{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":12.99,"endTime":17.85,"body":"Welcome to the Real"},{"speaker":"Unknown","startTime":12.99,"endTime":17.85,"body":"Advisor Podcast, T R A P trap."},{"speaker":"Unknown","startTime":18.42,"endTime":21.5,"body":"Please follow us and join in the"},{"speaker":"Unknown","startTime":18.42,"endTime":21.5,"body":"conversation on Twitter at"},{"speaker":"Unknown","startTime":21.59,"endTime":25.25,"body":"Advisor Podcast, where you can"},{"speaker":"Unknown","startTime":21.59,"endTime":25.25,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":25.34,"endTime":28.73,"body":"like the trap team to discuss."},{"speaker":"Unknown","startTime":25.34,"endTime":28.73,"body":"Also, remember to like and"},{"speaker":"Unknown","startTime":28.79,"endTime":31.82,"body":"subscribe to our YouTube"},{"speaker":"Unknown","startTime":28.79,"endTime":31.82,"body":"channel, and leave a six out of"},{"speaker":"Unknown","startTime":31.85,"endTime":35.3,"body":"five star review on iTunes."},{"speaker":"Unknown","startTime":31.85,"endTime":35.3,"body":"Doing all this really, really"},{"speaker":"Unknown","startTime":35.36,"endTime":39.02,"body":"helps us, which means we can do"},{"speaker":"Unknown","startTime":35.36,"endTime":39.02,"body":"more to help you. Now, let's"},{"speaker":"Unknown","startTime":39.08,"endTime":42.07,"body":"head over to the studio for the"},{"speaker":"Unknown","startTime":39.08,"endTime":42.07,"body":"latest pile of trap."},{"speaker":"Nick Lincoln","startTime":49.179,"endTime":50.799,"body":"Yes, indeed, dear"},{"speaker":"Nick Lincoln","startTime":49.179,"endTime":50.799,"body":"Trappists. Welcome back to what"},{"speaker":"Nick Lincoln","startTime":50.799,"endTime":54.129,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":50.799,"endTime":54.129,"body":"99 of The Real Advisor Podcast,"},{"speaker":"Nick Lincoln","startTime":54.159,"endTime":58.029,"body":"T R A B Trap. My name is indeed"},{"speaker":"Nick Lincoln","startTime":54.159,"endTime":58.029,"body":"Lincoln, and joining me as ever"},{"speaker":"Nick Lincoln","startTime":58.209,"endTime":61.469,"body":"in the digital studio of Doom"},{"speaker":"Nick Lincoln","startTime":58.209,"endTime":61.469,"body":"are the three other horsemen of"},{"speaker":"Alan Smith","startTime":62.13,"endTime":62.52,"body":"the apocalypse,"},{"speaker":"Nick Lincoln","startTime":63.27,"endTime":66.3,"body":"Carl the voice, De"},{"speaker":"Nick Lincoln","startTime":63.27,"endTime":66.3,"body":"Lavochi Widger, Alan the"},{"speaker":"Nick Lincoln","startTime":66.33,"endTime":71.13,"body":"storyteller, Smith, and Andy"},{"speaker":"Nick Lincoln","startTime":66.33,"endTime":71.13,"body":"Ultra Heart. Now, gentlemen, we"},{"speaker":"Nick Lincoln","startTime":71.25,"endTime":75.96,"body":"have a show packed full of"},{"speaker":"Nick Lincoln","startTime":71.25,"endTime":75.96,"body":"absolutely nothing, so let's"},{"speaker":"Nick Lincoln","startTime":75.99,"endTime":78.15,"body":"start unpacking it straight away"},{"speaker":"Nick Lincoln","startTime":75.99,"endTime":78.15,"body":"with some more high energy"},{"speaker":"Nick Lincoln","startTime":78.24,"endTime":80.22,"body":"review reads read out by my very"},{"speaker":"Nick Lincoln","startTime":78.24,"endTime":80.22,"body":"good friend, the Right Honorable"},{"speaker":"Nick Lincoln","startTime":80.22,"endTime":82.43,"body":"mr. Andrew Ursaine Hart."},{"speaker":"Andy Hart","startTime":83.33,"endTime":85.13,"body":"Thank you very much,"},{"speaker":"Andy Hart","startTime":83.33,"endTime":85.13,"body":"Nicholas. Today we have one"},{"speaker":"Andy Hart","startTime":85.13,"endTime":88.64,"body":"review, but it's a biggie. It's"},{"speaker":"Andy Hart","startTime":85.13,"endTime":88.64,"body":"from Johnny Zimmerman, Five"},{"speaker":"Andy Hart","startTime":88.7,"endTime":91.58,"body":"Stars in the Apple Podcast,"},{"speaker":"Andy Hart","startTime":88.7,"endTime":91.58,"body":"entitled 'Thank You. I was"},{"speaker":"Andy Hart","startTime":91.64,"endTime":94.67,"body":"introduced to your podcast just"},{"speaker":"Andy Hart","startTime":91.64,"endTime":94.67,"body":"under three months ago. Today I"},{"speaker":"Andy Hart","startTime":94.88,"endTime":97.91,"body":"have officially listened to"},{"speaker":"Andy Hart","startTime":94.88,"endTime":97.91,"body":"every single episode, that's"},{"speaker":"Andy Hart","startTime":98.0,"endTime":101.59,"body":"more than one episode a day on"},{"speaker":"Andy Hart","startTime":98.0,"endTime":101.59,"body":"average. As a newly qualified"},{"speaker":"Andy Hart","startTime":101.83,"endTime":105.43,"body":"IFA, this has given me a massive"},{"speaker":"Andy Hart","startTime":101.83,"endTime":105.43,"body":"boost in growing my client bank"},{"speaker":"Andy Hart","startTime":105.49,"endTime":109.42,"body":"and given the few clients that"},{"speaker":"Andy Hart","startTime":105.49,"endTime":109.42,"body":"I've got the best experience. I"},{"speaker":"Andy Hart","startTime":109.48,"endTime":111.64,"body":"was fortunate enough to get one"},{"speaker":"Andy Hart","startTime":109.48,"endTime":111.64,"body":"of the scholarship tickets to"},{"speaker":"Andy Hart","startTime":111.76,"endTime":115.12,"body":"Trap Live. It was amazing"},{"speaker":"Andy Hart","startTime":111.76,"endTime":115.12,"body":"meeting you four, along with"},{"speaker":"Andy Hart","startTime":115.24,"endTime":118.87,"body":"other like-minded people. I've"},{"speaker":"Andy Hart","startTime":115.24,"endTime":118.87,"body":"still got so much to learn, but"},{"speaker":"Andy Hart","startTime":118.87,"endTime":121.29,"body":"this has helped me avoid the"},{"speaker":"Andy Hart","startTime":118.87,"endTime":121.29,"body":"mistakes that I know I would"},{"speaker":"Andy Hart","startTime":121.29,"endTime":124.29,"body":"have fallen into without it. All"},{"speaker":"Andy Hart","startTime":121.29,"endTime":124.29,"body":"four of you have made a massive"},{"speaker":"Andy Hart","startTime":124.35,"endTime":126.87,"body":"impact on the profession. The"},{"speaker":"Andy Hart","startTime":124.35,"endTime":126.87,"body":"momentum has only just got"},{"speaker":"Andy Hart","startTime":126.96,"endTime":130.29,"body":"started to everyone doing full"},{"speaker":"Andy Hart","startTime":126.96,"endTime":130.29,"body":"fat financial planning. Take a"},{"speaker":"Andy Hart","startTime":130.32,"endTime":134.13,"body":"moment to think about how many"},{"speaker":"Andy Hart","startTime":130.32,"endTime":134.13,"body":"10s of 1000s of families who"},{"speaker":"Andy Hart","startTime":134.25,"endTime":138.0,"body":"have, who have improved their"},{"speaker":"Andy Hart","startTime":134.25,"endTime":138.0,"body":"lives because of you. I now feel"},{"speaker":"Andy Hart","startTime":138.09,"endTime":141.41,"body":"I've written enough for Lip to"},{"speaker":"Andy Hart","startTime":138.09,"endTime":141.41,"body":"get angry. I'll stop now. Thank"},{"speaker":"Andy Hart","startTime":141.44,"endTime":145.31,"body":"you again, Johnny Zimmerman."},{"speaker":"Andy Hart","startTime":141.44,"endTime":145.31,"body":"It's got a cracking name, isn't"},{"speaker":"Andy Hart","startTime":145.37,"endTime":147.5,"body":"it? Sounds like she's been actor"},{"speaker":"Andy Hart","startTime":145.37,"endTime":147.5,"body":"or something. Thank you, Johnny."},{"speaker":"Nick Lincoln","startTime":148.19,"endTime":151.01,"body":"Johnny Zimmerman,"},{"speaker":"Nick Lincoln","startTime":148.19,"endTime":151.01,"body":"Bob Dylan's real name, Bob"},{"speaker":"Nick Lincoln","startTime":151.46,"endTime":153.56,"body":"Zimmerman. Yeah, just"},{"speaker":"Alan Smith","startTime":153.56,"endTime":158.18,"body":"a quick follow-up on"},{"speaker":"Alan Smith","startTime":153.56,"endTime":158.18,"body":"that hand raised. It proves it."},{"speaker":"Alan Smith","startTime":158.18,"endTime":161.77,"body":"This proves podcasts are a great"},{"speaker":"Alan Smith","startTime":158.18,"endTime":161.77,"body":"medium, aren't they, really?"},{"speaker":"Alan Smith","startTime":161.8,"endTime":165.25,"body":"Because he's just stumbled"},{"speaker":"Alan Smith","startTime":161.8,"endTime":165.25,"body":"across Trap quite recently, and"},{"speaker":"Alan Smith","startTime":165.25,"endTime":169.84,"body":"he's got only got like 90 now,"},{"speaker":"Alan Smith","startTime":165.25,"endTime":169.84,"body":"99 rather than something. If"},{"speaker":"Alan Smith","startTime":169.87,"endTime":172.18,"body":"you, if you publish, I don't"},{"speaker":"Alan Smith","startTime":169.87,"endTime":172.18,"body":"know, newsletters or blogs or"},{"speaker":"Alan Smith","startTime":172.18,"endTime":174.01,"body":"something, they kind of go out a"},{"speaker":"Alan Smith","startTime":172.18,"endTime":174.01,"body":"date quite quickly, and you're"},{"speaker":"Alan Smith","startTime":174.01,"endTime":175.84,"body":"not going to troll through. So,"},{"speaker":"Alan Smith","startTime":174.01,"endTime":175.84,"body":"podcasts are great. If you"},{"speaker":"Alan Smith","startTime":175.87,"endTime":179.05,"body":"stumble across one you like,"},{"speaker":"Alan Smith","startTime":175.87,"endTime":179.05,"body":"you've got a back catalog going"},{"speaker":"Alan Smith","startTime":179.14,"endTime":183.33,"body":"back, in this case, four years."},{"speaker":"Alan Smith","startTime":179.14,"endTime":183.33,"body":"So, welcome, Johnny. We're of"},{"speaker":"Alan Smith","startTime":183.45,"endTime":183.78,"body":"service."},{"speaker":"Nick Lincoln","startTime":185.219,"endTime":187.079,"body":"Yeah, that's a"},{"speaker":"Nick Lincoln","startTime":185.219,"endTime":187.079,"body":"lovely review. And thanks a lot,"},{"speaker":"Nick Lincoln","startTime":187.169,"endTime":188.999,"body":"Johnny, for that. And please"},{"speaker":"Nick Lincoln","startTime":187.169,"endTime":188.999,"body":"keep the reviews coming in. They"},{"speaker":"Nick Lincoln","startTime":188.999,"endTime":191.879,"body":"do mean a lot to us. It really"},{"speaker":"Nick Lincoln","startTime":188.999,"endTime":191.879,"body":"gives us a little, little, as I"},{"speaker":"Nick Lincoln","startTime":191.969,"endTime":194.099,"body":"said many times, a shot in the"},{"speaker":"Nick Lincoln","startTime":191.969,"endTime":194.099,"body":"arm of Philip, as you were."},{"speaker":"Nick Lincoln","startTime":194.759,"endTime":197.489,"body":"That's a Philip set with an F."},{"speaker":"Nick Lincoln","startTime":194.759,"endTime":197.489,"body":"Ultra. Okay, let's put a"},{"speaker":"Nick Lincoln","startTime":197.549,"endTime":200.659,"body":"timestamp on episode 99 with"},{"speaker":"Nick Lincoln","startTime":197.549,"endTime":200.659,"body":"some topical tidbits, and get"},{"speaker":"Nick Lincoln","startTime":200.659,"endTime":204.019,"body":"this, this damn show on the"},{"speaker":"Nick Lincoln","startTime":200.659,"endTime":204.019,"body":"road. We've launched the soft"},{"speaker":"Nick Lincoln","startTime":204.049,"endTime":207.049,"body":"launch, the Trap Forum, really,"},{"speaker":"Nick Lincoln","startTime":204.049,"endTime":207.049,"body":"that's that's opened up a couple"},{"speaker":"Nick Lincoln","startTime":207.049,"endTime":211.189,"body":"of weeks ago, and the Trap Forum"},{"speaker":"Nick Lincoln","startTime":207.049,"endTime":211.189,"body":"is an online place space where"},{"speaker":"Nick Lincoln","startTime":211.189,"endTime":213.409,"body":"we're going to engender further"},{"speaker":"Nick Lincoln","startTime":211.189,"endTime":213.409,"body":"this great community that Johnny"},{"speaker":"Nick Lincoln","startTime":213.469,"endTime":215.239,"body":"Zimmerman was referring to in"},{"speaker":"Nick Lincoln","startTime":213.469,"endTime":215.239,"body":"his review. There, you know, the"},{"speaker":"Nick Lincoln","startTime":215.959,"endTime":220.929,"body":"Trap Live event is, is, is just,"},{"speaker":"Nick Lincoln","startTime":215.959,"endTime":220.929,"body":"it's such a great communal"},{"speaker":"Nick Lincoln","startTime":221.049,"endTime":223.869,"body":"event, and we're trying to"},{"speaker":"Nick Lincoln","startTime":221.049,"endTime":223.869,"body":"replicate that in an online area"},{"speaker":"Nick Lincoln","startTime":224.379,"endTime":228.279,"body":"that's secure, that's behind a"},{"speaker":"Nick Lincoln","startTime":224.379,"endTime":228.279,"body":"paywall where Trappists can ask"},{"speaker":"Nick Lincoln","startTime":228.309,"endTime":230.949,"body":"questions of each other, where"},{"speaker":"Nick Lincoln","startTime":228.309,"endTime":230.949,"body":"we can have various things"},{"speaker":"Nick Lincoln","startTime":231.069,"endTime":233.439,"body":"going, where the Trap Pack will"},{"speaker":"Nick Lincoln","startTime":231.069,"endTime":233.439,"body":"occasionally throw out extra"},{"speaker":"Nick Lincoln","startTime":233.469,"endTime":237.489,"body":"material and special things like"},{"speaker":"Nick Lincoln","startTime":233.469,"endTime":237.489,"body":"that, and it's just a really"},{"speaker":"Nick Lincoln","startTime":237.579,"endTime":242.759,"body":"nicely clean, cleanly designed,"},{"speaker":"Nick Lincoln","startTime":237.579,"endTime":242.759,"body":"well-laid-out website. We'd love"},{"speaker":"Nick Lincoln","startTime":242.789,"endTime":247.019,"body":"you to join. If you click on the"},{"speaker":"Nick Lincoln","startTime":242.789,"endTime":247.019,"body":"link, you get a 90 day trial"},{"speaker":"Nick Lincoln","startTime":247.109,"endTime":248.939,"body":"period, very generous, because"},{"speaker":"Nick Lincoln","startTime":247.109,"endTime":248.939,"body":"we want to get this thing going."},{"speaker":"Nick Lincoln","startTime":248.969,"endTime":251.189,"body":"We want to get it buzzing. We"},{"speaker":"Nick Lincoln","startTime":248.969,"endTime":251.189,"body":"want it to be the place to go to"},{"speaker":"Nick Lincoln","startTime":251.249,"endTime":253.829,"body":"in financial services. If you're"},{"speaker":"Nick Lincoln","startTime":251.249,"endTime":253.829,"body":"a full fat financial planner,"},{"speaker":"Nick Lincoln","startTime":254.519,"endTime":256.499,"body":"we've got ongoing plans for it."},{"speaker":"Nick Lincoln","startTime":254.519,"endTime":256.499,"body":"It's gonna be loads more stuff"},{"speaker":"Nick Lincoln","startTime":256.559,"endTime":258.929,"body":"coming down the line, but please"},{"speaker":"Nick Lincoln","startTime":256.559,"endTime":258.929,"body":"do look at that. We've got"},{"speaker":"Nick Lincoln","startTime":258.959,"endTime":261.949,"body":"people on there already. We've"},{"speaker":"Nick Lincoln","startTime":258.959,"endTime":261.949,"body":"got some traction, the more that"},{"speaker":"Nick Lincoln","startTime":262.009,"endTime":264.859,"body":"come on it, the better. The more"},{"speaker":"Nick Lincoln","startTime":262.009,"endTime":264.859,"body":"the hive mind, the more people"},{"speaker":"Nick Lincoln","startTime":264.889,"endTime":266.959,"body":"in the hive, the better the hive"},{"speaker":"Nick Lincoln","startTime":264.889,"endTime":266.959,"body":"mind becomes. It's a"},{"speaker":"Nick Lincoln","startTime":267.049,"endTime":271.039,"body":"self-fulfilling prophecy in that"},{"speaker":"Nick Lincoln","startTime":267.049,"endTime":271.039,"body":"respect. So, really excited"},{"speaker":"Nick Lincoln","startTime":271.039,"endTime":274.339,"body":"about Trap Forum. Do give it a"},{"speaker":"Nick Lincoln","startTime":271.039,"endTime":274.339,"body":"look and join, and just kick the"},{"speaker":"Nick Lincoln","startTime":274.399,"endTime":277.399,"body":"tires. We're all on all four of"},{"speaker":"Nick Lincoln","startTime":274.399,"endTime":277.399,"body":"us are on there. We'll interact"},{"speaker":"Nick Lincoln","startTime":277.459,"endTime":280.599,"body":"with you as well. So, yeah, good"},{"speaker":"Nick Lincoln","startTime":277.459,"endTime":280.599,"body":"stuff. Anyone got any thoughts"},{"speaker":"Nick Lincoln","startTime":280.629,"endTime":282.129,"body":"on that one's got their hands"},{"speaker":"Nick Lincoln","startTime":280.629,"endTime":282.129,"body":"raised? I'm assuming no."},{"speaker":"Alan Smith","startTime":283.12,"endTime":285.37,"body":"I'm just going to"},{"speaker":"Alan Smith","startTime":283.12,"endTime":285.37,"body":"add, we've made this exclusively"},{"speaker":"Alan Smith","startTime":285.52,"endTime":289.93,"body":"for financial planners and well,"},{"speaker":"Alan Smith","startTime":285.52,"endTime":289.93,"body":"and support people as well. So"},{"speaker":"Alan Smith","startTime":290.86,"endTime":294.1,"body":"no product providers, no people"},{"speaker":"Alan Smith","startTime":290.86,"endTime":294.1,"body":"pushing their own agenda, just"},{"speaker":"Alan Smith","startTime":294.1,"endTime":296.92,"body":"the community of people. If you,"},{"speaker":"Alan Smith","startTime":294.1,"endTime":296.92,"body":"as you say, Nick, it's like a"},{"speaker":"Alan Smith","startTime":297.01,"endTime":300.12,"body":"digital version of Trap Life,"},{"speaker":"Alan Smith","startTime":297.01,"endTime":300.12,"body":"where you sort of bump in. To"},{"speaker":"Alan Smith","startTime":300.39,"endTime":304.23,"body":"each other digitally, ask"},{"speaker":"Alan Smith","startTime":300.39,"endTime":304.23,"body":"questions, raise points, and I"},{"speaker":"Alan Smith","startTime":304.26,"endTime":307.92,"body":"think a key thing is everything"},{"speaker":"Alan Smith","startTime":304.26,"endTime":307.92,"body":"is then quite easily searchable"},{"speaker":"Alan Smith","startTime":308.04,"endTime":310.32,"body":"with we're using this modern,"},{"speaker":"Alan Smith","startTime":308.04,"endTime":310.32,"body":"very sort of professional"},{"speaker":"Alan Smith","startTime":310.71,"endTime":313.8,"body":"platform. So six months from"},{"speaker":"Alan Smith","startTime":310.71,"endTime":313.8,"body":"now, you sort of think there was"},{"speaker":"Alan Smith","startTime":313.83,"endTime":317.31,"body":"a conversation about this there"},{"speaker":"Alan Smith","startTime":313.83,"endTime":317.31,"body":"that, but I can't remember what"},{"speaker":"Alan Smith","startTime":317.31,"endTime":320.57,"body":"it was. How do I quickly find"},{"speaker":"Alan Smith","startTime":317.31,"endTime":320.57,"body":"it? Because something has just"},{"speaker":"Alan Smith","startTime":321.05,"endTime":324.74,"body":"appeared in my agenda or my"},{"speaker":"Alan Smith","startTime":321.05,"endTime":324.74,"body":"inbox. It's very easy to go back"},{"speaker":"Alan Smith","startTime":324.83,"endTime":327.47,"body":"and track previous"},{"speaker":"Alan Smith","startTime":324.83,"endTime":327.47,"body":"conversations, so the whole"},{"speaker":"Alan Smith","startTime":327.56,"endTime":330.77,"body":"community, as it builds and"},{"speaker":"Alan Smith","startTime":327.56,"endTime":330.77,"body":"develops, is going to be super"},{"speaker":"Alan Smith","startTime":330.8,"endTime":333.26,"body":"valuable. There's no question"},{"speaker":"Alan Smith","startTime":330.8,"endTime":333.26,"body":"about that. So, hit the link,"},{"speaker":"Alan Smith","startTime":333.77,"endTime":337.49,"body":"sign up 90 days, just to test it"},{"speaker":"Alan Smith","startTime":333.77,"endTime":337.49,"body":"out, see how it goes, and"},{"speaker":"Carl Widger","startTime":337.88,"endTime":340.72,"body":"hopefully it's kind"},{"speaker":"Carl Widger","startTime":337.88,"endTime":340.72,"body":"of like a version of a of an"},{"speaker":"Carl Widger","startTime":340.81,"endTime":344.32,"body":"ideas exchange with really great"},{"speaker":"Carl Widger","startTime":340.81,"endTime":344.32,"body":"people involved, and there have"},{"speaker":"Carl Widger","startTime":344.41,"endTime":349.24,"body":"been only if you sign up, you'll"},{"speaker":"Carl Widger","startTime":344.41,"endTime":349.24,"body":"see the high-profile members who"},{"speaker":"Carl Widger","startTime":349.27,"endTime":351.79,"body":"have joined it already, and I"},{"speaker":"Carl Widger","startTime":349.27,"endTime":351.79,"body":"think we're really thrilled that"},{"speaker":"Carl Widger","startTime":352.6,"endTime":354.67,"body":"some of those people have"},{"speaker":"Carl Widger","startTime":352.6,"endTime":354.67,"body":"joined, and thank you to them,"},{"speaker":"Carl Widger","startTime":355.3,"endTime":357.31,"body":"but we're not going to disclose"},{"speaker":"Carl Widger","startTime":355.3,"endTime":357.31,"body":"their names, because you have to"},{"speaker":"Carl Widger","startTime":357.37,"endTime":358.18,"body":"log in and very"},{"speaker":"Nick Lincoln","startTime":360.039,"endTime":362.219,"body":"good call, always"},{"speaker":"Nick Lincoln","startTime":360.039,"endTime":362.219,"body":"be closing, like it, like it."},{"speaker":"Nick Lincoln","startTime":362.399,"endTime":365.399,"body":"Okay, great stuff. So, well,"},{"speaker":"Nick Lincoln","startTime":362.399,"endTime":365.399,"body":"we'll stick with you, Wads."},{"speaker":"Nick Lincoln","startTime":365.489,"endTime":369.689,"body":"You've got a to call it an Irish"},{"speaker":"Nick Lincoln","startTime":365.489,"endTime":369.689,"body":"obsession, maybe it once was an"},{"speaker":"Nick Lincoln","startTime":369.719,"endTime":370.799,"body":"Irish obsession. Is that too"},{"speaker":"Nick Lincoln","startTime":369.719,"endTime":370.799,"body":"harsh?"},{"speaker":"Carl Widger","startTime":372.119,"endTime":374.309,"body":"No, I think it"},{"speaker":"Carl Widger","startTime":372.119,"endTime":374.309,"body":"still is an Irish obsession with"},{"speaker":"Carl Widger","startTime":374.429,"endTime":377.489,"body":"property, and I just.. there"},{"speaker":"Carl Widger","startTime":374.429,"endTime":377.489,"body":"was.. there was two stories"},{"speaker":"Carl Widger","startTime":378.089,"endTime":380.449,"body":"covered by the Business Post"},{"speaker":"Carl Widger","startTime":378.089,"endTime":380.449,"body":"over the last couple of weeks,"},{"speaker":"Carl Widger","startTime":380.479,"endTime":382.849,"body":"and I thought it was really"},{"speaker":"Carl Widger","startTime":380.479,"endTime":382.849,"body":"interesting about, you know,"},{"speaker":"Carl Widger","startTime":383.059,"endTime":386.839,"body":"property being such a sure"},{"speaker":"Carl Widger","startTime":383.059,"endTime":386.839,"body":"thing. And the first one is"},{"speaker":"Carl Widger","startTime":386.959,"endTime":390.889,"body":"brings us all the way back to"},{"speaker":"Carl Widger","startTime":386.959,"endTime":390.889,"body":"before the financial crisis, and"},{"speaker":"Carl Widger","startTime":390.919,"endTime":394.789,"body":"obviously the financial crisis"},{"speaker":"Carl Widger","startTime":390.919,"endTime":394.789,"body":"here in Ireland was like almost"},{"speaker":"Carl Widger","startTime":394.789,"endTime":396.559,"body":"broke the country. Well,"},{"speaker":"Carl Widger","startTime":394.789,"endTime":396.559,"body":"actually it did break the"},{"speaker":"Carl Widger","startTime":396.679,"endTime":400.029,"body":"country, and we needed the IMF"},{"speaker":"Carl Widger","startTime":396.679,"endTime":400.029,"body":"in to help us out. But I"},{"speaker":"Carl Widger","startTime":400.089,"endTime":406.569,"body":"remember around 2004 and five,"},{"speaker":"Carl Widger","startTime":400.089,"endTime":406.569,"body":"what happened was the two main"},{"speaker":"Carl Widger","startTime":406.659,"endTime":409.389,"body":"banks here, Bank of Ireland and"},{"speaker":"Carl Widger","startTime":406.659,"endTime":409.389,"body":"AIB, started selling off their"},{"speaker":"Carl Widger","startTime":409.479,"endTime":413.169,"body":"branches, and they were selling"},{"speaker":"Carl Widger","startTime":409.479,"endTime":413.169,"body":"them to people predominantly"},{"speaker":"Carl Widger","startTime":413.379,"endTime":417.969,"body":"with pension funds, who then"},{"speaker":"Carl Widger","startTime":413.379,"endTime":417.969,"body":"were buying the branch in with,"},{"speaker":"Carl Widger","startTime":418.509,"endTime":422.519,"body":"you know, 1520, and even"},{"speaker":"Carl Widger","startTime":418.509,"endTime":422.519,"body":"sometimes 25 year leases, and"},{"speaker":"Carl Widger","startTime":422.639,"endTime":426.029,"body":"the whole premise of this was"},{"speaker":"Carl Widger","startTime":422.639,"endTime":426.029,"body":"that, like, this is the surest"},{"speaker":"Carl Widger","startTime":426.089,"endTime":430.049,"body":"thing ever. Your tenant is AIV"},{"speaker":"Carl Widger","startTime":426.089,"endTime":430.049,"body":"or Bank of Ireland, and they're"},{"speaker":"Carl Widger","startTime":430.109,"endTime":433.799,"body":"going to absolutely pay the rent"},{"speaker":"Carl Widger","startTime":430.109,"endTime":433.799,"body":"over this over the long terms of"},{"speaker":"Carl Widger","startTime":433.799,"endTime":439.079,"body":"the leases, which made sense at"},{"speaker":"Carl Widger","startTime":433.799,"endTime":439.079,"body":"the time, and I have to admit"},{"speaker":"Carl Widger","startTime":439.289,"endTime":442.009,"body":"that I did look at a couple of"},{"speaker":"Carl Widger","startTime":439.289,"endTime":442.009,"body":"these, it didn't do any of them,"},{"speaker":"Carl Widger","startTime":442.069,"endTime":445.459,"body":"thank God, but I did have a look"},{"speaker":"Carl Widger","startTime":442.069,"endTime":445.459,"body":"at it, and what's happened is"},{"speaker":"Carl Widger","startTime":446.059,"endTime":450.169,"body":"obviously a lot of the banks are"},{"speaker":"Carl Widger","startTime":446.059,"endTime":450.169,"body":"closing their branches now, so,"},{"speaker":"Carl Widger","startTime":452.119,"endTime":456.259,"body":"so they're, they've, they're"},{"speaker":"Carl Widger","startTime":452.119,"endTime":456.259,"body":"breaking their leases, they're"},{"speaker":"Carl Widger","startTime":456.289,"endTime":458.209,"body":"not going to continue with the"},{"speaker":"Carl Widger","startTime":456.289,"endTime":458.209,"body":"rent, so people are left with"},{"speaker":"Carl Widger","startTime":458.239,"endTime":461.199,"body":"these properties and high"},{"speaker":"Carl Widger","startTime":458.239,"endTime":461.199,"body":"streets in various locations"},{"speaker":"Carl Widger","startTime":461.259,"endTime":464.139,"body":"around the country with no"},{"speaker":"Carl Widger","startTime":461.259,"endTime":464.139,"body":"tenant and nobody to move into"},{"speaker":"Carl Widger","startTime":464.199,"endTime":468.429,"body":"these bank buildings, so the"},{"speaker":"Carl Widger","startTime":464.199,"endTime":468.429,"body":"surest property bet ever has now"},{"speaker":"Carl Widger","startTime":468.549,"endTime":472.509,"body":"become defunct, and people are"},{"speaker":"Carl Widger","startTime":468.549,"endTime":472.509,"body":"left with these empty big huge"},{"speaker":"Carl Widger","startTime":472.629,"endTime":477.489,"body":"premises that nobody wants, and"},{"speaker":"Carl Widger","startTime":472.629,"endTime":477.489,"body":"then the other one was was a"},{"speaker":"Carl Widger","startTime":477.759,"endTime":482.609,"body":"student accommodation scheme,"},{"speaker":"Carl Widger","startTime":477.759,"endTime":482.609,"body":"which was launched in 2018 so"},{"speaker":"Carl Widger","startTime":482.699,"endTime":485.819,"body":"this isn't a financial crisis"},{"speaker":"Carl Widger","startTime":482.699,"endTime":485.819,"body":"one. And there was a comment in"},{"speaker":"Carl Widger","startTime":485.939,"endTime":488.849,"body":"this article from one of the"},{"speaker":"Carl Widger","startTime":485.939,"endTime":488.849,"body":"investors going, I understand"},{"speaker":"Carl Widger","startTime":488.879,"endTime":491.579,"body":"there's risk involved with these"},{"speaker":"Carl Widger","startTime":488.879,"endTime":491.579,"body":"things, but these people have"},{"speaker":"Carl Widger","startTime":491.579,"endTime":496.289,"body":"been entirely wiped out because"},{"speaker":"Carl Widger","startTime":491.579,"endTime":496.289,"body":"they had to do other types of"},{"speaker":"Carl Widger","startTime":496.349,"endTime":500.429,"body":"mezzanine debt, which then took"},{"speaker":"Carl Widger","startTime":496.349,"endTime":500.429,"body":"precedence over the investors"},{"speaker":"Carl Widger","startTime":500.519,"endTime":503.209,"body":"who moved from there was bank"},{"speaker":"Carl Widger","startTime":500.519,"endTime":503.209,"body":"debt, mezzanine debt, and then"},{"speaker":"Carl Widger","startTime":503.269,"endTime":505.969,"body":"they moved down to the bottom,"},{"speaker":"Carl Widger","startTime":503.269,"endTime":505.969,"body":"and they've been completely"},{"speaker":"Carl Widger","startTime":506.539,"endTime":509.929,"body":"wiped out. So, again, who would"},{"speaker":"Carl Widger","startTime":506.539,"endTime":509.929,"body":"have thought that a property did"},{"speaker":"Carl Widger","startTime":509.959,"endTime":513.319,"body":"he do in 2018 when, oh, the"},{"speaker":"Carl Widger","startTime":509.959,"endTime":513.319,"body":"property market's been going"},{"speaker":"Carl Widger","startTime":513.379,"endTime":517.189,"body":"great since then? Well, you know"},{"speaker":"Carl Widger","startTime":513.379,"endTime":517.189,"body":"what? Just be careful of the"},{"speaker":"Carl Widger","startTime":517.249,"endTime":520.869,"body":"sure thing. This was a student"},{"speaker":"Carl Widger","startTime":517.249,"endTime":520.869,"body":"accommodation arrangement, and"},{"speaker":"Carl Widger","startTime":520.929,"endTime":523.659,"body":"it has gone absolutely"},{"speaker":"Carl Widger","startTime":520.929,"endTime":523.659,"body":"pear-shaped for the investors."},{"speaker":"Carl Widger","startTime":524.079,"endTime":526.689,"body":"This one was promoted through a"},{"speaker":"Carl Widger","startTime":524.079,"endTime":526.689,"body":"company called Elkstone, who"},{"speaker":"Carl Widger","startTime":526.719,"endTime":529.719,"body":"have been in the news, who I"},{"speaker":"Carl Widger","startTime":526.719,"endTime":529.719,"body":"spoke about them before. They've"},{"speaker":"Carl Widger","startTime":529.839,"endTime":532.989,"body":"ditched their kind of wealth and"},{"speaker":"Carl Widger","startTime":529.839,"endTime":532.989,"body":"financial planning division, so"},{"speaker":"Carl Widger","startTime":533.439,"endTime":535.929,"body":"obviously all not well at that"},{"speaker":"Carl Widger","startTime":533.439,"endTime":535.929,"body":"firm at the moment."},{"speaker":"Nick Lincoln","startTime":539.44,"endTime":541.53,"body":"Yeah, thank you"},{"speaker":"Nick Lincoln","startTime":539.44,"endTime":541.53,"body":"for that. On a kind of a late,"},{"speaker":"Nick Lincoln","startTime":541.62,"endTime":542.19,"body":"oh, sorry, gone on,"},{"speaker":"Alan Smith","startTime":546.33,"endTime":547.95,"body":"you know, you"},{"speaker":"Alan Smith","startTime":546.33,"endTime":547.95,"body":"sometimes say, Carl, that"},{"speaker":"Alan Smith","startTime":548.97,"endTime":552.51,"body":"Ireland's a few years behind the"},{"speaker":"Alan Smith","startTime":548.97,"endTime":552.51,"body":"UK in terms of like good things"},{"speaker":"Alan Smith","startTime":552.57,"endTime":553.38,"body":"and positive things. I"},{"speaker":"Carl Widger","startTime":553.5,"endTime":554.25,"body":"used to say that,"},{"speaker":"Alan Smith","startTime":555.87,"endTime":558.09,"body":"but I think you're"},{"speaker":"Alan Smith","startTime":555.87,"endTime":558.09,"body":"probably still in some of these"},{"speaker":"Alan Smith","startTime":559.17,"endTime":561.92,"body":"schemes and investments, because"},{"speaker":"Alan Smith","startTime":559.17,"endTime":561.92,"body":"the one you just described in"},{"speaker":"Alan Smith","startTime":561.95,"endTime":564.92,"body":"that else, that just reminds me,"},{"speaker":"Alan Smith","startTime":561.95,"endTime":564.92,"body":"I don't know if you boys can"},{"speaker":"Alan Smith","startTime":564.95,"endTime":567.8,"body":"remember, but I don't know,"},{"speaker":"Alan Smith","startTime":564.95,"endTime":567.8,"body":"maybe a decade ago, maybe quite"},{"speaker":"Alan Smith","startTime":567.8,"endTime":570.44,"body":"a few years ago, these were all"},{"speaker":"Alan Smith","startTime":567.8,"endTime":570.44,"body":"the rage in UK student"},{"speaker":"Alan Smith","startTime":570.44,"endTime":574.19,"body":"accommodation funds and a ground"},{"speaker":"Alan Smith","startTime":570.44,"endTime":574.19,"body":"rent fund, that was a big thing,"},{"speaker":"Alan Smith","startTime":574.4,"endTime":577.55,"body":"and so on paper you couldn't"},{"speaker":"Alan Smith","startTime":574.4,"endTime":577.55,"body":"lose, because you know, if you"},{"speaker":"Alan Smith","startTime":577.64,"endTime":580.54,"body":"own a building and then it's got"},{"speaker":"Alan Smith","startTime":577.64,"endTime":580.54,"body":"to pay ground rent, you know,"},{"speaker":"Alan Smith","startTime":580.54,"endTime":583.51,"body":"for 100 years or something, so"},{"speaker":"Alan Smith","startTime":580.54,"endTime":583.51,"body":"that's nailed on, that's"},{"speaker":"Alan Smith","startTime":583.6,"endTime":585.73,"body":"guaranteed income, blah blah"},{"speaker":"Alan Smith","startTime":583.6,"endTime":585.73,"body":"blah, and certainly student"},{"speaker":"Alan Smith","startTime":585.76,"endTime":587.56,"body":"accommodation, another example,"},{"speaker":"Alan Smith","startTime":585.76,"endTime":587.56,"body":"people are still going to"},{"speaker":"Alan Smith","startTime":587.56,"endTime":591.52,"body":"university and college, etc."},{"speaker":"Alan Smith","startTime":587.56,"endTime":591.52,"body":"But, of course, the devil's in"},{"speaker":"Alan Smith","startTime":591.58,"endTime":594.1,"body":"the detail, it depends where you"},{"speaker":"Alan Smith","startTime":591.58,"endTime":594.1,"body":"sit in the order, like you say,"},{"speaker":"Alan Smith","startTime":594.25,"endTime":596.14,"body":"mezzanine debt, and all the rest"},{"speaker":"Alan Smith","startTime":594.25,"endTime":596.14,"body":"of it turns out that the"},{"speaker":"Alan Smith","startTime":596.14,"endTime":598.27,"body":"underlying, even if the"},{"speaker":"Alan Smith","startTime":596.14,"endTime":598.27,"body":"underlying investment performs"},{"speaker":"Alan Smith","startTime":598.36,"endTime":603.12,"body":"reasonably well, How you. Own"},{"speaker":"Alan Smith","startTime":598.36,"endTime":603.12,"body":"that asset is really, it can be"},{"speaker":"Alan Smith","startTime":603.18,"endTime":606.36,"body":"really complex and structured,"},{"speaker":"Alan Smith","startTime":603.18,"endTime":606.36,"body":"and I remember quite a few years"},{"speaker":"Alan Smith","startTime":606.45,"endTime":608.76,"body":"ago people were piling into"},{"speaker":"Alan Smith","startTime":606.45,"endTime":608.76,"body":"this, it was a really"},{"speaker":"Alan Smith","startTime":608.88,"endTime":613.26,"body":"attractive, and of course it"},{"speaker":"Alan Smith","startTime":608.88,"endTime":613.26,"body":"went, it went the same way as it"},{"speaker":"Alan Smith","startTime":613.26,"endTime":616.26,"body":"sounds like those Irish ones"},{"speaker":"Alan Smith","startTime":613.26,"endTime":616.26,"body":"are, so it really is a case"},{"speaker":"Carl Widger","startTime":616.89,"endTime":619.23,"body":"like you don't look"},{"speaker":"Carl Widger","startTime":616.89,"endTime":619.23,"body":"that there were tons, and the"},{"speaker":"Carl Widger","startTime":619.92,"endTime":624.05,"body":"vast majority of the deals in"},{"speaker":"Carl Widger","startTime":619.92,"endTime":624.05,"body":"prior to 2007 and eight did go"},{"speaker":"Carl Widger","startTime":624.41,"endTime":628.94,"body":"better, but this is a bit of a"},{"speaker":"Carl Widger","startTime":624.41,"endTime":628.94,"body":"strange one, like at the letter"},{"speaker":"Carl Widger","startTime":629.06,"endTime":632.24,"body":"they wrote to their investors,"},{"speaker":"Carl Widger","startTime":629.06,"endTime":632.24,"body":"right, said there was a couple"},{"speaker":"Carl Widger","startTime":632.24,"endTime":634.49,"body":"of things contributing to this,"},{"speaker":"Carl Widger","startTime":632.24,"endTime":634.49,"body":"and one of them was higher"},{"speaker":"Carl Widger","startTime":634.61,"endTime":640.96,"body":"interest rates. I'm like,"},{"speaker":"Carl Widger","startTime":634.61,"endTime":640.96,"body":"interest rates are 2% higher"},{"speaker":"Carl Widger","startTime":641.08,"endTime":643.93,"body":"interest rates increased"},{"speaker":"Carl Widger","startTime":641.08,"endTime":643.93,"body":"construction costs. It's like,"},{"speaker":"Carl Widger","startTime":644.41,"endTime":648.58,"body":"would you not have built that"},{"speaker":"Carl Widger","startTime":644.41,"endTime":648.58,"body":"in, you know? And rent caps, and"},{"speaker":"Carl Widger","startTime":648.61,"endTime":652.33,"body":"it's like, but this is student"},{"speaker":"Carl Widger","startTime":648.61,"endTime":652.33,"body":"accommodation, so rent, you"},{"speaker":"Carl Widger","startTime":652.33,"endTime":655.21,"body":"know. So, so I don't know, maybe"},{"speaker":"Carl Widger","startTime":652.33,"endTime":655.21,"body":"I'm totally wrong here, but it"},{"speaker":"Carl Widger","startTime":655.69,"endTime":658.12,"body":"seems like a very strange one."},{"speaker":"Carl Widger","startTime":655.69,"endTime":658.12,"body":"And I think the investor that"},{"speaker":"Carl Widger","startTime":658.18,"endTime":664.59,"body":"was quoted in it said it just"},{"speaker":"Carl Widger","startTime":658.18,"endTime":664.59,"body":"seems it's hard to take that."},{"speaker":"Carl Widger","startTime":665.13,"endTime":668.25,"body":"Okay, I accepted the risk. I"},{"speaker":"Carl Widger","startTime":665.13,"endTime":668.25,"body":"accepted there was a risk, a"},{"speaker":"Carl Widger","startTime":668.31,"endTime":673.44,"body":"loss, but a loss of all of my"},{"speaker":"Carl Widger","startTime":668.31,"endTime":673.44,"body":"capital. That it just seems a"},{"speaker":"Carl Widger","startTime":673.5,"endTime":674.43,"body":"bit strange. All right. Yeah,"},{"speaker":"Andy Hart","startTime":676.26,"endTime":679.65,"body":"again, it's my advice"},{"speaker":"Andy Hart","startTime":676.26,"endTime":679.65,"body":"to any clients is trying to"},{"speaker":"Andy Hart","startTime":679.65,"endTime":683.39,"body":"avoid anything that's packaged"},{"speaker":"Andy Hart","startTime":679.65,"endTime":683.39,"body":"around property, if you are that"},{"speaker":"Andy Hart","startTime":683.48,"endTime":686.24,"body":"way inclined, and want to buy"},{"speaker":"Andy Hart","startTime":683.48,"endTime":686.24,"body":"residential, commercial"},{"speaker":"Andy Hart","startTime":686.87,"endTime":690.2,"body":"property, real estate, then buy"},{"speaker":"Andy Hart","startTime":686.87,"endTime":690.2,"body":"it as the direct owner, the"},{"speaker":"Andy Hart","startTime":690.32,"endTime":693.2,"body":"direct landlord. Any type of"},{"speaker":"Andy Hart","startTime":690.32,"endTime":693.2,"body":"packaging in poor property is"},{"speaker":"Andy Hart","startTime":693.26,"endTime":696.35,"body":"going to be a complete enough"},{"speaker":"Andy Hart","startTime":693.26,"endTime":696.35,"body":"disaster. At back to Adam's"},{"speaker":"Andy Hart","startTime":696.47,"endTime":699.89,"body":"point, even if the asset class"},{"speaker":"Andy Hart","startTime":696.47,"endTime":699.89,"body":"is performing well, and they've"},{"speaker":"Andy Hart","startTime":699.95,"endTime":703.3,"body":"got charts going back for one"},{"speaker":"Andy Hart","startTime":699.95,"endTime":703.3,"body":"year, two year, 3000 years."