also a good gift if you've"},{"speaker":"Alan Smith","startTime":5259.48,"endTime":5262.0599999999995,"body":"got clients that you're working"},{"speaker":"Alan Smith","startTime":5259.48,"endTime":5262.0599999999995,"body":"with, particularly as they're a"},{"speaker":"Alan Smith","startTime":5262.0599999999995,"endTime":5265.3,"body":"few years out from retirement,"},{"speaker":"Alan Smith","startTime":5262.0599999999995,"endTime":5265.3,"body":"this art of spending money once"},{"speaker":"Alan Smith","startTime":5265.3,"endTime":5269.2,"body":"you've accumulated it, how you"},{"speaker":"Alan Smith","startTime":5265.3,"endTime":5269.2,"body":"do it? So, really, really,"},{"speaker":"Alan Smith","startTime":5269.2,"endTime":5273.22,"body":"really worthwhile. And I'm going"},{"speaker":"Alan Smith","startTime":5269.2,"endTime":5273.22,"body":"to give you a bonus culture"},{"speaker":"Alan Smith","startTime":5273.22,"endTime":5276.78,"body":"corner this week as well, which"},{"speaker":"Alan Smith","startTime":5273.22,"endTime":5276.78,"body":"is an app. Every now and again,"},{"speaker":"Alan Smith","startTime":5276.78,"endTime":5281.28,"body":"I look at the mainstream media,"},{"speaker":"Alan Smith","startTime":5276.78,"endTime":5281.28,"body":"not too often, but it's quite"},{"speaker":"Alan Smith","startTime":5281.28,"endTime":5284.04,"body":"useful just to grab a news, but"},{"speaker":"Alan Smith","startTime":5281.28,"endTime":5284.04,"body":"I never want to pay for a"},{"speaker":"Alan Smith","startTime":5284.04,"endTime":5286.62,"body":"newspaper, and most of them are"},{"speaker":"Alan Smith","startTime":5284.04,"endTime":5286.62,"body":"covered in paywalls and things."},{"speaker":"Alan Smith","startTime":5286.62,"endTime":5289.92,"body":"Nowadays, there is an app called"},{"speaker":"Alan Smith","startTime":5286.62,"endTime":5289.92,"body":"press reader. Press reader app,"},{"speaker":"Alan Smith","startTime":5289.92,"endTime":5292.38,"body":"you do have to link it up to"},{"speaker":"Alan Smith","startTime":5289.92,"endTime":5292.38,"body":"library, but that's quite"},{"speaker":"Alan Smith","startTime":5292.38,"endTime":5294.78,"body":"straightforward. I joined a"},{"speaker":"Alan Smith","startTime":5292.38,"endTime":5294.78,"body":"library whilst online without"},{"speaker":"Alan Smith","startTime":5294.78,"endTime":5297.18,"body":"having to go through but it"},{"speaker":"Alan Smith","startTime":5294.78,"endTime":5297.18,"body":"gives you access. And quite"},{"speaker":"Alan Smith","startTime":5297.18,"endTime":5299.48,"body":"interesting, actually, Nick,"},{"speaker":"Alan Smith","startTime":5297.18,"endTime":5299.48,"body":"because you get actually. Nick,"},{"speaker":"Alan Smith","startTime":5299.48,"endTime":5301.82,"body":"because you get, like, what's"},{"speaker":"Alan Smith","startTime":5299.48,"endTime":5301.82,"body":"got? Wall Street Journal. It's"},{"speaker":"Alan Smith","startTime":5301.82,"endTime":5305.0,"body":"got, you know, a lot of sort of"},{"speaker":"Alan Smith","startTime":5301.82,"endTime":5305.0,"body":"big global newspapers, as well"},{"speaker":"Alan Smith","startTime":5305.0,"endTime":5307.22,"body":"as some of the mainstream"},{"speaker":"Alan Smith","startTime":5305.0,"endTime":5307.22,"body":"newspapers in the UK, plus"},{"speaker":"Alan Smith","startTime":5307.22,"endTime":5311.0,"body":"magazines, Men's Health, Vogue"},{"speaker":"Alan Smith","startTime":5307.22,"endTime":5311.0,"body":"magazine, all that sort of stuff"},{"speaker":"Alan Smith","startTime":5311.0,"endTime":5313.64,"body":"via an app to quickly read it."