},{"speaker":"Andy Hart","startTime":703.75,"endTime":706.87,"body":"Whenever it gets packaged up,"},{"speaker":"Andy Hart","startTime":703.75,"endTime":706.87,"body":"there's shenanigans going on so"},{"speaker":"Andy Hart","startTime":707.56,"endTime":709.36,"body":"massively through the packaging."},{"speaker":"Carl Widger","startTime":709.93,"endTime":712.33,"body":"You're so right,"},{"speaker":"Carl Widger","startTime":709.93,"endTime":712.33,"body":"and like gears, the geared"},{"speaker":"Carl Widger","startTime":712.36,"endTime":715.12,"body":"property funds were the ones"},{"speaker":"Carl Widger","startTime":712.36,"endTime":715.12,"body":"that all went belly up back in"},{"speaker":"Carl Widger","startTime":715.12,"endTime":718.09,"body":"the day, right? So they're not"},{"speaker":"Carl Widger","startTime":715.12,"endTime":718.09,"body":"now calling these things geared"},{"speaker":"Carl Widger","startTime":718.12,"endTime":720.93,"body":"property funds, but that's like,"},{"speaker":"Carl Widger","startTime":718.12,"endTime":720.93,"body":"you know, they are geared"},{"speaker":"Carl Widger","startTime":720.99,"endTime":723.15,"body":"property funds when there's"},{"speaker":"Carl Widger","startTime":720.99,"endTime":723.15,"body":"gearing and mezzanine debt,"},{"speaker":"Carl Widger","startTime":723.24,"endTime":723.39,"body":"right?"},{"speaker":"Andy Hart","startTime":724.32,"endTime":726.81,"body":"What's the new"},{"speaker":"Andy Hart","startTime":724.32,"endTime":726.81,"body":"perfect phrasing? Is it"},{"speaker":"Andy Hart","startTime":727.14,"endTime":728.4,"body":"opportunity funds?"},{"speaker":"Carl Widger","startTime":729.66,"endTime":732.0,"body":"Yeah, tracker bonds"},{"speaker":"Carl Widger","startTime":729.66,"endTime":732.0,"body":"became structured products, you"},{"speaker":"Carl Widger","startTime":732.03,"endTime":734.67,"body":"know. So, yeah, let's just call"},{"speaker":"Carl Widger","startTime":732.03,"endTime":734.67,"body":"it something else, that's"},{"speaker":"Carl Widger","startTime":734.73,"endTime":736.89,"body":"marketing, I guess. You know,"},{"speaker":"Carl Widger","startTime":734.73,"endTime":736.89,"body":"there's a lot of pros,"},{"speaker":"Alan Smith","startTime":737.79,"endTime":740.42,"body":"there's a lot of"},{"speaker":"Alan Smith","startTime":737.79,"endTime":740.42,"body":"products which made sense during"},{"speaker":"Alan Smith","startTime":740.57,"endTime":743.63,"body":"the ZERP era, zero interest rate"},{"speaker":"Alan Smith","startTime":740.57,"endTime":743.63,"body":"era, and so you could create"},{"speaker":"Alan Smith","startTime":743.69,"endTime":746.87,"body":"this and leverage up like crazy,"},{"speaker":"Alan Smith","startTime":743.69,"endTime":746.87,"body":"and same as the sort of the"},{"speaker":"Alan Smith","startTime":747.02,"endTime":749.51,"body":"broader sort of private equity,"},{"speaker":"Alan Smith","startTime":747.02,"endTime":749.51,"body":"private credit, if you can"},{"speaker":"Alan Smith","startTime":749.6,"endTime":753.56,"body":"borrow money, unlimited money at"},{"speaker":"Alan Smith","startTime":749.6,"endTime":753.56,"body":"close to zero, even a 2%"},{"speaker":"Alan Smith","startTime":755.39,"endTime":758.63,"body":"interest rate or 3% interest"},{"speaker":"Alan Smith","startTime":755.39,"endTime":758.63,"body":"rate, all your forecast"},{"speaker":"Alan Smith","startTime":758.63,"endTime":761.95,"body":"spreadsheets, you know,"},{"speaker":"Alan Smith","startTime":758.63,"endTime":761.95,"body":"everything stops to make sense,"},{"speaker":"Alan Smith","startTime":762.52,"endTime":765.1,"body":"and I think only now we're sort"},{"speaker":"Alan Smith","startTime":762.52,"endTime":765.1,"body":"of, when did interest rates"},{"speaker":"Alan Smith","startTime":765.1,"endTime":767.95,"body":"start going up? Just, it was"},{"speaker":"Alan Smith","startTime":765.1,"endTime":767.95,"body":"only a couple of years ago,"},{"speaker":"Alan Smith","startTime":768.25,"endTime":771.13,"body":"really. And so all these things"},{"speaker":"Alan Smith","startTime":768.25,"endTime":771.13,"body":"are beginning to unravel that"},{"speaker":"Alan Smith","startTime":771.25,"endTime":773.29,"body":"could have made sense if we"},{"speaker":"Alan Smith","startTime":771.25,"endTime":773.29,"body":"assume that interest rates"},{"speaker":"Alan Smith","startTime":773.41,"endTime":774.82,"body":"always stay at zero forever,"},{"speaker":"Andy Hart","startTime":775.42,"endTime":776.47,"body":"which would be the"},{"speaker":"Andy Hart","startTime":775.42,"endTime":776.47,"body":"craziest. You can"},{"speaker":"Carl Widger","startTime":776.5,"endTime":777.88,"body":"never do, you can"},{"speaker":"Carl Widger","startTime":776.5,"endTime":777.88,"body":"exactly."},{"speaker":"Nick Lincoln","startTime":778.18,"endTime":780.42,"body":"Well, yeah, but"},{"speaker":"Nick Lincoln","startTime":778.18,"endTime":780.42,"body":"marketing teams will, because"},{"speaker":"Nick Lincoln","startTime":780.45,"endTime":782.13,"body":"they ain't around when the rates"},{"speaker":"Nick Lincoln","startTime":780.45,"endTime":782.13,"body":"go up, they've moved on."},{"speaker":"Nick Lincoln","startTime":782.52,"endTime":782.79,"body":"Correct."},{"speaker":"Carl Widger","startTime":783.24,"endTime":786.54,"body":"Yeah, so that's"},{"speaker":"Carl Widger","startTime":783.24,"endTime":786.54,"body":"what should interest you."},{"speaker":"Nick Lincoln","startTime":787.44,"endTime":790.05,"body":"Yeah, yep. So,"},{"speaker":"Nick Lincoln","startTime":787.44,"endTime":790.05,"body":"tying into that, I listened to a"},{"speaker":"Nick Lincoln","startTime":790.11,"endTime":792.93,"body":"podcast, The This Is Money"},{"speaker":"Nick Lincoln","startTime":790.11,"endTime":792.93,"body":"podcast. I talk about it more in"},{"speaker":"Nick Lincoln","startTime":792.96,"endTime":796.41,"body":"Culture Corner, you know. Treat"},{"speaker":"Nick Lincoln","startTime":792.96,"endTime":796.41,"body":"it with care, because it is a"},{"speaker":"Nick Lincoln","startTime":796.44,"endTime":799.53,"body":"bit shy at times, but they, the"},{"speaker":"Nick Lincoln","startTime":796.44,"endTime":799.53,"body":"most recent episode had a thing"},{"speaker":"Nick Lincoln","startTime":799.53,"endTime":802.58,"body":"about UK property. The first 28"},{"speaker":"Nick Lincoln","startTime":799.53,"endTime":802.58,"body":"minutes of the show, you can"},{"speaker":"Nick Lincoln","startTime":802.61,"endTime":804.71,"body":"turn it off then, because it"},{"speaker":"Nick Lincoln","startTime":802.61,"endTime":804.71,"body":"gets shy to get after that, but"},{"speaker":"Nick Lincoln","startTime":804.77,"endTime":807.11,"body":"the first 28 minutes of the"},{"speaker":"Nick Lincoln","startTime":804.77,"endTime":807.11,"body":"episode were about the UK"},{"speaker":"Nick Lincoln","startTime":807.41,"endTime":810.95,"body":"market, and we know in this"},{"speaker":"Nick Lincoln","startTime":807.41,"endTime":810.95,"body":"thing of ours that Sibby Street"},{"speaker":"Nick Lincoln","startTime":810.98,"endTime":813.2,"body":"looks everything in nominal"},{"speaker":"Nick Lincoln","startTime":810.98,"endTime":813.2,"body":"terms, doesn't really understand"},{"speaker":"Nick Lincoln","startTime":813.29,"endTime":816.2,"body":"real terms, and inflation kind"},{"speaker":"Nick Lincoln","startTime":813.29,"endTime":816.2,"body":"of how inflation distorts"},{"speaker":"Nick Lincoln","startTime":816.26,"endTime":819.41,"body":"things, if you take inflation"},{"speaker":"Nick Lincoln","startTime":816.26,"endTime":819.41,"body":"out of the UK property market"},{"speaker":"Nick Lincoln","startTime":819.44,"endTime":824.92,"body":"nationwide since 2022 UK"},{"speaker":"Nick Lincoln","startTime":819.44,"endTime":824.92,"body":"property is down around 15 to"},{"speaker":"Nick Lincoln","startTime":824.98,"endTime":829.06,"body":"20% and in London it's over"},{"speaker":"Nick Lincoln","startTime":824.98,"endTime":829.06,"body":"that, it's about 21% in real"},{"speaker":"Nick Lincoln","startTime":829.18,"endTime":832.06,"body":"terms. So we're kind of, without"},{"speaker":"Nick Lincoln","startTime":829.18,"endTime":832.06,"body":"knowing it, and I think this is"},{"speaker":"Nick Lincoln","startTime":832.06,"endTime":833.56,"body":"a really good thing as well,"},{"speaker":"Nick Lincoln","startTime":832.06,"endTime":833.56,"body":"because they were due, but"},{"speaker":"Nick Lincoln","startTime":833.56,"endTime":836.8,"body":"without knowing it, we're in a"},{"speaker":"Nick Lincoln","startTime":833.56,"endTime":836.8,"body":"slow motion property slump in"},{"speaker":"Nick Lincoln","startTime":836.8,"endTime":839.26,"body":"the UK, and if you're going to"},{"speaker":"Nick Lincoln","startTime":836.8,"endTime":839.26,"body":"have one, because we haven't had"},{"speaker":"Nick Lincoln","startTime":839.32,"endTime":842.01,"body":"one for year, we had one in the,"},{"speaker":"Nick Lincoln","startTime":839.32,"endTime":842.01,"body":"in the early 1970s that was"},{"speaker":"Nick Lincoln","startTime":842.07,"endTime":844.44,"body":"vicious. We had one at the tail"},{"speaker":"Nick Lincoln","startTime":842.07,"endTime":844.44,"body":"end of the 1980s and early 1990s"},{"speaker":"Nick Lincoln","startTime":844.77,"endTime":849.36,"body":"that was vicious. Haven't really"},{"speaker":"Nick Lincoln","startTime":844.77,"endTime":849.36,"body":"had one. They tend to come when"},{"speaker":"Nick Lincoln","startTime":849.36,"endTime":852.3,"body":"interest rates go really, really"},{"speaker":"Nick Lincoln","startTime":849.36,"endTime":852.3,"body":"high, like in 1990 the base rate"},{"speaker":"Nick Lincoln","startTime":852.39,"endTime":856.17,"body":"touched 15% very briefly, and"},{"speaker":"Nick Lincoln","startTime":852.39,"endTime":856.17,"body":"there was a lot of negative"},{"speaker":"Nick Lincoln","startTime":856.23,"endTime":859.02,"body":"equity, and that kind of horror."},{"speaker":"Nick Lincoln","startTime":856.23,"endTime":859.02,"body":"This one is a slow, it's like"},{"speaker":"Nick Lincoln","startTime":859.02,"endTime":861.35,"body":"the air coming out of a tire"},{"speaker":"Nick Lincoln","startTime":859.02,"endTime":861.35,"body":"very slowly, you're not noticing"},{"speaker":"Nick Lincoln","startTime":861.38,"endTime":863.3,"body":"it, but we do need a lot of air"},{"speaker":"Nick Lincoln","startTime":861.38,"endTime":863.3,"body":"taken out the UK property"},{"speaker":"Nick Lincoln","startTime":863.36,"endTime":865.88,"body":"market, because it's way"},{"speaker":"Nick Lincoln","startTime":863.36,"endTime":865.88,"body":"overvalued, and we are in a"},{"speaker":"Nick Lincoln","startTime":866.0,"endTime":870.56,"body":"property slump now, and flats"},{"speaker":"Nick Lincoln","startTime":866.0,"endTime":870.56,"body":"are down by more than 20% on"},{"speaker":"Nick Lincoln","startTime":870.62,"endTime":872.78,"body":"mass over that period in time,"},{"speaker":"Nick Lincoln","startTime":870.62,"endTime":872.78,"body":"because that's what the buy to"},{"speaker":"Nick Lincoln","startTime":872.81,"endTime":876.08,"body":"let investors went into when buy"},{"speaker":"Nick Lincoln","startTime":872.81,"endTime":876.08,"body":"to let was still a hot thing 10"},{"speaker":"Nick Lincoln","startTime":876.2,"endTime":878.45,"body":"years ago, they're now the thing"},{"speaker":"Nick Lincoln","startTime":876.2,"endTime":878.45,"body":"that's really hard to get out"},{"speaker":"Nick Lincoln","startTime":878.6,"endTime":882.76,"body":"of, we got the cladding issues"},{"speaker":"Nick Lincoln","startTime":878.6,"endTime":882.76,"body":"and everything else and and"},{"speaker":"Nick Lincoln","startTime":883.09,"endTime":885.46,"body":"rates on flats, and you know,"},{"speaker":"Nick Lincoln","startTime":883.09,"endTime":885.46,"body":"ground rental, other kind of"},{"speaker":"Nick Lincoln","startTime":885.55,"endTime":888.91,"body":"crud, so it's just interesting,"},{"speaker":"Nick Lincoln","startTime":885.55,"endTime":888.91,"body":"and nobody's really talking"},{"speaker":"Nick Lincoln","startTime":888.94,"endTime":891.94,"body":"about it, but we are definitely,"},{"speaker":"Nick Lincoln","startTime":888.94,"endTime":891.94,"body":"and Carl, you know, in the UK,"},{"speaker":"Nick Lincoln","startTime":892.54,"endTime":896.14,"body":"we're as much in love with"},{"speaker":"Nick Lincoln","startTime":892.54,"endTime":896.14,"body":"properties as you guys that are"},{"speaker":"Nick Lincoln","startTime":896.59,"endTime":899.59,"body":"over the Irish Sea, but I think"},{"speaker":"Nick Lincoln","startTime":896.59,"endTime":899.59,"body":"this is a really good thing, I"},{"speaker":"Nick Lincoln","startTime":899.71,"endTime":902.73,"body":"would. Make me, I think, be a"},{"speaker":"Nick Lincoln","startTime":899.71,"endTime":902.73,"body":"much better society in the UK."},{"speaker":"Nick Lincoln","startTime":903.06,"endTime":905.7,"body":"You can't promote capitalism,"},{"speaker":"Nick Lincoln","startTime":903.06,"endTime":905.7,"body":"people can't use their capital,"},{"speaker":"Nick Lincoln","startTime":905.73,"endTime":909.12,"body":"they can't get into the system."},{"speaker":"Nick Lincoln","startTime":905.73,"endTime":909.12,"body":"Thanks for that, that's one nil"},{"speaker":"Nick Lincoln","startTime":909.3,"endTime":912.81,"body":"to watch. I think it'd be really"},{"speaker":"Nick Lincoln","startTime":909.3,"endTime":912.81,"body":"good if the property market"},{"speaker":"Nick Lincoln","startTime":912.84,"endTime":916.41,"body":"comes down by 50% We've got to"},{"speaker":"Nick Lincoln","startTime":912.84,"endTime":916.41,"body":"get first-time buyers back into"},{"speaker":"Nick Lincoln","startTime":916.41,"endTime":918.66,"body":"the market, got to get them"},{"speaker":"Nick Lincoln","startTime":916.41,"endTime":918.66,"body":"invested in the system, owning,"},{"speaker":"Nick Lincoln","startTime":919.14,"endTime":921.38,"body":"owning some of the system,"},{"speaker":"Nick Lincoln","startTime":919.14,"endTime":921.38,"body":"owning some capital at the"},{"speaker":"Nick Lincoln","startTime":921.47,"endTime":923.03,"body":"minute, they're just looking up"},{"speaker":"Nick Lincoln","startTime":921.47,"endTime":923.03,"body":"from the outside and thinking,"},{"speaker":"Nick Lincoln","startTime":923.09,"endTime":924.98,"body":"well, this capitalism doesn't"},{"speaker":"Nick Lincoln","startTime":923.09,"endTime":924.98,"body":"work, because I'm not taking"},{"speaker":"Nick Lincoln","startTime":925.04,"endTime":927.29,"body":"part in anything, I'm not"},{"speaker":"Nick Lincoln","startTime":925.04,"endTime":927.29,"body":"sharing any of the spoils. So,"},{"speaker":"Nick Lincoln","startTime":927.59,"endTime":929.24,"body":"yeah, any thoughts on that,"},{"speaker":"Nick Lincoln","startTime":927.59,"endTime":929.24,"body":"Andy?"},{"speaker":"Andy Hart","startTime":931.1,"endTime":932.78,"body":"Yeah, we've got some"},{"speaker":"Andy Hart","startTime":931.1,"endTime":932.78,"body":"tech issues today, people to"},{"speaker":"Andy Hart","startTime":932.78,"endTime":936.17,"body":"bear with us. Anyway, you"},{"speaker":"Andy Hart","startTime":932.78,"endTime":936.17,"body":"summarized it very well, Nick."},{"speaker":"Andy Hart","startTime":937.85,"endTime":941.11,"body":"I'm done about Nick and Alan,"},{"speaker":"Andy Hart","startTime":937.85,"endTime":941.11,"body":"but I've got at least sort of 10"},{"speaker":"Andy Hart","startTime":941.2,"endTime":943.42,"body":"clients and close friends that"},{"speaker":"Andy Hart","startTime":941.2,"endTime":943.42,"body":"are trying to sell properties at"},{"speaker":"Andy Hart","startTime":943.42,"endTime":946.42,"body":"the moment, and all of them are"},{"speaker":"Andy Hart","startTime":943.42,"endTime":946.42,"body":"having an absolute nightmare,"},{"speaker":"Andy Hart","startTime":947.14,"endTime":950.35,"body":"and a lot of my clients are now"},{"speaker":"Andy Hart","startTime":947.14,"endTime":950.35,"body":"having to withdraw down on"},{"speaker":"Andy Hart","startTime":950.47,"endTime":953.65,"body":"investment funds because the"},{"speaker":"Andy Hart","startTime":950.47,"endTime":953.65,"body":"property hasn't sold as quickly"},{"speaker":"Andy Hart","startTime":953.68,"endTime":956.32,"body":"as they thought, you know, it's"},{"speaker":"Andy Hart","startTime":953.68,"endTime":956.32,"body":"that whole rush for the door,"},{"speaker":"Andy Hart","startTime":957.28,"endTime":959.14,"body":"and they'll be able to renters'"},{"speaker":"Andy Hart","startTime":957.28,"endTime":959.14,"body":"rights come in, you're right,"},{"speaker":"Andy Hart","startTime":959.17,"endTime":961.71,"body":"the cladding problem, London"},{"speaker":"Andy Hart","startTime":959.17,"endTime":961.71,"body":"flats at the moment are getting"},{"speaker":"Andy Hart","startTime":961.77,"endTime":965.16,"body":"absolutely hammered. I follow a"},{"speaker":"Andy Hart","startTime":961.77,"endTime":965.16,"body":"few, a few accounts on Twitter"},{"speaker":"Andy Hart","startTime":965.28,"endTime":967.95,"body":"that list the prices of what it"},{"speaker":"Andy Hart","startTime":965.28,"endTime":967.95,"body":"was, what it sold, now the"},{"speaker":"Andy Hart","startTime":967.98,"endTime":971.28,"body":"declines, and that's in nominal"},{"speaker":"Andy Hart","startTime":967.98,"endTime":971.28,"body":"terms, Nick. So, in real terms,"},{"speaker":"Andy Hart","startTime":971.34,"endTime":977.19,"body":"some London flats are going down"},{"speaker":"Andy Hart","startTime":971.34,"endTime":977.19,"body":"by 40% already now, so it's,"},{"speaker":"Andy Hart","startTime":978.03,"endTime":980.54,"body":"it's horrendous. I mean, if it"},{"speaker":"Andy Hart","startTime":978.03,"endTime":980.54,"body":"goes down by 50% Nick, I think"},{"speaker":"Andy Hart","startTime":980.57,"endTime":984.53,"body":"that's slightly too harsh, but"},{"speaker":"Andy Hart","startTime":980.57,"endTime":984.53,"body":"then it becomes"},{"speaker":"Alan Smith","startTime":984.59,"endTime":987.05,"body":"a buyer's market."},{"speaker":"Alan Smith","startTime":984.59,"endTime":987.05,"body":"Then it's an absolute buyer's"},{"speaker":"Alan Smith","startTime":987.14,"endTime":990.32,"body":"market equilibrium at some"},{"speaker":"Alan Smith","startTime":987.14,"endTime":990.32,"body":"stage. If you look at the"},{"speaker":"Alan Smith","startTime":990.38,"endTime":992.93,"body":"relationship between average"},{"speaker":"Alan Smith","startTime":990.38,"endTime":992.93,"body":"incomes and average property"},{"speaker":"Alan Smith","startTime":992.99,"endTime":995.57,"body":"prices, and first time it's just"},{"speaker":"Alan Smith","startTime":992.99,"endTime":995.57,"body":"got right out of kilter. And so,"},{"speaker":"Alan Smith","startTime":995.69,"endTime":997.73,"body":"yeah, that's that's that's"},{"speaker":"Alan Smith","startTime":995.69,"endTime":997.73,"body":"that's where it"},{"speaker":"Nick Lincoln","startTime":998.12,"endTime":998.75,"body":"up. Yeah,"},{"speaker":"Alan Smith","startTime":998.96,"endTime":1001.44,"body":"so many young people"},{"speaker":"Alan Smith","startTime":998.96,"endTime":1001.44,"body":"are disenfranchised, because"},{"speaker":"Alan Smith","startTime":1001.59,"endTime":1006.39,"body":"even if you're earning 5060 70k"},{"speaker":"Alan Smith","startTime":1001.59,"endTime":1006.39,"body":"a year as a 28 year old or 32"},{"speaker":"Alan Smith","startTime":1006.6,"endTime":1009.42,"body":"year old, you are just not"},{"speaker":"Alan Smith","startTime":1006.6,"endTime":1009.42,"body":"buying. I think"},{"speaker":"Andy Hart","startTime":1010.59,"endTime":1012.39,"body":"they are going to"},{"speaker":"Andy Hart","startTime":1010.59,"endTime":1012.39,"body":"look at stamp duty again,"},{"speaker":"Andy Hart","startTime":1012.42,"endTime":1014.85,"body":"they're going to have a whole"},{"speaker":"Andy Hart","startTime":1012.42,"endTime":1014.85,"body":"sort of consultation in relation"},{"speaker":"Andy Hart","startTime":1014.91,"endTime":1015.9,"body":"to that, because that is again,"},{"speaker":"Alan Smith","startTime":1016.23,"endTime":1016.5,"body":"they keep"},{"speaker":"Andy Hart","startTime":1017.16,"endTime":1020.28,"body":"just an absolute"},{"speaker":"Andy Hart","startTime":1017.16,"endTime":1020.28,"body":"drain on everyone at every step"},{"speaker":"Andy Hart","startTime":1020.31,"endTime":1024.74,"body":"of the lad up, and certainly on"},{"speaker":"Andy Hart","startTime":1020.31,"endTime":1024.74,"body":"sizes. Why would you be a"},{"speaker":"Andy Hart","startTime":1024.77,"endTime":1029.27,"body":"downsizer in your 70s and pay"},{"speaker":"Andy Hart","startTime":1024.77,"endTime":1029.27,"body":"6080, 100 grand to move to, you"},{"speaker":"Andy Hart","startTime":1029.27,"endTime":1030.65,"body":"know, a small bundle around the"},{"speaker":"Andy Hart","startTime":1029.27,"endTime":1030.65,"body":"corner?"},{"speaker":"Nick Lincoln","startTime":1032.93,"endTime":1034.64,"body":"They're obsessed"},{"speaker":"Nick Lincoln","startTime":1032.93,"endTime":1034.64,"body":"with maintaining the property"},{"speaker":"Nick Lincoln","startTime":1034.73,"endTime":1038.99,"body":"boom, that's things like, you"},{"speaker":"Nick Lincoln","startTime":1034.73,"endTime":1038.99,"body":"know, the license, the license"},{"speaker":"Nick Lincoln","startTime":1039.02,"endTime":1041.86,"body":"that are there to help people"},{"speaker":"Nick Lincoln","startTime":1039.02,"endTime":1041.86,"body":"build up money. That's why do we"},{"speaker":"Nick Lincoln","startTime":1041.92,"endTime":1044.02,"body":"need there's another think tank"},{"speaker":"Nick Lincoln","startTime":1041.92,"endTime":1044.02,"body":"this week, which come out, which"},{"speaker":"Nick Lincoln","startTime":1044.02,"endTime":1046.48,"body":"has come out with something"},{"speaker":"Nick Lincoln","startTime":1044.02,"endTime":1046.48,"body":"saying, \"Oh, what about a scheme"},{"speaker":"Nick Lincoln","startTime":1046.54,"endTime":1049.18,"body":"where people can defer their"},{"speaker":"Nick Lincoln","startTime":1046.54,"endTime":1049.18,"body":"state? They can lose a year of"},{"speaker":"Nick Lincoln","startTime":1049.21,"endTime":1052.48,"body":"state pension, but we'll give"},{"speaker":"Nick Lincoln","startTime":1049.21,"endTime":1052.48,"body":"them money now to get a deposit"},{"speaker":"Nick Lincoln","startTime":1052.51,"endTime":1055.24,"body":"on a property. It's like that's"},{"speaker":"Nick Lincoln","startTime":1052.51,"endTime":1055.24,"body":"not the problem. The problem is"},{"speaker":"Nick Lincoln","startTime":1055.27,"endTime":1057.67,"body":"the properties are vastly"},{"speaker":"Nick Lincoln","startTime":1055.27,"endTime":1057.67,"body":"overpriced, and there's got to"},{"speaker":"Nick Lincoln","startTime":1057.7,"endTime":1059.56,"body":"be a correction in the"},{"speaker":"Nick Lincoln","startTime":1057.7,"endTime":1059.56,"body":"marketplace. I'll take your"},{"speaker":"Nick Lincoln","startTime":1059.59,"endTime":1062.13,"body":"point, Andy, that you know, for"},{"speaker":"Nick Lincoln","startTime":1059.59,"endTime":1062.13,"body":"a lot of people, a 50% drop in"},{"speaker":"Nick Lincoln","startTime":1062.4,"endTime":1065.61,"body":"the value of their property will"},{"speaker":"Nick Lincoln","startTime":1062.4,"endTime":1065.61,"body":"perhaps scare them, but it might"},{"speaker":"Nick Lincoln","startTime":1065.67,"endTime":1068.1,"body":"scare them more than they need"},{"speaker":"Nick Lincoln","startTime":1065.67,"endTime":1068.1,"body":"to be scared, because people,"},{"speaker":"Nick Lincoln","startTime":1068.13,"endTime":1071.43,"body":"like, you know, our kind of age,"},{"speaker":"Nick Lincoln","startTime":1068.13,"endTime":1071.43,"body":"who've got properties without"},{"speaker":"Nick Lincoln","startTime":1071.52,"endTime":1073.2,"body":"mortgages or with small"},{"speaker":"Nick Lincoln","startTime":1071.52,"endTime":1073.2,"body":"mortgages, that doesn't really"},{"speaker":"Nick Lincoln","startTime":1073.23,"endTime":1076.8,"body":"bother me. If, say, I sell my"},{"speaker":"Nick Lincoln","startTime":1073.23,"endTime":1076.8,"body":"property for 50% less than I"},{"speaker":"Nick Lincoln","startTime":1076.8,"endTime":1078.09,"body":"thought it was going to get,"},{"speaker":"Nick Lincoln","startTime":1076.8,"endTime":1078.09,"body":"because the property's going to"},{"speaker":"Nick Lincoln","startTime":1078.12,"endTime":1080.63,"body":"move to it's 50% less, it"},{"speaker":"Nick Lincoln","startTime":1078.12,"endTime":1080.63,"body":"doesn't actually, in the wash,"},{"speaker":"Nick Lincoln","startTime":1080.69,"endTime":1082.46,"body":"it doesn't really matter, but"},{"speaker":"Nick Lincoln","startTime":1080.69,"endTime":1082.46,"body":"what it does mean, if you get"},{"speaker":"Nick Lincoln","startTime":1082.52,"endTime":1084.98,"body":"that 50% drop, is that people"},{"speaker":"Nick Lincoln","startTime":1082.52,"endTime":1084.98,"body":"can get debt in the market at"},{"speaker":"Nick Lincoln","startTime":1085.07,"endTime":1087.32,"body":"the bottom, that's what we"},{"speaker":"Nick Lincoln","startTime":1085.07,"endTime":1087.32,"body":"haven't had for the best part of"},{"speaker":"Nick Lincoln","startTime":1087.32,"endTime":1090.29,"body":"1520 years, and it's not getting"},{"speaker":"Nick Lincoln","startTime":1087.32,"endTime":1090.29,"body":"any better presently."},{"speaker":"Andy Hart","startTime":1090.62,"endTime":1093.38,"body":"I did read that North"},{"speaker":"Andy Hart","startTime":1090.62,"endTime":1093.38,"body":"Watford would be severely"},{"speaker":"Andy Hart","startTime":1093.5,"endTime":1096.74,"body":"impacted by these declines,"},{"speaker":"Andy Hart","startTime":1093.5,"endTime":1096.74,"body":"maybe close to 80% North"},{"speaker":"Andy Hart","startTime":1096.86,"endTime":1097.13,"body":"Watford."},{"speaker":"Nick Lincoln","startTime":1098.09,"endTime":1099.89,"body":"They did say that"},{"speaker":"Nick Lincoln","startTime":1098.09,"endTime":1099.89,"body":"for the exclusive areas of this,"},{"speaker":"Carl Widger","startTime":1101.21,"endTime":1103.15,"body":"they're gonna,"},{"speaker":"Carl Widger","startTime":1101.21,"endTime":1103.15,"body":"they're gonna clip out pieces of"},{"speaker":"Carl Widger","startTime":1103.15,"endTime":1106.48,"body":"this and use it for marketing in"},{"speaker":"Carl Widger","startTime":1103.15,"endTime":1106.48,"body":"Ireland, so that someone will"},{"speaker":"Carl Widger","startTime":1106.57,"endTime":1110.2,"body":"say all the value is in the UK,"},{"speaker":"Carl Widger","startTime":1106.57,"endTime":1110.2,"body":"it'll be like the charge of the"},{"speaker":"Carl Widger","startTime":1110.29,"endTime":1114.16,"body":"Light Brigade, the Irish will be"},{"speaker":"Carl Widger","startTime":1110.29,"endTime":1114.16,"body":"over buying property into their"},{"speaker":"Carl Widger","startTime":1114.22,"endTime":1118.3,"body":"pension funds. Stamp duty does"},{"speaker":"Carl Widger","startTime":1114.22,"endTime":1118.3,"body":"need everything, you heard it"},{"speaker":"Carl Widger","startTime":1118.3,"endTime":1121.17,"body":"here first, it's all happening"},{"speaker":"Carl Widger","startTime":1118.3,"endTime":1121.17,"body":"in the UK, stamp"},{"speaker":"Andy Hart","startTime":1121.26,"endTime":1122.76,"body":"duty does need"},{"speaker":"Andy Hart","startTime":1121.26,"endTime":1122.76,"body":"addressing, Nick. It needs to"},{"speaker":"Andy Hart","startTime":1122.82,"endTime":1125.88,"body":"come down dramatically. Yeah,"},{"speaker":"Andy Hart","startTime":1122.82,"endTime":1125.88,"body":"absolutely."},{"speaker":"Nick Lincoln","startTime":1125.88,"endTime":1127.86,"body":"It's addressing"},{"speaker":"Nick Lincoln","startTime":1125.88,"endTime":1127.86,"body":"it's a terribly designed tax."},{"speaker":"Nick Lincoln","startTime":1127.89,"endTime":1129.48,"body":"Thank you, Gordon Brown, for"},{"speaker":"Nick Lincoln","startTime":1127.89,"endTime":1129.48,"body":"doing that stupid cliff edge"},{"speaker":"Nick Lincoln","startTime":1129.63,"endTime":1132.84,"body":"thing. It's an absolutely"},{"speaker":"Nick Lincoln","startTime":1129.63,"endTime":1132.84,"body":"abhorrent tax. It's so obviously"},{"speaker":"Nick Lincoln","startTime":1132.96,"endTime":1135.99,"body":"needs to be resolved. They"},{"speaker":"Nick Lincoln","startTime":1132.96,"endTime":1135.99,"body":"obviously will not do it. That's"},{"speaker":"Nick Lincoln","startTime":1135.99,"endTime":1138.63,"body":"the point. We know it's, we know"},{"speaker":"Nick Lincoln","startTime":1135.99,"endTime":1138.63,"body":"it's terrible. They ain't going"},{"speaker":"Nick Lincoln","startTime":1138.69,"endTime":1140.87,"body":"to touch it. They want the money"},{"speaker":"Nick Lincoln","startTime":1138.69,"endTime":1140.87,"body":"to spend on their pet projects."},{"speaker":"Nick Lincoln","startTime":1141.47,"endTime":1141.65,"body":"Okay,"},{"speaker":"Carl Widger","startTime":1143.0,"endTime":1144.86,"body":"Reeves won't sort"},{"speaker":"Carl Widger","startTime":1143.0,"endTime":1144.86,"body":"that now. Our good friend,"},{"speaker":"Nick Lincoln","startTime":1146.09,"endTime":1148.16,"body":"yeah, yeah. What"},{"speaker":"Nick Lincoln","startTime":1146.09,"endTime":1148.16,"body":"if there's ever the man for the"},{"speaker":"Nick Lincoln","startTime":1148.28,"endTime":1152.69,"body":"job? It's her, okay? Andy, oh"},{"speaker":"Nick Lincoln","startTime":1148.28,"endTime":1152.69,"body":"yeah, this is your little"},{"speaker":"Nick Lincoln","startTime":1152.9,"endTime":1153.86,"body":"vexatious point here."},{"speaker":"Andy Hart","startTime":1155.15,"endTime":1158.36,"body":"Yeah, I don't know if"},{"speaker":"Andy Hart","startTime":1155.15,"endTime":1158.36,"body":"Alan and Nick saw this, but"},{"speaker":"Andy Hart","startTime":1158.36,"endTime":1160.66,"body":"there's going to be there's a"},{"speaker":"Andy Hart","startTime":1158.36,"endTime":1160.66,"body":"consultation going on at the"},{"speaker":"Andy Hart","startTime":1160.81,"endTime":1165.43,"body":"moment will have a huge impact"},{"speaker":"Andy Hart","startTime":1160.81,"endTime":1165.43,"body":"on lots and lots of people in"},{"speaker":"Andy Hart","startTime":1165.43,"endTime":1169.12,"body":"the UK, depending on what the"},{"speaker":"Andy Hart","startTime":1165.43,"endTime":1169.12,"body":"results are. It's affecting"},{"speaker":"Andy Hart","startTime":1169.24,"endTime":1172.96,"body":"mainly unmarried couples, and in"},{"speaker":"Andy Hart","startTime":1169.24,"endTime":1172.96,"body":"the UK, there's apparently"},{"speaker":"Andy Hart","startTime":1173.05,"endTime":1178.51,"body":"something like 3.5 million"},{"speaker":"Andy Hart","startTime":1173.05,"endTime":1178.51,"body":"unmarried cohabiting couples in"},{"speaker":"Andy Hart","startTime":1178.51,"endTime":1182.07,"body":"the UK. So, it's a huge"},{"speaker":"Andy Hart","startTime":1178.51,"endTime":1182.07,"body":"percentage of people out there,"},{"speaker":"Andy Hart","startTime":1182.22,"endTime":1186.48,"body":"it's more than double that it"},{"speaker":"Andy Hart","startTime":1182.22,"endTime":1186.48,"body":"was 30 years ago, and at the"},{"speaker":"Andy Hart","startTime":1186.6,"endTime":1190.5,"body":"moment it's quite clean and"},{"speaker":"Andy Hart","startTime":1186.6,"endTime":1190.5,"body":"simple. If you are married, the"},{"speaker":"Andy Hart","startTime":1190.65,"endTime":1193.23,"body":"state's involved in your"},{"speaker":"Andy Hart","startTime":1190.65,"endTime":1193.23,"body":"relationship, and there's rules"},{"speaker":"Andy Hart","startTime":1193.29,"endTime":1197.43,"body":"that need to be adhered to,"},{"speaker":"Andy Hart","startTime":1193.29,"endTime":1197.43,"body":"whereas unmarried couples things"},{"speaker":"Andy Hart","startTime":1197.49,"endTime":1201.47,"body":"were not as clear, so they've"},{"speaker":"Andy Hart","startTime":1197.49,"endTime":1201.47,"body":"mentioned. A few things, if"},{"speaker":"Andy Hart","startTime":1201.56,"endTime":1203.66,"body":"you've been cohabiting and"},{"speaker":"Andy Hart","startTime":1201.56,"endTime":1203.66,"body":"living in the same house for"},{"speaker":"Andy Hart","startTime":1204.11,"endTime":1206.36,"body":"more than three years, again,"},{"speaker":"Andy Hart","startTime":1204.11,"endTime":1206.36,"body":"it's going to be a cliff edge"},{"speaker":"Andy Hart","startTime":1206.48,"endTime":1210.5,"body":"situation. So that's been muted,"},{"speaker":"Andy Hart","startTime":1206.48,"endTime":1210.5,"body":"and also, obviously, if you have"},{"speaker":"Andy Hart","startTime":1210.83,"endTime":1214.1,"body":"children and you're in an"},{"speaker":"Andy Hart","startTime":1210.83,"endTime":1214.1,"body":"unmarried couple, and there's"},{"speaker":"Andy Hart","startTime":1214.1,"endTime":1218.87,"body":"going to be automatic rights for"},{"speaker":"Andy Hart","startTime":1214.1,"endTime":1218.87,"body":"the unmarried partner on death."},{"speaker":"Andy Hart","startTime":1219.65,"endTime":1221.8,"body":"At the moment, it's just"},{"speaker":"Andy Hart","startTime":1219.65,"endTime":1221.8,"body":"consultation, but there's a lot"},{"speaker":"Andy Hart","startTime":1221.8,"endTime":1225.19,"body":"of people looking at this. As I"},{"speaker":"Andy Hart","startTime":1221.8,"endTime":1225.19,"body":"say, at the moment it's quite"},{"speaker":"Andy Hart","startTime":1225.73,"endTime":1230.14,"body":"clear cut. If we're not married"},{"speaker":"Andy Hart","startTime":1225.73,"endTime":1230.14,"body":"and we live together, what I've"},{"speaker":"Andy Hart","startTime":1230.2,"endTime":1233.23,"body":"got is mine, what you've got is"},{"speaker":"Andy Hart","startTime":1230.2,"endTime":1233.23,"body":"yours, sort of thing. Obviously,"},{"speaker":"Andy Hart","startTime":1233.23,"endTime":1235.78,"body":"if children get in the mix, then"},{"speaker":"Andy Hart","startTime":1233.23,"endTime":1235.78,"body":"rightly so, there needs to be a"},{"speaker":"Andy Hart","startTime":1235.84,"endTime":1239.95,"body":"bit of a change in the deviate"},{"speaker":"Andy Hart","startTime":1235.84,"endTime":1239.95,"body":"dividend of it up. They are"},{"speaker":"Andy Hart","startTime":1240.04,"endTime":1243.96,"body":"leading with, obviously, you"},{"speaker":"Andy Hart","startTime":1240.04,"endTime":1243.96,"body":"know, mainly focused on usually"},{"speaker":"Andy Hart","startTime":1243.96,"endTime":1246.72,"body":"the woman that is the one that"},{"speaker":"Andy Hart","startTime":1243.96,"endTime":1246.72,"body":"is unmarried, that doesn't have"},{"speaker":"Andy Hart","startTime":1246.9,"endTime":1250.53,"body":"the assets, so yeah, we don't"},{"speaker":"Andy Hart","startTime":1246.9,"endTime":1250.53,"body":"know exactly what's going to"},{"speaker":"Andy Hart","startTime":1250.65,"endTime":1253.14,"body":"come of this, but the"},{"speaker":"Andy Hart","startTime":1250.65,"endTime":1253.14,"body":"implications of this, the"},{"speaker":"Andy Hart","startTime":1253.47,"endTime":1257.4,"body":"unintended consequences, the"},{"speaker":"Andy Hart","startTime":1253.47,"endTime":1257.4,"body":"second order effects are going"},{"speaker":"Andy Hart","startTime":1257.4,"endTime":1261.38,"body":"to be absolutely massive, so"},{"speaker":"Andy Hart","startTime":1257.4,"endTime":1261.38,"body":"whatever is decided, obviously,"},{"speaker":"Andy Hart","startTime":1261.44,"endTime":1264.2,"body":"us as financial advisors and"},{"speaker":"Andy Hart","startTime":1261.44,"endTime":1264.2,"body":"planners will need to know the"},{"speaker":"Andy Hart","startTime":1264.29,"endTime":1267.62,"body":"rules. We can obviously guide"},{"speaker":"Andy Hart","startTime":1264.29,"endTime":1267.62,"body":"and advise, you know, the"},{"speaker":"Andy Hart","startTime":1268.01,"endTime":1271.19,"body":"clients that we look after. So,"},{"speaker":"Andy Hart","startTime":1268.01,"endTime":1271.19,"body":"yeah, it'll be interesting to"},{"speaker":"Andy Hart","startTime":1271.22,"endTime":1276.08,"body":"see exactly what is what is"},{"speaker":"Andy Hart","startTime":1271.22,"endTime":1276.08,"body":"decided. Yeah, did you boys read"},{"speaker":"Andy Hart","startTime":1276.08,"endTime":1277.1,"body":"this or come across this?"},{"speaker":"Nick Lincoln","startTime":1277.91,"endTime":1279.98,"body":"I came across it"},{"speaker":"Nick Lincoln","startTime":1277.91,"endTime":1279.98,"body":"as not particularly of much"},{"speaker":"Nick Lincoln","startTime":1280.07,"endTime":1280.45,"body":"interest to me,"},{"speaker":"Alan Smith","startTime":1281.5,"endTime":1283.72,"body":"yeah. It has"},{"speaker":"Alan Smith","startTime":1281.5,"endTime":1283.72,"body":"relevance, I guess. It is"},{"speaker":"Alan Smith","startTime":1284.41,"endTime":1290.5,"body":"representing the more modern"},{"speaker":"Alan Smith","startTime":1284.41,"endTime":1290.5,"body":"approach. Marriage figures are"},{"speaker":"Alan Smith","startTime":1290.62,"endTime":1293.74,"body":"down a lot in the last couple of"},{"speaker":"Alan Smith","startTime":1290.62,"endTime":1293.74,"body":"decades. Birth, the birth rate"},{"speaker":"Alan Smith","startTime":1293.74,"endTime":1295.9,"body":"is reduced as well. There's a"},{"speaker":"Alan Smith","startTime":1293.74,"endTime":1295.9,"body":"lot of things. I guess it's"},{"speaker":"Alan Smith","startTime":1295.99,"endTime":1299.95,"body":"representing the fact that,"},{"speaker":"Alan Smith","startTime":1295.99,"endTime":1299.95,"body":"unlike, you know, 20 3040 years"},{"speaker":"Alan Smith","startTime":1300.04,"endTime":1302.1,"body":"ago, when most people got"},{"speaker":"Alan Smith","startTime":1300.04,"endTime":1302.1,"body":"married, now a lot of people"},{"speaker":"Alan Smith","startTime":1302.19,"endTime":1304.44,"body":"don't, and as that's maybe"},{"speaker":"Alan Smith","startTime":1302.19,"endTime":1304.44,"body":"linked to a whole bunch of other"},{"speaker":"Alan Smith","startTime":1304.56,"endTime":1308.34,"body":"things, yeah, about the property"},{"speaker":"Alan Smith","startTime":1304.56,"endTime":1308.34,"body":"prices and all those, all those"},{"speaker":"Alan Smith","startTime":1308.49,"endTime":1312.57,"body":"other related things. So it's"},{"speaker":"Alan Smith","startTime":1308.49,"endTime":1312.57,"body":"fair enough. I remember years"},{"speaker":"Alan Smith","startTime":1312.63,"endTime":1317.43,"body":"ago speaking to this client,"},{"speaker":"Alan Smith","startTime":1312.63,"endTime":1317.43,"body":"retired lady client, who was"},{"speaker":"Alan Smith","startTime":1317.58,"endTime":1320.28,"body":"pretty wealthy, and she had a"},{"speaker":"Alan Smith","startTime":1317.58,"endTime":1320.28,"body":"boyfriend, she was unmarried,"},{"speaker":"Alan Smith","startTime":1320.31,"endTime":1323.96,"body":"had a boyfriend for many, many"},{"speaker":"Alan Smith","startTime":1320.31,"endTime":1323.96,"body":"years, never got married, and I"},{"speaker":"Alan Smith","startTime":1324.02,"endTime":1326.69,"body":"just explained to her, well, you"},{"speaker":"Alan Smith","startTime":1324.02,"endTime":1326.69,"body":"know, in the event of your"},{"speaker":"Alan Smith","startTime":1326.84,"endTime":1331.31,"body":"death, then inheritance tax will"},{"speaker":"Alan Smith","startTime":1326.84,"endTime":1331.31,"body":"be paid on your estate, so she"},{"speaker":"Alan Smith","startTime":1331.49,"endTime":1334.46,"body":"promptly went out and got"},{"speaker":"Alan Smith","startTime":1331.49,"endTime":1334.46,"body":"married. As a result, who says"},{"speaker":"Alan Smith","startTime":1334.61,"endTime":1336.98,"body":"romance is dead? Getting married"},{"speaker":"Alan Smith","startTime":1334.61,"endTime":1336.98,"body":"as a tax break,"},{"speaker":"Nick Lincoln","startTime":1337.699,"endTime":1340.179,"body":"people do. I've"},{"speaker":"Nick Lincoln","startTime":1337.699,"endTime":1340.179,"body":"got a, I've got a had a got a"},{"speaker":"Nick Lincoln","startTime":1340.209,"endTime":1342.519,"body":"gay couple, and they were just"},{"speaker":"Nick Lincoln","startTime":1340.209,"endTime":1342.519,"body":"in that, you know, they weren't"},{"speaker":"Nick Lincoln","startTime":1342.579,"endTime":1344.829,"body":"a common law relationship, and"},{"speaker":"Nick Lincoln","startTime":1342.579,"endTime":1344.829,"body":"they got - they went through the"},{"speaker":"Nick Lincoln","startTime":1344.919,"endTime":1347.949,"body":"civil partnership a year and a"},{"speaker":"Nick Lincoln","startTime":1344.919,"endTime":1347.949,"body":"half ago, because it would have"},{"speaker":"Nick Lincoln","startTime":1347.979,"endTime":1349.929,"body":"actually screwed them on first"},{"speaker":"Nick Lincoln","startTime":1347.979,"endTime":1349.929,"body":"death. Yeah, they would have -"},{"speaker":"Nick Lincoln","startTime":1349.929,"endTime":1351.639,"body":"they would have to be, they"},{"speaker":"Nick Lincoln","startTime":1349.929,"endTime":1351.639,"body":"would have to, without doubt,"},{"speaker":"Nick Lincoln","startTime":1351.759,"endTime":1355.239,"body":"sell the family home to set to"},{"speaker":"Nick Lincoln","startTime":1351.759,"endTime":1355.239,"body":"pay the inheritance tax, and now"},{"speaker":"Nick Lincoln","startTime":1355.269,"endTime":1356.949,"body":"they don't. So, yeah, very"},{"speaker":"Nick Lincoln","startTime":1355.269,"endTime":1356.949,"body":"romantic."},{"speaker":"Carl Widger","startTime":1358.0,"endTime":1360.37,"body":"Andy, just so I"},{"speaker":"Carl Widger","startTime":1358.0,"endTime":1360.37,"body":"understand, what are the changes"},{"speaker":"Carl Widger","startTime":1360.49,"endTime":1363.51,"body":"that are being proposed here."},{"speaker":"Carl Widger","startTime":1360.49,"endTime":1363.51,"body":"Well,"},{"speaker":"Andy Hart","startTime":1364.29,"endTime":1368.04,"body":"let's say currently,"},{"speaker":"Andy Hart","startTime":1364.29,"endTime":1368.04,"body":"if you're in a cohabiting"},{"speaker":"Andy Hart","startTime":1368.28,"endTime":1372.69,"body":"unmarried relationship and"},{"speaker":"Andy Hart","startTime":1368.28,"endTime":1372.69,"body":"you've lived with a person for"},{"speaker":"Andy Hart","startTime":1372.84,"endTime":1377.31,"body":"10 years, if the, if the"},{"speaker":"Andy Hart","startTime":1372.84,"endTime":1377.31,"body":"relationship breaks down, you"},{"speaker":"Andy Hart","startTime":1377.34,"endTime":1381.17,"body":"know, you take what you have and"},{"speaker":"Andy Hart","startTime":1377.34,"endTime":1381.17,"body":"I take what I have, whereas at"},{"speaker":"Andy Hart","startTime":1381.17,"endTime":1384.2,"body":"the moment they're saying, if"},{"speaker":"Andy Hart","startTime":1381.17,"endTime":1384.2,"body":"you've lived together for more"},{"speaker":"Andy Hart","startTime":1384.26,"endTime":1390.26,"body":"than three years, the unmarried,"},{"speaker":"Andy Hart","startTime":1384.26,"endTime":1390.26,"body":"less financially capable,"},{"speaker":"Andy Hart","startTime":1390.38,"endTime":1392.63,"body":"successful person can have a"},{"speaker":"Andy Hart","startTime":1390.38,"endTime":1392.63,"body":"claim on potentially your"},{"speaker":"Andy Hart","startTime":1392.72,"endTime":1395.99,"body":"income, potentially your assets,"},{"speaker":"Andy Hart","startTime":1392.72,"endTime":1395.99,"body":"and at the moment, if you have,"},{"speaker":"Andy Hart","startTime":1396.05,"endTime":1398.21,"body":"if you're an unmarried couple"},{"speaker":"Andy Hart","startTime":1396.05,"endTime":1398.21,"body":"and you have children together,"},{"speaker":"Andy Hart","startTime":1398.24,"endTime":1400.72,"body":"again, you don't have the same"},{"speaker":"Andy Hart","startTime":1398.24,"endTime":1400.72,"body":"rights as, let's say, as if you"},{"speaker":"Andy Hart","startTime":1400.75,"endTime":1404.59,"body":"were married, there's going to"},{"speaker":"Andy Hart","startTime":1400.75,"endTime":1404.59,"body":"be a lot of moving parts with"},{"speaker":"Andy Hart","startTime":1404.65,"endTime":1408.88,"body":"it, but, but it was quite clear"},{"speaker":"Andy Hart","startTime":1404.65,"endTime":1408.88,"body":"cut, you know, fact, because was"},{"speaker":"Andy Hart","startTime":1409.0,"endTime":1412.9,"body":"what, for example, there's a lot"},{"speaker":"Andy Hart","startTime":1409.0,"endTime":1412.9,"body":"of maybe elderly people where"},{"speaker":"Andy Hart","startTime":1412.99,"endTime":1416.11,"body":"young people live with them, and"},{"speaker":"Andy Hart","startTime":1412.99,"endTime":1416.11,"body":"currently, if they're not part"},{"speaker":"Andy Hart","startTime":1416.11,"endTime":1419.14,"body":"of the will, and you've been"},{"speaker":"Andy Hart","startTime":1416.11,"endTime":1419.14,"body":"living there for a long time,"},{"speaker":"Andy Hart","startTime":1419.32,"endTime":1421.32,"body":"there's no issue on death,"},{"speaker":"Andy Hart","startTime":1419.32,"endTime":1421.32,"body":"whereas this is going to lead to"},{"speaker":"Andy Hart","startTime":1421.41,"endTime":1423.75,"body":"situations where people are"},{"speaker":"Andy Hart","startTime":1421.41,"endTime":1423.75,"body":"saying we were a couple, we've"},{"speaker":"Andy Hart","startTime":1423.78,"endTime":1426.63,"body":"been together for eight years,"},{"speaker":"Andy Hart","startTime":1423.78,"endTime":1426.63,"body":"seven years, there's lots of,"},{"speaker":"Andy Hart","startTime":1427.14,"endTime":1430.17,"body":"you know, unloads that's going"},{"speaker":"Andy Hart","startTime":1427.14,"endTime":1430.17,"body":"to going to happen with this"},{"speaker":"Andy Hart","startTime":1432.03,"endTime":1436.71,"body":"nuance, and I don't know if it"},{"speaker":"Andy Hart","startTime":1432.03,"endTime":1436.71,"body":"will lead to more marriages,"},{"speaker":"Andy Hart","startTime":1437.07,"endTime":1440.61,"body":"less marriages, more cohabiting,"},{"speaker":"Andy Hart","startTime":1437.07,"endTime":1440.61,"body":"less cohabiting, obviously"},{"speaker":"Andy Hart","startTime":1440.67,"endTime":1446.15,"body":"that's to be decided to play"},{"speaker":"Andy Hart","startTime":1440.67,"endTime":1446.15,"body":"out, and whatever the legal"},{"speaker":"Andy Hart","startTime":1446.27,"endTime":1449.39,"body":"conclusion of this is, that's"},{"speaker":"Andy Hart","startTime":1446.27,"endTime":1449.39,"body":"not the full story, obviously,"},{"speaker":"Andy Hart","startTime":1449.45,"endTime":1451.1,"body":"that's just the legal"},{"speaker":"Andy Hart","startTime":1449.45,"endTime":1451.1,"body":"conclusion, that's just the"},{"speaker":"Andy Hart","startTime":1451.22,"endTime":1455.3,"body":"guardrails. What actually"},{"speaker":"Andy Hart","startTime":1451.22,"endTime":1455.3,"body":"happens, you know, again, their"},{"speaker":"Andy Hart","startTime":1455.36,"endTime":1458.57,"body":"intention might be for more"},{"speaker":"Andy Hart","startTime":1455.36,"endTime":1458.57,"body":"people to cohabit, or more"},{"speaker":"Andy Hart","startTime":1458.63,"endTime":1460.99,"body":"people to get married, but the"},{"speaker":"Andy Hart","startTime":1458.63,"endTime":1460.99,"body":"outcome could be the complete"},{"speaker":"Andy Hart","startTime":1461.11,"endTime":1464.8,"body":"opposite, as we know, with a lot"},{"speaker":"Andy Hart","startTime":1461.11,"endTime":1464.8,"body":"of this legislation, but yeah,"},{"speaker":"Andy Hart","startTime":1464.95,"endTime":1467.05,"body":"lawyers will be involved,"},{"speaker":"Andy Hart","startTime":1464.95,"endTime":1467.05,"body":"financial advisors will be"},{"speaker":"Andy Hart","startTime":1467.08,"endTime":1469.9,"body":"involved, people change their"},{"speaker":"Andy Hart","startTime":1467.08,"endTime":1469.9,"body":"setups, they might be setting up"},{"speaker":"Andy Hart","startTime":1470.89,"endTime":1473.77,"body":"tenancy agreements with people"},{"speaker":"Andy Hart","startTime":1470.89,"endTime":1473.77,"body":"that live with them, just to"},{"speaker":"Andy Hart","startTime":1473.8,"endTime":1477.67,"body":"like pay a nominal rep, we just"},{"speaker":"Andy Hart","startTime":1473.8,"endTime":1477.67,"body":"don't know, but I think it's"},{"speaker":"Andy Hart","startTime":1478.45,"endTime":1480.81,"body":"gonna be whatever they decide,"},{"speaker":"Andy Hart","startTime":1478.45,"endTime":1480.81,"body":"it's gonna be some, a lot of"},{"speaker":"Andy Hart","startTime":1480.84,"endTime":1481.68,"body":"changes from down the"},{"speaker":"Alan Smith","startTime":1513.85,"endTime":1521.62,"body":"okay. Smithy FCA"},{"speaker":"Alan Smith","startTime":1513.85,"endTime":1521.62,"body":"review: the FCA have just"},{"speaker":"Alan Smith","startTime":1521.6499999999999,"endTime":1524.8899999999999,"body":"announced a review on how"},{"speaker":"Alan Smith","startTime":1521.6499999999999,"endTime":1524.8899999999999,"body":"advisors deal with bereaved"},{"speaker":"Alan Smith","startTime":1525.3999999999999,"endTime":1528.28,"body":"clients, so clients who pass"},{"speaker":"Alan Smith","startTime":1525.3999999999999,"endTime":1528.28,"body":"away whilst they are obviously"},{"speaker":"Alan Smith","startTime":1528.31,"endTime":1531.09,"body":"engaged with a financial"},{"speaker":"Alan Smith","startTime":1528.31,"endTime":1531.09,"body":"planning company. I mean, and"},{"speaker":"Alan Smith","startTime":1531.09,"endTime":1534.75,"body":"they've sent out a survey, I"},{"speaker":"Alan Smith","startTime":1531.09,"endTime":1534.75,"body":"think it's to a sample, not to"},{"speaker":"Alan Smith","startTime":1534.87,"endTime":1537.09,"body":"everyone. You guys haven't"},{"speaker":"Alan Smith","startTime":1534.87,"endTime":1537.09,"body":"received, I don't think we've"},{"speaker":"Alan Smith","startTime":1537.18,"endTime":1540.93,"body":"received it. So say it's a, it"},{"speaker":"Alan Smith","startTime":1537.18,"endTime":1540.93,"body":"is a sample initially, but"},{"speaker":"Alan Smith","startTime":1540.96,"endTime":1543.93,"body":"they're really trying to"},{"speaker":"Alan Smith","startTime":1540.96,"endTime":1543.93,"body":"understand advisors, and there's"},{"speaker":"Alan Smith","startTime":1544.02,"endTime":1546.48,"body":"a crucial point, which I'll come"},{"speaker":"Alan Smith","startTime":1544.02,"endTime":1546.48,"body":"to, but some of the questions"},{"speaker":"Alan Smith","startTime":1546.57,"endTime":1550.1399999999999,"body":"that they're asking is what"},{"speaker":"Alan Smith","startTime":1546.57,"endTime":1550.1399999999999,"body":"training staff were given to"},{"speaker":"Alan Smith","startTime":1550.2,"endTime":1554.3,"body":"deal with bereaved customers,"},{"speaker":"Alan Smith","startTime":1550.2,"endTime":1554.3,"body":"how to spot how staff can spot"},{"speaker":"Alan Smith","startTime":1554.42,"endTime":1557.24,"body":"signs of vulnerability during"},{"speaker":"Alan Smith","startTime":1554.42,"endTime":1557.24,"body":"bereavement cases. Obviously, if"},{"speaker":"Alan Smith","startTime":1557.24,"endTime":1561.17,"body":"someone's husband or wife has"},{"speaker":"Alan Smith","startTime":1557.24,"endTime":1561.17,"body":"passed away, that could be an"},{"speaker":"Alan Smith","startTime":1561.23,"endTime":1564.44,"body":"issue. Details the number of"},{"speaker":"Alan Smith","startTime":1561.23,"endTime":1564.44,"body":"complaints the firms have"},{"speaker":"Alan Smith","startTime":1565.19,"endTime":1569.48,"body":"relating to deceased clients,"},{"speaker":"Alan Smith","startTime":1565.19,"endTime":1569.48,"body":"and how firms are notified of"},{"speaker":"Alan Smith","startTime":1569.51,"endTime":1572.71,"body":"bereavement. What documents they"},{"speaker":"Alan Smith","startTime":1569.51,"endTime":1572.71,"body":"request from relatives, and the"},{"speaker":"Alan Smith","startTime":1572.83,"endTime":1575.47,"body":"crucial amongst all that, and"},{"speaker":"Alan Smith","startTime":1572.83,"endTime":1575.47,"body":"the crucial thing they're asking"},{"speaker":"Alan Smith","startTime":1575.47,"endTime":1579.82,"body":"is what do you do about fees a"},{"speaker":"Alan Smith","startTime":1575.47,"endTime":1579.82,"body":"client passes away. I think this"},{"speaker":"Alan Smith","startTime":1579.85,"endTime":1583.75,"body":"is a really important issue, and"},{"speaker":"Alan Smith","startTime":1579.85,"endTime":1583.75,"body":"I spoke to Andy about it last"},{"speaker":"Alan Smith","startTime":1583.81,"endTime":1586.3899999999999,"body":"week, actually, and everyone's"},{"speaker":"Alan Smith","startTime":1583.81,"endTime":1586.3899999999999,"body":"got their different take on it,"},{"speaker":"Alan Smith","startTime":1586.3899999999999,"endTime":1592.06,"body":"because so if we have a client"},{"speaker":"Alan Smith","startTime":1586.3899999999999,"endTime":1592.06,"body":"who sadly passes away, then"},{"speaker":"Alan Smith","startTime":1592.21,"endTime":1594.3,"body":"currently this is what we've"},{"speaker":"Alan Smith","startTime":1592.21,"endTime":1594.3,"body":"been doing. Didn't always do"},{"speaker":"Alan Smith","startTime":1594.42,"endTime":1597.03,"body":"this, didn't really always have"},{"speaker":"Alan Smith","startTime":1594.42,"endTime":1597.03,"body":"a really clear policy on this."},{"speaker":"Alan Smith","startTime":1597.09,"endTime":1600.8999999999999,"body":"We do now, but we switch off"},{"speaker":"Alan Smith","startTime":1597.09,"endTime":1600.8999999999999,"body":"fees. Clients deceased, clearly"},{"speaker":"Alan Smith","startTime":1600.99,"endTime":1603.84,"body":"we've got a contractual, a great"},{"speaker":"Alan Smith","startTime":1600.99,"endTime":1603.84,"body":"agreement with a customer or"},{"speaker":"Alan Smith","startTime":1603.96,"endTime":1608.01,"body":"client. We switch off fees. It"},{"speaker":"Alan Smith","startTime":1603.96,"endTime":1608.01,"body":"does present another issue,"},{"speaker":"Alan Smith","startTime":1608.19,"endTime":1610.76,"body":"though, because if a client"},{"speaker":"Alan Smith","startTime":1608.19,"endTime":1610.76,"body":"isn't fully invested in, let's"},{"speaker":"Alan Smith","startTime":1610.82,"endTime":1614.6599999999999,"body":"say, a predominantly global"},{"speaker":"Alan Smith","startTime":1610.82,"endTime":1614.6599999999999,"body":"equity portfolio, and inevitably"},{"speaker":"Alan Smith","startTime":1614.81,"endTime":1617.09,"body":"going through that whole"},{"speaker":"Alan Smith","startTime":1614.81,"endTime":1617.09,"body":"process, dealing with the"},{"speaker":"Alan Smith","startTime":1617.27,"endTime":1621.5,"body":"paperwork, dealing with the"},{"speaker":"Alan Smith","startTime":1617.27,"endTime":1621.5,"body":"executors, and the people who"},{"speaker":"Alan Smith","startTime":1621.5,"endTime":1624.05,"body":"are managing the estate, there's"},{"speaker":"Alan Smith","startTime":1621.5,"endTime":1624.05,"body":"a lot, there potentially is a"},{"speaker":"Alan Smith","startTime":1624.05,"endTime":1628.1599999999999,"body":"lot of volatility, and if you"},{"speaker":"Alan Smith","startTime":1624.05,"endTime":1628.1599999999999,"body":"have, so some people move the"},{"speaker":"Alan Smith","startTime":1628.31,"endTime":1631.57,"body":"client, the bereaved, the"},{"speaker":"Alan Smith","startTime":1628.31,"endTime":1631.57,"body":"deceased client's portfolio,"},{"speaker":"Alan Smith","startTime":1631.6599999999999,"endTime":1635.74,"body":"move it to cash, but at that"},{"speaker":"Alan Smith","startTime":1631.6599999999999,"endTime":1635.74,"body":"point you haven't gotten an"},{"speaker":"Alan Smith","startTime":1635.92,"endTime":1638.32,"body":"agreement with the client, that"},{"speaker":"Alan Smith","startTime":1635.92,"endTime":1638.32,"body":"has now come to an end. So you"},{"speaker":"Alan Smith","startTime":1638.35,"endTime":1640.09,"body":"don't really have, I would"},{"speaker":"Alan Smith","startTime":1638.35,"endTime":1640.09,"body":"argue, you don't really have"},{"speaker":"Alan Smith","startTime":1640.1499999999999,"endTime":1643.36,"body":"authority to move that to cash."},{"speaker":"Alan Smith","startTime":1640.1499999999999,"endTime":1643.36,"body":"So your alternative is you leave"},{"speaker":"Alan Smith","startTime":1643.3899999999999,"endTime":1647.47,"body":"it fully invested as is, and you"},{"speaker":"Alan Smith","startTime":1643.3899999999999,"endTime":1647.47,"body":"know Sod's Law, there's a"},{"speaker":"Alan Smith","startTime":1647.74,"endTime":1650.73,"body":"temporary market correction of"},{"speaker":"Alan Smith","startTime":1647.74,"endTime":1650.73,"body":"20% and you've got, you know the"},{"speaker":"Alan Smith","startTime":1650.97,"endTime":1653.1,"body":"children, grandchildren,"},{"speaker":"Alan Smith","startTime":1650.97,"endTime":1653.1,"body":"whoever, coming in. Say, hang on"},{"speaker":"Alan Smith","startTime":1653.1299999999999,"endTime":1656.07,"body":"a minute. I was expecting to"},{"speaker":"Alan Smith","startTime":1653.1299999999999,"endTime":1656.07,"body":"receive inheritance of X, and I"},{"speaker":"Alan Smith","startTime":1656.1599999999999,"endTime":1660.0,"body":"got X minus Y. So, I think this"},{"speaker":"Alan Smith","startTime":1656.1599999999999,"endTime":1660.0,"body":"is quite an interesting area."},{"speaker":"Alan Smith","startTime":1660.18,"endTime":1662.82,"body":"And the FCA are obviously paying"},{"speaker":"Alan Smith","startTime":1660.18,"endTime":1662.82,"body":"a bit of attention, and they"},{"speaker":"Alan Smith","startTime":1662.8799999999999,"endTime":1666.0,"body":"want advisors to respond in"},{"speaker":"Alan Smith","startTime":1662.8799999999999,"endTime":1666.0,"body":"terms of what their current"},{"speaker":"Alan Smith","startTime":1666.06,"endTime":1668.49,"body":"processes are, how they deal"},{"speaker":"Alan Smith","startTime":1666.06,"endTime":1668.49,"body":"with a whole range of things, as"},{"speaker":"Alan Smith","startTime":1668.52,"endTime":1671.84,"body":"I say, including how staff are"},{"speaker":"Alan Smith","startTime":1668.52,"endTime":1671.84,"body":"trained to deal with bereaved"},{"speaker":"Alan Smith","startTime":1671.93,"endTime":1676.82,"body":"clients, but also around the fee"},{"speaker":"Alan Smith","startTime":1671.93,"endTime":1676.82,"body":"options and what you actually"},{"speaker":"Alan Smith","startTime":1676.97,"endTime":1681.3799999999999,"body":"do, and I think it's worthy of"},{"speaker":"Alan Smith","startTime":1676.97,"endTime":1681.3799999999999,"body":"further exploration. I know, I"},{"speaker":"Alan Smith","startTime":1681.44,"endTime":1683.54,"body":"know, Andy, we chatted about"},{"speaker":"Alan Smith","startTime":1681.44,"endTime":1683.54,"body":"this last week at the,"},{"speaker":"Andy Hart","startTime":1684.05,"endTime":1686.93,"body":"yeah, so we have"},{"speaker":"Andy Hart","startTime":1684.05,"endTime":1686.93,"body":"spoken about some of this"},{"speaker":"Andy Hart","startTime":1687.02,"endTime":1689.42,"body":"podcast before, and we spoke"},{"speaker":"Andy Hart","startTime":1687.02,"endTime":1689.42,"body":"about it last week. I wonder if"},{"speaker":"Andy Hart","startTime":1689.45,"endTime":1692.1399999999999,"body":"this might be the trap effect,"},{"speaker":"Andy Hart","startTime":1689.45,"endTime":1692.1399999999999,"body":"maybe the FCA is listening and"},{"speaker":"Andy Hart","startTime":1692.2,"endTime":1695.29,"body":"thinks there's a bit of a hole"},{"speaker":"Andy Hart","startTime":1692.2,"endTime":1695.29,"body":"in an advisor's processes. It's"},{"speaker":"Andy Hart","startTime":1695.35,"endTime":1698.05,"body":"quite clear that they don't"},{"speaker":"Andy Hart","startTime":1695.35,"endTime":1698.05,"body":"agree on something, which is"},{"speaker":"Andy Hart","startTime":1698.1399999999999,"endTime":1699.85,"body":"great, you know. If they are"},{"speaker":"Andy Hart","startTime":1698.1399999999999,"endTime":1699.85,"body":"listening, these are these are"},{"speaker":"Andy Hart","startTime":1699.94,"endTime":1704.05,"body":"genuine things that we struggle"},{"speaker":"Andy Hart","startTime":1699.94,"endTime":1704.05,"body":"with or run into problems with"},{"speaker":"Andy Hart","startTime":1704.26,"endTime":1708.1,"body":"with real life, real client"},{"speaker":"Andy Hart","startTime":1704.26,"endTime":1708.1,"body":"situations. And it was also"},{"speaker":"Andy Hart","startTime":1708.22,"endTime":1711.72,"body":"brought up last week in a room"},{"speaker":"Andy Hart","startTime":1708.22,"endTime":1711.72,"body":"of 35 of us, and again, there"},{"speaker":"Andy Hart","startTime":1711.75,"endTime":1716.7,"body":"was no cohesive agreement"},{"speaker":"Andy Hart","startTime":1711.75,"endTime":1716.7,"body":"between us. I switch off the"},{"speaker":"Andy Hart","startTime":1716.73,"endTime":1720.06,"body":"fees. I've dealt with a dealing"},{"speaker":"Andy Hart","startTime":1716.73,"endTime":1720.06,"body":"with the clients. A client of"},{"speaker":"Andy Hart","startTime":1720.06,"endTime":1724.8,"body":"mine passed away in October 2025"},{"speaker":"Andy Hart","startTime":1720.06,"endTime":1724.8,"body":"I've just about finalized"},{"speaker":"Andy Hart","startTime":1724.86,"endTime":1728.55,"body":"everything, moved the money to"},{"speaker":"Andy Hart","startTime":1724.86,"endTime":1728.55,"body":"their partner, and that's quite"},{"speaker":"Andy Hart","startTime":1728.55,"endTime":1733.67,"body":"a quick one. So, I've been"},{"speaker":"Andy Hart","startTime":1728.55,"endTime":1733.67,"body":"dealing with this for 10 eight"},{"speaker":"Andy Hart","startTime":1733.76,"endTime":1737.81,"body":"months, eight nine months, I"},{"speaker":"Andy Hart","startTime":1733.76,"endTime":1737.81,"body":"haven't been paid for dealing"},{"speaker":"Andy Hart","startTime":1737.84,"endTime":1740.6599999999999,"body":"with the deceased estate I was"},{"speaker":"Andy Hart","startTime":1737.84,"endTime":1740.6599999999999,"body":"dealing with. I did look after"},{"speaker":"Andy Hart","startTime":1740.6599999999999,"endTime":1743.69,"body":"him for 10 years previous. I"},{"speaker":"Andy Hart","startTime":1740.6599999999999,"endTime":1743.69,"body":"feel like I owe him and his"},{"speaker":"Andy Hart","startTime":1743.75,"endTime":1747.92,"body":"estate a duty to do that work,"},{"speaker":"Andy Hart","startTime":1743.75,"endTime":1747.92,"body":"but everyone's different. So I"},{"speaker":"Andy Hart","startTime":1748.01,"endTime":1751.03,"body":"turn off my fees and I moved it"},{"speaker":"Andy Hart","startTime":1748.01,"endTime":1751.03,"body":"all to cash. Of course, there"},{"speaker":"Andy Hart","startTime":1751.18,"endTime":1754.51,"body":"are exceptions that apply. I"},{"speaker":"Andy Hart","startTime":1751.18,"endTime":1754.51,"body":"certainly don't want to ask"},{"speaker":"Andy Hart","startTime":1755.23,"endTime":1759.3999999999999,"body":"1234, children what their"},{"speaker":"Andy Hart","startTime":1755.23,"endTime":1759.3999999999999,"body":"thoughts are on asset allocation"},{"speaker":"Andy Hart","startTime":1759.55,"endTime":1764.8899999999999,"body":"for their passed away father or"},{"speaker":"Andy Hart","startTime":1759.55,"endTime":1764.8899999999999,"body":"mother. So, by default, I might"},{"speaker":"Andy Hart","startTime":1764.92,"endTime":1767.71,"body":"be taking a professional risk,"},{"speaker":"Andy Hart","startTime":1764.92,"endTime":1767.71,"body":"but I think it's got a lot of"},{"speaker":"Andy Hart","startTime":1767.77,"endTime":1771.12,"body":"common sense behind it. So, I'm"},{"speaker":"Andy Hart","startTime":1767.77,"endTime":1771.12,"body":"happy to turn off my fees and"},{"speaker":"Andy Hart","startTime":1771.1499999999999,"endTime":1774.72,"body":"move all the portfolio to cash."},{"speaker":"Andy Hart","startTime":1771.1499999999999,"endTime":1774.72,"body":"Carl, I think, is next."},{"speaker":"Carl Widger","startTime":1775.98,"endTime":1778.8,"body":"Yeah, yeah. As you"},{"speaker":"Carl Widger","startTime":1775.98,"endTime":1778.8,"body":"all know, I've been through this"},{"speaker":"Carl Widger","startTime":1779.25,"endTime":1784.32,"body":"sad men phase recently, and so"},{"speaker":"Carl Widger","startTime":1779.25,"endTime":1784.32,"body":"first thing to say, I hope the"},{"speaker":"Carl Widger","startTime":1784.44,"endTime":1787.77,"body":"FCA are sending this to the"},{"speaker":"Carl Widger","startTime":1784.44,"endTime":1787.77,"body":"banks also, right? Because"},{"speaker":"Carl Widger","startTime":1788.55,"endTime":1790.22,"body":"trying to deal with the banks"},{"speaker":"Carl Widger","startTime":1788.55,"endTime":1790.22,"body":"through this process is"},{"speaker":"Carl Widger","startTime":1791.24,"endTime":1796.25,"body":"horrendous and stressful and"},{"speaker":"Carl Widger","startTime":1791.24,"endTime":1796.25,"body":"condescending. I would say to a"},{"speaker":"Carl Widger","startTime":1796.28,"endTime":1803.75,"body":"large extent. Are they doing it"},{"speaker":"Carl Widger","startTime":1796.28,"endTime":1803.75,"body":"to the big, say, the large DB"},{"speaker":"Carl Widger","startTime":1803.93,"endTime":1806.6299999999999,"body":"houses? Right? Are they are they"},{"speaker":"Carl Widger","startTime":1803.93,"endTime":1806.6299999999999,"body":"are they talking the same"},{"speaker":"Carl Widger","startTime":1807.17,"endTime":1813.43,"body":"language to those people? I"},{"speaker":"Carl Widger","startTime":1807.17,"endTime":1813.43,"body":"would say, right, if if, if it"},{"speaker":"Carl Widger","startTime":1813.43,"endTime":1818.02,"body":"was me, and I was in, and I had"},{"speaker":"Carl Widger","startTime":1813.43,"endTime":1818.02,"body":"an advisor, and it was like left"},{"speaker":"Carl Widger","startTime":1818.02,"endTime":1821.77,"body":"to my kids to try and sort it"},{"speaker":"Carl Widger","startTime":1818.02,"endTime":1821.77,"body":"out, right? I would proactively"},{"speaker":"Carl Widger","startTime":1822.1,"endTime":1825.7,"body":"talk to my advisor and say,"},{"speaker":"Carl Widger","startTime":1822.1,"endTime":1825.7,"body":"under no circumstances, turn off"},{"speaker":"Carl Widger","startTime":1825.79,"endTime":1828.9099999999999,"body":"the fees. Here's what I want you"},{"speaker":"Carl Widger","startTime":1825.79,"endTime":1828.9099999999999,"body":"to do. I want you to stay"},{"speaker":"Carl Widger","startTime":1829.03,"endTime":1832.74,"body":"engaged, and I want. You to make"},{"speaker":"Carl Widger","startTime":1829.03,"endTime":1832.74,"body":"sure that it's absolutely looked"},{"speaker":"Carl Widger","startTime":1832.83,"endTime":1838.26,"body":"after. I think we've spoken"},{"speaker":"Carl Widger","startTime":1832.83,"endTime":1838.26,"body":"about the run into cash all if"},{"speaker":"Carl Widger","startTime":1838.98,"endTime":1840.6599999999999,"body":"you are going to do these"},{"speaker":"Carl Widger","startTime":1838.98,"endTime":1840.6599999999999,"body":"things. I don't think there's a"},{"speaker":"Carl Widger","startTime":1840.75,"endTime":1844.47,"body":"right and a wrong way of doing"},{"speaker":"Carl Widger","startTime":1840.75,"endTime":1844.47,"body":"it, but the way to bring this up"},{"speaker":"Carl Widger","startTime":1844.62,"endTime":1847.26,"body":"with your clients is to put it"},{"speaker":"Carl Widger","startTime":1844.62,"endTime":1847.26,"body":"in your terms of business, so"},{"speaker":"Carl Widger","startTime":1847.32,"endTime":1852.11,"body":"that for me is the only way that"},{"speaker":"Carl Widger","startTime":1847.32,"endTime":1852.11,"body":"you can absolutely nail on this"},{"speaker":"Carl Widger","startTime":1852.17,"endTime":1855.86,"body":"is what our firm do, and if you"},{"speaker":"Carl Widger","startTime":1852.17,"endTime":1855.86,"body":"would like something else, you"},{"speaker":"Carl Widger","startTime":1855.92,"endTime":1859.1599999999999,"body":"need to put it in writing to us"},{"speaker":"Carl Widger","startTime":1855.92,"endTime":1859.1599999999999,"body":"to do something else, but"},{"speaker":"Carl Widger","startTime":1859.97,"endTime":1863.24,"body":"calling out just advisors on"},{"speaker":"Carl Widger","startTime":1859.97,"endTime":1863.24,"body":"this, and you know whether"},{"speaker":"Carl Widger","startTime":1863.33,"endTime":1866.21,"body":"advisors charge fees, you're"},{"speaker":"Carl Widger","startTime":1863.33,"endTime":1866.21,"body":"missing the big point here,"},{"speaker":"Carl Widger","startTime":1866.51,"endTime":1869.96,"body":"right? There's people who are"},{"speaker":"Carl Widger","startTime":1866.51,"endTime":1869.96,"body":"very, very vulnerable, you know,"},{"speaker":"Carl Widger","startTime":1870.17,"endTime":1875.83,"body":"at their lowest ebb, and making"},{"speaker":"Carl Widger","startTime":1870.17,"endTime":1875.83,"body":"this shit hard is why we do what"},{"speaker":"Carl Widger","startTime":1875.8899999999999,"endTime":1879.01,"body":"we do, because I can tell you"},{"speaker":"Carl Widger","startTime":1875.8899999999999,"endTime":1879.01,"body":"some of the stuff that I was"},{"speaker":"Carl Widger","startTime":1879.1599999999999,"endTime":1883.33,"body":"asked to do to confirm that I"},{"speaker":"Carl Widger","startTime":1879.1599999999999,"endTime":1883.33,"body":"was an executor of the will, or"},{"speaker":"Carl Widger","startTime":1883.3899999999999,"endTime":1886.8999999999999,"body":"whatever. Right, I can tell you"},{"speaker":"Carl Widger","startTime":1883.3899999999999,"endTime":1886.8999999999999,"body":"if it was through an advisor,"},{"speaker":"Carl Widger","startTime":1887.8899999999999,"endTime":1891.42,"body":"the advisor wouldn't even tell"},{"speaker":"Carl Widger","startTime":1887.8899999999999,"endTime":1891.42,"body":"me, but the advisor would have"},{"speaker":"Carl Widger","startTime":1891.51,"endTime":1894.75,"body":"found ways and means to make"},{"speaker":"Carl Widger","startTime":1891.51,"endTime":1894.75,"body":"sure that I wasn't asked all"},{"speaker":"Carl Widger","startTime":1894.81,"endTime":1898.35,"body":"those shitty horrible questions,"},{"speaker":"Carl Widger","startTime":1894.81,"endTime":1898.35,"body":"and then stuff getting rejected,"},{"speaker":"Carl Widger","startTime":1898.3799999999999,"endTime":1903.3899999999999,"body":"because blah blah blah blah, so"},{"speaker":"Carl Widger","startTime":1898.3799999999999,"endTime":1903.3899999999999,"body":"I would say, yeah, you should,"},{"speaker":"Carl Widger","startTime":1903.48,"endTime":1906.96,"body":"you should, you should have your"},{"speaker":"Carl Widger","startTime":1903.48,"endTime":1906.96,"body":"whatever you decide is right for"},{"speaker":"Carl Widger","startTime":1907.05,"endTime":1910.82,"body":"your firm, which, and there are"},{"speaker":"Carl Widger","startTime":1907.05,"endTime":1910.82,"body":"no right or wrong answers from a"},{"speaker":"Carl Widger","startTime":1910.85,"endTime":1915.11,"body":"compliance point of view, to"},{"speaker":"Carl Widger","startTime":1910.85,"endTime":1915.11,"body":"tick a box with the FCA, put it"},{"speaker":"Carl Widger","startTime":1915.11,"endTime":1918.29,"body":"in your terms of business, and"},{"speaker":"Carl Widger","startTime":1915.11,"endTime":1918.29,"body":"then in the terms of business,"},{"speaker":"Carl Widger","startTime":1918.3799999999999,"endTime":1920.42,"body":"you can discuss it with your"},{"speaker":"Carl Widger","startTime":1918.3799999999999,"endTime":1920.42,"body":"clients, and if you had that"},{"speaker":"Carl Widger","startTime":1920.45,"endTime":1922.85,"body":"client for 10 years, Andy,"},{"speaker":"Carl Widger","startTime":1920.45,"endTime":1922.85,"body":"right, and you looked after him,"},{"speaker":"Carl Widger","startTime":1923.24,"endTime":1925.07,"body":"and if he was with you for 10"},{"speaker":"Carl Widger","startTime":1923.24,"endTime":1925.07,"body":"years, you clearly did look"},{"speaker":"Carl Widger","startTime":1925.1599999999999,"endTime":1927.83,"body":"after him, he didn't want you to"},{"speaker":"Carl Widger","startTime":1925.1599999999999,"endTime":1927.83,"body":"turn off the fees, he just"},{"speaker":"Carl Widger","startTime":1927.86,"endTime":1931.09,"body":"wanted you to make sure that his"},{"speaker":"Carl Widger","startTime":1927.86,"endTime":1931.09,"body":"family were going to be okay, so"},{"speaker":"Carl Widger","startTime":1933.52,"endTime":1940.18,"body":"I would really take exception"},{"speaker":"Carl Widger","startTime":1933.52,"endTime":1940.18,"body":"with the FCA calling out advisor"},{"speaker":"Carl Widger","startTime":1940.3,"endTime":1944.86,"body":"firms if they're not doing"},{"speaker":"Carl Widger","startTime":1940.3,"endTime":1944.86,"body":"exactly the same with banks and"},{"speaker":"Carl Widger","startTime":1945.1299999999999,"endTime":1947.4099999999999,"body":"all other financial"},{"speaker":"Carl Widger","startTime":1945.1299999999999,"endTime":1947.4099999999999,"body":"institutions, because the"},{"speaker":"Carl Widger","startTime":1947.62,"endTime":1952.05,"body":"process is horrendous and it's"},{"speaker":"Carl Widger","startTime":1947.62,"endTime":1952.05,"body":"just not fair on people who are,"},{"speaker":"Carl Widger","startTime":1953.31,"endTime":1954.48,"body":"as I say, at their lower step."},{"speaker":"Nick Lincoln","startTime":1956.76,"endTime":1962.37,"body":"So, do platforms"},{"speaker":"Nick Lincoln","startTime":1956.76,"endTime":1962.37,"body":"turn off fees automatically if"},{"speaker":"Nick Lincoln","startTime":1962.3999999999999,"endTime":1965.3999999999999,"body":"you tell them that someone has"},{"speaker":"Nick Lincoln","startTime":1962.3999999999999,"endTime":1965.3999999999999,"body":"passed away? Fundamentally, do"},{"speaker":"Nick Lincoln","startTime":1965.3999999999999,"endTime":1966.57,"body":"they do that? You know what?"