},{"speaker":"Alan Smith","startTime":5311.0,"endTime":5313.64,"body":"So it's quite useful."},{"speaker":"Nick Lincoln","startTime":5313.64,"endTime":5317.5,"body":"Vogue, Sign me up."},{"speaker":"Nick Lincoln","startTime":5313.64,"endTime":5317.5,"body":"I'm going to my local library to"},{"speaker":"Nick Lincoln","startTime":5317.5,"endTime":5317.68,"body":"read"},{"speaker":"Alan Smith","startTime":5317.68,"endTime":5318.88,"body":"Vogue men's health."},{"speaker":"Unknown","startTime":5318.94,"endTime":5322.24,"body":"Well, it will be, oh,"},{"speaker":"Unknown","startTime":5318.94,"endTime":5322.24,"body":"it's Nick. It's got word three"},{"speaker":"Unknown","startTime":5322.24,"endTime":5322.84,"body":"takes hold."},{"speaker":"Alan Smith","startTime":5322.96,"endTime":5326.14,"body":"It has Okay,"},{"speaker":"Alan Smith","startTime":5322.96,"endTime":5326.14,"body":"magazine. Nick, you catch up"},{"speaker":"Alan Smith","startTime":5326.14,"endTime":5329.62,"body":"with all the gossip. Hello,"},{"speaker":"Alan Smith","startTime":5326.14,"endTime":5329.62,"body":"magazine. All the gossip. What's"},{"speaker":"Alan Smith","startTime":5329.62,"endTime":5337.74,"body":"going on in Smash North Watford?"},{"speaker":"Alan Smith","startTime":5329.62,"endTime":5337.74,"body":"442, local. Yeah, that's me,"},{"speaker":"Alan Smith","startTime":5337.8,"endTime":5339.9,"body":"done, boys, off you go. Who's"},{"speaker":"Alan Smith","startTime":5337.8,"endTime":5339.9,"body":"next?"},{"speaker":"Carl Widger","startTime":5340.38,"endTime":5345.54,"body":"Watch beautiful"},{"speaker":"Carl Widger","startTime":5340.38,"endTime":5345.54,"body":"book. And this really is a"},{"speaker":"Carl Widger","startTime":5345.54,"endTime":5350.82,"body":"beautiful book. I can anybody"},{"speaker":"Carl Widger","startTime":5345.54,"endTime":5350.82,"body":"remember where? Who recommended?"},{"speaker":"Nick Lincoln","startTime":5350.82,"endTime":5352.74,"body":"Guess who? Just"},{"speaker":"Nick Lincoln","startTime":5350.82,"endTime":5352.74,"body":"for the benefit of our audio"},{"speaker":"Nick Lincoln","startTime":5352.74,"endTime":5353.5199999999995,"body":"listeners, you want"},{"speaker":"Alan Smith","startTime":5354.24,"endTime":5357.36,"body":"to tell them what"},{"speaker":"Alan Smith","startTime":5354.24,"endTime":5357.36,"body":"the book is. So it was 100% me."},{"speaker":"Carl Widger","startTime":5357.42,"endTime":5360.74,"body":"It's an Indian"},{"speaker":"Carl Widger","startTime":5357.42,"endTime":5360.74,"body":"gentleman of wisdom by Vishal"},{"speaker":"Carl Widger","startTime":5361.16,"endTime":5367.64,"body":"Kandel, one amazingly the"},{"speaker":"Carl Widger","startTime":5361.16,"endTime":5367.64,"body":"testimonial at the top of it."},{"speaker":"Carl Widger","startTime":5367.88,"endTime":5371.24,"body":"This is a masterpiece from"},{"speaker":"Carl Widger","startTime":5367.88,"endTime":5371.24,"body":"Morgan Housel, right. There you"},{"speaker":"Carl Widger","startTime":5371.24,"endTime":5374.18,"body":"go. It is a masterpiece. And I"},{"speaker":"Carl Widger","startTime":5371.24,"endTime":5374.18,"body":"remember, we all got it, and I"},{"speaker":"Carl Widger","startTime":5374.18,"endTime":5377.5599999999995,"body":"remember flicking through it,"},{"speaker":"Carl Widger","startTime":5374.18,"endTime":5377.5599999999995,"body":"but talk about a present, write"},{"speaker":"Carl Widger","startTime":5377.5599999999995,"endTime":5380.5,"body":"a coffee. It's not that big of a"},{"speaker":"Carl Widger","startTime":5377.5599999999995,"endTime":5380.5,"body":"book. It's a hardback, right?"