},{"speaker":"Nick Lincoln","startTime":1965.3999999999999,"endTime":1966.57,"body":"Transact,"},{"speaker":"Andy Hart","startTime":1966.78,"endTime":1968.76,"body":"that's a good point,"},{"speaker":"Andy Hart","startTime":1966.78,"endTime":1968.76,"body":"Nick. That was Rob in the room"},{"speaker":"Andy Hart","startTime":1968.85,"endTime":1972.26,"body":"last week. I don't believe"},{"speaker":"Andy Hart","startTime":1968.85,"endTime":1972.26,"body":"Transac. Do you have to inform"},{"speaker":"Andy Hart","startTime":1972.32,"endTime":1975.68,"body":"them? I think maybe Quilter, do"},{"speaker":"Andy Hart","startTime":1972.32,"endTime":1975.68,"body":"again, I could be wrong, and it"},{"speaker":"Andy Hart","startTime":1975.71,"endTime":1978.92,"body":"might only be the Quilter"},{"speaker":"Andy Hart","startTime":1975.71,"endTime":1978.92,"body":"Pension, not the ISA, again,"},{"speaker":"Andy Hart","startTime":1979.52,"endTime":1983.96,"body":"again, I'm just guessing. So the"},{"speaker":"Andy Hart","startTime":1979.52,"endTime":1983.96,"body":"platforms don't have some, you"},{"speaker":"Andy Hart","startTime":1983.99,"endTime":1989.24,"body":"know, consistent ways of dealing"},{"speaker":"Andy Hart","startTime":1983.99,"endTime":1989.24,"body":"with it. I don't know what the"},{"speaker":"Andy Hart","startTime":1989.3899999999999,"endTime":1991.93,"body":"FMs do, I don't know what banks"},{"speaker":"Andy Hart","startTime":1989.3899999999999,"endTime":1991.93,"body":"do, and advisors all have"},{"speaker":"Andy Hart","startTime":1991.99,"endTime":1995.5,"body":"different things. So, in actual"},{"speaker":"Andy Hart","startTime":1991.99,"endTime":1995.5,"body":"fact, the FCA taking a stab at"},{"speaker":"Andy Hart","startTime":1995.56,"endTime":2000.99,"body":"this is is welcome. So, it will"},{"speaker":"Andy Hart","startTime":1995.56,"endTime":2000.99,"body":"be - I'll be - I think they're"},{"speaker":"Andy Hart","startTime":2001.02,"endTime":2003.45,"body":"just going to come up with best"},{"speaker":"Andy Hart","startTime":2001.02,"endTime":2003.45,"body":"practice. I don't think they're"},{"speaker":"Andy Hart","startTime":2003.45,"endTime":2006.6299999999999,"body":"going to tell you to turn your"},{"speaker":"Andy Hart","startTime":2003.45,"endTime":2006.6299999999999,"body":"fees off, move to cash, for"},{"speaker":"Andy Hart","startTime":2006.75,"endTime":2008.79,"body":"example. So, I think there's"},{"speaker":"Andy Hart","startTime":2006.75,"endTime":2008.79,"body":"going to come up with best"},{"speaker":"Andy Hart","startTime":2008.79,"endTime":2010.85,"body":"practices, but again, I could be"},{"speaker":"Andy Hart","startTime":2008.79,"endTime":2010.85,"body":"wrong. I"},{"speaker":"Nick Lincoln","startTime":2011.24,"endTime":2013.1599999999999,"body":"do take on board"},{"speaker":"Nick Lincoln","startTime":2011.24,"endTime":2013.1599999999999,"body":"Carl's point that the deceased"},{"speaker":"Nick Lincoln","startTime":2013.22,"endTime":2015.8899999999999,"body":"person would want you to give"},{"speaker":"Nick Lincoln","startTime":2013.22,"endTime":2015.8899999999999,"body":"the very best service you can to"},{"speaker":"Nick Lincoln","startTime":2015.92,"endTime":2019.79,"body":"those that he or she has left"},{"speaker":"Nick Lincoln","startTime":2015.92,"endTime":2019.79,"body":"behind on this planet, and would"},{"speaker":"Nick Lincoln","startTime":2019.82,"endTime":2021.8,"body":"want you recompense for your"},{"speaker":"Nick Lincoln","startTime":2019.82,"endTime":2021.8,"body":"time, but I can also see it from"},{"speaker":"Nick Lincoln","startTime":2021.8,"endTime":2023.96,"body":"an outsider's point of view that"},{"speaker":"Nick Lincoln","startTime":2021.8,"endTime":2023.96,"body":"people can go hold on, Joe"},{"speaker":"Nick Lincoln","startTime":2024.08,"endTime":2026.09,"body":"Bloggs is dead, you're not"},{"speaker":"Nick Lincoln","startTime":2024.08,"endTime":2026.09,"body":"providing a financial planning"},{"speaker":"Nick Lincoln","startTime":2026.18,"endTime":2029.54,"body":"service to Joe Bloggs, so it's a"},{"speaker":"Nick Lincoln","startTime":2026.18,"endTime":2029.54,"body":"real tension point, I get that"},{"speaker":"Nick Lincoln","startTime":2029.54,"endTime":2032.3799999999999,"body":"as well, and also this thing"},{"speaker":"Nick Lincoln","startTime":2029.54,"endTime":2032.3799999999999,"body":"about going to cash for once,"},{"speaker":"Nick Lincoln","startTime":2032.47,"endTime":2034.75,"body":"because you know my beyond"},{"speaker":"Nick Lincoln","startTime":2032.47,"endTime":2034.75,"body":"regulation is make it light"},{"speaker":"Nick Lincoln","startTime":2034.81,"endTime":2037.84,"body":"touch. I wouldn't mind the FCA"},{"speaker":"Nick Lincoln","startTime":2034.81,"endTime":2037.84,"body":"telling us, Cart, when a client"},{"speaker":"Nick Lincoln","startTime":2038.26,"endTime":2041.6499999999999,"body":"dies, you go to cash, immediate"},{"speaker":"Nick Lincoln","startTime":2038.26,"endTime":2041.6499999999999,"body":"cash, you know, you go to cash,"},{"speaker":"Nick Lincoln","startTime":2041.74,"endTime":2043.87,"body":"or they don't mind the client's"},{"speaker":"Nick Lincoln","startTime":2041.74,"endTime":2043.87,"body":"not dead to authorize it. We"},{"speaker":"Nick Lincoln","startTime":2043.93,"endTime":2046.51,"body":"understand that we're telling"},{"speaker":"Nick Lincoln","startTime":2043.93,"endTime":2046.51,"body":"you as a regulatory thing, go to"},{"speaker":"Nick Lincoln","startTime":2046.93,"endTime":2049.42,"body":"the point you made at the start"},{"speaker":"Nick Lincoln","startTime":2046.93,"endTime":2049.42,"body":"of this, this section, Andy, if"},{"speaker":"Nick Lincoln","startTime":2049.81,"endTime":2053.31,"body":"Alan, just rather, if the fund"},{"speaker":"Nick Lincoln","startTime":2049.81,"endTime":2053.31,"body":"goes up by 10 15% the"},{"speaker":"Nick Lincoln","startTime":2053.4,"endTime":2055.41,"body":"beneficiaries aren't even going"},{"speaker":"Nick Lincoln","startTime":2053.4,"endTime":2055.41,"body":"to notice, right? But if it goes"},{"speaker":"Nick Lincoln","startTime":2055.5,"endTime":2056.1,"body":"down by 20%"},{"speaker":"Andy Hart","startTime":2056.82,"endTime":2057.87,"body":"you're on the hook,"},{"speaker":"Nick Lincoln","startTime":2058.29,"endTime":2060.12,"body":"you're on the"},{"speaker":"Nick Lincoln","startTime":2058.29,"endTime":2060.12,"body":"hook, and we're trying to be on"},{"speaker":"Nick Lincoln","startTime":2060.21,"endTime":2060.51,"body":"the hook for"},{"speaker":"Andy Hart","startTime":2060.57,"endTime":2063.21,"body":"2% you'll be on the"},{"speaker":"Andy Hart","startTime":2060.57,"endTime":2063.21,"body":"hook for 2% not 20%"},{"speaker":"Nick Lincoln","startTime":2064.05,"endTime":2065.67,"body":"And also, this"},{"speaker":"Nick Lincoln","startTime":2064.05,"endTime":2065.67,"body":"thing about, so if a client"},{"speaker":"Nick Lincoln","startTime":2065.7000000000003,"endTime":2068.79,"body":"dies, Andy, and, and you're told"},{"speaker":"Nick Lincoln","startTime":2065.7000000000003,"endTime":2068.79,"body":"the client dies, do you sell the"},{"speaker":"Nick Lincoln","startTime":2068.88,"endTime":2071.42,"body":"CGT down and just take it as"},{"speaker":"Nick Lincoln","startTime":2068.88,"endTime":2071.42,"body":"verbatim? I'm going to sell it"},{"speaker":"Nick Lincoln","startTime":2071.42,"endTime":2073.16,"body":"today, even though I'm not in"},{"speaker":"Nick Lincoln","startTime":2071.42,"endTime":2073.16,"body":"death certificate, because"},{"speaker":"Nick Lincoln","startTime":2073.16,"endTime":2076.04,"body":"obviously that's a CGT event"},{"speaker":"Nick Lincoln","startTime":2073.16,"endTime":2076.04,"body":"when you sell out the GIA, so"},{"speaker":"Nick Lincoln","startTime":2080.7799999999997,"endTime":2083.18,"body":"okay, okay, yeah, big thing, you"},{"speaker":"Nick Lincoln","startTime":2080.7799999999997,"endTime":2083.18,"body":"might have a million pounds, you"},{"speaker":"Nick Lincoln","startTime":2083.21,"endTime":2085.7599999999998,"body":"know, GIA with a massive"},{"speaker":"Nick Lincoln","startTime":2083.21,"endTime":2085.7599999999998,"body":"pregnant game, it's"},{"speaker":"Andy Hart","startTime":2085.82,"endTime":2086.93,"body":"already been"},{"speaker":"Andy Hart","startTime":2085.82,"endTime":2086.93,"body":"crystallized, because the"},{"speaker":"Andy Hart","startTime":2086.93,"endTime":2089.12,"body":"person's died, so the uplift has"},{"speaker":"Andy Hart","startTime":2086.93,"endTime":2089.12,"body":"already happened, either changes"},{"speaker":"Andy Hart","startTime":2089.24,"endTime":2089.3,"body":"in"},{"speaker":"Nick Lincoln","startTime":2089.45,"endTime":2090.7599999999998,"body":"email, you haven't"},{"speaker":"Nick Lincoln","startTime":2089.45,"endTime":2090.7599999999998,"body":"had any confirmation or anything"},{"speaker":"Nick Lincoln","startTime":2090.7599999999998,"endTime":2091.12,"body":"like that. Make"},{"speaker":"Andy Hart","startTime":2093.0099999999998,"endTime":2095.41,"body":"sure the market"},{"speaker":"Nick Lincoln","startTime":2095.5589999999997,"endTime":2097.089,"body":"falls by 20% the"},{"speaker":"Nick Lincoln","startTime":2095.5589999999997,"endTime":2097.089,"body":"next day, while you're waiting"},{"speaker":"Nick Lincoln","startTime":2097.089,"endTime":2100.389,"body":"for the.. there's always other"},{"speaker":"Nick Lincoln","startTime":2097.089,"endTime":2100.389,"body":"stuff. Yeah, there's always the"},{"speaker":"Nick Lincoln","startTime":2100.449,"endTime":2100.569,"body":"only"},{"speaker":"Alan Smith","startTime":2100.75,"endTime":2103.09,"body":"way you can really"},{"speaker":"Alan Smith","startTime":2100.75,"endTime":2103.09,"body":"navigate this is as Carl's just"},{"speaker":"Alan Smith","startTime":2103.15,"endTime":2106.54,"body":"said, is you document this and"},{"speaker":"Alan Smith","startTime":2103.15,"endTime":2106.54,"body":"you say whatever, whatever it"},{"speaker":"Alan Smith","startTime":2106.54,"endTime":2109.99,"body":"is. If it's we will immediately"},{"speaker":"Alan Smith","startTime":2106.54,"endTime":2109.99,"body":"switch off fees, or we won't,"},{"speaker":"Alan Smith","startTime":2110.08,"endTime":2112.2599999999998,"body":"we'll continue to charge fees,"},{"speaker":"Alan Smith","startTime":2110.08,"endTime":2112.2599999999998,"body":"but it will be chargeable to the"},{"speaker":"Alan Smith","startTime":2112.5299999999997,"endTime":2116.43,"body":"executors, although that in"},{"speaker":"Alan Smith","startTime":2112.5299999999997,"endTime":2116.43,"body":"itself will need another terms"},{"speaker":"Alan Smith","startTime":2116.46,"endTime":2117.66,"body":"of business or fee equipment."},{"speaker":"Andy Hart","startTime":2117.99,"endTime":2120.24,"body":"Apparently, some"},{"speaker":"Andy Hart","startTime":2117.99,"endTime":2120.24,"body":"people do have executive fee"},{"speaker":"Andy Hart","startTime":2120.36,"endTime":2123.18,"body":"agreements or executive client"},{"speaker":"Andy Hart","startTime":2120.36,"endTime":2123.18,"body":"agreements, which I think is"},{"speaker":"Andy Hart","startTime":2123.24,"endTime":2127.23,"body":"probably a good thing. I don't"},{"speaker":"Andy Hart","startTime":2123.24,"endTime":2127.23,"body":"currently, but something to be"},{"speaker":"Andy Hart","startTime":2127.32,"endTime":2129.69,"body":"looked at. I'm excited to see"},{"speaker":"Andy Hart","startTime":2127.32,"endTime":2129.69,"body":"what the FCA come up with."},{"speaker":"Andy Hart","startTime":2130.46,"endTime":2130.7599999999998,"body":"Excited,"},{"speaker":"Carl Widger","startTime":2131.39,"endTime":2134.87,"body":"I'm told I don't"},{"speaker":"Carl Widger","startTime":2131.39,"endTime":2134.87,"body":"subscribe to the notion that"},{"speaker":"Carl Widger","startTime":2134.96,"endTime":2136.0099999999998,"body":"fees need to be turned off at"},{"speaker":"Andy Hart","startTime":2136.4,"endTime":2136.46,"body":"all."},{"speaker":"Carl Widger","startTime":2136.82,"endTime":2138.44,"body":"Look, if you're"},{"speaker":"Carl Widger","startTime":2136.82,"endTime":2138.44,"body":"dealing with the client for your"},{"speaker":"Carl Widger","startTime":2138.5299999999997,"endTime":2142.82,"body":"10 year old client, Andy, right,"},{"speaker":"Carl Widger","startTime":2138.5299999999997,"endTime":2142.82,"body":"you can relate a lot of work at"},{"speaker":"Carl Widger","startTime":2142.82,"endTime":2147.2,"body":"the at the.. it's just the"},{"speaker":"Andy Hart","startTime":2147.41,"endTime":2150.35,"body":"start I've taken"},{"speaker":"Andy Hart","startTime":2147.41,"endTime":2150.35,"body":"again, that's it's the whole art"},{"speaker":"Andy Hart","startTime":2150.38,"endTime":2154.33,"body":"of this business, we're not told"},{"speaker":"Andy Hart","startTime":2150.38,"endTime":2154.33,"body":"what to do, so that's the start"},{"speaker":"Andy Hart","startTime":2154.45,"endTime":2154.75,"body":"I've taken."},{"speaker":"Carl Widger","startTime":2154.99,"endTime":2158.5299999999997,"body":"Surely it gets"},{"speaker":"Carl Widger","startTime":2154.99,"endTime":2158.5299999999997,"body":"actually very, very busy when"},{"speaker":"Carl Widger","startTime":2158.68,"endTime":2159.64,"body":"some.. when there's"},{"speaker":"Andy Hart","startTime":2160.18,"endTime":2162.94,"body":"a lot going on, and"},{"speaker":"Andy Hart","startTime":2160.18,"endTime":2162.94,"body":"I'll step up and do the work for"},{"speaker":"Andy Hart","startTime":2162.97,"endTime":2163.45,"body":"nothing. Why"},{"speaker":"Carl Widger","startTime":2163.69,"endTime":2166.57,"body":"should we? Why"},{"speaker":"Carl Widger","startTime":2163.69,"endTime":2166.57,"body":"should we, as advisors, be"},{"speaker":"Carl Widger","startTime":2166.69,"endTime":2169.84,"body":"expected to work for nothing?"},{"speaker":"Carl Widger","startTime":2166.69,"endTime":2169.84,"body":"We're going to work actually in"},{"speaker":"Carl Widger","startTime":2169.9,"endTime":2173.88,"body":"our client's favor with a whole,"},{"speaker":"Carl Widger","startTime":2169.9,"endTime":2173.88,"body":"a whole lot more empathy than"},{"speaker":"Carl Widger","startTime":2174.18,"endTime":2177.45,"body":"any of the larger financial"},{"speaker":"Carl Widger","startTime":2174.18,"endTime":2177.45,"body":"institutions. I don't subscribe"},{"speaker":"Carl Widger","startTime":2177.54,"endTime":2181.11,"body":"to, we shouldn't get paid. I"},{"speaker":"Carl Widger","startTime":2177.54,"endTime":2181.11,"body":"think we should do the best that"},{"speaker":"Carl Widger","startTime":2181.14,"endTime":2183.96,"body":"we can for our clients and"},{"speaker":"Carl Widger","startTime":2181.14,"endTime":2183.96,"body":"continue to get paid until the"},{"speaker":"Carl Widger","startTime":2184.08,"endTime":2184.83,"body":"business leaves."},{"speaker":"Andy Hart","startTime":2186.0299999999997,"endTime":2187.89,"body":"The doing the best"},{"speaker":"Andy Hart","startTime":2186.0299999999997,"endTime":2187.89,"body":"and stepping up goes without"},{"speaker":"Andy Hart","startTime":2188.0099999999998,"endTime":2189.87,"body":"saying, it's just a price thing."},{"speaker":"Andy Hart","startTime":2188.0099999999998,"endTime":2189.87,"body":"I've decided"},{"speaker":"Carl Widger","startTime":2190.47,"endTime":2194.45,"body":"to, that's fine, I"},{"speaker":"Carl Widger","startTime":2190.47,"endTime":2194.45,"body":"strongly disagree with, I think,"},{"speaker":"Carl Widger","startTime":2194.6,"endTime":2198.35,"body":"the three of you here. I don't,"},{"speaker":"Carl Widger","startTime":2194.6,"endTime":2198.35,"body":"I'm not saying"},{"speaker":"Alan Smith","startTime":2198.649,"endTime":2202.069,"body":"you automatically"},{"speaker":"Alan Smith","startTime":2198.649,"endTime":2202.069,"body":"should document it, because the"},{"speaker":"Alan Smith","startTime":2202.069,"endTime":2205.999,"body":"actual, the legal fee agreement"},{"speaker":"Alan Smith","startTime":2202.069,"endTime":2205.999,"body":"you've got effectively ceases to"},{"speaker":"Alan Smith","startTime":2206.089,"endTime":2208.849,"body":"exist at that point. Obviously,"},{"speaker":"Alan Smith","startTime":2206.089,"endTime":2208.849,"body":"it's different if it's a married"},{"speaker":"Alan Smith","startTime":2208.909,"endTime":2212.439,"body":"couple and it passes across to"},{"speaker":"Alan Smith","startTime":2208.909,"endTime":2212.439,"body":"the surviving spouse, but if"},{"speaker":"Alan Smith","startTime":2212.439,"endTime":2215.2889999999998,"body":"it's an individual by"},{"speaker":"Alan Smith","startTime":2212.439,"endTime":2215.2889999999998,"body":"definition, that person is long,"},{"speaker":"Alan Smith","startTime":2215.439,"endTime":2217.959,"body":"no longer contractually"},{"speaker":"Alan Smith","startTime":2215.439,"endTime":2217.959,"body":"available to engage in that"},{"speaker":"Alan Smith","startTime":2218.349,"endTime":2221.799,"body":"arrangement. So, you, this fee"},{"speaker":"Alan Smith","startTime":2218.349,"endTime":2221.799,"body":"should be, I, my view, I'm no"},{"speaker":"Alan Smith","startTime":2221.889,"endTime":2224.049,"body":"lawyer, but my view is that has"},{"speaker":"Alan Smith","startTime":2221.889,"endTime":2224.049,"body":"to be switched off, because the"},{"speaker":"Alan Smith","startTime":2224.229,"endTime":2227.019,"body":"person is no longer alive. But I"},{"speaker":"Alan Smith","startTime":2224.229,"endTime":2227.019,"body":"would, I agree with you, and we"},{"speaker":"Alan Smith","startTime":2227.109,"endTime":2230.049,"body":"have done this in the past. We"},{"speaker":"Alan Smith","startTime":2227.109,"endTime":2230.049,"body":"identify who the executors are,"},{"speaker":"Alan Smith","startTime":2230.049,"endTime":2232.109,"body":"administrators, we say, I'll"},{"speaker":"Alan Smith","startTime":2230.049,"endTime":2232.109,"body":"send you across our fee"},{"speaker":"Alan Smith","startTime":2232.199,"endTime":2234.839,"body":"agreement, and we'll continue to"},{"speaker":"Alan Smith","startTime":2232.199,"endTime":2234.839,"body":"work. Now, you might choose to"},{"speaker":"Alan Smith","startTime":2235.109,"endTime":2238.019,"body":"work that on an hourly rate or"},{"speaker":"Alan Smith","startTime":2235.109,"endTime":2238.019,"body":"still a percentage of assets, or"},{"speaker":"Alan Smith","startTime":2238.049,"endTime":2240.509,"body":"whatever way you want to do it,"},{"speaker":"Alan Smith","startTime":2238.049,"endTime":2240.509,"body":"but I agree with you, Carl. It"},{"speaker":"Alan Smith","startTime":2240.5389999999998,"endTime":2242.969,"body":"is not unreasonable, because"},{"speaker":"Alan Smith","startTime":2240.5389999999998,"endTime":2242.969,"body":"there is a lot of work to be"},{"speaker":"Alan Smith","startTime":2244.259,"endTime":2246.209,"body":"done, and you want to deliver a"},{"speaker":"Alan Smith","startTime":2244.259,"endTime":2246.209,"body":"highly professional service"},{"speaker":"Carl Widger","startTime":2247.86,"endTime":2251.42,"body":"with empathy, and"},{"speaker":"Carl Widger","startTime":2247.86,"endTime":2251.42,"body":"at a level and a standard, so"},{"speaker":"Carl Widger","startTime":2251.72,"endTime":2256.49,"body":"far above what the big"},{"speaker":"Carl Widger","startTime":2251.72,"endTime":2256.49,"body":"institutions do, but why are we"},{"speaker":"Carl Widger","startTime":2256.61,"endTime":2258.8,"body":"the ones turning off our fees?"},{"speaker":"Carl Widger","startTime":2256.61,"endTime":2258.8,"body":"That will be my argument."},{"speaker":"Nick Lincoln","startTime":2260.0,"endTime":2261.95,"body":"Yep. Okay. Well,"},{"speaker":"Nick Lincoln","startTime":2260.0,"endTime":2261.95,"body":"that's obviously an interesting"},{"speaker":"Nick Lincoln","startTime":2262.07,"endTime":2264.05,"body":"watch. This space might be"},{"speaker":"Nick Lincoln","startTime":2262.07,"endTime":2264.05,"body":"interesting to see how this FCA"},{"speaker":"Nick Lincoln","startTime":2264.17,"endTime":2266.36,"body":"review goes out. I haven't had"},{"speaker":"Nick Lincoln","startTime":2264.17,"endTime":2266.36,"body":"the survey, don't think you have"},{"speaker":"Nick Lincoln","startTime":2266.45,"endTime":2269.69,"body":"Alan, and you haven't either,"},{"speaker":"Nick Lincoln","startTime":2266.45,"endTime":2269.69,"body":"Andy. So that would be one that"},{"speaker":"Nick Lincoln","startTime":2269.72,"endTime":2272.2,"body":"I would take part in, and I'd be"},{"speaker":"Nick Lincoln","startTime":2269.72,"endTime":2272.2,"body":"interested in seeing the results"},{"speaker":"Nick Lincoln","startTime":2272.2599999999998,"endTime":2275.05,"body":"on that, because I think it's,"},{"speaker":"Nick Lincoln","startTime":2272.2599999999998,"endTime":2275.05,"body":"you know, it becomes more and"},{"speaker":"Nick Lincoln","startTime":2275.05,"endTime":2276.82,"body":"more prescient in front of mine,"},{"speaker":"Nick Lincoln","startTime":2275.05,"endTime":2276.82,"body":"because we're not getting any"},{"speaker":"Nick Lincoln","startTime":2276.85,"endTime":2279.34,"body":"younger, and other art clients,"},{"speaker":"Nick Lincoln","startTime":2276.85,"endTime":2279.34,"body":"so this ain't going to go away."},{"speaker":"Nick Lincoln","startTime":2279.73,"endTime":2281.8,"body":"Okay, and we've got two"},{"speaker":"Nick Lincoln","startTime":2279.73,"endTime":2281.8,"body":"back-to-back ones from you,"},{"speaker":"Nick Lincoln","startTime":2282.19,"endTime":2284.2599999999998,"body":"Alan, because you didn't"},{"speaker":"Nick Lincoln","startTime":2282.19,"endTime":2284.2599999999998,"body":"organize the slate in a way that"},{"speaker":"Nick Lincoln","startTime":2284.44,"endTime":2285.79,"body":"makes any kind of flow"},{"speaker":"Alan Smith","startTime":2287.17,"endTime":2291.24,"body":"well on the subject"},{"speaker":"Alan Smith","startTime":2287.17,"endTime":2291.24,"body":"of fees. I'm just going to flag"},{"speaker":"Alan Smith","startTime":2291.33,"endTime":2295.08,"body":"this up, that we get messages, I"},{"speaker":"Alan Smith","startTime":2291.33,"endTime":2295.08,"body":"think, quite regularly from"},{"speaker":"Alan Smith","startTime":2295.17,"endTime":2298.23,"body":"people. I just want to flag this"},{"speaker":"Alan Smith","startTime":2295.17,"endTime":2298.23,"body":"up. I received an email a little"},{"speaker":"Alan Smith","startTime":2298.2599999999998,"endTime":2303.3,"body":"while ago from an avid Trappist,"},{"speaker":"Alan Smith","startTime":2298.2599999999998,"endTime":2303.3,"body":"trap listener, a lady who's a"},{"speaker":"Alan Smith","startTime":2303.36,"endTime":2306.5099999999998,"body":"financial planner, who named,"},{"speaker":"Alan Smith","startTime":2303.36,"endTime":2306.5099999999998,"body":"whose name I won't mention, but"},{"speaker":"Alan Smith","startTime":2307.5,"endTime":2310.37,"body":"she, you know, she really"},{"speaker":"Alan Smith","startTime":2307.5,"endTime":2310.37,"body":"embraces, she's relatively new"},{"speaker":"Alan Smith","startTime":2310.55,"endTime":2313.25,"body":"startup in her own business, but"},{"speaker":"Alan Smith","startTime":2310.55,"endTime":2313.25,"body":"she was working for a historical"},{"speaker":"Alan Smith","startTime":2313.85,"endTime":2317.54,"body":"what I would call what they self"},{"speaker":"Alan Smith","startTime":2313.85,"endTime":2317.54,"body":"describe as a wealth manager,"},{"speaker":"Alan Smith","startTime":2318.59,"endTime":2322.19,"body":"and we all know the connotation"},{"speaker":"Alan Smith","startTime":2318.59,"endTime":2322.19,"body":"sometimes that that involves,"},{"speaker":"Alan Smith","startTime":2322.61,"endTime":2325.43,"body":"but she sent me an email just"},{"speaker":"Alan Smith","startTime":2322.61,"endTime":2325.43,"body":"for my thoughts and feedback."},{"speaker":"Alan Smith","startTime":2325.91,"endTime":2329.66,"body":"She's got a friend of hers who's"},{"speaker":"Alan Smith","startTime":2325.91,"endTime":2329.66,"body":"still a client of her ex"},{"speaker":"Alan Smith","startTime":2329.93,"endTime":2334.12,"body":"employer, a wealth manager, and"},{"speaker":"Alan Smith","startTime":2329.93,"endTime":2334.12,"body":"she was just mentioning to the"},{"speaker":"Alan Smith","startTime":2334.18,"endTime":2337.12,"body":"client, to her friend, just be"},{"speaker":"Alan Smith","startTime":2334.18,"endTime":2337.12,"body":"careful about the fees that"},{"speaker":"Alan Smith","startTime":2337.18,"endTime":2339.2799999999997,"body":"you're paying, because what she"},{"speaker":"Alan Smith","startTime":2337.18,"endTime":2339.2799999999997,"body":"knows, one of the reasons that"},{"speaker":"Alan Smith","startTime":2339.34,"endTime":2343.21,"body":"she's left this firm is there"},{"speaker":"Alan Smith","startTime":2339.34,"endTime":2343.21,"body":"are very actively traded, you"},{"speaker":"Alan Smith","startTime":2343.24,"endTime":2346.66,"body":"know, single line, single stock"},{"speaker":"Alan Smith","startTime":2343.24,"endTime":2346.66,"body":"items, trading portfolios in and"},{"speaker":"Alan Smith","startTime":2346.7799999999997,"endTime":2350.43,"body":"out, zero financial planning,"},{"speaker":"Alan Smith","startTime":2346.7799999999997,"endTime":2350.43,"body":"and she said, I think they're"},{"speaker":"Alan Smith","startTime":2350.49,"endTime":2354.42,"body":"quite expensive, so the friend"},{"speaker":"Alan Smith","startTime":2350.49,"endTime":2354.42,"body":"of hers asked for what a fee"},{"speaker":"Alan Smith","startTime":2354.6,"endTime":2357.3,"body":"was. She was told initially"},{"speaker":"Alan Smith","startTime":2354.6,"endTime":2357.3,"body":"she's talking a phone call, 1%"},{"speaker":"Alan Smith","startTime":2358.5,"endTime":2361.5299999999997,"body":"She asked a bit more, and she"},{"speaker":"Alan Smith","startTime":2358.5,"endTime":2361.5299999999997,"body":"was, she was given a schedule of"},{"speaker":"Alan Smith","startTime":2361.59,"endTime":2366.99,"body":"fees and charges showing 1.3% so"},{"speaker":"Alan Smith","startTime":2361.59,"endTime":2366.99,"body":"1% to the DFM, 0.3 for custody."},{"speaker":"Alan Smith","startTime":2367.08,"endTime":2370.94,"body":"She was quite happy with that,"},{"speaker":"Alan Smith","startTime":2367.08,"endTime":2370.94,"body":"and then with the proper"},{"speaker":"Alan Smith","startTime":2371.06,"endTime":2373.19,"body":"Trappist person saying no, I"},{"speaker":"Alan Smith","startTime":2371.06,"endTime":2373.19,"body":"believe it's more than that."},{"speaker":"Alan Smith","startTime":2373.31,"endTime":2376.07,"body":"Push back, push back. She's"},{"speaker":"Alan Smith","startTime":2373.31,"endTime":2376.07,"body":"eventually given a full"},{"speaker":"Alan Smith","startTime":2376.25,"endTime":2381.2,"body":"statement, which showed total"},{"speaker":"Alan Smith","startTime":2376.25,"endTime":2381.2,"body":"ongoing of 2.4% So she started"},{"speaker":"Alan Smith","startTime":2381.2599999999998,"endTime":2386.5099999999998,"body":"to ask three separate times."},{"speaker":"Alan Smith","startTime":2381.2599999999998,"endTime":2386.5099999999998,"body":"She's asked to ask multiple"},{"speaker":"Alan Smith","startTime":2386.6,"endTime":2389.54,"body":"times, and only because she had"},{"speaker":"Alan Smith","startTime":2386.6,"endTime":2389.54,"body":"a good financial planner in her"},{"speaker":"Alan Smith","startTime":2389.69,"endTime":2391.96,"body":"corner saying don't believe"},{"speaker":"Alan Smith","startTime":2389.69,"endTime":2391.96,"body":"that, don't believe that, push"},{"speaker":"Alan Smith","startTime":2392.08,"endTime":2394.72,"body":"back, and then there's a big"},{"speaker":"Alan Smith","startTime":2392.08,"endTime":2394.72,"body":"long caveat that comes with it,"},{"speaker":"Alan Smith","startTime":2394.75,"endTime":2397.57,"body":"saying something along the lines"},{"speaker":"Alan Smith","startTime":2394.75,"endTime":2397.57,"body":"of investment trusts, the"},{"speaker":"Alan Smith","startTime":2397.87,"endTime":2400.36,"body":"charges are included within it,"},{"speaker":"Alan Smith","startTime":2397.87,"endTime":2400.36,"body":"or so, though you know the sort"},{"speaker":"Alan Smith","startTime":2400.39,"endTime":2403.96,"body":"of, there's some just kind of"},{"speaker":"Alan Smith","startTime":2400.39,"endTime":2403.96,"body":"bullshit, really, because, by"},{"speaker":"Alan Smith","startTime":2403.99,"endTime":2406.06,"body":"the way, this client doesn't own"},{"speaker":"Alan Smith","startTime":2403.99,"endTime":2406.06,"body":"any investment trust, but"},{"speaker":"Alan Smith","startTime":2406.06,"endTime":2409.48,"body":"they're sort of trying to, and"},{"speaker":"Alan Smith","startTime":2406.06,"endTime":2409.48,"body":"the advisor is saying to me,"},{"speaker":"Alan Smith","startTime":2410.5,"endTime":2413.34,"body":"isn't it? How can this operate?"},{"speaker":"Alan Smith","startTime":2410.5,"endTime":2413.34,"body":"Aren't they breaking rules"},{"speaker":"Alan Smith","startTime":2413.55,"endTime":2416.46,"body":"around treating customers"},{"speaker":"Alan Smith","startTime":2413.55,"endTime":2416.46,"body":"fairly? Customer, what do you"},{"speaker":"Alan Smith","startTime":2416.46,"endTime":2421.2599999999998,"body":"call it? Consumer duty fee"},{"speaker":"Alan Smith","startTime":2416.46,"endTime":2421.2599999999998,"body":"disclosure, every rule. Now, I"},{"speaker":"Alan Smith","startTime":2421.32,"endTime":2424.62,"body":"mean, this is.. I'm not going to"},{"speaker":"Alan Smith","startTime":2421.32,"endTime":2424.62,"body":"mention their name, but you"},{"speaker":"Alan Smith","startTime":2424.62,"endTime":2426.63,"body":"know, there are significant"},{"speaker":"Alan Smith","startTime":2424.62,"endTime":2426.63,"body":"other, certainly part of a very"},{"speaker":"Alan Smith","startTime":2427.05,"endTime":2431.0299999999997,"body":"significant national business"},{"speaker":"Alan Smith","startTime":2427.05,"endTime":2431.0299999999997,"body":"part. And and they're kind of"},{"speaker":"Alan Smith","startTime":2431.15,"endTime":2434.24,"body":"just lying to people, so that is"},{"speaker":"Alan Smith","startTime":2431.15,"endTime":2434.24,"body":"if somebody on their fee"},{"speaker":"Alan Smith","startTime":2434.36,"endTime":2436.31,"body":"disclosure they're disclosing"},{"speaker":"Alan Smith","startTime":2434.36,"endTime":2436.31,"body":"maybe"},{"speaker":"Carl Widger","startTime":2436.46,"endTime":2441.68,"body":"initials, you boys"},{"speaker":"Carl Widger","startTime":2436.46,"endTime":2441.68,"body":"don't,"},{"speaker":"Andy Hart","startTime":2441.74,"endTime":2442.91,"body":"don't, don't, don't,"},{"speaker":"Andy Hart","startTime":2441.74,"endTime":2442.91,"body":"don't, no, I'm not"},{"speaker":"Alan Smith","startTime":2442.97,"endTime":2445.34,"body":"gonna, and I've, in"},{"speaker":"Alan Smith","startTime":2442.97,"endTime":2445.34,"body":"fact, in fact, funnily enough,"},{"speaker":"Alan Smith","startTime":2445.4,"endTime":2447.89,"body":"this same company comes up"},{"speaker":"Alan Smith","startTime":2445.4,"endTime":2447.89,"body":"regularly, because maybe a year,"},{"speaker":"Alan Smith","startTime":2448.04,"endTime":2451.0,"body":"two years ago I mentioned, I"},{"speaker":"Alan Smith","startTime":2448.04,"endTime":2451.0,"body":"didn't mention them either, but"},{"speaker":"Alan Smith","startTime":2451.0,"endTime":2453.25,"body":"they've come up again, because"},{"speaker":"Alan Smith","startTime":2451.0,"endTime":2453.25,"body":"we take, we took a client from"},{"speaker":"Alan Smith","startTime":2453.34,"endTime":2456.43,"body":"them, and again, this, it was a,"},{"speaker":"Alan Smith","startTime":2453.34,"endTime":2456.43,"body":"it was a battle, because the"},{"speaker":"Alan Smith","startTime":2456.61,"endTime":2459.79,"body":"client was comparing what our"},{"speaker":"Alan Smith","startTime":2456.61,"endTime":2459.79,"body":"fees were going to be versus"},{"speaker":"Alan Smith","startTime":2459.85,"endTime":2461.83,"body":"what she was paying, and she"},{"speaker":"Alan Smith","startTime":2459.85,"endTime":2461.83,"body":"said, well, they're actually"},{"speaker":"Alan Smith","startTime":2462.04,"endTime":2465.19,"body":"about the same fee as you, and I"},{"speaker":"Alan Smith","startTime":2462.04,"endTime":2465.19,"body":"just knew they weren't, so that"},{"speaker":"Alan Smith","startTime":2465.22,"endTime":2467.59,"body":"was a battle for us as"},{"speaker":"Alan Smith","startTime":2465.22,"endTime":2467.59,"body":"experienced professionals, never"},{"speaker":"Alan Smith","startTime":2467.65,"endTime":2471.0099999999998,"body":"mind a client that they've got,"},{"speaker":"Alan Smith","startTime":2467.65,"endTime":2471.0099999999998,"body":"but only because this particular"},{"speaker":"Alan Smith","startTime":2471.07,"endTime":2473.55,"body":"client of theirs has got a good"},{"speaker":"Alan Smith","startTime":2471.07,"endTime":2473.55,"body":"friend who is a financial"},{"speaker":"Alan Smith","startTime":2473.58,"endTime":2477.63,"body":"planner, so the point being"},{"speaker":"Alan Smith","startTime":2473.58,"endTime":2477.63,"body":"their disclosure is ignoring at"},{"speaker":"Alan Smith","startTime":2477.66,"endTime":2481.05,"body":"least 50% of the total fees and"},{"speaker":"Alan Smith","startTime":2477.66,"endTime":2481.05,"body":"costs, and as I said, zero"},{"speaker":"Alan Smith","startTime":2481.14,"endTime":2483.7799999999997,"body":"financial planning. They're"},{"speaker":"Alan Smith","startTime":2481.14,"endTime":2483.7799999999997,"body":"basically investment managers"},{"speaker":"Alan Smith","startTime":2484.2,"endTime":2487.08,"body":"buying and selling stocks and"},{"speaker":"Alan Smith","startTime":2484.2,"endTime":2487.08,"body":"different funds, and in and out"},{"speaker":"Alan Smith","startTime":2487.11,"endTime":2488.22,"body":"of the market all the time."},{"speaker":"Nick Lincoln","startTime":2489.0,"endTime":2489.36,"body":"Terrible,"},{"speaker":"Alan Smith","startTime":2489.75,"endTime":2492.23,"body":"isn't it awful? And"},{"speaker":"Alan Smith","startTime":2489.75,"endTime":2492.23,"body":"this stuff, it's hidden in plain"},{"speaker":"Alan Smith","startTime":2492.38,"endTime":2494.81,"body":"sight, and all the things that"},{"speaker":"Alan Smith","startTime":2492.38,"endTime":2494.81,"body":"we talk about. I know we do bang"},{"speaker":"Alan Smith","startTime":2494.93,"endTime":2497.9,"body":"on about this a bit. It comes up"},{"speaker":"Alan Smith","startTime":2494.93,"endTime":2497.9,"body":"reasonably regularly, but the"},{"speaker":"Alan Smith","startTime":2497.96,"endTime":2501.5,"body":"point is, without with all this"},{"speaker":"Alan Smith","startTime":2497.96,"endTime":2501.5,"body":"consumer duty, and countless"},{"speaker":"Alan Smith","startTime":2501.65,"endTime":2504.56,"body":"millions and billions spent, and"},{"speaker":"Alan Smith","startTime":2501.65,"endTime":2504.56,"body":"I think we've also said in the"},{"speaker":"Alan Smith","startTime":2504.62,"endTime":2508.22,"body":"past the FCA broadly are doing a"},{"speaker":"Alan Smith","startTime":2504.62,"endTime":2508.22,"body":"reasonable job, and we're just"},{"speaker":"Alan Smith","startTime":2508.22,"endTime":2510.14,"body":"talking about this bereavement"},{"speaker":"Alan Smith","startTime":2508.22,"endTime":2510.14,"body":"thing. I think that's generally"},{"speaker":"Alan Smith","startTime":2510.29,"endTime":2514.48,"body":"positive, but yet this stuff"},{"speaker":"Alan Smith","startTime":2510.29,"endTime":2514.48,"body":"goes on. How can this be allowed"},{"speaker":"Alan Smith","startTime":2514.54,"endTime":2517.39,"body":"to persist? It's mad, it's"},{"speaker":"Alan Smith","startTime":2514.54,"endTime":2517.39,"body":"infuriating. Actually, it pisses"},{"speaker":"Alan Smith","startTime":2517.42,"endTime":2517.69,"body":"me off."},{"speaker":"Nick Lincoln","startTime":2518.29,"endTime":2520.24,"body":"Yeah, absolutely,"},{"speaker":"Nick Lincoln","startTime":2518.29,"endTime":2520.24,"body":"it's enraging. Yeah,"},{"speaker":"Andy Hart","startTime":2521.77,"endTime":2526.33,"body":"sorry, there must be"},{"speaker":"Andy Hart","startTime":2521.77,"endTime":2526.33,"body":"different rules, Alan, that"},{"speaker":"Andy Hart","startTime":2526.36,"endTime":2531.12,"body":"apply to DFMS and investment"},{"speaker":"Andy Hart","startTime":2526.36,"endTime":2531.12,"body":"managers, because all the"},{"speaker":"Andy Hart","startTime":2531.27,"endTime":2536.16,"body":"financial advice there must be"},{"speaker":"Andy Hart","startTime":2531.27,"endTime":2536.16,"body":"because all of the large"},{"speaker":"Andy Hart","startTime":2536.58,"endTime":2539.61,"body":"financial advice like SJP,"},{"speaker":"Andy Hart","startTime":2536.58,"endTime":2539.61,"body":"they've got all their charges"},{"speaker":"Andy Hart","startTime":2540.36,"endTime":2544.68,"body":"pretty much to the penny listed"},{"speaker":"Andy Hart","startTime":2540.36,"endTime":2544.68,"body":"on their main website, and I"},{"speaker":"Andy Hart","startTime":2544.74,"endTime":2547.74,"body":"don't think they would do that"},{"speaker":"Andy Hart","startTime":2544.74,"endTime":2547.74,"body":"unless they had to. These DFMS,"},{"speaker":"Andy Hart","startTime":2547.8,"endTime":2550.47,"body":"I mean, I've seen 40 page"},{"speaker":"Andy Hart","startTime":2547.8,"endTime":2550.47,"body":"reports, it says section nine,"},{"speaker":"Andy Hart","startTime":2550.59,"endTime":2551.81,"body":"see the fees is blank."},{"speaker":"Alan Smith","startTime":2552.23,"endTime":2552.29,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":2552.65,"endTime":2555.14,"body":"and then you've got"},{"speaker":"Andy Hart","startTime":2552.65,"endTime":2555.14,"body":"to ask them 16 times, whereas we"},{"speaker":"Andy Hart","startTime":2555.92,"endTime":2558.02,"body":"transacs got to do that annual"},{"speaker":"Andy Hart","startTime":2555.92,"endTime":2558.02,"body":"thing. We've got to do the"},{"speaker":"Andy Hart","startTime":2558.02,"endTime":2560.69,"body":"annual thing. We've got to tell"},{"speaker":"Andy Hart","startTime":2558.02,"endTime":2560.69,"body":"them like six times across the"},{"speaker":"Andy Hart","startTime":2560.84,"endTime":2561.11,"body":"union"},{"speaker":"Alan Smith","startTime":2563.0299999999997,"endTime":2567.38,"body":"in percentage and"},{"speaker":"Alan Smith","startTime":2563.0299999999997,"endTime":2567.38,"body":"actual different"},{"speaker":"Andy Hart","startTime":2567.59,"endTime":2569.96,"body":"rules apply to"},{"speaker":"Andy Hart","startTime":2567.59,"endTime":2569.96,"body":"investment managers and DFMs."},{"speaker":"Andy Hart","startTime":2570.05,"endTime":2572.23,"body":"There has to be, if anyone's"},{"speaker":"Andy Hart","startTime":2570.05,"endTime":2572.23,"body":"listening to this, that knows"},{"speaker":"Andy Hart","startTime":2572.2599999999998,"endTime":2575.38,"body":"his space well. Please do drop"},{"speaker":"Andy Hart","startTime":2572.2599999999998,"endTime":2575.38,"body":"us, drop one of us a line. Yeah,"},{"speaker":"Andy Hart","startTime":2575.5,"endTime":2577.7799999999997,"body":"try and explain an awesome"},{"speaker":"Andy Hart","startTime":2575.5,"endTime":2577.7799999999997,"body":"handbook that applies to them."},{"speaker":"Alan Smith","startTime":2578.11,"endTime":2580.15,"body":"If the FCA are"},{"speaker":"Alan Smith","startTime":2578.11,"endTime":2580.15,"body":"listening, which I think they do"},{"speaker":"Alan Smith","startTime":2580.27,"endTime":2586.39,"body":"now, tune in, go and have a look"},{"speaker":"Alan Smith","startTime":2580.27,"endTime":2586.39,"body":"at it. Go and go, no, go, go and"},{"speaker":"Alan Smith","startTime":2586.39,"endTime":2588.25,"body":"investigate, because you're"},{"speaker":"Alan Smith","startTime":2586.39,"endTime":2588.25,"body":"right. Because if I don't"},{"speaker":"Alan Smith","startTime":2588.25,"endTime":2591.27,"body":"believe that's, I don't believe"},{"speaker":"Alan Smith","startTime":2588.25,"endTime":2591.27,"body":"that's true. I believe the all"},{"speaker":"Alan Smith","startTime":2591.36,"endTime":2595.08,"body":"this is retail investment"},{"speaker":"Alan Smith","startTime":2591.36,"endTime":2595.08,"body":"advice. It is all governed by"},{"speaker":"Alan Smith","startTime":2595.2599999999998,"endTime":2597.96,"body":"broadly the same rules, so there"},{"speaker":"Alan Smith","startTime":2595.2599999999998,"endTime":2597.96,"body":"wouldn't be anything that they"},{"speaker":"Alan Smith","startTime":2598.05,"endTime":2599.58,"body":"would be able to get away with"},{"speaker":"Alan Smith","startTime":2598.05,"endTime":2599.58,"body":"officially."},{"speaker":"Andy Hart","startTime":2600.15,"endTime":2603.06,"body":"I've seen emails from"},{"speaker":"Andy Hart","startTime":2600.15,"endTime":2603.06,"body":"DFMS, like the client said, just"},{"speaker":"Andy Hart","startTime":2603.06,"endTime":2605.61,"body":"to let you know that, and let me"},{"speaker":"Andy Hart","startTime":2603.06,"endTime":2605.61,"body":"know what I'm paying. They reply"},{"speaker":"Andy Hart","startTime":2605.7,"endTime":2609.12,"body":"back and say 1% stuff. It's like"},{"speaker":"Andy Hart","startTime":2605.7,"endTime":2609.12,"body":"they also say 1% plus VAT, and"},{"speaker":"Andy Hart","startTime":2609.12,"endTime":2610.91,"body":"they don't say there's"},{"speaker":"Andy Hart","startTime":2609.12,"endTime":2610.91,"body":"custodian, they don't even say"},{"speaker":"Andy Hart","startTime":2611.0,"endTime":2614.48,"body":"there's, yeah, it's the loosest"},{"speaker":"Andy Hart","startTime":2611.0,"endTime":2614.48,"body":"reply that I've seen in my, I"},{"speaker":"Andy Hart","startTime":2614.57,"endTime":2614.81,"body":"suppose"},{"speaker":"Nick Lincoln","startTime":2614.87,"endTime":2616.4,"body":"they will say the"},{"speaker":"Nick Lincoln","startTime":2614.87,"endTime":2616.4,"body":"clients asking me, what are we,"},{"speaker":"Nick Lincoln","startTime":2616.82,"endTime":2619.58,"body":"you know, what are your charges,"},{"speaker":"Nick Lincoln","startTime":2616.82,"endTime":2619.58,"body":"and they're saying these are our"},{"speaker":"Nick Lincoln","startTime":2619.82,"endTime":2622.19,"body":"charges, because they've been"},{"speaker":"Nick Lincoln","startTime":2619.82,"endTime":2622.19,"body":"very bendy with the truth, there"},{"speaker":"Nick Lincoln","startTime":2622.2799999999997,"endTime":2625.07,"body":"aren't they, the clients asking"},{"speaker":"Nick Lincoln","startTime":2622.2799999999997,"endTime":2625.07,"body":"how much am I paying in, but"},{"speaker":"Nick Lincoln","startTime":2625.79,"endTime":2626.24,"body":"surely Nick,"},{"speaker":"Alan Smith","startTime":2626.45,"endTime":2629.06,"body":"they have there is a"},{"speaker":"Alan Smith","startTime":2626.45,"endTime":2629.06,"body":"compliance requirement that all"},{"speaker":"Alan Smith","startTime":2629.06,"endTime":2631.36,"body":"of us have to adhere to, which"},{"speaker":"Alan Smith","startTime":2629.06,"endTime":2631.36,"body":"is an annual full disclosure."},{"speaker":"Alan Smith","startTime":2633.07,"endTime":2633.43,"body":"I'm sure they'll"},{"speaker":"Nick Lincoln","startTime":2633.46,"endTime":2635.29,"body":"send that out,"},{"speaker":"Nick Lincoln","startTime":2633.46,"endTime":2635.29,"body":"that may, that'll be on page 87"},{"speaker":"Nick Lincoln","startTime":2635.86,"endTime":2638.95,"body":"after all the nice pretty graphs"},{"speaker":"Nick Lincoln","startTime":2635.86,"endTime":2638.95,"body":"on the, you know, and, and,"},{"speaker":"Nick Lincoln","startTime":2639.25,"endTime":2640.72,"body":"yeah, that'll be, it'll be there"},{"speaker":"Nick Lincoln","startTime":2639.25,"endTime":2640.72,"body":"somewhere, but it will be"},{"speaker":"Nick Lincoln","startTime":2641.2599999999998,"endTime":2643.87,"body":"obfuscated to them to the nth"},{"speaker":"Nick Lincoln","startTime":2641.2599999999998,"endTime":2643.87,"body":"degree, it'll be buried away."},{"speaker":"Nick Lincoln","startTime":2645.22,"endTime":2647.32,"body":"Yeah, we're gonna, we're gonna,"},{"speaker":"Nick Lincoln","startTime":2645.22,"endTime":2647.32,"body":"I'm gonna"},{"speaker":"Alan Smith","startTime":2647.35,"endTime":2648.55,"body":"keep on mentioning"},{"speaker":"Alan Smith","startTime":2647.35,"endTime":2648.55,"body":"it, we're gonna keep on"},{"speaker":"Alan Smith","startTime":2648.58,"endTime":2651.18,"body":"mentioning it, yeah. At some"},{"speaker":"Alan Smith","startTime":2648.58,"endTime":2651.18,"body":"stage, we might actually name"},{"speaker":"Alan Smith","startTime":2651.27,"endTime":2653.88,"body":"names, because it's a statement"},{"speaker":"Alan Smith","startTime":2651.27,"endTime":2653.88,"body":"of fact. It's not, it's not,"},{"speaker":"Alan Smith","startTime":2654.18,"endTime":2656.07,"body":"we're not making it up, as"},{"speaker":"Nick Lincoln","startTime":2656.13,"endTime":2657.5099999999998,"body":"ever. We'll always"},{"speaker":"Nick Lincoln","startTime":2656.13,"endTime":2657.5099999999998,"body":"come and visit you, you know."},{"speaker":"Andy Hart","startTime":2661.05,"endTime":2663.96,"body":"Thank you, due to"},{"speaker":"Andy Hart","startTime":2661.05,"endTime":2663.96,"body":"your"},{"speaker":"Carl Widger","startTime":2664.23,"endTime":2664.29,"body":"age."},{"speaker":"Alan Smith","startTime":2664.83,"endTime":2671.42,"body":"Yeah, from Riches"},{"speaker":"Nick Lincoln","startTime":2671.48,"endTime":2674.99,"body":"to Rags, the Alan"},{"speaker":"Nick Lincoln","startTime":2671.48,"endTime":2674.99,"body":"Smith story. This would be a"},{"speaker":"Nick Lincoln","startTime":2675.02,"endTime":2677.0,"body":"great topic, by the way, on the"},{"speaker":"Nick Lincoln","startTime":2675.02,"endTime":2677.0,"body":"Trap Forum. If you're in the"},{"speaker":"Nick Lincoln","startTime":2677.0,"endTime":2678.74,"body":"Trap Forum, and we could, we"},{"speaker":"Nick Lincoln","startTime":2677.0,"endTime":2678.74,"body":"could start a thread on this,"},{"speaker":"Nick Lincoln","startTime":2678.8,"endTime":2680.72,"body":"and maybe put some names,"},{"speaker":"Nick Lincoln","startTime":2678.8,"endTime":2680.72,"body":"because it's a walled garden, we"},{"speaker":"Nick Lincoln","startTime":2680.81,"endTime":2682.97,"body":"could put some names behind some"},{"speaker":"Nick Lincoln","startTime":2680.81,"endTime":2682.97,"body":"of these scumbags doing this."},{"speaker":"Nick Lincoln","startTime":2683.09,"endTime":2683.33,"body":"Maybe the"},{"speaker":"Carl Widger","startTime":2683.48,"endTime":2684.62,"body":"FCA could join as"},{"speaker":"Carl Widger","startTime":2683.48,"endTime":2684.62,"body":"well."},{"speaker":"Nick Lincoln","startTime":2685.2799999999997,"endTime":2686.9,"body":"Maybe the FCA"},{"speaker":"Nick Lincoln","startTime":2685.2799999999997,"endTime":2686.9,"body":"could join as well. That will,"},{"speaker":"Nick Lincoln","startTime":2687.35,"endTime":2689.0299999999997,"body":"yeah, that would make it an"},{"speaker":"Nick Lincoln","startTime":2687.35,"endTime":2689.0299999999997,"body":"interesting place, that's for"},{"speaker":"Nick Lincoln","startTime":2689.09,"endTime":2690.05,"body":"sure. Always be closing,"},{"speaker":"Alan Smith","startTime":2690.68,"endTime":2691.45,"body":"always be closing,"},{"speaker":"Nick Lincoln","startTime":2691.93,"endTime":2694.36,"body":"always be closing,"},{"speaker":"Nick Lincoln","startTime":2691.93,"endTime":2694.36,"body":"indeed. ABC, okay. So we're on"},{"speaker":"Nick Lincoln","startTime":2694.48,"endTime":2698.8,"body":"to Andy, and mr. Musk has done"},{"speaker":"Nick Lincoln","startTime":2694.48,"endTime":2698.8,"body":"something else, hasn't he?"},{"speaker":"Andy Hart","startTime":2699.4,"endTime":2701.59,"body":"Yeah, there's a few"},{"speaker":"Andy Hart","startTime":2699.4,"endTime":2701.59,"body":"moving parts with this one. So"},{"speaker":"Andy Hart","startTime":2701.77,"endTime":2707.2,"body":"this is the Blockbuster IPO of"},{"speaker":"Andy Hart","startTime":2701.77,"endTime":2707.2,"body":"SpaceX. Last Friday, they raised"},{"speaker":"Andy Hart","startTime":2707.2599999999998,"endTime":2711.42,"body":"the most amount of money that's"},{"speaker":"Andy Hart","startTime":2707.2599999999998,"endTime":2711.42,"body":"ever been raised on an IPO, $75"},{"speaker":"Andy Hart","startTime":2711.75,"endTime":2715.59,"body":"billion it was very much"},{"speaker":"Andy Hart","startTime":2711.75,"endTime":2715.59,"body":"oversubscribed. He's become a"},{"speaker":"Andy Hart","startTime":2716.25,"endTime":2719.37,"body":"trillionaire because of the"},{"speaker":"Andy Hart","startTime":2716.25,"endTime":2719.37,"body":"final closing price of SpaceX,"},{"speaker":"Andy Hart","startTime":2719.46,"endTime":2723.0,"body":"which has obviously made news"},{"speaker":"Andy Hart","startTime":2719.46,"endTime":2723.0,"body":"around the world. Quite a few"},{"speaker":"Andy Hart","startTime":2723.45,"endTime":2726.21,"body":"moving parts on this one."},{"speaker":"Andy Hart","startTime":2723.45,"endTime":2726.21,"body":"Something I was, I found quite"},{"speaker":"Andy Hart","startTime":2726.27,"endTime":2728.7599999999998,"body":"interesting. I was looking at"},{"speaker":"Andy Hart","startTime":2726.27,"endTime":2728.7599999999998,"body":"IPOs and history, and they're"},{"speaker":"Andy Hart","startTime":2728.79,"endTime":2731.57,"body":"talking about the similarities"},{"speaker":"Andy Hart","startTime":2728.79,"endTime":2731.57,"body":"with. Now, and 99 and the tech"},{"speaker":"Andy Hart","startTime":2731.66,"endTime":2739.22,"body":"wreck, the.com bubble in 1999"},{"speaker":"Andy Hart","startTime":2731.66,"endTime":2739.22,"body":"alone, there were 478 IPOs,"},{"speaker":"Andy Hart","startTime":2740.0299999999997,"endTime":2745.85,"body":"almost 80% were tech stocks, 70%"},{"speaker":"Andy Hart","startTime":2740.0299999999997,"endTime":2745.85,"body":"had no earnings. The average"},{"speaker":"Andy Hart","startTime":2746.27,"endTime":2750.82,"body":"first day return for IPOs in"},{"speaker":"Andy Hart","startTime":2746.27,"endTime":2750.82,"body":"1999 get have a guess, the"},{"speaker":"Andy Hart","startTime":2751.12,"endTime":2755.5,"body":"average first day return for"},{"speaker":"Andy Hart","startTime":2751.12,"endTime":2755.5,"body":"IPOs in 1999 What percentage did"},{"speaker":"Andy Hart","startTime":2756.1,"endTime":2765.34,"body":"the 478 on the first day? 71% I"},{"speaker":"Andy Hart","startTime":2756.1,"endTime":2765.34,"body":"mean, obviously I'm way too"},{"speaker":"Andy Hart","startTime":2765.4,"endTime":2768.13,"body":"young to remember 1999 because"},{"speaker":"Nick Lincoln","startTime":2768.13,"endTime":2769.93,"body":"when the dinner"},{"speaker":"Nick Lincoln","startTime":2768.13,"endTime":2769.93,"body":"party chat dries up next time,"},{"speaker":"Nick Lincoln","startTime":2769.96,"endTime":2770.2,"body":"I'm gonna."},{"speaker":"Alan Smith","startTime":2771.55,"endTime":2772.89,"body":"that's quite that,"},{"speaker":"Alan Smith","startTime":2771.55,"endTime":2772.89,"body":"though. To be"},{"speaker":"Andy Hart","startTime":2774.57,"endTime":2777.6,"body":"a lot of people made"},{"speaker":"Andy Hart","startTime":2774.57,"endTime":2777.6,"body":"some fast cash very quickly"},{"speaker":"Andy Hart","startTime":2777.66,"endTime":2781.83,"body":"there. Anyway, back to the"},{"speaker":"Andy Hart","startTime":2777.66,"endTime":2781.83,"body":"SpaceX IPO, so it's over 2"},{"speaker":"Andy Hart","startTime":2781.95,"endTime":2784.8,"body":"trillion at the moment. It's the"},{"speaker":"Andy Hart","startTime":2781.95,"endTime":2784.8,"body":"six biggest company in America."},{"speaker":"Andy Hart","startTime":2785.61,"endTime":2788.7599999999998,"body":"There was a bit of to and a fro"},{"speaker":"Andy Hart","startTime":2785.61,"endTime":2788.7599999999998,"body":"in between advisors, because"},{"speaker":"Andy Hart","startTime":2788.91,"endTime":2793.91,"body":"their clients are basically"},{"speaker":"Andy Hart","startTime":2788.91,"endTime":2793.91,"body":"quite interested to work out if"},{"speaker":"Andy Hart","startTime":2793.97,"endTime":2798.02,"body":"SpaceX will end up in their"},{"speaker":"Andy Hart","startTime":2793.97,"endTime":2798.02,"body":"portfolio, and again, you guys"},{"speaker":"Andy Hart","startTime":2798.2,"endTime":2800.72,"body":"may or may not be reading about"},{"speaker":"Andy Hart","startTime":2798.2,"endTime":2800.72,"body":"this, but various different"},{"speaker":"Andy Hart","startTime":2800.75,"endTime":2804.41,"body":"index funds have changed their"},{"speaker":"Andy Hart","startTime":2800.75,"endTime":2804.41,"body":"rules to allow SpaceX in sooner,"},{"speaker":"Andy Hart","startTime":2805.34,"endTime":2808.94,"body":"and again, it's not as clear"},{"speaker":"Andy Hart","startTime":2805.34,"endTime":2808.94,"body":"cut. Some index funds operate on"},{"speaker":"Andy Hart","startTime":2809.0,"endTime":2812.62,"body":"a market cap basis, some of them"},{"speaker":"Andy Hart","startTime":2809.0,"endTime":2812.62,"body":"do it on free flow, you know."},{"speaker":"Andy Hart","startTime":2812.62,"endTime":2814.99,"body":"When you sort of peel back the"},{"speaker":"Andy Hart","startTime":2812.62,"endTime":2814.99,"body":"onions of simple index funds, it"},{"speaker":"Andy Hart","startTime":2814.99,"endTime":2817.9,"body":"will get a little bit more"},{"speaker":"Andy Hart","startTime":2814.99,"endTime":2817.9,"body":"complicated. The other thing,"},{"speaker":"Andy Hart","startTime":2817.99,"endTime":2821.86,"body":"obviously, there's been a lot of"},{"speaker":"Andy Hart","startTime":2817.99,"endTime":2821.86,"body":"newly minted millionaires. 4400"},{"speaker":"Andy Hart","startTime":2823.54,"endTime":2828.37,"body":"insiders and ex employees are"},{"speaker":"Andy Hart","startTime":2823.54,"endTime":2828.37,"body":"now millionaires. Obviously, the"},{"speaker":"Andy Hart","startTime":2828.49,"endTime":2832.65,"body":"numbers will be a huge"},{"speaker":"Andy Hart","startTime":2828.49,"endTime":2832.65,"body":"discrepancy between all of them,"},{"speaker":"Andy Hart","startTime":2832.89,"endTime":2837.39,"body":"but the interesting thing about"},{"speaker":"Andy Hart","startTime":2832.89,"endTime":2837.39,"body":"that 4400 I think, is these will"},{"speaker":"Andy Hart","startTime":2837.42,"endTime":2841.74,"body":"be very wealthy employees,"},{"speaker":"Andy Hart","startTime":2837.42,"endTime":2841.74,"body":"engineers, and they'll all be"},{"speaker":"Andy Hart","startTime":2841.95,"endTime":2846.24,"body":"involved in the space ecosystem,"},{"speaker":"Andy Hart","startTime":2841.95,"endTime":2846.24,"body":"and what will happen is a lot of"},{"speaker":"Andy Hart","startTime":2846.27,"endTime":2849.06,"body":"them will leave SpaceX and set"},{"speaker":"Andy Hart","startTime":2846.27,"endTime":2849.06,"body":"up on their right set up"},{"speaker":"Andy Hart","startTime":2849.18,"endTime":2851.7799999999997,"body":"companies on their own, and"},{"speaker":"Andy Hart","startTime":2849.18,"endTime":2851.7799999999997,"body":"there'll be these tiny little"},{"speaker":"Andy Hart","startTime":2851.87,"endTime":2854.87,"body":"offshoots of space companies,"},{"speaker":"Andy Hart","startTime":2851.87,"endTime":2854.87,"body":"and obviously SpaceX will be"},{"speaker":"Andy Hart","startTime":2854.99,"endTime":2857.5099999999998,"body":"this sort of juggernaut in the"},{"speaker":"Andy Hart","startTime":2854.99,"endTime":2857.5099999999998,"body":"middle, middle that they, you"},{"speaker":"Andy Hart","startTime":2857.54,"endTime":2861.44,"body":"know, collaborate with. So,"},{"speaker":"Andy Hart","startTime":2857.54,"endTime":2861.44,"body":"yeah, I thought it was a quite"},{"speaker":"Andy Hart","startTime":2862.07,"endTime":2866.54,"body":"an interesting story last week."},{"speaker":"Andy Hart","startTime":2862.07,"endTime":2866.54,"body":"Any, any inbound from clients"},{"speaker":"Andy Hart","startTime":2866.57,"endTime":2872.11,"body":"about SpaceX people, or is it"},{"speaker":"Andy Hart","startTime":2866.57,"endTime":2872.11,"body":"just watching it? Okay, any any"},{"speaker":"Andy Hart","startTime":2872.2,"endTime":2872.5,"body":"thoughts?"},{"speaker":"Nick Lincoln","startTime":2873.25,"endTime":2877.15,"body":"Not particularly"},{"speaker":"Nick Lincoln","startTime":2873.25,"endTime":2877.15,"body":"well. It just"},{"speaker":"Alan Smith","startTime":2877.69,"endTime":2879.46,"body":"all our clients will"},{"speaker":"Alan Smith","startTime":2877.69,"endTime":2879.46,"body":"eventually, whether it's"},{"speaker":"Alan Smith","startTime":2879.52,"endTime":2882.43,"body":"immediately over the next year"},{"speaker":"Alan Smith","startTime":2879.52,"endTime":2882.43,"body":"or so, will own a small, tiny"},{"speaker":"Alan Smith","startTime":2882.52,"endTime":2883.45,"body":"part of SpaceX."},{"speaker":"Andy Hart","startTime":2884.11,"endTime":2884.17,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":2884.92,"endTime":2888.7,"body":"so that's that's"},{"speaker":"Alan Smith","startTime":2884.92,"endTime":2888.7,"body":"fine. It's, you know, it's a"},{"speaker":"Alan Smith","startTime":2888.82,"endTime":2892.83,"body":"testament to the innovation and"},{"speaker":"Alan Smith","startTime":2888.82,"endTime":2892.83,"body":"what's trying to be created, if"},{"speaker":"Alan Smith","startTime":2892.92,"endTime":2898.08,"body":"you look at it in traditional"},{"speaker":"Alan Smith","startTime":2892.92,"endTime":2898.08,"body":"valuation multiple profit that"},{"speaker":"Alan Smith","startTime":2898.17,"endTime":2900.66,"body":"it's just off the scale, it's"},{"speaker":"Alan Smith","startTime":2898.17,"endTime":2900.66,"body":"just ridiculous. But"},{"speaker":"Andy Hart","startTime":2900.93,"endTime":2903.06,"body":"it's over 100 times"},{"speaker":"Andy Hart","startTime":2900.93,"endTime":2903.06,"body":"revenue, 100 times"},{"speaker":"Alan Smith","startTime":2903.33,"endTime":2907.14,"body":"revenue. But if half"},{"speaker":"Alan Smith","startTime":2903.33,"endTime":2907.14,"body":"the things that Elon is"},{"speaker":"Alan Smith","startTime":2907.29,"endTime":2909.9,"body":"proposing to pull together over"},{"speaker":"Alan Smith","startTime":2907.29,"endTime":2909.9,"body":"the next five years come to"},{"speaker":"Alan Smith","startTime":2910.05,"endTime":2913.31,"body":"fruition, I mean, I think that"},{"speaker":"Alan Smith","startTime":2910.05,"endTime":2913.31,"body":"the real success right now"},{"speaker":"Alan Smith","startTime":2913.7599999999998,"endTime":2916.91,"body":"within that conglomerate is"},{"speaker":"Alan Smith","startTime":2913.7599999999998,"endTime":2916.91,"body":"Starlink. What Starlink is"},{"speaker":"Alan Smith","startTime":2916.97,"endTime":2919.19,"body":"doing, and the speed at which"},{"speaker":"Alan Smith","startTime":2916.97,"endTime":2919.19,"body":"they're putting up these"},{"speaker":"Alan Smith","startTime":2919.2799999999997,"endTime":2921.92,"body":"satellites around the world,"},{"speaker":"Alan Smith","startTime":2919.2799999999997,"endTime":2921.92,"body":"which is quite incredible. So,"},{"speaker":"Alan Smith","startTime":2922.22,"endTime":2922.4,"body":"that's"},{"speaker":"Nick Lincoln","startTime":2922.49,"endTime":2924.2599999999998,"body":"that's that's his"},{"speaker":"Nick Lincoln","startTime":2922.49,"endTime":2924.2599999999998,"body":"big thing for humanity. I'm"},{"speaker":"Nick Lincoln","startTime":2924.29,"endTime":2927.98,"body":"telling you, that is changing"},{"speaker":"Nick Lincoln","startTime":2924.29,"endTime":2927.98,"body":"the lives of millions of people"},{"speaker":"Nick Lincoln","startTime":2928.0099999999998,"endTime":2930.14,"body":"who've never had internet"},{"speaker":"Nick Lincoln","startTime":2928.0099999999998,"endTime":2930.14,"body":"access. Yeah, yeah,"},{"speaker":"Andy Hart","startTime":2930.5,"endTime":2931.15,"body":"very, very quick."},{"speaker":"Nick Lincoln","startTime":2934.33,"endTime":2935.92,"body":"It's great. Those"},{"speaker":"Nick Lincoln","startTime":2934.33,"endTime":2935.92,"body":"people wanted to launch a wealth"},{"speaker":"Nick Lincoln","startTime":2935.98,"endTime":2938.5299999999997,"body":"tax against Elon Musk. Never say"},{"speaker":"Nick Lincoln","startTime":2935.98,"endTime":2938.5299999999997,"body":"the same thing for George Soros,"},{"speaker":"Nick Lincoln","startTime":2938.65,"endTime":2944.05,"body":"do they? It's almost like it's"},{"speaker":"Nick Lincoln","startTime":2938.65,"endTime":2944.05,"body":"political. Let's move on to me."},{"speaker":"Nick Lincoln","startTime":2945.04,"endTime":2949.96,"body":"So, yeah, protection, writing"},{"speaker":"Nick Lincoln","startTime":2945.04,"endTime":2949.96,"body":"protection. So, I've got a young"},{"speaker":"Nick Lincoln","startTime":2950.08,"endTime":2953.16,"body":"couple, cumulative couples"},{"speaker":"Nick Lincoln","startTime":2950.08,"endTime":2953.16,"body":"saving couple, sorry to use the"},{"speaker":"Nick Lincoln","startTime":2953.19,"endTime":2955.89,"body":"correct verb, it's a saving"},{"speaker":"Nick Lincoln","startTime":2953.19,"endTime":2955.89,"body":"couple in their 30s, got married"},{"speaker":"Nick Lincoln","startTime":2955.95,"endTime":2957.81,"body":"last year, had just had the"},{"speaker":"Nick Lincoln","startTime":2955.95,"endTime":2957.81,"body":"first child, absolutely"},{"speaker":"Nick Lincoln","startTime":2957.87,"endTime":2961.17,"body":"brilliant, had no life assurance"},{"speaker":"Nick Lincoln","startTime":2957.87,"endTime":2961.17,"body":"whatsoever, and I'm thinking, oh"},{"speaker":"Nick Lincoln","startTime":2961.65,"endTime":2963.48,"body":"God, I'm back in the world of"},{"speaker":"Nick Lincoln","startTime":2961.65,"endTime":2963.48,"body":"life assurance companies, I"},{"speaker":"Nick Lincoln","startTime":2963.5099999999998,"endTime":2965.7,"body":"don't know about you, Trap pack,"},{"speaker":"Nick Lincoln","startTime":2963.5099999999998,"endTime":2965.7,"body":"but as I get older, the thought"},{"speaker":"Nick Lincoln","startTime":2965.73,"endTime":2967.41,"body":"of dealing with life assurance"},{"speaker":"Nick Lincoln","startTime":2965.73,"endTime":2967.41,"body":"companies just gives me the"},{"speaker":"Nick Lincoln","startTime":2967.5299999999997,"endTime":2970.47,"body":"heebie jeebies, and I'm quite"},{"speaker":"Nick Lincoln","startTime":2967.5299999999997,"endTime":2970.47,"body":"happy to outsource protection to"},{"speaker":"Nick Lincoln","startTime":2970.56,"endTime":2973.61,"body":"people that do it all the time"},{"speaker":"Nick Lincoln","startTime":2970.56,"endTime":2973.61,"body":"and know all the wrinkles and"},{"speaker":"Nick Lincoln","startTime":2973.7,"endTime":2976.25,"body":"what the underwriting foibles"},{"speaker":"Nick Lincoln","startTime":2973.7,"endTime":2976.25,"body":"are different companies and how"},{"speaker":"Nick Lincoln","startTime":2976.34,"endTime":2978.89,"body":"you get stuff on the books that"},{"speaker":"Nick Lincoln","startTime":2976.34,"endTime":2978.89,"body":"maybe you couldn't get with"},{"speaker":"Nick Lincoln","startTime":2978.89,"endTime":2980.87,"body":"another company that's two"},{"speaker":"Nick Lincoln","startTime":2978.89,"endTime":2980.87,"body":"pounds a month cheaper but he"},{"speaker":"Nick Lincoln","startTime":2980.9,"endTime":2985.55,"body":"didn't know that when he sent in"},{"speaker":"Nick Lincoln","startTime":2980.9,"endTime":2985.55,"body":"the 85 page pdf application form"},{"speaker":"Nick Lincoln","startTime":2986.06,"endTime":2989.72,"body":"so and the opportunities to"},{"speaker":"Nick Lincoln","startTime":2986.06,"endTime":2989.72,"body":"outsource protection business to"},{"speaker":"Nick Lincoln","startTime":2989.7799999999997,"endTime":2992.38,"body":"specialists has narrowed down in"},{"speaker":"Nick Lincoln","startTime":2989.7799999999997,"endTime":2992.38,"body":"recent years, but I have - we"},{"speaker":"Nick Lincoln","startTime":2992.47,"endTime":2994.39,"body":"might talk about them before,"},{"speaker":"Nick Lincoln","startTime":2992.47,"endTime":2994.39,"body":"because of their podcast, but a"},{"speaker":"Nick Lincoln","startTime":2994.39,"endTime":2999.2799999999997,"body":"company called Cura, Catherine"},{"speaker":"Nick Lincoln","startTime":2994.39,"endTime":2999.2799999999997,"body":"and Alan Knowles in the north of"},{"speaker":"Nick Lincoln","startTime":2999.31,"endTime":3001.5299999999997,"body":"England, they run a protection"},{"speaker":"Nick Lincoln","startTime":2999.31,"endTime":3001.5299999999997,"body":"business, purely protection,"},{"speaker":"Nick Lincoln","startTime":3001.56,"endTime":3004.32,"body":"called Cura Insurance, and I"},{"speaker":"Nick Lincoln","startTime":3001.56,"endTime":3004.32,"body":"spoke with Alan Knowles last"},{"speaker":"Nick Lincoln","startTime":3004.32,"endTime":3006.27,"body":"week about this case, and"},{"speaker":"Nick Lincoln","startTime":3004.32,"endTime":3006.27,"body":"they're more than happy to work"},{"speaker":"Nick Lincoln","startTime":3006.36,"endTime":3009.3,"body":"with advisors and introduce"},{"speaker":"Nick Lincoln","startTime":3006.36,"endTime":3009.3,"body":"business to them, they're very"},{"speaker":"Nick Lincoln","startTime":3009.6,"endTime":3012.32,"body":"slick, their website is"},{"speaker":"Nick Lincoln","startTime":3009.6,"endTime":3012.32,"body":"excellent. All they do is"},{"speaker":"Nick Lincoln","startTime":3012.38,"endTime":3014.93,"body":"protection. They're extremely"},{"speaker":"Nick Lincoln","startTime":3012.38,"endTime":3014.93,"body":"knowledgeable on it. If you want"},{"speaker":"Nick Lincoln","startTime":3014.96,"endTime":3016.88,"body":"a commission share, they'll do"},{"speaker":"Nick Lincoln","startTime":3014.96,"endTime":3016.88,"body":"that, and if you don't want the"},{"speaker":"Nick Lincoln","startTime":3016.94,"endTime":3020.48,"body":"commission share, they'll rebate"},{"speaker":"Nick Lincoln","startTime":3016.94,"endTime":3020.48,"body":"30% of the commission back into"},{"speaker":"Nick Lincoln","startTime":3020.48,"endTime":3022.34,"body":"the policy to reduce the"},{"speaker":"Nick Lincoln","startTime":3020.48,"endTime":3022.34,"body":"premiums on behalf of the"},{"speaker":"Nick Lincoln","startTime":3022.4,"endTime":3025.49,"body":"client. So that's a really nice"},{"speaker":"Nick Lincoln","startTime":3022.4,"endTime":3025.49,"body":"little angle to get this stuff"},{"speaker":"Nick Lincoln","startTime":3025.55,"endTime":3029.0,"body":"on the books. And again, yes,"},{"speaker":"Nick Lincoln","startTime":3025.55,"endTime":3029.0,"body":"Andy, we have mentioned this"},{"speaker":"Nick Lincoln","startTime":3029.0299999999997,"endTime":3031.93,"body":"podcast before, but can. Friend"},{"speaker":"Nick Lincoln","startTime":3029.0299999999997,"endTime":3031.93,"body":"does a podcast that's that's"},{"speaker":"Nick Lincoln","startTime":3032.44,"endTime":3035.77,"body":"very good, called Practical"},{"speaker":"Nick Lincoln","startTime":3032.44,"endTime":3035.77,"body":"protection.co.uk and if you"},{"speaker":"Nick Lincoln","startTime":3035.83,"endTime":3038.32,"body":"listen to that, and then you ask"},{"speaker":"Nick Lincoln","startTime":3035.83,"endTime":3038.32,"body":"for a CBD certificate, they will"},{"speaker":"Nick Lincoln","startTime":3038.35,"endTime":3041.5299999999997,"body":"generate a CBD certificate for"},{"speaker":"Nick Lincoln","startTime":3038.35,"endTime":3041.5299999999997,"body":"you. So, another way to get your"},{"speaker":"Nick Lincoln","startTime":3041.56,"endTime":3044.65,"body":"CBD through the year, it's not,"},{"speaker":"Nick Lincoln","startTime":3041.56,"endTime":3044.65,"body":"it's not as perhaps as vital as"},{"speaker":"Nick Lincoln","startTime":3044.65,"endTime":3047.5,"body":"it once was. We had to do the 12"},{"speaker":"Nick Lincoln","startTime":3044.65,"endTime":3047.5,"body":"hours of protection CPD every"},{"speaker":"Nick Lincoln","startTime":3047.5299999999997,"endTime":3049.7799999999997,"body":"year, well, that's been scrapped"},{"speaker":"Nick Lincoln","startTime":3047.5299999999997,"endTime":3049.7799999999997,"body":"by the FCA. But nevertheless,"},{"speaker":"Nick Lincoln","startTime":3050.02,"endTime":3052.5299999999997,"body":"just a shout out to Cura. I'm"},{"speaker":"Nick Lincoln","startTime":3050.02,"endTime":3052.5299999999997,"body":"definitely gonna be using them"},{"speaker":"Nick Lincoln","startTime":3052.62,"endTime":3054.57,"body":"going forward for the odd"},{"speaker":"Nick Lincoln","startTime":3052.62,"endTime":3054.57,"body":"protection cases that I get"},{"speaker":"Nick Lincoln","startTime":3055.29,"endTime":3059.1,"body":"very, very slick. And did you"},{"speaker":"Nick Lincoln","startTime":3055.29,"endTime":3059.1,"body":"know, do you know Andy, do you"},{"speaker":"Nick Lincoln","startTime":3059.13,"endTime":3061.11,"body":"know Catherine or Alan Knowles?"},{"speaker":"Andy Hart","startTime":3062.55,"endTime":3064.14,"body":"I'm aware of them,"},{"speaker":"Andy Hart","startTime":3062.55,"endTime":3064.14,"body":"but I don't know them personally"},{"speaker":"Andy Hart","startTime":3064.71,"endTime":3069.81,"body":"yet. But yeah, I also listen to"},{"speaker":"Andy Hart","startTime":3064.71,"endTime":3069.81,"body":"their podcast and do their CPD"},{"speaker":"Andy Hart","startTime":3069.96,"endTime":3070.38,"body":"stuff. Yes,"},{"speaker":"Nick Lincoln","startTime":3071.16,"endTime":3073.58,"body":"yeah, yeah, good"},{"speaker":"Nick Lincoln","startTime":3071.16,"endTime":3073.58,"body":"stuff. Okay, yeah, just to, just"},{"speaker":"Nick Lincoln","startTime":3073.61,"endTime":3079.22,"body":"to, just flashing, how, if that"},{"speaker":"Nick Lincoln","startTime":3073.61,"endTime":3079.22,"body":"hand was flashing or something,"},{"speaker":"Nick Lincoln","startTime":3079.22,"endTime":3080.09,"body":"that'd be so much better to"},{"speaker":"Alan Smith","startTime":3081.17,"endTime":3083.06,"body":"miss it. No one sees"},{"speaker":"Alan Smith","startTime":3081.17,"endTime":3083.06,"body":"it, by the way, to watch it on"},{"speaker":"Alan Smith","startTime":3083.12,"endTime":3088.04,"body":"YouTube. This is just behind the"},{"speaker":"Alan Smith","startTime":3083.12,"endTime":3088.04,"body":"scenes, digital hand up to say"},{"speaker":"Alan Smith","startTime":3088.16,"endTime":3090.97,"body":"going next, but you're right, we"},{"speaker":"Alan Smith","startTime":3088.16,"endTime":3090.97,"body":"have talked about this in the"},{"speaker":"Alan Smith","startTime":3091.0,"endTime":3095.86,"body":"past. How most of us don't do"},{"speaker":"Alan Smith","startTime":3091.0,"endTime":3095.86,"body":"much protection business, and I"},{"speaker":"Alan Smith","startTime":3096.0099999999998,"endTime":3099.19,"body":"think on one hand, yes, because"},{"speaker":"Alan Smith","startTime":3096.0099999999998,"endTime":3099.19,"body":"on average, as clients have"},{"speaker":"Alan Smith","startTime":3099.2799999999997,"endTime":3102.73,"body":"accumulated and gained greater"},{"speaker":"Alan Smith","startTime":3099.2799999999997,"endTime":3102.73,"body":"wealth, protection is less of an"},{"speaker":"Alan Smith","startTime":3102.7599999999998,"endTime":3106.12,"body":"issue for the average"},{"speaker":"Alan Smith","startTime":3102.7599999999998,"endTime":3106.12,"body":"pre-retiree, post-retiree"},{"speaker":"Alan Smith","startTime":3106.27,"endTime":3109.21,"body":"client, but nevertheless, with"},{"speaker":"Alan Smith","startTime":3106.27,"endTime":3109.21,"body":"all the shenanigans going on"},{"speaker":"Alan Smith","startTime":3109.33,"endTime":3112.62,"body":"around inheritance tax, that is"},{"speaker":"Alan Smith","startTime":3109.33,"endTime":3112.62,"body":"a relatively simple solution"},{"speaker":"Alan Smith","startTime":3112.89,"endTime":3115.14,"body":"with all the complexity now"},{"speaker":"Alan Smith","startTime":3112.89,"endTime":3115.14,"body":"coming into to effectively"},{"speaker":"Alan Smith","startTime":3115.2599999999998,"endTime":3119.34,"body":"underwrite or ensure that tax"},{"speaker":"Alan Smith","startTime":3115.2599999999998,"endTime":3119.34,"body":"liability. So I think it's"},{"speaker":"Alan Smith","startTime":3119.37,"endTime":3122.91,"body":"something that should raise its"},{"speaker":"Alan Smith","startTime":3119.37,"endTime":3122.91,"body":"profile amongst full fat"},{"speaker":"Alan Smith","startTime":3122.97,"endTime":3125.91,"body":"financial planners, and I was"},{"speaker":"Alan Smith","startTime":3122.97,"endTime":3125.91,"body":"mentioning on the last episode,"},{"speaker":"Alan Smith","startTime":3125.97,"endTime":3128.7,"body":"I mentioned because we had this"},{"speaker":"Alan Smith","startTime":3125.97,"endTime":3128.7,"body":"very sort of large case"},{"speaker":"Alan Smith","startTime":3128.91,"endTime":3131.87,"body":"requirement for what is now"},{"speaker":"Alan Smith","startTime":3128.91,"endTime":3131.87,"body":"turned out to be a 9 million"},{"speaker":"Alan Smith","startTime":3131.93,"endTime":3135.59,"body":"pounds protection case, and of"},{"speaker":"Alan Smith","startTime":3131.93,"endTime":3135.59,"body":"course you know your heart sinks"},{"speaker":"Alan Smith","startTime":3135.65,"endTime":3137.75,"body":"immediately. You want to help"},{"speaker":"Alan Smith","startTime":3135.65,"endTime":3137.75,"body":"the client, but at the same time"},{"speaker":"Alan Smith","startTime":3137.7799999999997,"endTime":3139.85,"body":"you just think, God, this is six"},{"speaker":"Alan Smith","startTime":3137.7799999999997,"endTime":3139.85,"body":"months of my life is going to be"},{"speaker":"Alan Smith","startTime":3140.7799999999997,"endTime":3146.45,"body":"so identifying firms to work"},{"speaker":"Alan Smith","startTime":3140.7799999999997,"endTime":3146.45,"body":"collaboratively with, like Cura,"},{"speaker":"Alan Smith","startTime":3146.57,"endTime":3148.97,"body":"sounds like they would be a"},{"speaker":"Alan Smith","startTime":3146.57,"endTime":3148.97,"body":"great solution, but there's a"},{"speaker":"Alan Smith","startTime":3149.0299999999997,"endTime":3152.71,"body":"company that I was introduced to"},{"speaker":"Alan Smith","startTime":3149.0299999999997,"endTime":3152.71,"body":"called Salus, I think, S A L U"},{"speaker":"Alan Smith","startTime":3153.0099999999998,"endTime":3157.21,"body":"S, and it's run by a guy called"},{"speaker":"Alan Smith","startTime":3153.0099999999998,"endTime":3157.21,"body":"Steve Lawless. The older boys in"},{"speaker":"Alan Smith","startTime":3157.3,"endTime":3161.17,"body":"the, in the room might remember"},{"speaker":"Alan Smith","startTime":3157.3,"endTime":3161.17,"body":"Brian Lawless. He was a Sun Life"},{"speaker":"Alan Smith","startTime":3161.35,"endTime":3163.75,"body":"Ax. I was a real tech guru for"},{"speaker":"Alan Smith","startTime":3161.35,"endTime":3163.75,"body":"many, many years. I think"},{"speaker":"Alan Smith","startTime":3163.81,"endTime":3167.5,"body":"Brian's retired now, but his son"},{"speaker":"Alan Smith","startTime":3163.81,"endTime":3167.5,"body":"Steve Lawless is the founder and"},{"speaker":"Alan Smith","startTime":3167.59,"endTime":3171.43,"body":"CEO of this company. I put a"},{"speaker":"Alan Smith","startTime":3167.59,"endTime":3171.43,"body":"link, and so they deal with.. I"},{"speaker":"Alan Smith","startTime":3171.43,"endTime":3173.88,"body":"had a chat with him last week,"},{"speaker":"Alan Smith","startTime":3171.43,"endTime":3173.88,"body":"they deal with, you know, much"},{"speaker":"Alan Smith","startTime":3174.0,"endTime":3177.75,"body":"more complex high-end, that sort"},{"speaker":"Alan Smith","startTime":3174.0,"endTime":3177.75,"body":"of thing, average case size 5"},{"speaker":"Alan Smith","startTime":3177.81,"endTime":3181.11,"body":"million, so if you are, if you"},{"speaker":"Alan Smith","startTime":3177.81,"endTime":3181.11,"body":"ever, if you do come across"},{"speaker":"Alan Smith","startTime":3181.2,"endTime":3183.33,"body":"clients, and some of these"},{"speaker":"Alan Smith","startTime":3181.2,"endTime":3183.33,"body":"inheritance tax liabilities, if"},{"speaker":"Alan Smith","startTime":3183.33,"endTime":3185.37,"body":"you want to insure it, whole of"},{"speaker":"Alan Smith","startTime":3183.33,"endTime":3185.37,"body":"life, whole of life, second"},{"speaker":"Alan Smith","startTime":3185.37,"endTime":3187.05,"body":"death, that sort of thing,"},{"speaker":"Alan Smith","startTime":3185.37,"endTime":3187.05,"body":"that's what he says, that's"},{"speaker":"Alan Smith","startTime":3187.11,"endTime":3190.05,"body":"where they're doing a lot of"},{"speaker":"Alan Smith","startTime":3187.11,"endTime":3190.05,"body":"right now, worth checking out"},{"speaker":"Alan Smith","startTime":3190.08,"endTime":3192.71,"body":"their website, having a chat"},{"speaker":"Alan Smith","startTime":3190.08,"endTime":3192.71,"body":"with Steve, so I've referred him"},{"speaker":"Alan Smith","startTime":3192.74,"endTime":3196.49,"body":"and introduced him to this"},{"speaker":"Alan Smith","startTime":3192.74,"endTime":3196.49,"body":"prospective client situation. So"},{"speaker":"Alan Smith","startTime":3196.52,"endTime":3198.77,"body":"it is good building"},{"speaker":"Alan Smith","startTime":3196.52,"endTime":3198.77,"body":"collaborations and partnerships"},{"speaker":"Alan Smith","startTime":3198.83,"endTime":3201.14,"body":"with others who are specialists,"},{"speaker":"Alan Smith","startTime":3198.83,"endTime":3201.14,"body":"so we're not dabbling it, and"},{"speaker":"Alan Smith","startTime":3201.17,"endTime":3202.52,"body":"all this stuff. I'll give it"},{"speaker":"Nick Lincoln","startTime":3203.57,"endTime":3203.99,"body":"a go, give"},{"speaker":"Alan Smith","startTime":3204.02,"endTime":3205.1,"body":"it a go. I mean,"},{"speaker":"Alan Smith","startTime":3204.02,"endTime":3205.1,"body":"ridiculous. I'll"},{"speaker":"Nick Lincoln","startTime":3205.52,"endTime":3207.59,"body":"do a cure rocks"},{"speaker":"Nick Lincoln","startTime":3205.52,"endTime":3207.59,"body":"via an offshore bond written"},{"speaker":"Nick Lincoln","startTime":3207.8,"endTime":3211.99,"body":"discretionary versionary trust"},{"speaker":"Nick Lincoln","startTime":3207.8,"endTime":3211.99,"body":"geared. I'm gonna give me a"},{"speaker":"Nick Lincoln","startTime":3212.05,"endTime":3214.72,"body":"culprit on this one, on this, on"},{"speaker":"Nick Lincoln","startTime":3212.05,"endTime":3214.72,"body":"this one. I didn't say before,"},{"speaker":"Nick Lincoln","startTime":3214.72,"endTime":3216.94,"body":"I'm gonna say that I had this"},{"speaker":"Nick Lincoln","startTime":3214.72,"endTime":3216.94,"body":"planning meeting with this young"},{"speaker":"Nick Lincoln","startTime":3217.0,"endTime":3219.82,"body":"couple last week who just had"},{"speaker":"Nick Lincoln","startTime":3217.0,"endTime":3219.82,"body":"the baby, and at the end of the"},{"speaker":"Nick Lincoln","startTime":3219.85,"endTime":3223.9,"body":"meeting, I uploaded the meeting"},{"speaker":"Nick Lincoln","startTime":3219.85,"endTime":3223.9,"body":"notes to Saturn, Saturn friends"},{"speaker":"Nick Lincoln","startTime":3223.93,"endTime":3226.45,"body":"of the show, that they got a"},{"speaker":"Nick Lincoln","startTime":3223.93,"endTime":3226.45,"body":"great AI baked into their"},{"speaker":"Nick Lincoln","startTime":3226.57,"endTime":3229.9,"body":"software page, their website,"},{"speaker":"Nick Lincoln","startTime":3226.57,"endTime":3229.9,"body":"it's called Co Planner, it's an"},{"speaker":"Nick Lincoln","startTime":3230.02,"endTime":3232.5299999999997,"body":"AI designed for financial"},{"speaker":"Nick Lincoln","startTime":3230.02,"endTime":3232.5299999999997,"body":"services, and uploaded the"},{"speaker":"Nick Lincoln","startTime":3232.62,"endTime":3235.56,"body":"meeting notes, because Saturn"},{"speaker":"Nick Lincoln","startTime":3232.62,"endTime":3235.56,"body":"sits in on the meeting, and I"},{"speaker":"Nick Lincoln","startTime":3235.65,"endTime":3238.35,"body":"said I interrogated the AI, and"},{"speaker":"Nick Lincoln","startTime":3235.65,"endTime":3238.35,"body":"I said, was there anything I"},{"speaker":"Nick Lincoln","startTime":3238.44,"endTime":3240.5099999999998,"body":"didn't talk about in this"},{"speaker":"Nick Lincoln","startTime":3238.44,"endTime":3240.5099999999998,"body":"meeting? And about 10 seconds,"},{"speaker":"Nick Lincoln","startTime":3240.5099999999998,"endTime":3242.55,"body":"it comes about the list of"},{"speaker":"Nick Lincoln","startTime":3240.5099999999998,"endTime":3242.55,"body":"things in order of importance,"},{"speaker":"Nick Lincoln","startTime":3243.42,"endTime":3245.7599999999998,"body":"and it said, Nick Lincoln, you"},{"speaker":"Nick Lincoln","startTime":3243.42,"endTime":3245.7599999999998,"body":"blithering idiot, you didn't"},{"speaker":"Nick Lincoln","startTime":3245.79,"endTime":3249.33,"body":"mention knife cover, this is how"},{"speaker":"Nick Lincoln","startTime":3245.79,"endTime":3249.33,"body":"out of the out of I'm just not"},{"speaker":"Nick Lincoln","startTime":3249.39,"endTime":3251.24,"body":"used to talking about life cover"},{"speaker":"Nick Lincoln","startTime":3249.39,"endTime":3251.24,"body":"with clients, and sat and just"},{"speaker":"Nick Lincoln","startTime":3251.24,"endTime":3253.2799999999997,"body":"said to me, they've just got a"},{"speaker":"Nick Lincoln","startTime":3251.24,"endTime":3253.2799999999997,"body":"child, they've got no life"},{"speaker":"Nick Lincoln","startTime":3253.34,"endTime":3254.9,"body":"insurance, you've got to go. So"},{"speaker":"Nick Lincoln","startTime":3253.34,"endTime":3254.9,"body":"I had to go back to them. We're"},{"speaker":"Nick Lincoln","startTime":3254.93,"endTime":3256.49,"body":"having subsequent meetings now"},{"speaker":"Nick Lincoln","startTime":3254.93,"endTime":3256.49,"body":"about the life insurance. So"},{"speaker":"Nick Lincoln","startTime":3257.3,"endTime":3260.15,"body":"it's this thing, this this, this"},{"speaker":"Nick Lincoln","startTime":3257.3,"endTime":3260.15,"body":"Rumsfeld things, the known"},{"speaker":"Nick Lincoln","startTime":3260.27,"endTime":3262.91,"body":"unknowns, something that I would"},{"speaker":"Nick Lincoln","startTime":3260.27,"endTime":3262.91,"body":"have naturally brought up in"},{"speaker":"Nick Lincoln","startTime":3262.97,"endTime":3265.2799999999997,"body":"years gone by. I just got so out"},{"speaker":"Nick Lincoln","startTime":3262.97,"endTime":3265.2799999999997,"body":"the habit talking about life"},{"speaker":"Nick Lincoln","startTime":3265.31,"endTime":3268.79,"body":"insurance, because 99% of my"},{"speaker":"Nick Lincoln","startTime":3265.31,"endTime":3268.79,"body":"clients don't need it unless"},{"speaker":"Nick Lincoln","startTime":3268.82,"endTime":3271.48,"body":"they're mitigating its"},{"speaker":"Nick Lincoln","startTime":3268.82,"endTime":3271.48,"body":"inheritance tax at the other end"},{"speaker":"Nick Lincoln","startTime":3271.48,"endTime":3273.52,"body":"of their lives, so they don't,"},{"speaker":"Nick Lincoln","startTime":3271.48,"endTime":3273.52,"body":"they haven't got mortgages, the"},{"speaker":"Nick Lincoln","startTime":3273.55,"endTime":3276.67,"body":"children aren't dependent, so"},{"speaker":"Nick Lincoln","startTime":3273.55,"endTime":3276.67,"body":"just it pulled me up, and there"},{"speaker":"Nick Lincoln","startTime":3276.73,"endTime":3278.5,"body":"you go. So, isn't that, isn't it"},{"speaker":"Nick Lincoln","startTime":3276.73,"endTime":3278.5,"body":"good to"},{"speaker":"Alan Smith","startTime":3279.0099999999998,"endTime":3281.2599999999998,"body":"show you that some"},{"speaker":"Alan Smith","startTime":3279.0099999999998,"endTime":3281.2599999999998,"body":"of these AI tools are no longer"},{"speaker":"Alan Smith","startTime":3281.38,"endTime":3283.57,"body":"just sort of a meeting note"},{"speaker":"Alan Smith","startTime":3281.38,"endTime":3283.57,"body":"taker, they're like a"},{"speaker":"Alan Smith","startTime":3283.63,"endTime":3284.65,"body":"high-quality assistant. Yeah,"},{"speaker":"Nick Lincoln","startTime":3284.8,"endTime":3286.18,"body":"it was really"},{"speaker":"Nick Lincoln","startTime":3284.8,"endTime":3286.18,"body":"good, and it came back with"},{"speaker":"Nick Lincoln","startTime":3286.21,"endTime":3288.19,"body":"other things I could have talked"},{"speaker":"Nick Lincoln","startTime":3286.21,"endTime":3288.19,"body":"about, which I, you know, you"},{"speaker":"Nick Lincoln","startTime":3288.22,"endTime":3291.12,"body":"didn't really, the client's"},{"speaker":"Nick Lincoln","startTime":3288.22,"endTime":3291.12,"body":"attitude to risk, that well,"},{"speaker":"Nick Lincoln","startTime":3291.15,"endTime":3293.07,"body":"that's right, we don't"},{"speaker":"Nick Lincoln","startTime":3291.15,"endTime":3293.07,"body":"re-evaluate the client's"},{"speaker":"Nick Lincoln","startTime":3293.1,"endTime":3295.56,"body":"attitude to risk. Okay, that's"},{"speaker":"Nick Lincoln","startTime":3293.1,"endTime":3295.56,"body":"that's pretty much set in stone,"},{"speaker":"Nick Lincoln","startTime":3295.62,"endTime":3299.1,"body":"and it's driven by the financial"},{"speaker":"Nick Lincoln","startTime":3295.62,"endTime":3299.1,"body":"plan. We know that, and Saturn"},{"speaker":"Nick Lincoln","startTime":3299.16,"endTime":3301.5,"body":"doesn't yet know it, but Saturn"},{"speaker":"Nick Lincoln","startTime":3299.16,"endTime":3301.5,"body":"will probably know that over"},{"speaker":"Nick Lincoln","startTime":3301.59,"endTime":3304.8,"body":"time, as it is, it listens and"},{"speaker":"Nick Lincoln","startTime":3301.59,"endTime":3304.8,"body":"understands my way of talking"},{"speaker":"Nick Lincoln","startTime":3304.8,"endTime":3306.33,"body":"with clients and what I'm"},{"speaker":"Nick Lincoln","startTime":3304.8,"endTime":3306.33,"body":"talking about with clients. It"},{"speaker":"Nick Lincoln","startTime":3306.33,"endTime":3308.79,"body":"will build up its own internal"},{"speaker":"Nick Lincoln","startTime":3306.33,"endTime":3308.79,"body":"model of the Nick Lincoln mind,"},{"speaker":"Nick Lincoln","startTime":3308.82,"endTime":3311.15,"body":"and then we'll probably have a"},{"speaker":"Nick Lincoln","startTime":3308.82,"endTime":3311.15,"body":"meltdown and jump off a cliff."