},{"speaker":"Carl Widger","startTime":5380.8,"endTime":5384.76,"body":"But it's just it goes through"},{"speaker":"Carl Widger","startTime":5380.8,"endTime":5384.76,"body":"kind of a quote and then a kind"},{"speaker":"Carl Widger","startTime":5384.76,"endTime":5389.14,"body":"of a page about this topic. It's"},{"speaker":"Carl Widger","startTime":5384.76,"endTime":5389.14,"body":"illustrated beautifully. It's"},{"speaker":"Carl Widger","startTime":5389.14,"endTime":5393.7,"body":"absolutely fantastic. And it"},{"speaker":"Carl Widger","startTime":5389.14,"endTime":5393.7,"body":"really, really would be a class"},{"speaker":"Carl Widger","startTime":5393.7,"endTime":5397.0199999999995,"body":"you want to get someone a"},{"speaker":"Carl Widger","startTime":5393.7,"endTime":5397.0199999999995,"body":"thoughtful class present that is"},{"speaker":"Carl Widger","startTime":5397.0199999999995,"endTime":5400.2,"body":"not going to cost you an arm and"},{"speaker":"Carl Widger","startTime":5397.0199999999995,"endTime":5400.2,"body":"a leg, but it's really, really"},{"speaker":"Carl Widger","startTime":5400.62,"endTime":5403.98,"body":"deep and impactful. I would say,"},{"speaker":"Carl Widger","startTime":5400.62,"endTime":5403.98,"body":"get this. It's absolutely"},{"speaker":"Carl Widger","startTime":5403.98,"endTime":5407.58,"body":"fabulous. Love this book, and I"},{"speaker":"Carl Widger","startTime":5403.98,"endTime":5407.58,"body":"only skipped through it before,"},{"speaker":"Carl Widger","startTime":5407.76,"endTime":5411.3,"body":"and I would say everyone should"},{"speaker":"Carl Widger","startTime":5407.76,"endTime":5411.3,"body":"get it. It's absolutely what's"},{"speaker":"Carl Widger","startTime":5411.3,"endTime":5415.32,"body":"it called, again, call. It's"},{"speaker":"Carl Widger","startTime":5411.3,"endTime":5415.32,"body":"called the sketchbook of wisdom,"},{"speaker":"Carl Widger","startTime":5415.74,"endTime":5421.16,"body":"and it's by Vishal Kandel Walz,"},{"speaker":"Carl Widger","startTime":5415.74,"endTime":5421.16,"body":"K, H,"},{"speaker":"Andy Hart","startTime":5421.4,"endTime":5424.76,"body":"E, L, W, A, link in"},{"speaker":"Andy Hart","startTime":5421.4,"endTime":5424.76,"body":"the show."},{"speaker":"Alan Smith","startTime":5425.18,"endTime":5427.22,"body":"You are welcome."},{"speaker":"Alan Smith","startTime":5425.18,"endTime":5427.22,"body":"You're welcome."},{"speaker":"Nick Lincoln","startTime":5427.76,"endTime":5430.22,"body":"Link in the show,"},{"speaker":"Nick Lincoln","startTime":5427.76,"endTime":5430.22,"body":"welcome. Okay, well, me to wrap"},{"speaker":"Nick Lincoln","startTime":5430.22,"endTime":5433.76,"body":"up, Michael Bloomberg. I think"},{"speaker":"Nick Lincoln","startTime":5430.22,"endTime":5433.76,"body":"we all know who he is. Obviously"},{"speaker":"Nick Lincoln","startTime":5433.76,"endTime":5436.5999999999995,"body":"the Bloomberg consoles that are"},{"speaker":"Nick Lincoln","startTime":5433.76,"endTime":5436.5999999999995,"body":"predominant in all the financial"},{"speaker":"Nick Lincoln","startTime":5436.5999999999995,"endTime":5439.24,"body":"centers. He's made a small"},{"speaker":"Nick Lincoln","startTime":5436.5999999999995,"endTime":5439.24,"body":"fortune from those also the"},{"speaker":"Nick Lincoln","startTime":5439.24,"endTime":5442.66,"body":"mayor of New York. There we go,"},{"speaker":"Nick Lincoln","startTime":5439.24,"endTime":5442.66,"body":"my culture corner. And once"},{"speaker":"Nick Lincoln","startTime":5442.66,"endTime":5445.42,"body":"again, I'm you do it for me."