},{"speaker":"Nick Lincoln","startTime":3312.14,"endTime":3313.64,"body":"Okay, moving on to Wadge"},{"speaker":"Carl Widger","startTime":3315.74,"endTime":3318.41,"body":"Central Bank have"},{"speaker":"Carl Widger","startTime":3315.74,"endTime":3318.41,"body":"increased interest rates from"},{"speaker":"Carl Widger","startTime":3318.71,"endTime":3325.85,"body":"two to 2.25% Obviously, a 25"},{"speaker":"Carl Widger","startTime":3318.71,"endTime":3325.85,"body":"basis point increase isn't worth"},{"speaker":"Carl Widger","startTime":3326.24,"endTime":3330.94,"body":"talking about, really. But is"},{"speaker":"Carl Widger","startTime":3326.24,"endTime":3330.94,"body":"this the first in a C. Series of"},{"speaker":"Carl Widger","startTime":3331.93,"endTime":3335.17,"body":"interest rate hikes, and then"},{"speaker":"Carl Widger","startTime":3331.93,"endTime":3335.17,"body":"what impact will that have on"},{"speaker":"Carl Widger","startTime":3336.07,"endTime":3340.66,"body":"basically everything? You know,"},{"speaker":"Carl Widger","startTime":3336.07,"endTime":3340.66,"body":"what are what are normal"},{"speaker":"Carl Widger","startTime":3341.05,"endTime":3348.34,"body":"historic rates? Is it 4% That's"},{"speaker":"Carl Widger","startTime":3341.05,"endTime":3348.34,"body":"the case, you know. We've a good"},{"speaker":"Carl Widger","startTime":3348.4,"endTime":3351.54,"body":"bit to go, and this is to curb"},{"speaker":"Carl Widger","startTime":3348.4,"endTime":3351.54,"body":"inflation, and it's obviously"},{"speaker":"Carl Widger","startTime":3352.65,"endTime":3355.83,"body":"ECB rates, so this is"},{"speaker":"Carl Widger","startTime":3352.65,"endTime":3355.83,"body":"European-wide thing, and how"},{"speaker":"Carl Widger","startTime":3355.92,"endTime":3360.33,"body":"will that affect each individual"},{"speaker":"Carl Widger","startTime":3355.92,"endTime":3360.33,"body":"country? I think the rates in"},{"speaker":"Carl Widger","startTime":3360.33,"endTime":3362.79,"body":"the UK are what, 3.75 is that"},{"speaker":"Carl Widger","startTime":3360.33,"endTime":3362.79,"body":"correct? Yeah,"},{"speaker":"Carl Widger","startTime":3363.75,"endTime":3366.63,"body":"yeah, so which is probably a"},{"speaker":"Carl Widger","startTime":3363.75,"endTime":3366.63,"body":"normal enough kind of a race,"},{"speaker":"Carl Widger","startTime":3367.32,"endTime":3369.12,"body":"maybe on the little, a little on"},{"speaker":"Carl Widger","startTime":3367.32,"endTime":3369.12,"body":"the low side,"},{"speaker":"Alan Smith","startTime":3369.6,"endTime":3371.06,"body":"yeah, yeah,"},{"speaker":"Carl Widger","startTime":3371.63,"endTime":3374.75,"body":"yeah, like, how"},{"speaker":"Carl Widger","startTime":3371.63,"endTime":3374.75,"body":"much of the Irish economy is"},{"speaker":"Carl Widger","startTime":3374.96,"endTime":3381.41,"body":"being driven, funded by very,"},{"speaker":"Carl Widger","startTime":3374.96,"endTime":3381.41,"body":"very low interest rates, and"},{"speaker":"Carl Widger","startTime":3381.5,"endTime":3384.5299999999997,"body":"what effect will that have on"},{"speaker":"Carl Widger","startTime":3381.5,"endTime":3384.5299999999997,"body":"everything, government"},{"speaker":"Carl Widger","startTime":3384.59,"endTime":3387.95,"body":"infrastructure spending? You"},{"speaker":"Carl Widger","startTime":3384.59,"endTime":3387.95,"body":"know, we spoke about it earlier"},{"speaker":"Carl Widger","startTime":3388.13,"endTime":3391.72,"body":"on, you know what, what impact"},{"speaker":"Carl Widger","startTime":3388.13,"endTime":3391.72,"body":"will a slight increase in"},{"speaker":"Carl Widger","startTime":3392.05,"endTime":3397.09,"body":"interest rates have on geared"},{"speaker":"Carl Widger","startTime":3392.05,"endTime":3397.09,"body":"property funds, etc. etc. So,"},{"speaker":"Carl Widger","startTime":3397.48,"endTime":3400.6,"body":"yeah, it's just I think this is"},{"speaker":"Carl Widger","startTime":3397.48,"endTime":3400.6,"body":"the first in the series. I think"},{"speaker":"Carl Widger","startTime":3400.69,"endTime":3405.49,"body":"it's long, long overdue, and"},{"speaker":"Carl Widger","startTime":3400.69,"endTime":3405.49,"body":"yeah, it'd be interesting to see"},{"speaker":"Carl Widger","startTime":3405.7,"endTime":3410.79,"body":"the impact not only on the Irish"},{"speaker":"Carl Widger","startTime":3405.7,"endTime":3410.79,"body":"economy but all of the other"},{"speaker":"Carl Widger","startTime":3411.57,"endTime":3414.06,"body":"incumbents in the ECB, well,"},{"speaker":"Carl Widger","startTime":3414.42,"endTime":3414.84,"body":"in the euro,"},{"speaker":"Nick Lincoln","startTime":3415.47,"endTime":3417.12,"body":"not all economies"},{"speaker":"Nick Lincoln","startTime":3415.47,"endTime":3417.12,"body":"are born equal, are they? That's"},{"speaker":"Nick Lincoln","startTime":3417.24,"endTime":3419.67,"body":"this is the thing we have common"},{"speaker":"Nick Lincoln","startTime":3417.24,"endTime":3419.67,"body":"interest rate."},{"speaker":"Carl Widger","startTime":3419.7599999999998,"endTime":3422.64,"body":"Yeah, this is"},{"speaker":"Carl Widger","startTime":3419.7599999999998,"endTime":3422.64,"body":"absolutely the thing. So, and"},{"speaker":"Carl Widger","startTime":3423.06,"endTime":3423.99,"body":"just, just interesting."},{"speaker":"Nick Lincoln","startTime":3424.95,"endTime":3427.05,"body":"Yeah, you're"},{"speaker":"Nick Lincoln","startTime":3424.95,"endTime":3427.05,"body":"right. I mean, Kyle, in the UK,"},{"speaker":"Nick Lincoln","startTime":3427.17,"endTime":3429.54,"body":"interest rates typically between"},{"speaker":"Nick Lincoln","startTime":3427.17,"endTime":3429.54,"body":"four and 5% is kind of the"},{"speaker":"Nick Lincoln","startTime":3429.6,"endTime":3432.38,"body":"long-term trend, and you know,"},{"speaker":"Nick Lincoln","startTime":3429.6,"endTime":3432.38,"body":"I'm so glad that we're getting"},{"speaker":"Nick Lincoln","startTime":3432.41,"endTime":3434.9,"body":"back to a kind of a normal rate."},{"speaker":"Nick Lincoln","startTime":3432.41,"endTime":3434.9,"body":"Even we're going to look back on"},{"speaker":"Nick Lincoln","startTime":3434.9,"endTime":3437.99,"body":"that period of interest rates, a"},{"speaker":"Nick Lincoln","startTime":3434.9,"endTime":3437.99,"body":"point two 5% or half percent,"},{"speaker":"Nick Lincoln","startTime":3438.02,"endTime":3441.2,"body":"for that all those years. It's"},{"speaker":"Nick Lincoln","startTime":3438.02,"endTime":3441.2,"body":"done, it did so much damage, it"},{"speaker":"Nick Lincoln","startTime":3441.2,"endTime":3443.9,"body":"distorted so much. That was, it"},{"speaker":"Nick Lincoln","startTime":3441.2,"endTime":3443.9,"body":"was totally unfeasible to"},{"speaker":"Nick Lincoln","startTime":3443.9,"endTime":3447.32,"body":"happen, and it's good they're"},{"speaker":"Nick Lincoln","startTime":3443.9,"endTime":3447.32,"body":"back where they are. And you"},{"speaker":"Nick Lincoln","startTime":3447.35,"endTime":3450.11,"body":"know, we've, we're, as I said,"},{"speaker":"Nick Lincoln","startTime":3447.35,"endTime":3450.11,"body":"we're in 1990 their base rates"},{"speaker":"Nick Lincoln","startTime":3450.14,"endTime":3453.0099999999998,"body":"were 15% in this country. I'm"},{"speaker":"Nick Lincoln","startTime":3450.14,"endTime":3453.0099999999998,"body":"not wishing that by any means,"},{"speaker":"Nick Lincoln","startTime":3453.07,"endTime":3457.54,"body":"but if people think that 3.75 or"},{"speaker":"Nick Lincoln","startTime":3453.07,"endTime":3457.54,"body":"4% or or two and a quarter, or"},{"speaker":"Nick Lincoln","startTime":3457.6,"endTime":3459.82,"body":"two and a half is high, that's"},{"speaker":"Nick Lincoln","startTime":3457.6,"endTime":3459.82,"body":"just because you've been"},{"speaker":"Nick Lincoln","startTime":3460.12,"endTime":3462.64,"body":"conditioned with cheap money for"},{"speaker":"Nick Lincoln","startTime":3460.12,"endTime":3462.64,"body":"way too long, and it's, it's,"},{"speaker":"Nick Lincoln","startTime":3462.79,"endTime":3464.11,"body":"it's a really, it's a really,"},{"speaker":"Nick Lincoln","startTime":3462.79,"endTime":3464.11,"body":"it's a"},{"speaker":"Alan Smith","startTime":3464.2,"endTime":3466.96,"body":"bad thing. Um, okay,"},{"speaker":"Alan Smith","startTime":3464.2,"endTime":3466.96,"body":"listen, we're 57 minutes in,"},{"speaker":"Alan Smith","startTime":3467.02,"endTime":3469.21,"body":"let's with on the final two"},{"speaker":"Alan Smith","startTime":3467.02,"endTime":3469.21,"body":"points of the topical tip, this"},{"speaker":"Alan Smith","startTime":3469.72,"endTime":3478.14,"body":"topical tidbits of episode 99"},{"speaker":"Alan Smith","startTime":3469.72,"endTime":3478.14,"body":"Smithy CRP, missing an A, that's"},{"speaker":"Alan Smith","startTime":3478.2,"endTime":3482.97,"body":"a good one. Centralized"},{"speaker":"Alan Smith","startTime":3478.2,"endTime":3482.97,"body":"retirement proposition, CRP,"},{"speaker":"Alan Smith","startTime":3483.75,"endTime":3486.63,"body":"centralized retirement. We've"},{"speaker":"Alan Smith","startTime":3483.75,"endTime":3486.63,"body":"spoken about this in the past,"},{"speaker":"Alan Smith","startTime":3487.02,"endTime":3491.48,"body":"somewhat, and again, I listened"},{"speaker":"Alan Smith","startTime":3487.02,"endTime":3491.48,"body":"to, you know, money marketing,"},{"speaker":"Alan Smith","startTime":3491.54,"endTime":3494.21,"body":"one of the trade rags. They've"},{"speaker":"Alan Smith","startTime":3491.54,"endTime":3494.21,"body":"got their own podcast, which is"},{"speaker":"Alan Smith","startTime":3494.3,"endTime":3499.94,"body":"actually quite good, and they"},{"speaker":"Alan Smith","startTime":3494.3,"endTime":3499.94,"body":"had a pretty short, probably"},{"speaker":"Alan Smith","startTime":3500.0299999999997,"endTime":3502.49,"body":"optimum length for a podcast, 20"},{"speaker":"Alan Smith","startTime":3500.0299999999997,"endTime":3502.49,"body":"minutes. It was a 20 minutes"},{"speaker":"Alan Smith","startTime":3502.58,"endTime":3506.15,"body":"interview with the senior,"},{"speaker":"Alan Smith","startTime":3502.58,"endTime":3506.15,"body":"senior person from Royal London,"},{"speaker":"Alan Smith","startTime":3506.69,"endTime":3508.88,"body":"and they were talking about all"},{"speaker":"Alan Smith","startTime":3506.69,"endTime":3508.88,"body":"this, and I thought I would just"},{"speaker":"Alan Smith","startTime":3508.91,"endTime":3512.47,"body":"listen, listen to it, because I"},{"speaker":"Alan Smith","startTime":3508.91,"endTime":3512.47,"body":"think it's fair to say that I've"},{"speaker":"Alan Smith","startTime":3512.62,"endTime":3516.31,"body":"been, maybe Andy and Nick have"},{"speaker":"Alan Smith","startTime":3512.62,"endTime":3516.31,"body":"been slightly dismissive of the"},{"speaker":"Alan Smith","startTime":3516.46,"endTime":3519.1,"body":"concept of having a centralized"},{"speaker":"Alan Smith","startTime":3516.46,"endTime":3519.1,"body":"retirement proposition, in that"},{"speaker":"Alan Smith","startTime":3519.97,"endTime":3522.94,"body":"the investment model doesn't"},{"speaker":"Alan Smith","startTime":3519.97,"endTime":3522.94,"body":"really change if you were"},{"speaker":"Alan Smith","startTime":3523.69,"endTime":3527.29,"body":"invested in global equities and"},{"speaker":"Alan Smith","startTime":3523.69,"endTime":3527.29,"body":"other things the day before"},{"speaker":"Alan Smith","startTime":3527.35,"endTime":3529.81,"body":"retirement, you don't"},{"speaker":"Alan Smith","startTime":3527.35,"endTime":3529.81,"body":"necessarily immediately switch"},{"speaker":"Alan Smith","startTime":3529.9,"endTime":3533.85,"body":"to that to something different"},{"speaker":"Alan Smith","startTime":3529.9,"endTime":3533.85,"body":"the day after, but there's a lot"},{"speaker":"Alan Smith","startTime":3533.91,"endTime":3537.81,"body":"more to it than that, and I"},{"speaker":"Alan Smith","startTime":3533.91,"endTime":3537.81,"body":"think the content that Royal"},{"speaker":"Alan Smith","startTime":3537.84,"endTime":3541.41,"body":"London have put together is"},{"speaker":"Alan Smith","startTime":3537.84,"endTime":3541.41,"body":"excellent, because they talked"},{"speaker":"Alan Smith","startTime":3541.44,"endTime":3543.15,"body":"about a lot, a lot of things,"},{"speaker":"Alan Smith","startTime":3541.44,"endTime":3543.15,"body":"and yes, you've got to have"},{"speaker":"Alan Smith","startTime":3543.27,"endTime":3546.33,"body":"consideration that, at the very"},{"speaker":"Alan Smith","startTime":3543.27,"endTime":3546.33,"body":"least, document, and it is an"},{"speaker":"Alan Smith","startTime":3546.36,"endTime":3548.82,"body":"FCA expectation, at least"},{"speaker":"Alan Smith","startTime":3546.36,"endTime":3548.82,"body":"document, if you're saying,"},{"speaker":"Alan Smith","startTime":3548.88,"endTime":3551.99,"body":"well, nothing changes at all,"},{"speaker":"Alan Smith","startTime":3548.88,"endTime":3551.99,"body":"that's fine, but document it,"},{"speaker":"Alan Smith","startTime":3552.02,"endTime":3554.27,"body":"and you need to have a very sort"},{"speaker":"Alan Smith","startTime":3552.02,"endTime":3554.27,"body":"of thoughtful process for those"},{"speaker":"Alan Smith","startTime":3554.75,"endTime":3557.5099999999998,"body":"who are going into the spending"},{"speaker":"Alan Smith","startTime":3554.75,"endTime":3557.5099999999998,"body":"period of their life, and the"},{"speaker":"Alan Smith","startTime":3557.6,"endTime":3559.31,"body":"other thing that sits behind"},{"speaker":"Alan Smith","startTime":3557.6,"endTime":3559.31,"body":"this as well, I thought was"},{"speaker":"Alan Smith","startTime":3559.34,"endTime":3561.62,"body":"quite interesting, because"},{"speaker":"Alan Smith","startTime":3559.34,"endTime":3561.62,"body":"they've gone out to many"},{"speaker":"Alan Smith","startTime":3561.74,"endTime":3565.19,"body":"advisors and advisers' clients"},{"speaker":"Alan Smith","startTime":3561.74,"endTime":3565.19,"body":"and asked them about it, and"},{"speaker":"Alan Smith","startTime":3565.25,"endTime":3568.31,"body":"I've come across this many times"},{"speaker":"Alan Smith","startTime":3565.25,"endTime":3568.31,"body":"in the past, the kind of the"},{"speaker":"Alan Smith","startTime":3568.55,"endTime":3572.23,"body":"mental, the behavioral shift"},{"speaker":"Alan Smith","startTime":3568.55,"endTime":3572.23,"body":"that happened, that happens when"},{"speaker":"Alan Smith","startTime":3572.32,"endTime":3575.56,"body":"someone moves away from saving"},{"speaker":"Alan Smith","startTime":3572.32,"endTime":3575.56,"body":"money and watching their"},{"speaker":"Alan Smith","startTime":3575.59,"endTime":3578.95,"body":"investments go up, hopefully"},{"speaker":"Alan Smith","startTime":3575.59,"endTime":3578.95,"body":"most years, to actually watching"},{"speaker":"Alan Smith","startTime":3578.95,"endTime":3582.16,"body":"their investments go down,"},{"speaker":"Alan Smith","startTime":3578.95,"endTime":3582.16,"body":"potentially on a regular basis."},{"speaker":"Alan Smith","startTime":3582.34,"endTime":3584.95,"body":"That was just something that"},{"speaker":"Alan Smith","startTime":3582.34,"endTime":3584.95,"body":"people are, some people really"},{"speaker":"Alan Smith","startTime":3585.0099999999998,"endTime":3590.11,"body":"struggle with. Anyway, I think"},{"speaker":"Alan Smith","startTime":3585.0099999999998,"endTime":3590.11,"body":"it's, it's, it is interesting."},{"speaker":"Alan Smith","startTime":3590.35,"endTime":3593.88,"body":"It's worth exploring, it's worth"},{"speaker":"Alan Smith","startTime":3590.35,"endTime":3593.88,"body":"looking at, it's worth not"},{"speaker":"Alan Smith","startTime":3593.94,"endTime":3596.88,"body":"dismissed, dismissing, and it's"},{"speaker":"Alan Smith","startTime":3593.94,"endTime":3596.88,"body":"probably worth checking out"},{"speaker":"Alan Smith","startTime":3596.97,"endTime":3599.7,"body":"these, this content, and they,"},{"speaker":"Alan Smith","startTime":3596.97,"endTime":3599.7,"body":"because they do provide a"},{"speaker":"Alan Smith","startTime":3599.88,"endTime":3602.73,"body":"template and all sorts of"},{"speaker":"Alan Smith","startTime":3599.88,"endTime":3602.73,"body":"supporting documentation. I"},{"speaker":"Alan Smith","startTime":3602.7599999999998,"endTime":3606.15,"body":"think we've spoken, we don't, we"},{"speaker":"Alan Smith","startTime":3602.7599999999998,"endTime":3606.15,"body":"don't use them, but Roy, Royal,"},{"speaker":"Alan Smith","startTime":3607.98,"endTime":3613.67,"body":"they called Royal London, Royal"},{"speaker":"Alan Smith","startTime":3607.98,"endTime":3613.67,"body":"London, but they're very huge in"},{"speaker":"Alan Smith","startTime":3613.7599999999998,"endTime":3615.11,"body":"terms of supporting"},{"speaker":"Andy Hart","startTime":3617.0,"endTime":3618.8,"body":"based in Edinburgh, I"},{"speaker":"Andy Hart","startTime":3617.0,"endTime":3618.8,"body":"believe. Yeah,"},{"speaker":"Alan Smith","startTime":3619.43,"endTime":3621.08,"body":"yeah, but not Royal"},{"speaker":"Alan Smith","startTime":3619.43,"endTime":3621.08,"body":"Life, that's a different"},{"speaker":"Alan Smith","startTime":3621.11,"endTime":3622.13,"body":"company, isn't it? There"},{"speaker":"Andy Hart","startTime":3622.4,"endTime":3622.49,"body":"is,"},{"speaker":"Alan Smith","startTime":3624.2,"endTime":3625.91,"body":"there's a lot of"},{"speaker":"Alan Smith","startTime":3624.2,"endTime":3625.91,"body":"good content out there, there's"},{"speaker":"Alan Smith","startTime":3625.97,"endTime":3628.04,"body":"chips, there's a link in the"},{"speaker":"Alan Smith","startTime":3625.97,"endTime":3628.04,"body":"show notes. What do you guys,"},{"speaker":"Alan Smith","startTime":3628.31,"endTime":3630.43,"body":"Andy, Nick, I know that's"},{"speaker":"Alan Smith","startTime":3628.31,"endTime":3630.43,"body":"probably not. Applicable in"},{"speaker":"Alan Smith","startTime":3630.52,"endTime":3633.67,"body":"Ireland, do you do anything"},{"speaker":"Alan Smith","startTime":3630.52,"endTime":3633.67,"body":"around centralized retirement?"},{"speaker":"Nick Lincoln","startTime":3635.47,"endTime":3635.5299999999997,"body":"No,"},{"speaker":"Andy Hart","startTime":3636.85,"endTime":3637.09,"body":"right?"},{"speaker":"Carl Widger","startTime":3637.99,"endTime":3640.0299999999997,"body":"What does"},{"speaker":"Carl Widger","startTime":3637.99,"endTime":3640.0299999999997,"body":"centralized? Yeah, we did"},{"speaker":"Andy Hart","startTime":3640.24,"endTime":3644.8,"body":"all the FCA rules"},{"speaker":"Andy Hart","startTime":3640.24,"endTime":3644.8,"body":"around this."},{"speaker":"Carl Widger","startTime":3644.86,"endTime":3647.17,"body":"Sorry, does it not"},{"speaker":"Carl Widger","startTime":3644.86,"endTime":3647.17,"body":"go if you have centralized"},{"speaker":"Carl Widger","startTime":3647.2,"endTime":3650.35,"body":"retirement? Does it not kind of"},{"speaker":"Carl Widger","startTime":3647.2,"endTime":3650.35,"body":"go against the grain of exactly"},{"speaker":"Carl Widger","startTime":3650.5,"endTime":3659.37,"body":"what bespoke financial planning"},{"speaker":"Carl Widger","startTime":3650.5,"endTime":3659.37,"body":"for each individual family is."},{"speaker":"Alan Smith","startTime":3661.74,"endTime":3664.02,"body":"Well, Carl, I think"},{"speaker":"Alan Smith","startTime":3661.74,"endTime":3664.02,"body":"you just need to document what"},{"speaker":"Alan Smith","startTime":3664.05,"endTime":3667.11,"body":"your philosophy is, how you deal"},{"speaker":"Alan Smith","startTime":3664.05,"endTime":3667.11,"body":"with both the investment side of"},{"speaker":"Alan Smith","startTime":3667.23,"endTime":3672.83,"body":"things, the things like sequence"},{"speaker":"Alan Smith","startTime":3667.23,"endTime":3672.83,"body":"risk things like, and also the"},{"speaker":"Alan Smith","startTime":3672.89,"endTime":3676.2799999999997,"body":"behavioral thing. I know that"},{"speaker":"Alan Smith","startTime":3672.89,"endTime":3676.2799999999997,"body":"the regulator in the UK, as we"},{"speaker":"Alan Smith","startTime":3676.2799999999997,"endTime":3679.16,"body":"were mentioning before, about"},{"speaker":"Alan Smith","startTime":3676.2799999999997,"endTime":3679.16,"body":"bereavement, are very keen on"},{"speaker":"Alan Smith","startTime":3679.22,"endTime":3680.75,"body":"what they call client"},{"speaker":"Alan Smith","startTime":3679.22,"endTime":3680.75,"body":"vulnerability. So, if your"},{"speaker":"Alan Smith","startTime":3680.81,"endTime":3683.21,"body":"client is going into retirement"},{"speaker":"Alan Smith","startTime":3680.81,"endTime":3683.21,"body":"and is, you know, they are"},{"speaker":"Alan Smith","startTime":3684.23,"endTime":3687.23,"body":"sufficiently well off, they've"},{"speaker":"Alan Smith","startTime":3684.23,"endTime":3687.23,"body":"got a great cash flow plan in"},{"speaker":"Alan Smith","startTime":3687.35,"endTime":3690.82,"body":"place, but they are struggling"},{"speaker":"Alan Smith","startTime":3687.35,"endTime":3690.82,"body":"with the sort of mental shift of"},{"speaker":"Alan Smith","startTime":3690.88,"endTime":3693.58,"body":"no longer earning and"},{"speaker":"Alan Smith","startTime":3690.88,"endTime":3693.58,"body":"accumulating and saving, then"},{"speaker":"Alan Smith","startTime":3694.09,"endTime":3696.31,"body":"that's an issue. Now you can"},{"speaker":"Alan Smith","startTime":3694.09,"endTime":3696.31,"body":"argue, well, that's what a great"},{"speaker":"Alan Smith","startTime":3696.49,"endTime":3699.2799999999997,"body":"financial planner does, but it"},{"speaker":"Alan Smith","startTime":3696.49,"endTime":3699.2799999999997,"body":"ought to be, especially if"},{"speaker":"Alan Smith","startTime":3699.31,"endTime":3702.04,"body":"you've got multi advisors. Are"},{"speaker":"Alan Smith","startTime":3699.31,"endTime":3702.04,"body":"you saying that every advisor"},{"speaker":"Alan Smith","startTime":3748.42,"endTime":3751.0899999999997,"body":"adheres to the same kind of"},{"speaker":"Alan Smith","startTime":3748.42,"endTime":3751.0899999999997,"body":"thought process and philosophy?"},{"speaker":"Alan Smith","startTime":3751.69,"endTime":3754.33,"body":"Because some might do and some"},{"speaker":"Alan Smith","startTime":3751.69,"endTime":3754.33,"body":"might not, but I think it's a"},{"speaker":"Alan Smith","startTime":3754.42,"endTime":3755.5,"body":"useful thing to explore."},{"speaker":"Nick Lincoln","startTime":3755.71,"endTime":3757.44,"body":"Yeah, I know,"},{"speaker":"Nick Lincoln","startTime":3755.71,"endTime":3757.44,"body":"hands up, Andy, but I would say,"},{"speaker":"Nick Lincoln","startTime":3757.5299999999997,"endTime":3759.99,"body":"yeah, if I had multi-ri firm,"},{"speaker":"Nick Lincoln","startTime":3757.5299999999997,"endTime":3759.99,"body":"I'd have a centralized"},{"speaker":"Nick Lincoln","startTime":3759.99,"endTime":3762.93,"body":"investment proposition, maybe"},{"speaker":"Nick Lincoln","startTime":3759.99,"endTime":3762.93,"body":"wouldn't change much between the"},{"speaker":"Nick Lincoln","startTime":3763.17,"endTime":3765.3599999999997,"body":"saving and spending stage, I"},{"speaker":"Nick Lincoln","startTime":3763.17,"endTime":3765.3599999999997,"body":"would have one, but I was, I'm a"},{"speaker":"Nick Lincoln","startTime":3765.42,"endTime":3770.58,"body":"song, I know what my brain, it's"},{"speaker":"Nick Lincoln","startTime":3765.42,"endTime":3770.58,"body":"just me, so I'm not going to"},{"speaker":"Nick Lincoln","startTime":3770.58,"endTime":3773.43,"body":"play the game and produce a"},{"speaker":"Nick Lincoln","startTime":3770.58,"endTime":3773.43,"body":"pointless document that I'm"},{"speaker":"Nick Lincoln","startTime":3773.46,"endTime":3775.98,"body":"going to not, never, ever, ever,"},{"speaker":"Nick Lincoln","startTime":3773.46,"endTime":3775.98,"body":"ever, ever, ever read,"},{"speaker":"Andy Hart","startTime":3778.14,"endTime":3780.5899999999997,"body":"I mean, there is"},{"speaker":"Andy Hart","startTime":3778.14,"endTime":3780.5899999999997,"body":"certainly a lot more moving"},{"speaker":"Andy Hart","startTime":3780.71,"endTime":3782.7799999999997,"body":"parts, and it's a lot more"},{"speaker":"Andy Hart","startTime":3780.71,"endTime":3782.7799999999997,"body":"complex work when you're dealing"},{"speaker":"Andy Hart","startTime":3782.7799999999997,"endTime":3785.5699999999997,"body":"with clients that are officially"},{"speaker":"Andy Hart","startTime":3782.7799999999997,"endTime":3785.5699999999997,"body":"retired and spending down their"},{"speaker":"Andy Hart","startTime":3785.63,"endTime":3791.18,"body":"money. I think it's roughly 75%"},{"speaker":"Andy Hart","startTime":3785.63,"endTime":3791.18,"body":"of people that are vetted in the"},{"speaker":"Andy Hart","startTime":3791.24,"endTime":3795.38,"body":"markets are saving clients, 25%"},{"speaker":"Andy Hart","startTime":3791.24,"endTime":3795.38,"body":"are spending it down, but your"},{"speaker":"Andy Hart","startTime":3795.56,"endTime":3799.9,"body":"point, Alan, that shift from"},{"speaker":"Andy Hart","startTime":3795.56,"endTime":3799.9,"body":"someone working, whether or not"},{"speaker":"Andy Hart","startTime":3800.0499999999997,"endTime":3804.2799999999997,"body":"being an employee or their own"},{"speaker":"Andy Hart","startTime":3800.0499999999997,"endTime":3804.2799999999997,"body":"business, they, whilst they're"},{"speaker":"Andy Hart","startTime":3804.37,"endTime":3807.0099999999998,"body":"working, they're an employee and"},{"speaker":"Andy Hart","startTime":3804.37,"endTime":3807.0099999999998,"body":"run their own business, they're"},{"speaker":"Andy Hart","startTime":3807.0699999999997,"endTime":3810.22,"body":"almost in their mind spending"},{"speaker":"Andy Hart","startTime":3807.0699999999997,"endTime":3810.22,"body":"other people's money. I know"},{"speaker":"Andy Hart","startTime":3810.2799999999997,"endTime":3812.41,"body":"it's their own money and it's"},{"speaker":"Andy Hart","startTime":3810.2799999999997,"endTime":3812.41,"body":"their hard work, it's their"},{"speaker":"Andy Hart","startTime":3812.5,"endTime":3814.66,"body":"human capital, and even if it's"},{"speaker":"Andy Hart","startTime":3812.5,"endTime":3814.66,"body":"their own business, they still"},{"speaker":"Andy Hart","startTime":3814.75,"endTime":3817.44,"body":"feel like they're spending other"},{"speaker":"Andy Hart","startTime":3814.75,"endTime":3817.44,"body":"people's money, OPM. When they"},{"speaker":"Andy Hart","startTime":3817.5299999999997,"endTime":3819.5099999999998,"body":"come to retirement, they've got"},{"speaker":"Andy Hart","startTime":3817.5299999999997,"endTime":3819.5099999999998,"body":"this big pot of cash, and for"},{"speaker":"Andy Hart","startTime":3819.54,"endTime":3821.52,"body":"the first time in their lives,"},{"speaker":"Andy Hart","startTime":3819.54,"endTime":3821.52,"body":"they need to draw down from"},{"speaker":"Andy Hart","startTime":3821.5499999999997,"endTime":3824.58,"body":"their own pot of cash and"},{"speaker":"Andy Hart","startTime":3821.5499999999997,"endTime":3824.58,"body":"capital to sustain their"},{"speaker":"Andy Hart","startTime":3824.64,"endTime":3827.94,"body":"lifestyle. Again, there'll be a"},{"speaker":"Andy Hart","startTime":3824.64,"endTime":3827.94,"body":"behavioral answer around this,"},{"speaker":"Andy Hart","startTime":3828.0299999999997,"endTime":3831.39,"body":"but it feels two or three times"},{"speaker":"Andy Hart","startTime":3828.0299999999997,"endTime":3831.39,"body":"more painful than drawing down"},{"speaker":"Andy Hart","startTime":3831.48,"endTime":3836.4,"body":"from that cash capital pot of"},{"speaker":"Andy Hart","startTime":3831.48,"endTime":3836.4,"body":"money. I did do a whole article"},{"speaker":"Andy Hart","startTime":3836.49,"endTime":3838.85,"body":"about this, and that's just one"},{"speaker":"Andy Hart","startTime":3836.49,"endTime":3838.85,"body":"of the moving parts. Then,"},{"speaker":"Andy Hart","startTime":3838.88,"endTime":3840.83,"body":"obviously, it's what they're"},{"speaker":"Andy Hart","startTime":3838.88,"endTime":3840.83,"body":"going to do with their time, and"},{"speaker":"Andy Hart","startTime":3840.83,"endTime":3843.56,"body":"then, obviously, yeah, you're"},{"speaker":"Andy Hart","startTime":3840.83,"endTime":3843.56,"body":"right, it's the spending"},{"speaker":"Andy Hart","startTime":3843.68,"endTime":3845.8399999999997,"body":"pattern, it's the financial"},{"speaker":"Andy Hart","startTime":3843.68,"endTime":3845.8399999999997,"body":"plan, it's the gifting strategy."},{"speaker":"Andy Hart","startTime":3845.96,"endTime":3848.63,"body":"There's loads more with retired"},{"speaker":"Andy Hart","startTime":3845.96,"endTime":3848.63,"body":"clients. A lot of people run"},{"speaker":"Andy Hart","startTime":3848.8399999999997,"endTime":3851.54,"body":"advisory businesses that let"},{"speaker":"Andy Hart","startTime":3848.8399999999997,"endTime":3851.54,"body":"their 90% of their clients are"},{"speaker":"Andy Hart","startTime":3851.5699999999997,"endTime":3855.89,"body":"accumulators, they're savers. A"},{"speaker":"Andy Hart","startTime":3851.5699999999997,"endTime":3855.89,"body":"lot of other firms run"},{"speaker":"Andy Hart","startTime":3855.98,"endTime":3859.3599999999997,"body":"businesses where 50% of their"},{"speaker":"Andy Hart","startTime":3855.98,"endTime":3859.3599999999997,"body":"clients are retired, they almost"},{"speaker":"Andy Hart","startTime":3859.54,"endTime":3862.8399999999997,"body":"are two different professionals"},{"speaker":"Andy Hart","startTime":3859.54,"endTime":3862.8399999999997,"body":"dealing with accumulators,"},{"speaker":"Andy Hart","startTime":3862.99,"endTime":3868.42,"body":"aggressive accumulators versus"},{"speaker":"Andy Hart","startTime":3862.99,"endTime":3868.42,"body":"very much retired clients. It's,"},{"speaker":"Andy Hart","startTime":3869.2,"endTime":3872.95,"body":"it's two different unique"},{"speaker":"Andy Hart","startTime":3869.2,"endTime":3872.95,"body":"skills, I think. A lot of us"},{"speaker":"Andy Hart","startTime":3872.98,"endTime":3877.38,"body":"straddle both, you know. I've"},{"speaker":"Andy Hart","startTime":3872.98,"endTime":3877.38,"body":"probably got 20% officially"},{"speaker":"Andy Hart","startTime":3877.44,"endTime":3879.99,"body":"retired, drawing down the"},{"speaker":"Andy Hart","startTime":3877.44,"endTime":3879.99,"body":"capital. A lot of them are very,"},{"speaker":"Andy Hart","startTime":3880.02,"endTime":3883.62,"body":"very close. So, I think my sweet"},{"speaker":"Andy Hart","startTime":3880.02,"endTime":3883.62,"body":"spot is the approach and the"},{"speaker":"Andy Hart","startTime":3883.68,"endTime":3886.89,"body":"phasing period. Nicholas,"},{"speaker":"Andy Hart","startTime":3883.68,"endTime":3886.89,"body":"anything further to add, or just"},{"speaker":"Andy Hart","startTime":3886.89,"endTime":3888.66,"body":"financial planning trumps it"},{"speaker":"Andy Hart","startTime":3886.89,"endTime":3888.66,"body":"all? And then, obviously,"},{"speaker":"Andy Hart","startTime":3888.72,"endTime":3890.25,"body":"everything else will be dictated"},{"speaker":"Andy Hart","startTime":3888.72,"endTime":3890.25,"body":"around that."},{"speaker":"Nick Lincoln","startTime":3890.73,"endTime":3891.99,"body":"Yeah, I think that"},{"speaker":"Nick Lincoln","startTime":3890.73,"endTime":3891.99,"body":"maybe we're complacent. Two"},{"speaker":"Nick Lincoln","startTime":3892.1099999999997,"endTime":3894.15,"body":"things, so definitely you've got"},{"speaker":"Nick Lincoln","startTime":3892.1099999999997,"endTime":3894.15,"body":"to help clients navigate that"},{"speaker":"Nick Lincoln","startTime":3894.18,"endTime":3896.75,"body":"behavioral shift, that mindset,"},{"speaker":"Nick Lincoln","startTime":3894.18,"endTime":3896.75,"body":"and thinking, well, I was Johnny"},{"speaker":"Nick Lincoln","startTime":3896.8399999999997,"endTime":3898.64,"body":"Big Bollocks in the office or"},{"speaker":"Nick Lincoln","startTime":3896.8399999999997,"endTime":3898.64,"body":"the company, and now I'm"},{"speaker":"Nick Lincoln","startTime":3898.73,"endTime":3902.63,"body":"nothing, and that's we can"},{"speaker":"Nick Lincoln","startTime":3898.73,"endTime":3902.63,"body":"definitely talk to class and"},{"speaker":"Nick Lincoln","startTime":3902.66,"endTime":3904.6099999999997,"body":"help them anticipate that that"},{"speaker":"Nick Lincoln","startTime":3902.66,"endTime":3904.6099999999997,"body":"switch, but you know"},{"speaker":"Andy Hart","startTime":3906.83,"endTime":3908.99,"body":"anyone on the call is"},{"speaker":"Andy Hart","startTime":3906.83,"endTime":3908.99,"body":"referring to anyone on the call?"},{"speaker":"Nick Lincoln","startTime":3910.52,"endTime":3912.74,"body":"No, not at all."},{"speaker":"Nick Lincoln","startTime":3910.52,"endTime":3912.74,"body":"No, no, no, no, heaven forbid."},{"speaker":"Nick Lincoln","startTime":3912.98,"endTime":3915.62,"body":"Or Jane, Jane Big Bollocks, that"},{"speaker":"Nick Lincoln","startTime":3912.98,"endTime":3915.62,"body":"doesn't work, does it? What"},{"speaker":"Nick Lincoln","startTime":3915.62,"endTime":3919.81,"body":"would Jane? No, let's not talk"},{"speaker":"Nick Lincoln","startTime":3915.62,"endTime":3919.81,"body":"about Big Jane. No, it's a, it's"},{"speaker":"Nick Lincoln","startTime":3919.87,"endTime":3922.87,"body":"a behavior that sort of thing."},{"speaker":"Nick Lincoln","startTime":3919.87,"endTime":3922.87,"body":"Yeah, I mean, you know, I'm sure"},{"speaker":"Nick Lincoln","startTime":3922.9,"endTime":3924.7599999999998,"body":"you guys are always saying with"},{"speaker":"Nick Lincoln","startTime":3922.9,"endTime":3924.7599999999998,"body":"clients that coming into that"},{"speaker":"Nick Lincoln","startTime":3924.7599999999998,"endTime":3927.31,"body":"sort of going into the spending"},{"speaker":"Nick Lincoln","startTime":3924.7599999999998,"endTime":3927.31,"body":"stage, where they're no longer"},{"speaker":"Nick Lincoln","startTime":3927.4,"endTime":3929.47,"body":"putting money into the pots. I"},{"speaker":"Nick Lincoln","startTime":3927.4,"endTime":3929.47,"body":"say, don't underestimate the"},{"speaker":"Nick Lincoln","startTime":3929.5299999999997,"endTime":3933.37,"body":"effects will have on you, and"},{"speaker":"Nick Lincoln","startTime":3929.5299999999997,"endTime":3933.37,"body":"you know, could we talk about it"},{"speaker":"Nick Lincoln","startTime":3933.4,"endTime":3935.29,"body":"on the cash flow, this arbitrary"},{"speaker":"Nick Lincoln","startTime":3933.4,"endTime":3935.29,"body":"date when you're going to stop"},{"speaker":"Nick Lincoln","startTime":3935.35,"endTime":3937.47,"body":"working and not a penny more of"},{"speaker":"Nick Lincoln","startTime":3935.35,"endTime":3937.47,"body":"an income comes into your"},{"speaker":"Nick Lincoln","startTime":3937.5,"endTime":3939.69,"body":"bucket, but in reality, working"},{"speaker":"Nick Lincoln","startTime":3937.5,"endTime":3939.69,"body":"with clients very similar to"},{"speaker":"Nick Lincoln","startTime":3939.75,"endTime":3942.8399999999997,"body":"you, mr. and mrs. Client, I have"},{"speaker":"Nick Lincoln","startTime":3939.75,"endTime":3942.8399999999997,"body":"found that most of my clients at"},{"speaker":"Nick Lincoln","startTime":3942.87,"endTime":3944.97,"body":"that stage of their lives want"},{"speaker":"Nick Lincoln","startTime":3942.87,"endTime":3944.97,"body":"to migrate into it and will do"},{"speaker":"Nick Lincoln","startTime":3945.15,"endTime":3947.4,"body":"something to keep their gray"},{"speaker":"Nick Lincoln","startTime":3945.15,"endTime":3947.4,"body":"matter involved. They'll maybe"},{"speaker":"Nick Lincoln","startTime":3947.46,"endTime":3950.0699999999997,"body":"do consultancy work and they'll"},{"speaker":"Nick Lincoln","startTime":3947.46,"endTime":3950.0699999999997,"body":"wind down because we need to"},{"speaker":"Nick Lincoln","startTime":3950.0699999999997,"endTime":3951.99,"body":"have a purpose to get out of"},{"speaker":"Nick Lincoln","startTime":3950.0699999999997,"endTime":3951.99,"body":"bed, but that's nothing that's"},{"speaker":"Nick Lincoln","startTime":3951.99,"endTime":3954.5099999999998,"body":"nothing to do with the CRP, has"},{"speaker":"Nick Lincoln","startTime":3951.99,"endTime":3954.5099999999998,"body":"nothing really to do with the"},{"speaker":"Nick Lincoln","startTime":3954.6,"endTime":3958.16,"body":"FCA, to be honest. If they want"},{"speaker":"Nick Lincoln","startTime":3954.6,"endTime":3958.16,"body":"to become a psychologist, then"},{"speaker":"Nick Lincoln","startTime":3958.16,"endTime":3960.83,"body":"tell us what to do. With human"},{"speaker":"Nick Lincoln","startTime":3958.16,"endTime":3960.83,"body":"beings, they're more than"},{"speaker":"Nick Lincoln","startTime":3960.89,"endTime":3963.47,"body":"welcome to tell us the actual"},{"speaker":"Nick Lincoln","startTime":3960.89,"endTime":3963.47,"body":"pure investment. No, very little"},{"speaker":"Nick Lincoln","startTime":3963.56,"endTime":3966.17,"body":"changes, except you do now set"},{"speaker":"Nick Lincoln","startTime":3963.56,"endTime":3966.17,"body":"up an emergency bucket with"},{"speaker":"Nick Lincoln","startTime":3966.17,"endTime":3969.3199999999997,"body":"three to five years of plans,"},{"speaker":"Nick Lincoln","startTime":3966.17,"endTime":3969.3199999999997,"body":"withdrawals from that bucket set"},{"speaker":"Nick Lincoln","startTime":3969.38,"endTime":3972.3199999999997,"body":"aside to ride out the temporary"},{"speaker":"Nick Lincoln","startTime":3969.38,"endTime":3972.3199999999997,"body":"declines, but that aside,"},{"speaker":"Nick Lincoln","startTime":3972.47,"endTime":3975.44,"body":"nothing changes, absolutely"},{"speaker":"Nick Lincoln","startTime":3972.47,"endTime":3975.44,"body":"nothing. If it's worked for 30"},{"speaker":"Nick Lincoln","startTime":3975.5,"endTime":3978.67,"body":"years in the same. Stage, why is"},{"speaker":"Nick Lincoln","startTime":3975.5,"endTime":3978.67,"body":"it not going to work for 30"},{"speaker":"Nick Lincoln","startTime":3978.8199999999997,"endTime":3982.2999999999997,"body":"years or more in the spending"},{"speaker":"Nick Lincoln","startTime":3978.8199999999997,"endTime":3982.2999999999997,"body":"stage? Keep it simple. Don't"},{"speaker":"Nick Lincoln","startTime":3982.33,"endTime":3984.46,"body":"forget insurance companies. I"},{"speaker":"Nick Lincoln","startTime":3982.33,"endTime":3984.46,"body":"quite like Royal London as they"},{"speaker":"Nick Lincoln","startTime":3984.5499999999997,"endTime":3988.39,"body":"go. Insurance companies"},{"speaker":"Nick Lincoln","startTime":3984.5499999999997,"endTime":3988.39,"body":"invariably have retirement"},{"speaker":"Nick Lincoln","startTime":3988.5099999999998,"endTime":3991.7799999999997,"body":"accumulation income strategies"},{"speaker":"Nick Lincoln","startTime":3988.5099999999998,"endTime":3991.7799999999997,"body":"that they want you to talk"},{"speaker":"Nick Lincoln","startTime":3991.87,"endTime":3994.0899999999997,"body":"about. Okay, so they want to"},{"speaker":"Nick Lincoln","startTime":3991.87,"endTime":3994.0899999999997,"body":"raise this red flag, this little"},{"speaker":"Nick Lincoln","startTime":3994.15,"endTime":3997.44,"body":"demon in your brain, thinking,"},{"speaker":"Nick Lincoln","startTime":3994.15,"endTime":3997.44,"body":"'Shit, my CIP is a bit loose. I"},{"speaker":"Nick Lincoln","startTime":3997.56,"endTime":4000.62,"body":"need to have some kind of"},{"speaker":"Nick Lincoln","startTime":3997.56,"endTime":4000.62,"body":"ghastly whatever with profit"},{"speaker":"Nick Lincoln","startTime":4000.68,"endTime":4002.8399999999997,"body":"style arrangement. Oh, where do"},{"speaker":"Nick Lincoln","startTime":4000.68,"endTime":4002.8399999999997,"body":"I get those from? Oh, a"},{"speaker":"Nick Lincoln","startTime":4002.87,"endTime":4004.88,"body":"traditional life insurance"},{"speaker":"Nick Lincoln","startTime":4002.87,"endTime":4004.88,"body":"company. So, just always be"},{"speaker":"Nick Lincoln","startTime":4004.97,"endTime":4007.94,"body":"aware of that. Everyone's in"},{"speaker":"Nick Lincoln","startTime":4004.97,"endTime":4007.94,"body":"this to make money from one way"},{"speaker":"Nick Lincoln","startTime":4008.0299999999997,"endTime":4010.46,"body":"or the other. They're not just"},{"speaker":"Nick Lincoln","startTime":4008.0299999999997,"endTime":4010.46,"body":"doing it at the goodness of"},{"speaker":"Nick Lincoln","startTime":4010.46,"endTime":4012.71,"body":"their heart, and that's my take"},{"speaker":"Nick Lincoln","startTime":4010.46,"endTime":4012.71,"body":"on it."},{"speaker":"Andy Hart","startTime":4012.89,"endTime":4015.14,"body":"Yeah, that was often,"},{"speaker":"Andy Hart","startTime":4012.89,"endTime":4015.14,"body":"say, your final point, Nick."},{"speaker":"Andy Hart","startTime":4015.56,"endTime":4017.68,"body":"There are loads of package"},{"speaker":"Andy Hart","startTime":4015.56,"endTime":4017.68,"body":"products that are coming up,"},{"speaker":"Andy Hart","startTime":4018.04,"endTime":4021.46,"body":"springing up to try and address"},{"speaker":"Andy Hart","startTime":4018.04,"endTime":4021.46,"body":"this centralized retirement"},{"speaker":"Andy Hart","startTime":4021.49,"endTime":4023.5899999999997,"body":"proposition. So, from their"},{"speaker":"Andy Hart","startTime":4021.49,"endTime":4023.5899999999997,"body":"point of view, it's a sales"},{"speaker":"Andy Hart","startTime":4023.7999999999997,"endTime":4027.37,"body":"angle first and foremost. I know"},{"speaker":"Andy Hart","startTime":4023.7999999999997,"endTime":4027.37,"body":"it's a regulatory point, and"},{"speaker":"Andy Hart","startTime":4027.4,"endTime":4029.5,"body":"there are more moving parts for"},{"speaker":"Andy Hart","startTime":4027.4,"endTime":4029.5,"body":"us practicing and advisors"},{"speaker":"Andy Hart","startTime":4029.56,"endTime":4032.5,"body":"trying to navigate this space,"},{"speaker":"Andy Hart","startTime":4029.56,"endTime":4032.5,"body":"but yeah, all these investment"},{"speaker":"Andy Hart","startTime":4032.8599999999997,"endTime":4035.98,"body":"houses are now creating"},{"speaker":"Andy Hart","startTime":4032.8599999999997,"endTime":4035.98,"body":"centralized retirement"},{"speaker":"Andy Hart","startTime":4035.98,"endTime":4038.97,"body":"propositions around this, so"},{"speaker":"Andy Hart","startTime":4035.98,"endTime":4038.97,"body":"yeah, it's mainly marketing from"},{"speaker":"Andy Hart","startTime":4039.0,"endTime":4039.93,"body":"there. Okay, thanks. Good"},{"speaker":"Nick Lincoln","startTime":4039.96,"endTime":4041.2799999999997,"body":"stuff. This is"},{"speaker":"Nick Lincoln","startTime":4039.96,"endTime":4041.2799999999997,"body":"really good topical tidbits."},{"speaker":"Nick Lincoln","startTime":4041.3399999999997,"endTime":4044.58,"body":"This episode, episode 99 of the"},{"speaker":"Nick Lincoln","startTime":4041.3399999999997,"endTime":4044.58,"body":"Real Advisor Podcast, we are at"},{"speaker":"Nick Lincoln","startTime":4044.91,"endTime":4047.4,"body":"166 minutes in. Andrew, you've"},{"speaker":"Nick Lincoln","startTime":4044.91,"endTime":4047.4,"body":"got"},{"speaker":"Andy Hart","startTime":4047.46,"endTime":4047.79,"body":"one more."},{"speaker":"Nick Lincoln","startTime":4049.41,"endTime":4051.2999999999997,"body":"Yeah, no, Andrew,"},{"speaker":"Nick Lincoln","startTime":4049.41,"endTime":4051.2999999999997,"body":"you've got one thing to plug,"},{"speaker":"Andy Hart","startTime":4052.0499999999997,"endTime":4053.67,"body":"one more"},{"speaker":"Andy Hart","startTime":4052.0499999999997,"endTime":4053.67,"body":"self-promotion. Okay, so I'm"},{"speaker":"Andy Hart","startTime":4053.73,"endTime":4056.25,"body":"deep in trying to organize my"},{"speaker":"Andy Hart","startTime":4053.73,"endTime":4056.25,"body":"two conferences this year,"},{"speaker":"Andy Hart","startTime":4056.3399999999997,"endTime":4060.2,"body":"Humans Under Management London"},{"speaker":"Andy Hart","startTime":4056.3399999999997,"endTime":4060.2,"body":"and Cape Town, but I have a gift"},{"speaker":"Andy Hart","startTime":4060.29,"endTime":4064.64,"body":"for you if you were listening to"},{"speaker":"Andy Hart","startTime":4060.29,"endTime":4064.64,"body":"this, following on from offering"},{"speaker":"Andy Hart","startTime":4064.91,"endTime":4067.85,"body":"scholar tickets for the last 10"},{"speaker":"Andy Hart","startTime":4064.91,"endTime":4067.85,"body":"years running humans under"},{"speaker":"Andy Hart","startTime":4067.88,"endTime":4071.15,"body":"management, but you guys jumped"},{"speaker":"Andy Hart","startTime":4067.88,"endTime":4071.15,"body":"on the bandwagon track. I will"},{"speaker":"Andy Hart","startTime":4071.18,"endTime":4075.77,"body":"continue my good deed, so I've"},{"speaker":"Andy Hart","startTime":4071.18,"endTime":4075.77,"body":"given away five scholar tickets"},{"speaker":"Andy Hart","startTime":4075.7999999999997,"endTime":4079.0899999999997,"body":"for anyone's listening to this"},{"speaker":"Andy Hart","startTime":4075.7999999999997,"endTime":4079.0899999999997,"body":"to join the Hum team on the day,"},{"speaker":"Andy Hart","startTime":4079.42,"endTime":4082.8399999999997,"body":"so please do send me an email."},{"speaker":"Andy Hart","startTime":4079.42,"endTime":4082.8399999999997,"body":"The email needs to be titled"},{"speaker":"Andy Hart","startTime":4083.68,"endTime":4087.91,"body":"Trap 99 so I know that you've"},{"speaker":"Andy Hart","startTime":4083.68,"endTime":4087.91,"body":"been listening to this show, and"},{"speaker":"Andy Hart","startTime":4087.94,"endTime":4091.3599999999997,"body":"let me know that you are happy"},{"speaker":"Andy Hart","startTime":4087.94,"endTime":4091.3599999999997,"body":"to come and be part of the Hum"},{"speaker":"Andy Hart","startTime":4091.45,"endTime":4099.12,"body":"team for Hum London, which is on"},{"speaker":"Andy Hart","startTime":4091.45,"endTime":4099.12,"body":"the fourth of November, so yeah,"},{"speaker":"Andy Hart","startTime":4099.27,"endTime":4101.91,"body":"send me a quick email, Andy at"},{"speaker":"Andy Hart","startTime":4099.27,"endTime":4101.91,"body":"Humans Under management.com and"},{"speaker":"Andy Hart","startTime":4101.9400000000005,"endTime":4104.46,"body":"then hopefully you can join me"},{"speaker":"Andy Hart","startTime":4101.9400000000005,"endTime":4104.46,"body":"for that subject line."},{"speaker":"Nick Lincoln","startTime":4104.52,"endTime":4105.99,"body":"Just repeat the"},{"speaker":"Nick Lincoln","startTime":4104.52,"endTime":4105.99,"body":"subject line is I want to be"},{"speaker":"Nick Lincoln","startTime":4106.08,"endTime":4110.1,"body":"treated dogs, I want to be"},{"speaker":"Nick Lincoln","startTime":4106.08,"endTime":4110.1,"body":"treated as a dog's body for the"},{"speaker":"Nick Lincoln","startTime":4110.1900000000005,"endTime":4111.24,"body":"day. Thank you for the"},{"speaker":"Andy Hart","startTime":4111.27,"endTime":4111.87,"body":"opportunity, Andy."},{"speaker":"Nick Lincoln","startTime":4112.41,"endTime":4115.32,"body":"Let's move on to"},{"speaker":"Nick Lincoln","startTime":4112.41,"endTime":4115.32,"body":"the what many people call the"},{"speaker":"Nick Lincoln","startTime":4115.4400000000005,"endTime":4118.82,"body":"meat and potatoes of episode 99"},{"speaker":"Nick Lincoln","startTime":4115.4400000000005,"endTime":4118.82,"body":"of the Real Advisor Podcast."},{"speaker":"Nick Lincoln","startTime":4118.82,"endTime":4121.55,"body":"This is where we take a deeper"},{"speaker":"Nick Lincoln","startTime":4118.82,"endTime":4121.55,"body":"subject and really get into it,"},{"speaker":"Nick Lincoln","startTime":4121.55,"endTime":4124.46,"body":"and thrash it, and basically"},{"speaker":"Nick Lincoln","startTime":4121.55,"endTime":4124.46,"body":"thrash the life out of it, and"},{"speaker":"Nick Lincoln","startTime":4124.76,"endTime":4127.58,"body":"or we interview someone who we"},{"speaker":"Nick Lincoln","startTime":4124.76,"endTime":4127.58,"body":"think is a leading light in this"},{"speaker":"Nick Lincoln","startTime":4127.7,"endTime":4130.9400000000005,"body":"thing of ours. And Andrew did"},{"speaker":"Nick Lincoln","startTime":4127.7,"endTime":4130.9400000000005,"body":"interview a leading light in"},{"speaker":"Nick Lincoln","startTime":4130.9400000000005,"endTime":4132.74,"body":"this thing of ours. Do you want"},{"speaker":"Nick Lincoln","startTime":4130.9400000000005,"endTime":4132.74,"body":"to say anything about it before"},{"speaker":"Nick Lincoln","startTime":4132.74,"endTime":4135.8,"body":"we go into it?"},{"speaker":"Andy Hart","startTime":4135.92,"endTime":4136.76,"body":"Nothing further to"},{"speaker":"Andy Hart","startTime":4135.92,"endTime":4136.76,"body":"add."},{"speaker":"Nick Lincoln","startTime":4137.6,"endTime":4139.57,"body":"Okay. With no"},{"speaker":"Nick Lincoln","startTime":4137.6,"endTime":4139.57,"body":"further ado, I give you mr."},{"speaker":"Nick Lincoln","startTime":4139.72,"endTime":4141.01,"body":"Hart's latest victim."},{"speaker":"Andy Hart","startTime":4145.06,"endTime":4148.9000000000005,"body":"Okay, today we are"},{"speaker":"Andy Hart","startTime":4145.06,"endTime":4148.9000000000005,"body":"joined by Colin Lawson, the man,"},{"speaker":"Andy Hart","startTime":4149.32,"endTime":4152.95,"body":"the myth, the legend, over 30"},{"speaker":"Andy Hart","startTime":4149.32,"endTime":4152.95,"body":"plus years in this mighty"},{"speaker":"Andy Hart","startTime":4153.07,"endTime":4156.07,"body":"profession, the money business."},{"speaker":"Andy Hart","startTime":4153.07,"endTime":4156.07,"body":"You've seen a lot of changes, my"},{"speaker":"Andy Hart","startTime":4156.22,"endTime":4160.32,"body":"friend, just to mention a few"},{"speaker":"Andy Hart","startTime":4156.22,"endTime":4160.32,"body":"commission RDR regulation"},{"speaker":"Andy Hart","startTime":4160.56,"endTime":4164.13,"body":"technological changes platforms"},{"speaker":"Andy Hart","startTime":4160.56,"endTime":4164.13,"body":"financial planning. Now we have"},{"speaker":"Andy Hart","startTime":4165.12,"endTime":4169.41,"body":"AI in the mix. What a time to be"},{"speaker":"Andy Hart","startTime":4165.12,"endTime":4169.41,"body":"alive in this thing of ours. You"},{"speaker":"Andy Hart","startTime":4169.68,"endTime":4173.3099999999995,"body":"are a financial services expert,"},{"speaker":"Andy Hart","startTime":4169.68,"endTime":4173.3099999999995,"body":"an expert at someone who's made"},{"speaker":"Andy Hart","startTime":4173.73,"endTime":4176.96,"body":"all the mistakes and also had"},{"speaker":"Andy Hart","startTime":4173.73,"endTime":4176.96,"body":"some great success. I think"},{"speaker":"Andy Hart","startTime":4176.96,"endTime":4179.9,"body":"you're definitely like most"},{"speaker":"Andy Hart","startTime":4176.96,"endTime":4179.9,"body":"founders, unemployable for life."},{"speaker":"Andy Hart","startTime":4180.5599999999995,"endTime":4185.15,"body":"You have to create your own"},{"speaker":"Andy Hart","startTime":4180.5599999999995,"endTime":4185.15,"body":"path. Last year, you graced the"},{"speaker":"Andy Hart","startTime":4185.3,"endTime":4188.12,"body":"humans under management stage"},{"speaker":"Andy Hart","startTime":4185.3,"endTime":4188.12,"body":"after a few years of trying to"},{"speaker":"Andy Hart","startTime":4188.51,"endTime":4192.59,"body":"twist your arm, that went down"},{"speaker":"Andy Hart","startTime":4188.51,"endTime":4192.59,"body":"very well. We've also shared"},{"speaker":"Andy Hart","startTime":4192.62,"endTime":4195.47,"body":"many beers over the years,"},{"speaker":"Andy Hart","startTime":4192.62,"endTime":4195.47,"body":"propped up a few bars. So,"},{"speaker":"Andy Hart","startTime":4195.8,"endTime":4198.61,"body":"welcome to The Real Advisor"},{"speaker":"Andy Hart","startTime":4195.8,"endTime":4198.61,"body":"podcast, Colin. How are you?"},{"speaker":"Unknown","startTime":4199.63,"endTime":4201.55,"body":"I'm awesome, thank you,"},{"speaker":"Unknown","startTime":4199.63,"endTime":4201.55,"body":"Andy. And thank you so much for"},{"speaker":"Unknown","startTime":4201.55,"endTime":4201.79,"body":"having me."},{"speaker":"Andy Hart","startTime":4202.42,"endTime":4205.15,"body":"Superb. Okay, so"},{"speaker":"Andy Hart","startTime":4202.42,"endTime":4205.15,"body":"we've got some questions to"},{"speaker":"Andy Hart","startTime":4205.21,"endTime":4207.55,"body":"focus on. We're going to focus"},{"speaker":"Andy Hart","startTime":4205.21,"endTime":4207.55,"body":"on sort of scaling a financial"},{"speaker":"Andy Hart","startTime":4207.61,"endTime":4211.69,"body":"planning business culture,"},{"speaker":"Andy Hart","startTime":4207.61,"endTime":4211.69,"body":"leadership growth, how you see"},{"speaker":"Andy Hart","startTime":4212.3499999999995,"endTime":4214.69,"body":"things, where we're heading in"},{"speaker":"Andy Hart","startTime":4212.3499999999995,"endTime":4214.69,"body":"the future. So we'll start off"},{"speaker":"Andy Hart","startTime":4214.78,"endTime":4219.48,"body":"with a very brief journey, your"},{"speaker":"Andy Hart","startTime":4214.78,"endTime":4219.48,"body":"journey into financial advice."},{"speaker":"Andy Hart","startTime":4220.11,"endTime":4223.11,"body":"Any sort of key forks in the"},{"speaker":"Andy Hart","startTime":4220.11,"endTime":4223.11,"body":"road you want to share."},{"speaker":"Unknown","startTime":4225.03,"endTime":4227.37,"body":"Well, I think like many"},{"speaker":"Unknown","startTime":4225.03,"endTime":4227.37,"body":"people, I totally fell into"},{"speaker":"Unknown","startTime":4227.4,"endTime":4230.01,"body":"financial advice. 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So, yeah, the age"},{"speaker":"Unknown","startTime":4277.86,"endTime":4281.3099999999995,"body":"of 25 and blessed with the"},{"speaker":"Unknown","startTime":4277.86,"endTime":4281.3099999999995,"body":"arrogance of youth, decided it"},{"speaker":"Unknown","startTime":4281.3099999999995,"endTime":4285.69,"body":"was time to set up on my own and"},{"speaker":"Unknown","startTime":4281.3099999999995,"endTime":4285.69,"body":"be brave and see where it takes"},{"speaker":"Unknown","startTime":4285.69,"endTime":4285.8099999999995,"body":"us."},{"speaker":"Andy Hart","startTime":4286.32,"endTime":4288.24,"body":"Wow, you set up on"},{"speaker":"Andy Hart","startTime":4286.32,"endTime":4288.24,"body":"your own at 25 became"},{"speaker":"Andy Hart","startTime":4288.33,"endTime":4291.72,"body":"self-employed at 25 Interesting."},{"speaker":"Andy Hart","startTime":4288.33,"endTime":4291.72,"body":"So, you have been in the"},{"speaker":"Andy Hart","startTime":4291.72,"endTime":4293.97,"body":"business for over 30 plus years,"},{"speaker":"Andy Hart","startTime":4291.72,"endTime":4293.97,"body":"Colin."},{"speaker":"Unknown","startTime":4294.57,"endTime":4294.72,"body":"Yep,"},{"speaker":"Andy Hart","startTime":4295.5599999999995,"endTime":4297.11,"body":"so what were these"},{"speaker":"Andy Hart","startTime":4295.5599999999995,"endTime":4297.11,"body":"flash cars they were driving out"},{"speaker":"Andy Hart","startTime":4297.11,"endTime":4299.45,"body":"of interest. Can you remember"},{"speaker":"Andy Hart","startTime":4297.11,"endTime":4299.45,"body":"the makes and models"},{"speaker":"Unknown","startTime":4300.98,"endTime":4302.9,"body":"well? Anything was"},{"speaker":"Unknown","startTime":4300.98,"endTime":4302.9,"body":"flashier than the note car that"},{"speaker":"Unknown","startTime":4302.99,"endTime":4306.83,"body":"I had, but yeah, I think it was"},{"speaker":"Unknown","startTime":4302.99,"endTime":4306.83,"body":"your classic, the nice, the nice"},{"speaker":"Unknown","startTime":4307.01,"endTime":4310.67,"body":"Cavaliers, the old Escort XR"},{"speaker":"Unknown","startTime":4307.01,"endTime":4310.67,"body":"three. I even, I think, back in"},{"speaker":"Unknown","startTime":4310.67,"endTime":4310.82,"body":"the day."},{"speaker":"Andy Hart","startTime":4311.57,"endTime":4314.54,"body":"Oh, wow. 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What are the sort"},{"speaker":"Andy Hart","startTime":4321.82,"endTime":4325.75,"body":"of two or three pivotal growth"},{"speaker":"Andy Hart","startTime":4321.82,"endTime":4325.75,"body":"decisions that you think have"},{"speaker":"Andy Hart","startTime":4325.84,"endTime":4326.7699999999995,"body":"accelerated the business?"},{"speaker":"Unknown","startTime":4328.51,"endTime":4331.39,"body":"Yeah, the first one for"},{"speaker":"Unknown","startTime":4328.51,"endTime":4331.39,"body":"us, I spent the first two years"},{"speaker":"Unknown","startTime":4331.9,"endTime":4334.51,"body":"starting from scratch, no"},{"speaker":"Unknown","startTime":4331.9,"endTime":4334.51,"body":"clients, nothing. I described"},{"speaker":"Unknown","startTime":4334.54,"endTime":4337.0199999999995,"body":"myself as a martini man back in"},{"speaker":"Unknown","startTime":4334.54,"endTime":4337.0199999999995,"body":"the day, I would see anybody"},{"speaker":"Unknown","startTime":4337.08,"endTime":4340.41,"body":"anywhere about anything, and the"},{"speaker":"Unknown","startTime":4337.08,"endTime":4340.41,"body":"first two years went well, and"},{"speaker":"Unknown","startTime":4340.92,"endTime":4342.75,"body":"but I was still learning less"},{"speaker":"Unknown","startTime":4340.92,"endTime":4342.75,"body":"than I was when I was employed"},{"speaker":"Unknown","startTime":4342.78,"endTime":4344.97,"body":"and working twice the hours, and"},{"speaker":"Unknown","startTime":4342.78,"endTime":4344.97,"body":"somehow that didn't really seem"},{"speaker":"Unknown","startTime":4345.0,"endTime":4351.87,"body":"to fit, and so I was 27 back"},{"speaker":"Unknown","startTime":4345.0,"endTime":4351.87,"body":"then, and realized that ideally"},{"speaker":"Unknown","startTime":4351.99,"endTime":4354.5999999999995,"body":"I wanted to see people during"},{"speaker":"Unknown","startTime":4351.99,"endTime":4354.5999999999995,"body":"the day, it would be great to"},{"speaker":"Unknown","startTime":4354.66,"endTime":4357.14,"body":"see them on location of my"},{"speaker":"Unknown","startTime":4354.66,"endTime":4357.14,"body":"choice, and it would be really"},{"speaker":"Unknown","startTime":4357.23,"endTime":4359.48,"body":"useful when you're in financial"},{"speaker":"Unknown","startTime":4357.23,"endTime":4359.48,"body":"services to see people have this"},{"speaker":"Unknown","startTime":4359.51,"endTime":4364.19,"body":"thing called money, and so it"},{"speaker":"Unknown","startTime":4359.51,"endTime":4364.19,"body":"was clear that that's that kind"},{"speaker":"Unknown","startTime":4364.19,"endTime":4367.76,"body":"of demographic was going to be"},{"speaker":"Unknown","startTime":4364.19,"endTime":4367.76,"body":"people who are close to"},{"speaker":"Unknown","startTime":4367.76,"endTime":4372.05,"body":"retirement and people who have"},{"speaker":"Unknown","startTime":4367.76,"endTime":4372.05,"body":"reasonable funds, and but age 27"},{"speaker":"Unknown","startTime":4372.3499999999995,"endTime":4375.38,"body":"didn't know any rich old people,"},{"speaker":"Unknown","startTime":4372.3499999999995,"endTime":4375.38,"body":"so the question was, Is where do"},{"speaker":"Unknown","startTime":4375.38,"endTime":4378.8499999999995,"body":"you find them, and so looked out"},{"speaker":"Unknown","startTime":4375.38,"endTime":4378.8499999999995,"body":"in the marketplace, looked at"},{"speaker":"Unknown","startTime":4378.88,"endTime":4382.42,"body":"what other people were doing,"},{"speaker":"Unknown","startTime":4378.88,"endTime":4382.42,"body":"and came across the concept of"},{"speaker":"Unknown","startTime":4382.42,"endTime":4387.88,"body":"seminar selling, and that was"},{"speaker":"Unknown","startTime":4382.42,"endTime":4387.88,"body":"the big thing that transformed"},{"speaker":"Unknown","startTime":4387.88,"endTime":4392.05,"body":"the business, because all of a"},{"speaker":"Unknown","startTime":4387.88,"endTime":4392.05,"body":"sudden we'd found a tap that we"},{"speaker":"Unknown","startTime":4392.17,"endTime":4396.49,"body":"could turn on and off, it was a"},{"speaker":"Unknown","startTime":4392.17,"endTime":4396.49,"body":"high cost tap for sure, but you"},{"speaker":"Unknown","startTime":4396.5199999999995,"endTime":4399.48,"body":"could turn it on and off when"},{"speaker":"Unknown","startTime":4396.5199999999995,"endTime":4399.48,"body":"you needed more clients, and it"},{"speaker":"Unknown","startTime":4399.69,"endTime":4402.51,"body":"just gave you that confidence"},{"speaker":"Unknown","startTime":4399.69,"endTime":4402.51,"body":"that you knew you could get more"},{"speaker":"Unknown","startTime":4402.57,"endTime":4406.71,"body":"customers, more clients, and"},{"speaker":"Unknown","startTime":4402.57,"endTime":4406.71,"body":"when you know that, then you can"},{"speaker":"Unknown","startTime":4406.83,"endTime":4410.13,"body":"reinvest into the business"},{"speaker":"Unknown","startTime":4406.83,"endTime":4410.13,"body":"accordingly. That literally"},{"speaker":"Unknown","startTime":4410.19,"endTime":4410.97,"body":"transformed things for"},{"speaker":"Andy Hart","startTime":4411.45,"endTime":4413.5199999999995,"body":"us. So, very high"},{"speaker":"Andy Hart","startTime":4411.45,"endTime":4413.5199999999995,"body":"level on that is that sort of"},{"speaker":"Andy Hart","startTime":4414.03,"endTime":4418.94,"body":"direct marketing, you, I, you"},{"speaker":"Andy Hart","startTime":4414.03,"endTime":4418.94,"body":"know, you identify a postcode, a"},{"speaker":"Andy Hart","startTime":4419.0,"endTime":4423.38,"body":"patch, you get a beautifully put"},{"speaker":"Andy Hart","startTime":4419.0,"endTime":4423.38,"body":"together letter, send it out,"},{"speaker":"Andy Hart","startTime":4423.5,"endTime":4426.86,"body":"book the golf course, book the"},{"speaker":"Andy Hart","startTime":4423.5,"endTime":4426.86,"body":"nice place, fill it up with 5060"},{"speaker":"Andy Hart","startTime":4427.22,"endTime":4430.4,"body":"people. Well, I'm assuming the"},{"speaker":"Andy Hart","startTime":4427.22,"endTime":4430.4,"body":"first wasn't wasn't 50 and 60,"},{"speaker":"Andy Hart","startTime":4430.4,"endTime":4433.19,"body":"it was probably five or six, and"},{"speaker":"Andy Hart","startTime":4430.4,"endTime":4433.19,"body":"it sort of scaled from there."},{"speaker":"Andy Hart","startTime":4433.34,"endTime":4436.84,"body":"So, do you want to give a brief"},{"speaker":"Andy Hart","startTime":4433.34,"endTime":4436.84,"body":"overview about the seminar"},{"speaker":"Andy Hart","startTime":4436.93,"endTime":4437.14,"body":"selling,"},{"speaker":"Unknown","startTime":4437.7699999999995,"endTime":4440.71,"body":"yeah, and it was 5060"},{"speaker":"Unknown","startTime":4437.7699999999995,"endTime":4440.71,"body":"off the bat."},{"speaker":"Andy Hart","startTime":4441.76,"endTime":4442.9,"body":"Got very lucky with"},{"speaker":"Andy Hart","startTime":4441.76,"endTime":4442.9,"body":"that one."},{"speaker":"Unknown","startTime":4442.9,"endTime":4446.74,"body":"Now we stopped doing"},{"speaker":"Unknown","startTime":4442.9,"endTime":4446.74,"body":"them just after Covid. I mean,"},{"speaker":"Unknown","startTime":4446.74,"endTime":4449.59,"body":"obviously Covid was a big"},{"speaker":"Unknown","startTime":4446.74,"endTime":4449.59,"body":"broker, but their efficiency had"},{"speaker":"Unknown","startTime":4449.62,"endTime":4451.87,"body":"been coming down and down and"},{"speaker":"Unknown","startTime":4449.62,"endTime":4451.87,"body":"down, because when we first"},{"speaker":"Unknown","startTime":4451.87,"endTime":4455.47,"body":"started doing them, the internet"},{"speaker":"Unknown","startTime":4451.87,"endTime":4455.47,"body":"didn't exist. People had to go"},{"speaker":"Unknown","startTime":4455.59,"endTime":4458.55,"body":"to a presentation to get that"},{"speaker":"Unknown","startTime":4455.59,"endTime":4458.55,"body":"level of information that they"},{"speaker":"Unknown","startTime":4458.64,"endTime":4462.0599999999995,"body":"wanted, and obviously these days"},{"speaker":"Unknown","startTime":4458.64,"endTime":4462.0599999999995,"body":"it's changed dramatically, but"},{"speaker":"Unknown","startTime":4462.09,"endTime":4466.14,"body":"interestingly, we've just done"},{"speaker":"Unknown","startTime":4462.09,"endTime":4466.14,"body":"one again for the first time,"},{"speaker":"Unknown","startTime":4466.65,"endTime":4472.08,"body":"and purely because my gut told"},{"speaker":"Unknown","startTime":4466.65,"endTime":4472.08,"body":"me that people were really angry"},{"speaker":"Unknown","startTime":4472.14,"endTime":4476.19,"body":"about tax, and that it's"},{"speaker":"Unknown","startTime":4472.14,"endTime":4476.19,"body":"something that you can't get on"},{"speaker":"Unknown","startTime":4476.3099999999995,"endTime":4478.46,"body":"the internet in the level of"},{"speaker":"Unknown","startTime":4476.3099999999995,"endTime":4478.46,"body":"depth that we wanted to go"},{"speaker":"Unknown","startTime":4478.58,"endTime":4480.3499999999995,"body":"through with it, whether it's,"},{"speaker":"Unknown","startTime":4478.58,"endTime":4480.3499999999995,"body":"you know, up with the pension"},{"speaker":"Unknown","startTime":4480.44,"endTime":4485.15,"body":"changes, inheritance tax, or the"},{"speaker":"Unknown","startTime":4480.44,"endTime":4485.15,"body":"income tax, CGT. So we took a"},{"speaker":"Unknown","startTime":4485.18,"endTime":4489.05,"body":"bunt and thought, let's try it,"},{"speaker":"Unknown","startTime":4485.18,"endTime":4489.05,"body":"try it again. And so we identify"},{"speaker":"Unknown","startTime":4489.14,"endTime":4491.69,"body":"the postcodes, find a nice venue"},{"speaker":"Unknown","startTime":4489.14,"endTime":4491.69,"body":"that people would want to go to,"},{"speaker":"Unknown","startTime":4493.07,"endTime":4496.48,"body":"and we generally mail 10,000"},{"speaker":"Unknown","startTime":4493.07,"endTime":4496.48,"body":"people, so it's really old"},{"speaker":"Unknown","startTime":4496.54,"endTime":4499.42,"body":"school, and hugely inefficient"},{"speaker":"Unknown","startTime":4496.54,"endTime":4499.42,"body":"from that point of view. Direct"},{"speaker":"Andy Hart","startTime":4499.42,"endTime":4501.13,"body":"marketing in the"},{"speaker":"Andy Hart","startTime":4499.42,"endTime":4501.13,"body":"post, and a bit of direct"},{"speaker":"Andy Hart","startTime":4501.16,"endTime":4501.46,"body":"marketing"},{"speaker":"Unknown","startTime":4501.49,"endTime":4504.64,"body":"in the post, just old"},{"speaker":"Unknown","startTime":4501.49,"endTime":4504.64,"body":"school blanket mailing, you get"},{"speaker":"Unknown","startTime":4505.0,"endTime":4506.92,"body":"the data, so you've got an idea"},{"speaker":"Unknown","startTime":4505.0,"endTime":4506.92,"body":"that you're mailing the right"},{"speaker":"Unknown","startTime":4506.98,"endTime":4513.37,"body":"people, and we got about 55"},{"speaker":"Unknown","startTime":4506.98,"endTime":4513.37,"body":"prospects there, or bums on"},{"speaker":"Unknown","startTime":4513.49,"endTime":4516.51,"body":"seats, actually, is more like 40"},{"speaker":"Unknown","startTime":4513.49,"endTime":4516.51,"body":"odd prospects. We then"},{"speaker":"Unknown","startTime":4516.57,"endTime":4518.5199999999995,"body":"supplement that with a little"},{"speaker":"Unknown","startTime":4516.57,"endTime":4518.5199999999995,"body":"bit of existing clients, which"},{"speaker":"Unknown","startTime":4518.58,"endTime":4521.73,"body":"are great, because they act as"},{"speaker":"Unknown","startTime":4518.58,"endTime":4521.73,"body":"amazing advocates for us. Yeah,"},{"speaker":"Unknown","startTime":4522.5999999999995,"endTime":4525.72,"body":"and I think we've got about 12"},{"speaker":"Unknown","startTime":4522.5999999999995,"endTime":4525.72,"body":"appointments off that so far,"},{"speaker":"Unknown","startTime":4526.11,"endTime":4528.8099999999995,"body":"which is interesting. And"},{"speaker":"Unknown","startTime":4526.11,"endTime":4528.8099999999995,"body":"sometimes it can be a slow burn,"},{"speaker":"Unknown","startTime":4528.87,"endTime":4531.03,"body":"because you need to, you know,"},{"speaker":"Unknown","startTime":4528.87,"endTime":4531.03,"body":"they're not always ready at the"},{"speaker":"Unknown","startTime":4531.18,"endTime":4535.98,"body":"time, and so typically we'll"},{"speaker":"Unknown","startTime":4531.18,"endTime":4535.98,"body":"carry on getting clients off an"},{"speaker":"Unknown","startTime":4536.04,"endTime":4539.51,"body":"event for about the next five"},{"speaker":"Unknown","startTime":4536.04,"endTime":4539.51,"body":"years after it, so next month"},{"speaker":"Andy Hart","startTime":4539.84,"endTime":4541.19,"body":"it's brilliant."},{"speaker":"Andy Hart","startTime":4539.84,"endTime":4541.19,"body":"You're still at it, shows"},{"speaker":"Andy Hart","startTime":4541.97,"endTime":4545.5999999999995,"body":"consistency pays off. Just to"},{"speaker":"Andy Hart","startTime":4541.97,"endTime":4545.5999999999995,"body":"come back to a previous point,"},{"speaker":"Andy Hart","startTime":4545.5999999999995,"endTime":4549.86,"body":"you mentioned you were 27 young"},{"speaker":"Andy Hart","startTime":4545.5999999999995,"endTime":4549.86,"body":"advising older people. That's"},{"speaker":"Andy Hart","startTime":4549.95,"endTime":4552.17,"body":"the thing that a lot of younger"},{"speaker":"Andy Hart","startTime":4549.95,"endTime":4552.17,"body":"advisors listening to this will"},{"speaker":"Andy Hart","startTime":4552.32,"endTime":4555.14,"body":"be struggling with at the"},{"speaker":"Andy Hart","startTime":4552.32,"endTime":4555.14,"body":"moment, as in their circle when"},{"speaker":"Andy Hart","startTime":4555.17,"endTime":4558.67,"body":"they're younger, as you say,"},{"speaker":"Andy Hart","startTime":4555.17,"endTime":4558.67,"body":"younger people normally require"},{"speaker":"Andy Hart","startTime":4558.73,"endTime":4561.16,"body":"mortgages, debt. They're not the"},{"speaker":"Andy Hart","startTime":4558.73,"endTime":4561.16,"body":"perfect financial planning,"},{"speaker":"Andy Hart","startTime":4561.19,"endTime":4564.97,"body":"wealth management clients. So,"},{"speaker":"Andy Hart","startTime":4561.19,"endTime":4564.97,"body":"any tips for younger advisors"},{"speaker":"Andy Hart","startTime":4565.21,"endTime":4568.54,"body":"that might feel a challenge"},{"speaker":"Andy Hart","startTime":4565.21,"endTime":4568.54,"body":"around that?"},{"speaker":"Unknown","startTime":4570.7,"endTime":4574.18,"body":"I think you've got to"},{"speaker":"Unknown","startTime":4570.7,"endTime":4574.18,"body":"try and think as much as you can"},{"speaker":"Unknown","startTime":4574.51,"endTime":4577.5599999999995,"body":"on the other side of the beach"},{"speaker":"Unknown","startTime":4574.51,"endTime":4577.5599999999995,"body":"ball. You are not them, clearly."},{"speaker":"Unknown","startTime":4578.25,"endTime":4581.67,"body":"So, how do they think? What is"},{"speaker":"Unknown","startTime":4578.25,"endTime":4581.67,"body":"it that motivates them as"},{"speaker":"Unknown","startTime":4581.76,"endTime":4584.55,"body":"individuals, which is very hard"},{"speaker":"Unknown","startTime":4581.76,"endTime":4584.55,"body":"to do when you're in a"},{"speaker":"Unknown","startTime":4584.58,"endTime":4589.65,"body":"completely different financial"},{"speaker":"Unknown","startTime":4584.58,"endTime":4589.65,"body":"situation and stage of life that"},{"speaker":"Unknown","startTime":4589.71,"endTime":4595.59,"body":"they are. So, really listen and"},{"speaker":"Unknown","startTime":4589.71,"endTime":4595.59,"body":"really question what are their"},{"speaker":"Unknown","startTime":4595.68,"endTime":4602.48,"body":"pains and gains, and I do think"},{"speaker":"Unknown","startTime":4595.68,"endTime":4602.48,"body":"that whatever ism that you're"},{"speaker":"Unknown","startTime":4602.5999999999995,"endTime":4607.61,"body":"facing, whether that's racism,"},{"speaker":"Unknown","startTime":4602.5999999999995,"endTime":4607.61,"body":"whether it's a heism, whether"},{"speaker":"Unknown","startTime":4607.61,"endTime":4611.5999999999995,"body":"it's an ageism, the only"},{"speaker":"Unknown","startTime":4607.61,"endTime":4611.5999999999995,"body":"solution is to be better. You've"},{"speaker":"Unknown","startTime":4611.75,"endTime":4617.14,"body":"got to be really good and really"},{"speaker":"Unknown","startTime":4611.75,"endTime":4617.14,"body":"work on your own skill set to"},{"speaker":"Unknown","startTime":4617.2,"endTime":4620.32,"body":"make sure that when people look"},{"speaker":"Unknown","startTime":4617.2,"endTime":4620.32,"body":"at you and go, oh, he's young or"},{"speaker":"Unknown","startTime":4620.5599999999995,"endTime":4623.41,"body":"she's young, that what they"},{"speaker":"Unknown","startTime":4620.5599999999995,"endTime":4623.41,"body":"actually see is somebody that's"},{"speaker":"Unknown","startTime":4623.53,"endTime":4626.17,"body":"really young, incredibly"},{"speaker":"Unknown","startTime":4623.53,"endTime":4626.17,"body":"competent, and very confident,"},{"speaker":"Unknown","startTime":4627.04,"endTime":4630.97,"body":"and I truly believe that it's"},{"speaker":"Unknown","startTime":4627.04,"endTime":4630.97,"body":"just work on yourself as much as"},{"speaker":"Unknown","startTime":4631.0,"endTime":4634.09,"body":"you possibly can, so that you"},{"speaker":"Unknown","startTime":4631.0,"endTime":4634.09,"body":"can come across as a true"},{"speaker":"Unknown","startTime":4634.18,"endTime":4636.55,"body":"professional and gain their"},{"speaker":"Unknown","startTime":4634.18,"endTime":4636.55,"body":"confidence really early."},{"speaker":"Andy Hart","startTime":4637.39,"endTime":4641.0999999999995,"body":"Brilliant, brilliant."},{"speaker":"Andy Hart","startTime":4637.39,"endTime":4641.0999999999995,"body":"Now let's drill down into the"},{"speaker":"Andy Hart","startTime":4641.19,"endTime":4646.29,"body":"nitty gritty, the meat of this"},{"speaker":"Andy Hart","startTime":4641.19,"endTime":4646.29,"body":"business. So you've scaled a bit"},{"speaker":"Andy Hart","startTime":4646.3499999999995,"endTime":4651.33,"body":"of firm from yourself, solo"},{"speaker":"Andy Hart","startTime":4646.3499999999995,"endTime":4651.33,"body":"advisor, built out a team, and"},{"speaker":"Andy Hart","startTime":4651.42,"endTime":4654.0599999999995,"body":"you've probably studied all the"},{"speaker":"Andy Hart","startTime":4651.42,"endTime":4654.0599999999995,"body":"different metrics that financial"},{"speaker":"Andy Hart","startTime":4654.15,"endTime":4658.19,"body":"planning business owners study."