},{"speaker":"Nick Lincoln","startTime":5442.66,"endTime":5445.42,"body":"Andy, just keep on talking."},{"speaker":"Alan Smith","startTime":5447.28,"endTime":5451.84,"body":"I'm glad we've"},{"speaker":"Alan Smith","startTime":5447.28,"endTime":5451.84,"body":"started. 30 seconds to go. We"},{"speaker":"Alan Smith","startTime":5451.84,"endTime":5455.5599999999995,"body":"started the new year in the way"},{"speaker":"Alan Smith","startTime":5451.84,"endTime":5455.5599999999995,"body":"we ended the last year talking"},{"speaker":"Alan Smith","startTime":5455.5599999999995,"endTime":5458.94,"body":"across each other, short"},{"speaker":"Alan Smith","startTime":5455.5599999999995,"endTime":5458.94,"body":"tempered, argumentative,"},{"speaker":"Alan Smith","startTime":5459.24,"endTime":5461.46,"body":"wonderful, not can't wait for"},{"speaker":"Alan Smith","startTime":5459.24,"endTime":5461.46,"body":"the rest of the year."},{"speaker":"Nick Lincoln","startTime":5462.0599999999995,"endTime":5463.92,"body":"So he's on the"},{"speaker":"Nick Lincoln","startTime":5462.0599999999995,"endTime":5463.92,"body":"Ingo company podcast with"},{"speaker":"Nick Lincoln","startTime":5463.92,"endTime":5468.5999999999995,"body":"Nikolai Tang Jen, thank you and"},{"speaker":"Alan Smith","startTime":5469.74,"endTime":5471.54,"body":"friend Andy Lee,"},{"speaker":"Nick Lincoln","startTime":5473.58,"endTime":5476.36,"body":"okay, there you"},{"speaker":"Nick Lincoln","startTime":5473.58,"endTime":5476.36,"body":"go, dear Trappist. Episode. 88"},{"speaker":"Nick Lincoln","startTime":5476.48,"endTime":5478.88,"body":"comes to a close. Another pile"},{"speaker":"Nick Lincoln","startTime":5476.48,"endTime":5478.88,"body":"of traps lies down. The ebender"},{"speaker":"Nick Lincoln","startTime":5478.88,"endTime":5481.22,"body":"Father Time. Thank you, dear"},{"speaker":"Nick Lincoln","startTime":5478.88,"endTime":5481.22,"body":"traps. For your precious time"},{"speaker":"Nick Lincoln","startTime":5481.22,"endTime":5483.62,"body":"and input on the show rate, just"},{"speaker":"Nick Lincoln","startTime":5481.22,"endTime":5483.62,"body":"leave a six out of five star"},{"speaker":"Nick Lincoln","startTime":5483.62,"endTime":5486.5,"body":"review. Good luck. I'm gonna"},{"speaker":"Nick Lincoln","startTime":5483.62,"endTime":5486.5,"body":"kill the rest of them. See you"},{"speaker":"Nick Lincoln","startTime":5486.5,"endTime":5490.64,"body":"fellas, take care. Love you"},{"speaker":"Nick Lincoln","startTime":5486.5,"endTime":5490.64,"body":"absolute Sham, absolute"},{"speaker":"Nick Lincoln","startTime":5490.7,"endTime":5491.24,"body":"shambles. You"},{"speaker":"Unknown","startTime":5501.5199999999995,"endTime":5504.94,"body":"the bickering that we"},{"speaker":"Unknown","startTime":5501.5199999999995,"endTime":5504.94,"body":"do here is the real bickering."},{"speaker":"Unknown","startTime":5505.18,"endTime":5506.74,"body":"You should see what happens"},{"speaker":"Unknown","startTime":5505.18,"endTime":5506.74,"body":"after"},{"speaker":"Nick Lincoln","startTime":5506.74,"endTime":5509.38,"body":"I don't I try not"},{"speaker":"Nick Lincoln","startTime":5506.74,"endTime":5509.38,"body":"to talk over anybody. It's a"},{"speaker":"Nick Lincoln","startTime":5509.38,"endTime":5513.28,"body":"skill set. Work on it, right?"},{"speaker":"Nick Lincoln","startTime":5509.38,"endTime":5513.28,"body":"Stop the recording."}]}