},{"speaker":"Andy Hart","startTime":4654.15,"endTime":4658.19,"body":"So what metrics matter most to"},{"speaker":"Andy Hart","startTime":4658.3099999999995,"endTime":4661.01,"body":"you while scaling? I've got a"},{"speaker":"Andy Hart","startTime":4658.3099999999995,"endTime":4661.01,"body":"few options here: revenue,"},{"speaker":"Andy Hart","startTime":4661.13,"endTime":4664.73,"body":"profit, client numbers, AUM,"},{"speaker":"Andy Hart","startTime":4661.13,"endTime":4664.73,"body":"staff retention. What are the"},{"speaker":"Andy Hart","startTime":4665.72,"endTime":4670.0999999999995,"body":"metrics that you have always"},{"speaker":"Andy Hart","startTime":4665.72,"endTime":4670.0999999999995,"body":"focused on or used to focus on,"},{"speaker":"Andy Hart","startTime":4670.13,"endTime":4673.7,"body":"and now don't? So, just over to"},{"speaker":"Andy Hart","startTime":4670.13,"endTime":4673.7,"body":"you to be as open as you can"},{"speaker":"Andy Hart","startTime":4673.97,"endTime":4674.3,"body":"around that."},{"speaker":"Unknown","startTime":4675.08,"endTime":4679.12,"body":"Staff retention is"},{"speaker":"Unknown","startTime":4675.08,"endTime":4679.12,"body":"huge. So, Debbie, my right-hand"},{"speaker":"Unknown","startTime":4679.15,"endTime":4685.18,"body":"woman, joined me 26 years ago"},{"speaker":"Unknown","startTime":4679.15,"endTime":4685.18,"body":"now, I think, and has been with"},{"speaker":"Unknown","startTime":4685.24,"endTime":4690.61,"body":"me thick and thin, and you know,"},{"speaker":"Unknown","startTime":4685.24,"endTime":4690.61,"body":"I, if she decides to quit, I'm"},{"speaker":"Unknown","startTime":4690.61,"endTime":4694.93,"body":"going. I think it's vice versa,"},{"speaker":"Unknown","startTime":4690.61,"endTime":4694.93,"body":"you know. We, we are very much a"},{"speaker":"Unknown","startTime":4695.0199999999995,"endTime":4698.37,"body":"pair in terms of how we work,"},{"speaker":"Unknown","startTime":4695.0199999999995,"endTime":4698.37,"body":"and that makes my life better"},{"speaker":"Unknown","startTime":4698.46,"endTime":4701.67,"body":"every single day. And I was"},{"speaker":"Unknown","startTime":4698.46,"endTime":4701.67,"body":"looking back with just an hour"},{"speaker":"Unknown","startTime":4701.76,"endTime":4706.59,"body":"end of year briefing last week,"},{"speaker":"Unknown","startTime":4701.76,"endTime":4706.59,"body":"and we're going back to 2009 and"},{"speaker":"Unknown","startTime":4706.62,"endTime":4711.09,"body":"we were a team of 24 then, and"},{"speaker":"Unknown","startTime":4706.62,"endTime":4711.09,"body":"12 are still with us now, which"},{"speaker":"Unknown","startTime":4711.63,"endTime":4716.8099999999995,"body":"is, which is key. And then the"},{"speaker":"Unknown","startTime":4711.63,"endTime":4716.8099999999995,"body":"second one really is around"},{"speaker":"Unknown","startTime":4716.87,"endTime":4720.44,"body":"profit, but it's not just about"},{"speaker":"Unknown","startTime":4716.87,"endTime":4720.44,"body":"the profit, it's being clear and"},{"speaker":"Unknown","startTime":4720.47,"endTime":4723.2,"body":"understanding how businesses"},{"speaker":"Unknown","startTime":4720.47,"endTime":4723.2,"body":"work. If you want to scale a"},{"speaker":"Unknown","startTime":4723.26,"endTime":4726.59,"body":"business, so I always said I get"},{"speaker":"Unknown","startTime":4723.26,"endTime":4726.59,"body":"paid three ways. I get paid"},{"speaker":"Unknown","startTime":4726.65,"endTime":4730.79,"body":"first of all as a an employee,"},{"speaker":"Unknown","startTime":4726.65,"endTime":4730.79,"body":"what job do I do? I should have"},{"speaker":"Unknown","startTime":4730.8499999999995,"endTime":4733.37,"body":"the same pay as anybody else in"},{"speaker":"Unknown","startTime":4730.8499999999995,"endTime":4733.37,"body":"the business, from that point of"},{"speaker":"Unknown","startTime":4733.37,"endTime":4736.34,"body":"view. I should get a little bit"},{"speaker":"Unknown","startTime":4733.37,"endTime":4736.34,"body":"extra for being a director, for"},{"speaker":"Unknown","startTime":4736.37,"endTime":4738.73,"body":"being a partner, for that extra"},{"speaker":"Unknown","startTime":4736.37,"endTime":4738.73,"body":"responsibility and work that"},{"speaker":"Unknown","startTime":4738.76,"endTime":4741.91,"body":"goes in, and once those are"},{"speaker":"Unknown","startTime":4738.76,"endTime":4741.91,"body":"fixed, everything that's left in"},{"speaker":"Unknown","startTime":4741.91,"endTime":4744.25,"body":"the business is profit, that's"},{"speaker":"Unknown","startTime":4741.91,"endTime":4744.25,"body":"not mine, that's the business,"},{"speaker":"Unknown","startTime":4745.39,"endTime":4749.3499999999995,"body":"and most of that should be"},{"speaker":"Unknown","startTime":4745.39,"endTime":4749.3499999999995,"body":"reinvested. So, if you look at a"},{"speaker":"Unknown","startTime":4749.44,"endTime":4752.86,"body":"traditional company structure,"},{"speaker":"Unknown","startTime":4749.44,"endTime":4752.86,"body":"they'll best pay out half as a"},{"speaker":"Unknown","startTime":4752.89,"endTime":4755.29,"body":"dividend, the other half"},{"speaker":"Unknown","startTime":4752.89,"endTime":4755.29,"body":"retained by the business to"},{"speaker":"Unknown","startTime":4755.5599999999995,"endTime":4758.67,"body":"reinvest, and in the early days"},{"speaker":"Unknown","startTime":4755.5599999999995,"endTime":4758.67,"body":"you can't afford to pay a"},{"speaker":"Unknown","startTime":4758.7,"endTime":4762.3,"body":"dividend, you've got to reinvest"},{"speaker":"Unknown","startTime":4758.7,"endTime":4762.3,"body":"all of it, and if you can"},{"speaker":"Unknown","startTime":4762.84,"endTime":4766.92,"body":"identify that top level of money"},{"speaker":"Unknown","startTime":4762.84,"endTime":4766.92,"body":"and keep growing that and"},{"speaker":"Unknown","startTime":4767.04,"endTime":4769.5599999999995,"body":"mentally go it's not yours to"},{"speaker":"Unknown","startTime":4767.04,"endTime":4769.5599999999995,"body":"keep, it's for the business,"},{"speaker":"Unknown","startTime":4770.0999999999995,"endTime":4772.29,"body":"you're always going to be"},{"speaker":"Unknown","startTime":4770.0999999999995,"endTime":4772.29,"body":"looking at ways of reinvesting"},{"speaker":"Unknown","startTime":4772.29,"endTime":4776.54,"body":"that into better systems, better"},{"speaker":"Unknown","startTime":4772.29,"endTime":4776.54,"body":"people, better processes, better"},{"speaker":"Unknown","startTime":4776.5999999999995,"endTime":4780.68,"body":"premises and just constantly"},{"speaker":"Unknown","startTime":4776.5999999999995,"endTime":4780.68,"body":"improving things, which will in"},{"speaker":"Unknown","startTime":4780.8,"endTime":4782.93,"body":"turn generate more profit, and"},{"speaker":"Unknown","startTime":4780.8,"endTime":4782.93,"body":"eventually you'll get to the"},{"speaker":"Unknown","startTime":4783.05,"endTime":4784.82,"body":"level where sure you can start"},{"speaker":"Unknown","startTime":4783.05,"endTime":4784.82,"body":"to pay some amount as a"},{"speaker":"Unknown","startTime":4784.88,"endTime":4787.91,"body":"dividend, but still it should"},{"speaker":"Unknown","startTime":4784.88,"endTime":4787.91,"body":"never be all of it. I think"},{"speaker":"Unknown","startTime":4787.97,"endTime":4790.67,"body":"where people make mistakes is"},{"speaker":"Unknown","startTime":4787.97,"endTime":4790.67,"body":"they build a lifestyle business"},{"speaker":"Unknown","startTime":4790.82,"endTime":4794.8099999999995,"body":"where as the income goes up, so"},{"speaker":"Unknown","startTime":4790.82,"endTime":4794.8099999999995,"body":"does their take-home pay go up,"},{"speaker":"Unknown","startTime":4795.62,"endTime":4798.4,"body":"and they then haven't got the"},{"speaker":"Unknown","startTime":4795.62,"endTime":4798.4,"body":"money to reinvest, and when"},{"speaker":"Unknown","startTime":4798.49,"endTime":4800.71,"body":"things then go a little bit"},{"speaker":"Unknown","startTime":4798.49,"endTime":4800.71,"body":"south, you have bad markets,"},{"speaker":"Unknown","startTime":4801.19,"endTime":4804.55,"body":"they have badder years, and then"},{"speaker":"Unknown","startTime":4801.19,"endTime":4804.55,"body":"they don't feel great. And so I"},{"speaker":"Unknown","startTime":4804.58,"endTime":4808.96,"body":"think that's a real key point is"},{"speaker":"Unknown","startTime":4804.58,"endTime":4808.96,"body":"identifying what true profit is"},{"speaker":"Unknown","startTime":4809.65,"endTime":4810.49,"body":"and putting that back in."},{"speaker":"Andy Hart","startTime":4811.63,"endTime":4814.2699999999995,"body":"Do you mind sharing a"},{"speaker":"Andy Hart","startTime":4811.63,"endTime":4814.2699999999995,"body":"few metrics around equilibrium,"},{"speaker":"Andy Hart","startTime":4814.63,"endTime":4820.08,"body":"sort of amount of employees, how"},{"speaker":"Andy Hart","startTime":4814.63,"endTime":4820.08,"body":"you sort of structure your team,"},{"speaker":"Andy Hart","startTime":4820.17,"endTime":4822.96,"body":"because I think you were quite"},{"speaker":"Andy Hart","startTime":4820.17,"endTime":4822.96,"body":"innovative in the pod structure,"},{"speaker":"Andy Hart","startTime":4823.62,"endTime":4827.34,"body":"having one lead advisor, many"},{"speaker":"Andy Hart","startTime":4823.62,"endTime":4827.34,"body":"sort of team members behind"},{"speaker":"Andy Hart","startTime":4827.37,"endTime":4830.55,"body":"them. Are you still running that"},{"speaker":"Andy Hart","startTime":4827.37,"endTime":4830.55,"body":"structure? Yeah, I think we're"},{"speaker":"Andy Hart","startTime":4830.7,"endTime":4830.88,"body":"still"},{"speaker":"Unknown","startTime":4830.97,"endTime":4835.5,"body":"about, so we're a team"},{"speaker":"Unknown","startTime":4830.97,"endTime":4835.5,"body":"of about 100 now, and the client"},{"speaker":"Unknown","startTime":4835.5,"endTime":4839.54,"body":"manager, what we call the"},{"speaker":"Unknown","startTime":4835.5,"endTime":4839.54,"body":"paraplanner ratio per advisor is"},{"speaker":"Unknown","startTime":4839.75,"endTime":4843.68,"body":"give or take about four to one"},{"speaker":"Unknown","startTime":4839.75,"endTime":4843.68,"body":"at the moment. Okay, and so"},{"speaker":"Unknown","startTime":4843.74,"endTime":4846.23,"body":"that's that's fairly unusual."},{"speaker":"Unknown","startTime":4843.74,"endTime":4846.23,"body":"That just technical"},{"speaker":"Andy Hart","startTime":4846.41,"endTime":4849.14,"body":"team is very large"},{"speaker":"Andy Hart","startTime":4846.41,"endTime":4849.14,"body":"compared to the client facing"},{"speaker":"Andy Hart","startTime":4849.17,"endTime":4849.59,"body":"advisor."},{"speaker":"Unknown","startTime":4850.88,"endTime":4854.63,"body":"Yes, and very highly"},{"speaker":"Unknown","startTime":4850.88,"endTime":4854.63,"body":"qualified. So, a lot of"},{"speaker":"Unknown","startTime":4855.2,"endTime":4858.7,"body":"chartered people in there as"},{"speaker":"Unknown","startTime":4855.2,"endTime":4858.7,"body":"paraplanners, some are fellows,"},{"speaker":"Unknown","startTime":4859.5999999999995,"endTime":4863.05,"body":"and also very well rewarded."},{"speaker":"Unknown","startTime":4859.5999999999995,"endTime":4863.05,"body":"We're trying to make"},{"speaker":"Unknown","startTime":4863.17,"endTime":4866.23,"body":"paraplanning a career in its own"},{"speaker":"Unknown","startTime":4863.17,"endTime":4866.23,"body":"right. If you don't want to have"},{"speaker":"Unknown","startTime":4866.29,"endTime":4869.47,"body":"to do that sitting in front of"},{"speaker":"Unknown","startTime":4866.29,"endTime":4869.47,"body":"clients and taking the grief"},{"speaker":"Unknown","startTime":4869.53,"endTime":4871.63,"body":"that we all get from time to"},{"speaker":"Unknown","startTime":4869.53,"endTime":4871.63,"body":"time, you want to be more behind"},{"speaker":"Unknown","startTime":4871.69,"endTime":4874.63,"body":"the scenes. That's absolutely"},{"speaker":"Unknown","startTime":4871.69,"endTime":4874.63,"body":"fine. You should be able to make"},{"speaker":"Unknown","startTime":4874.69,"endTime":4878.37,"body":"a career doing that. And then"},{"speaker":"Unknown","startTime":4874.69,"endTime":4878.37,"body":"what we've been investing in"},{"speaker":"Unknown","startTime":4878.46,"endTime":4883.98,"body":"more and more over the last few"},{"speaker":"Unknown","startTime":4878.46,"endTime":4883.98,"body":"years is the backpack office"},{"speaker":"Unknown","startTime":4884.07,"endTime":4888.39,"body":"team, the data and insight, the"},{"speaker":"Unknown","startTime":4884.07,"endTime":4888.39,"body":"transformation team, as we call"},{"speaker":"Unknown","startTime":4888.5999999999995,"endTime":4891.0599999999995,"body":"them, those are behind the"},{"speaker":"Unknown","startTime":4888.5999999999995,"endTime":4891.0599999999995,"body":"scenes, really working on the"},{"speaker":"Unknown","startTime":4891.18,"endTime":4895.0199999999995,"body":"operations, the processes,"},{"speaker":"Unknown","startTime":4891.18,"endTime":4895.0199999999995,"body":"trying to simplify things as"},{"speaker":"Unknown","startTime":4895.08,"endTime":4898.34,"body":"much as possible, trying to make"},{"speaker":"Unknown","startTime":4895.08,"endTime":4898.34,"body":"tech do as much of the heavy"},{"speaker":"Unknown","startTime":4898.43,"endTime":4902.63,"body":"lifting as possible. You touched"},{"speaker":"Unknown","startTime":4898.43,"endTime":4902.63,"body":"on AI really in its infancy at"},{"speaker":"Unknown","startTime":4902.63,"endTime":4904.49,"body":"the moment. Interesting to see"},{"speaker":"Unknown","startTime":4902.63,"endTime":4904.49,"body":"where it takes us over the next"},{"speaker":"Unknown","startTime":4904.5199999999995,"endTime":4907.97,"body":"five years. I don't think any of"},{"speaker":"Unknown","startTime":4904.5199999999995,"endTime":4907.97,"body":"us know is the honest answer"},{"speaker":"Unknown","startTime":4908.0599999999995,"endTime":4908.15,"body":"there."},{"speaker":"Andy Hart","startTime":4908.57,"endTime":4911.93,"body":"Correct. Yep. Okay,"},{"speaker":"Andy Hart","startTime":4908.57,"endTime":4911.93,"body":"so you bit our team to 100"},{"speaker":"Andy Hart","startTime":4912.23,"endTime":4916.39,"body":"people, so you must have made"},{"speaker":"Andy Hart","startTime":4912.23,"endTime":4916.39,"body":"some hiring mistakes over the"},{"speaker":"Andy Hart","startTime":4916.54,"endTime":4920.23,"body":"years, or your thoughts, your"},{"speaker":"Andy Hart","startTime":4916.54,"endTime":4920.23,"body":"thoughts on hiring, is it hire"},{"speaker":"Andy Hart","startTime":4920.29,"endTime":4923.83,"body":"the right person to then hire"},{"speaker":"Andy Hart","startTime":4920.29,"endTime":4923.83,"body":"the right people? Or over to"},{"speaker":"Andy Hart","startTime":4923.89,"endTime":4923.95,"body":"you."},{"speaker":"Unknown","startTime":4925.93,"endTime":4929.11,"body":"Yeah, hiring is always"},{"speaker":"Unknown","startTime":4925.93,"endTime":4929.11,"body":"tricky. I'm particularly bad at"},{"speaker":"Unknown","startTime":4929.17,"endTime":4932.08,"body":"it because I like people."},{"speaker":"Unknown","startTime":4929.17,"endTime":4932.08,"body":"Everyone gets the"},{"speaker":"Nick Lincoln","startTime":4932.23,"endTime":4932.41,"body":"job,"},{"speaker":"Unknown","startTime":4933.94,"endTime":4938.97,"body":"I'm an easy sell. We do"},{"speaker":"Unknown","startTime":4933.94,"endTime":4938.97,"body":"use a psychometric profiling"},{"speaker":"Unknown","startTime":4939.03,"endTime":4943.53,"body":"called Colby, which we"},{"speaker":"Unknown","startTime":4939.03,"endTime":4943.53,"body":"introduced many years ago. First"},{"speaker":"Unknown","startTime":4943.53,"endTime":4946.47,"body":"of all, we started to interview"},{"speaker":"Unknown","startTime":4943.53,"endTime":4946.47,"body":"the people first, then doing the"},{"speaker":"Unknown","startTime":4946.5599999999995,"endTime":4950.04,"body":"Colby, then realizing the Colby"},{"speaker":"Unknown","startTime":4946.5599999999995,"endTime":4950.04,"body":"didn't fit the role, and because"},{"speaker":"Unknown","startTime":4950.07,"endTime":4952.32,"body":"we like them, we'd still hire"},{"speaker":"Unknown","startTime":4950.07,"endTime":4952.32,"body":"them. And then six months later,"},{"speaker":"Unknown","startTime":4952.32,"endTime":4954.2699999999995,"body":"we go, isn't this person working"},{"speaker":"Unknown","startTime":4952.32,"endTime":4954.2699999999995,"body":"out? And you pull back out the"},{"speaker":"Unknown","startTime":4954.3,"endTime":4958.04,"body":"Colby and go, so now actually"},{"speaker":"Unknown","startTime":4954.3,"endTime":4958.04,"body":"we'll do the Colby first, and if"},{"speaker":"Unknown","startTime":4958.04,"endTime":4961.3099999999995,"body":"it doesn't fit, we won't even"},{"speaker":"Unknown","startTime":4958.04,"endTime":4961.3099999999995,"body":"hire them, so different roles"},{"speaker":"Unknown","startTime":4961.4,"endTime":4963.83,"body":"we're looking for specific"},{"speaker":"Unknown","startTime":4961.4,"endTime":4963.83,"body":"things, so that's just a great"},{"speaker":"Unknown","startTime":4963.98,"endTime":4967.07,"body":"filtering process, and it's not"},{"speaker":"Unknown","startTime":4963.98,"endTime":4967.07,"body":"to say that the person isn't"},{"speaker":"Unknown","startTime":4967.0999999999995,"endTime":4970.37,"body":"great, it's just will they fit"},{"speaker":"Unknown","startTime":4967.0999999999995,"endTime":4970.37,"body":"in with our environment, and"},{"speaker":"Unknown","startTime":4970.97,"endTime":4974.21,"body":"because we're fast-paced, we"},{"speaker":"Unknown","startTime":4970.97,"endTime":4974.21,"body":"change quite a bit and need to,"},{"speaker":"Unknown","startTime":4974.72,"endTime":4978.3099999999995,"body":"so are they able to keep up and"},{"speaker":"Unknown","startTime":4974.72,"endTime":4978.3099999999995,"body":"adapt with that, and as I said,"},{"speaker":"Unknown","startTime":4978.64,"endTime":4983.2,"body":"and each role is very different."},{"speaker":"Unknown","startTime":4978.64,"endTime":4983.2,"body":"The mistakes really come more in"},{"speaker":"Unknown","startTime":4983.26,"endTime":4987.61,"body":"the higher end levels, the"},{"speaker":"Unknown","startTime":4983.26,"endTime":4987.61,"body":"higher end hires, and I think"},{"speaker":"Unknown","startTime":4987.73,"endTime":4991.63,"body":"often we've recruited behind the"},{"speaker":"Unknown","startTime":4987.73,"endTime":4991.63,"body":"curve for where we were going."},{"speaker":"Unknown","startTime":4992.38,"endTime":4995.44,"body":"So, in particular, compliance"},{"speaker":"Unknown","startTime":4992.38,"endTime":4995.44,"body":"managers, for example, I think"},{"speaker":"Unknown","startTime":4995.5,"endTime":4999.18,"body":"we didn't recruit high enough"},{"speaker":"Unknown","startTime":4995.5,"endTime":4999.18,"body":"grade that we should have done."},{"speaker":"Unknown","startTime":4999.33,"endTime":5001.82,"body":"We should actually recruit for"},{"speaker":"Unknown","startTime":4999.33,"endTime":5001.82,"body":"where we're going, not for where"},{"speaker":"Unknown","startTime":5001.88,"endTime":5005.3,"body":"we've been. I think we had"},{"speaker":"Unknown","startTime":5001.88,"endTime":5005.3,"body":"exactly the same in head of"},{"speaker":"Unknown","startTime":5005.45,"endTime":5010.28,"body":"finance often, and we fixed"},{"speaker":"Unknown","startTime":5005.45,"endTime":5010.28,"body":"those two now. The one that"},{"speaker":"Unknown","startTime":5010.28,"endTime":5013.22,"body":"we're still struggling with, I"},{"speaker":"Unknown","startTime":5010.28,"endTime":5013.22,"body":"think we're two or three hires"},{"speaker":"Unknown","startTime":5013.4,"endTime":5017.86,"body":"in, and quit a number of years"},{"speaker":"Unknown","startTime":5013.4,"endTime":5017.86,"body":"ago, was advisor manager. Who is"},{"speaker":"Unknown","startTime":5017.86,"endTime":5022.36,"body":"it that can actually deliver the"},{"speaker":"Unknown","startTime":5017.86,"endTime":5022.36,"body":"sales training, the technical"},{"speaker":"Unknown","startTime":5022.45,"endTime":5026.59,"body":"side of it, the people"},{"speaker":"Unknown","startTime":5022.45,"endTime":5026.59,"body":"management, really holding them"},{"speaker":"Unknown","startTime":5026.65,"endTime":5029.2,"body":"to account and making sure"},{"speaker":"Unknown","startTime":5026.65,"endTime":5029.2,"body":"they're at the right skill"},{"speaker":"Unknown","startTime":5029.26,"endTime":5032.41,"body":"levels, and so that's going to"},{"speaker":"Unknown","startTime":5029.26,"endTime":5032.41,"body":"be a key one for us going"},{"speaker":"Unknown","startTime":5032.53,"endTime":5036.43,"body":"forwards. I think it's because"},{"speaker":"Unknown","startTime":5032.53,"endTime":5036.43,"body":"it's such a varied, it's"},{"speaker":"Unknown","startTime":5036.46,"endTime":5039.57,"body":"probably a very expensive role"},{"speaker":"Unknown","startTime":5036.46,"endTime":5039.57,"body":"as well, because if you're a"},{"speaker":"Unknown","startTime":5039.93,"endTime":5043.44,"body":"senior financial planner that's"},{"speaker":"Unknown","startTime":5039.93,"endTime":5043.44,"body":"been here for decades, bringing"},{"speaker":"Unknown","startTime":5043.5,"endTime":5046.14,"body":"in somebody that knows less and"},{"speaker":"Unknown","startTime":5043.5,"endTime":5046.14,"body":"is paid less than you isn't"},{"speaker":"Unknown","startTime":5046.14,"endTime":5050.97,"body":"going to cut it. So, how do we"},{"speaker":"Unknown","startTime":5046.14,"endTime":5050.97,"body":"find that person is still one of"},{"speaker":"Unknown","startTime":5051.18,"endTime":5053.49,"body":"our conundrums at the moment."},{"speaker":"Andy Hart","startTime":5054.18,"endTime":5057.23,"body":"Okay, and as a"},{"speaker":"Andy Hart","startTime":5054.18,"endTime":5057.23,"body":"founder and someone who's built"},{"speaker":"Andy Hart","startTime":5057.3499999999995,"endTime":5062.18,"body":"and scaled a firm, many founders"},{"speaker":"Andy Hart","startTime":5057.3499999999995,"endTime":5062.18,"body":"struggled to delegate. At what"},{"speaker":"Andy Hart","startTime":5062.21,"endTime":5065.3,"body":"point did you realize you needed"},{"speaker":"Andy Hart","startTime":5062.21,"endTime":5065.3,"body":"to be sort of more of a leader"},{"speaker":"Andy Hart","startTime":5065.39,"endTime":5067.76,"body":"than a, than a rainmaker? And"},{"speaker":"Andy Hart","startTime":5065.39,"endTime":5067.76,"body":"I'm assuming, obviously, you"},{"speaker":"Andy Hart","startTime":5067.91,"endTime":5070.28,"body":"still don't, you don't advise"},{"speaker":"Andy Hart","startTime":5067.91,"endTime":5070.28,"body":"clients now, in terms of from a"},{"speaker":"Andy Hart","startTime":5070.34,"endTime":5073.25,"body":"regulator point of view, but"},{"speaker":"Andy Hart","startTime":5070.34,"endTime":5073.25,"body":"you're still heavily involved in"},{"speaker":"Andy Hart","startTime":5073.67,"endTime":5076.34,"body":"being a rainmaker for the"},{"speaker":"Andy Hart","startTime":5073.67,"endTime":5076.34,"body":"business, and speaking to top"},{"speaker":"Andy Hart","startTime":5076.4,"endTime":5078.97,"body":"clients as they come in and"},{"speaker":"Andy Hart","startTime":5076.4,"endTime":5078.97,"body":"various other things, so how"},{"speaker":"Andy Hart","startTime":5079.24,"endTime":5082.63,"body":"have you managed that transition"},{"speaker":"Andy Hart","startTime":5079.24,"endTime":5082.63,"body":"and the delegation question?"},{"speaker":"Unknown","startTime":5083.65,"endTime":5087.43,"body":"For sure, I've always"},{"speaker":"Unknown","startTime":5083.65,"endTime":5087.43,"body":"done some form of coaching"},{"speaker":"Unknown","startTime":5087.55,"endTime":5089.68,"body":"course, whether that's a one on"},{"speaker":"Unknown","startTime":5087.55,"endTime":5089.68,"body":"one or whether it's been group"},{"speaker":"Unknown","startTime":5089.7699999999995,"endTime":5094.39,"body":"coaching, and I was remembering"},{"speaker":"Unknown","startTime":5089.7699999999995,"endTime":5094.39,"body":"one of the earliest ones, the"},{"speaker":"Unknown","startTime":5094.45,"endTime":5097.62,"body":"coach said, okay, write down a"},{"speaker":"Unknown","startTime":5094.45,"endTime":5097.62,"body":"list of everything that you do"},{"speaker":"Unknown","startTime":5097.74,"endTime":5100.11,"body":"in a day. Now, at that point in"},{"speaker":"Unknown","startTime":5097.74,"endTime":5100.11,"body":"time, it was just me, so that's"},{"speaker":"Unknown","startTime":5100.26,"endTime":5101.94,"body":"easy. It's everything from"},{"speaker":"Unknown","startTime":5100.26,"endTime":5101.94,"body":"making the coffee, doing the"},{"speaker":"Unknown","startTime":5101.97,"endTime":5105.45,"body":"photocopying, filling out the"},{"speaker":"Unknown","startTime":5101.97,"endTime":5105.45,"body":"application forms. They said,"},{"speaker":"Unknown","startTime":5105.51,"endTime":5109.71,"body":"okay, next put an asterisk next"},{"speaker":"Unknown","startTime":5105.51,"endTime":5109.71,"body":"to the ones that you dislike the"},{"speaker":"Unknown","startTime":5109.8,"endTime":5114.72,"body":"most, then put a an asterisk by"},{"speaker":"Unknown","startTime":5109.8,"endTime":5114.72,"body":"the ones that you're least"},{"speaker":"Unknown","startTime":5114.78,"endTime":5119.2699999999995,"body":"competent at, and that's your"},{"speaker":"Unknown","startTime":5114.78,"endTime":5119.2699999999995,"body":"first hire, and then eat, sleep,"},{"speaker":"Unknown","startTime":5119.3,"endTime":5122.48,"body":"and repeat, so every year you"},{"speaker":"Unknown","startTime":5119.3,"endTime":5122.48,"body":"still do the same list. What can"},{"speaker":"Unknown","startTime":5122.54,"endTime":5127.49,"body":"I get rid of that other people"},{"speaker":"Unknown","startTime":5122.54,"endTime":5127.49,"body":"can do better than I do, and do"},{"speaker":"Unknown","startTime":5127.5199999999995,"endTime":5131.57,"body":"it for less money? And then"},{"speaker":"Unknown","startTime":5127.5199999999995,"endTime":5131.57,"body":"there's the Dan Sullivan"},{"speaker":"Unknown","startTime":5131.5999999999995,"endTime":5134.15,"body":"Strategic Coats course that I"},{"speaker":"Unknown","startTime":5131.5999999999995,"endTime":5134.15,"body":"did, who have this great"},{"speaker":"Unknown","startTime":5134.21,"endTime":5137.7699999999995,"body":"concept, is called unique"},{"speaker":"Unknown","startTime":5134.21,"endTime":5137.7699999999995,"body":"ability, and unique ability is"},{"speaker":"Unknown","startTime":5138.01,"endTime":5141.46,"body":"defined as something that you're"},{"speaker":"Unknown","startTime":5138.01,"endTime":5141.46,"body":"really good at. It's something"},{"speaker":"Unknown","startTime":5141.7,"endTime":5144.73,"body":"that tops up your energy tanks,"},{"speaker":"Unknown","startTime":5141.7,"endTime":5144.73,"body":"that you actually love doing,"},{"speaker":"Unknown","startTime":5145.42,"endTime":5148.39,"body":"and that you'd almost do it if"},{"speaker":"Unknown","startTime":5145.42,"endTime":5148.39,"body":"you weren't being paid for it."},{"speaker":"Unknown","startTime":5149.62,"endTime":5152.89,"body":"And if you can spend the most"},{"speaker":"Unknown","startTime":5149.62,"endTime":5152.89,"body":"amount of time possible in that"},{"speaker":"Unknown","startTime":5153.01,"endTime":5159.18,"body":"unique ability, everything else"},{"speaker":"Unknown","startTime":5153.01,"endTime":5159.18,"body":"will follow, and I think that's"},{"speaker":"Unknown","startTime":5159.36,"endTime":5162.84,"body":"that, that's really key. What"},{"speaker":"Unknown","startTime":5159.36,"endTime":5162.84,"body":"else, then, outside of that, can"},{"speaker":"Unknown","startTime":5162.9,"endTime":5165.78,"body":"you delegate that? Somebody else"},{"speaker":"Unknown","startTime":5162.9,"endTime":5165.78,"body":"will, it will be their unique"},{"speaker":"Unknown","startTime":5165.84,"endTime":5169.29,"body":"ability, where they'll love"},{"speaker":"Unknown","startTime":5165.84,"endTime":5169.29,"body":"doing it. And, luckily for me,"},{"speaker":"Unknown","startTime":5169.95,"endTime":5174.03,"body":"I'm incompetent at so many"},{"speaker":"Unknown","startTime":5169.95,"endTime":5174.03,"body":"things that I'm really good at"},{"speaker":"Unknown","startTime":5174.09,"endTime":5177.17,"body":"the stuff that I'm good at, but"},{"speaker":"Unknown","startTime":5174.09,"endTime":5177.17,"body":"I am too. Totally incompetent in"},{"speaker":"Unknown","startTime":5177.2,"endTime":5180.65,"body":"so many different areas, that it"},{"speaker":"Unknown","startTime":5177.2,"endTime":5180.65,"body":"makes it easy to delegate. I see"},{"speaker":"Unknown","startTime":5180.74,"endTime":5184.37,"body":"other founders that are actually"},{"speaker":"Unknown","startTime":5180.74,"endTime":5184.37,"body":"multi-talented across the range,"},{"speaker":"Unknown","startTime":5184.58,"endTime":5187.91,"body":"which is operations. They're"},{"speaker":"Unknown","startTime":5184.58,"endTime":5187.91,"body":"good at people, which is about"},{"speaker":"Unknown","startTime":5187.91,"endTime":5190.73,"body":"bad things. They can't let go,"},{"speaker":"Unknown","startTime":5187.91,"endTime":5190.73,"body":"because everybody they hire"},{"speaker":"Unknown","startTime":5190.82,"endTime":5193.61,"body":"underneath them isn't as good as"},{"speaker":"Unknown","startTime":5190.82,"endTime":5193.61,"body":"they are. Yeah, and that"},{"speaker":"Unknown","startTime":5193.67,"endTime":5198.28,"body":"frustrates them, but sometimes"},{"speaker":"Unknown","startTime":5193.67,"endTime":5198.28,"body":"you have to just accept that you"},{"speaker":"Unknown","startTime":5198.37,"endTime":5202.21,"body":"can't let perfection be the"},{"speaker":"Unknown","startTime":5198.37,"endTime":5202.21,"body":"enemy of good. You've got to"},{"speaker":"Unknown","startTime":5202.2699999999995,"endTime":5205.12,"body":"sometimes delegate and accept"},{"speaker":"Unknown","startTime":5202.2699999999995,"endTime":5205.12,"body":"that somebody else won't quite"},{"speaker":"Unknown","startTime":5205.18,"endTime":5209.29,"body":"do it as well as you will, but"},{"speaker":"Unknown","startTime":5205.18,"endTime":5209.29,"body":"it's good enough anyway. And if"},{"speaker":"Unknown","startTime":5209.3499999999995,"endTime":5211.99,"body":"you want to scale, you're going"},{"speaker":"Unknown","startTime":5209.3499999999995,"endTime":5211.99,"body":"to have to do it, whether you"},{"speaker":"Unknown","startTime":5212.0199999999995,"endTime":5213.22,"body":"like it or not."},{"speaker":"Andy Hart","startTime":5214.18,"endTime":5217.5,"body":"Back to the marketing"},{"speaker":"Andy Hart","startTime":5214.18,"endTime":5217.5,"body":"prospecting for new clients. How"},{"speaker":"Andy Hart","startTime":5217.62,"endTime":5221.61,"body":"involved are you in landing"},{"speaker":"Andy Hart","startTime":5217.62,"endTime":5221.61,"body":"ideal top clients for the firm?"},{"speaker":"Unknown","startTime":5225.48,"endTime":5228.84,"body":"Not that much, to be"},{"speaker":"Unknown","startTime":5225.48,"endTime":5228.84,"body":"fair. I'll get involved with the"},{"speaker":"Unknown","startTime":5229.68,"endTime":5232.23,"body":"advisors and do a little bit of,"},{"speaker":"Unknown","startTime":5229.68,"endTime":5232.23,"body":"you know, coaching. We'll talk"},{"speaker":"Unknown","startTime":5232.3499999999995,"endTime":5237.98,"body":"around cases that are larger"},{"speaker":"Unknown","startTime":5232.3499999999995,"endTime":5237.98,"body":"ones. We've realized actually"},{"speaker":"Unknown","startTime":5237.98,"endTime":5242.72,"body":"that the top 45 clients that"},{"speaker":"Unknown","startTime":5237.98,"endTime":5242.72,"body":"we've got and bearing in mind"},{"speaker":"Unknown","startTime":5242.72,"endTime":5247.49,"body":"that we've got about 1300 I"},{"speaker":"Unknown","startTime":5242.72,"endTime":5247.49,"body":"think I'll have to fact check"},{"speaker":"Unknown","startTime":5247.58,"endTime":5249.89,"body":"myself on this one now, but I"},{"speaker":"Unknown","startTime":5247.58,"endTime":5249.89,"body":"think they've got something daft"},{"speaker":"Unknown","startTime":5250.01,"endTime":5254.93,"body":"like 24 per cent of the assets"},{"speaker":"Unknown","startTime":5250.01,"endTime":5254.93,"body":"and so we're really starting to"},{"speaker":"Unknown","startTime":5254.99,"endTime":5259.5999999999995,"body":"think about what is it that"},{"speaker":"Unknown","startTime":5254.99,"endTime":5259.5999999999995,"body":"those clients get? How do we"},{"speaker":"Unknown","startTime":5259.75,"endTime":5262.39,"body":"treat them differently? So that"},{"speaker":"Unknown","startTime":5259.75,"endTime":5262.39,"body":"I pop in and see them at least"},{"speaker":"Unknown","startTime":5262.45,"endTime":5265.69,"body":"once a year, even if it's just a"},{"speaker":"Unknown","startTime":5262.45,"endTime":5265.69,"body":"15 minute chat when they're"},{"speaker":"Unknown","startTime":5265.72,"endTime":5269.5599999999995,"body":"having a coffee before they go"},{"speaker":"Unknown","startTime":5265.72,"endTime":5269.5599999999995,"body":"make a come in. Just give them a"},{"speaker":"Unknown","startTime":5269.65,"endTime":5271.8099999999995,"body":"call out of the blue, checking"},{"speaker":"Unknown","startTime":5269.65,"endTime":5271.8099999999995,"body":"in and seeing how they're going,"},{"speaker":"Unknown","startTime":5272.47,"endTime":5275.98,"body":"making sure that our investment"},{"speaker":"Unknown","startTime":5272.47,"endTime":5275.98,"body":"manager sees them. So at the top"},{"speaker":"Unknown","startTime":5276.13,"endTime":5281.4,"body":"end it's more just making them"},{"speaker":"Unknown","startTime":5276.13,"endTime":5281.4,"body":"feel important than anything"},{"speaker":"Unknown","startTime":5281.49,"endTime":5284.67,"body":"else, and knowing that they have"},{"speaker":"Unknown","startTime":5281.49,"endTime":5284.67,"body":"direct line of contact if need"},{"speaker":"Unknown","startTime":5284.7,"endTime":5284.73,"body":"be."},{"speaker":"Andy Hart","startTime":5285.51,"endTime":5285.66,"body":"Okay,"},{"speaker":"Unknown","startTime":5285.9,"endTime":5287.49,"body":"but other than that,"},{"speaker":"Unknown","startTime":5285.9,"endTime":5287.49,"body":"you know, we've got a great"},{"speaker":"Unknown","startTime":5287.55,"endTime":5291.12,"body":"team, and they can be trusted at"},{"speaker":"Unknown","startTime":5287.55,"endTime":5291.12,"body":"any size of client these days."},{"speaker":"Andy Hart","startTime":5292.86,"endTime":5295.95,"body":"Briefly switching it,"},{"speaker":"Andy Hart","startTime":5292.86,"endTime":5295.95,"body":"marketing of a financial"},{"speaker":"Andy Hart","startTime":5296.04,"endTime":5299.84,"body":"planning business, now you guys"},{"speaker":"Andy Hart","startTime":5296.04,"endTime":5299.84,"body":"have tried lots of different"},{"speaker":"Andy Hart","startTime":5299.84,"endTime":5302.0,"body":"things over the years, but also"},{"speaker":"Andy Hart","startTime":5299.84,"endTime":5302.0,"body":"stuck to the things that have"},{"speaker":"Andy Hart","startTime":5302.0599999999995,"endTime":5305.9,"body":"worked very well. Anything else"},{"speaker":"Andy Hart","startTime":5302.0599999999995,"endTime":5305.9,"body":"you'd like to share with the"},{"speaker":"Andy Hart","startTime":5305.96,"endTime":5309.05,"body":"listeners around marketing do's"},{"speaker":"Andy Hart","startTime":5305.96,"endTime":5309.05,"body":"and don'ts? Things that have"},{"speaker":"Andy Hart","startTime":5309.08,"endTime":5313.19,"body":"worked well, is that is that an"},{"speaker":"Andy Hart","startTime":5309.08,"endTime":5313.19,"body":"ongoing spot that's been filled"},{"speaker":"Andy Hart","startTime":5313.28,"endTime":5316.66,"body":"well within the firm, or is it"},{"speaker":"Andy Hart","startTime":5313.28,"endTime":5316.66,"body":"constantly evolving as and when"},{"speaker":"Andy Hart","startTime":5316.84,"endTime":5320.23,"body":"sort of new channels sort of pop"},{"speaker":"Andy Hart","startTime":5316.84,"endTime":5320.23,"body":"up and new things are suggested,"},{"speaker":"Andy Hart","startTime":5321.3099999999995,"endTime":5322.99,"body":"marketing over to you, mr. mr."},{"speaker":"Andy Hart","startTime":5321.3099999999995,"endTime":5322.99,"body":"Lawson."},{"speaker":"Unknown","startTime":5323.83,"endTime":5326.53,"body":"Yeah, constantly"},{"speaker":"Unknown","startTime":5323.83,"endTime":5326.53,"body":"evolving is one of our strap"},{"speaker":"Unknown","startTime":5326.68,"endTime":5331.9,"body":"lines, and we're doing that for"},{"speaker":"Unknown","startTime":5326.68,"endTime":5331.9,"body":"sure. I think it's, it's"},{"speaker":"Unknown","startTime":5331.99,"endTime":5335.59,"body":"difficult as a financial"},{"speaker":"Unknown","startTime":5331.99,"endTime":5335.59,"body":"planning firm to stand out, and"},{"speaker":"Unknown","startTime":5336.43,"endTime":5338.5199999999995,"body":"I remember, I mean, it's got"},{"speaker":"Unknown","startTime":5336.43,"endTime":5338.5199999999995,"body":"better, but I remember back in"},{"speaker":"Unknown","startTime":5338.61,"endTime":5342.03,"body":"the day, you'd look on every IFA"},{"speaker":"Unknown","startTime":5338.61,"endTime":5342.03,"body":"website and it was all blue, we"},{"speaker":"Unknown","startTime":5342.24,"endTime":5346.62,"body":"all had the IFA promotion logo,"},{"speaker":"Unknown","startTime":5342.24,"endTime":5346.62,"body":"and you could literally copy and"},{"speaker":"Unknown","startTime":5346.65,"endTime":5349.71,"body":"paste one website to another,"},{"speaker":"Unknown","startTime":5346.65,"endTime":5349.71,"body":"and there was no point of"},{"speaker":"Unknown","startTime":5349.71,"endTime":5353.58,"body":"differentiating at all. So the"},{"speaker":"Unknown","startTime":5349.71,"endTime":5353.58,"body":"key is, how do you differentiate"},{"speaker":"Unknown","startTime":5353.67,"endTime":5357.89,"body":"yourself, and is it clear from a"},{"speaker":"Unknown","startTime":5353.67,"endTime":5357.89,"body":"client's point of view, what you"},{"speaker":"Unknown","startTime":5357.95,"endTime":5360.83,"body":"actually stand for as a"},{"speaker":"Unknown","startTime":5357.95,"endTime":5360.83,"body":"financial planner. There's some"},{"speaker":"Unknown","startTime":5360.86,"endTime":5363.5,"body":"great ones out there, and most"},{"speaker":"Unknown","startTime":5360.86,"endTime":5363.5,"body":"of them, if you can be really"},{"speaker":"Unknown","startTime":5363.59,"endTime":5368.09,"body":"clear about values, purpose, and"},{"speaker":"Unknown","startTime":5363.59,"endTime":5368.09,"body":"mission. So, what are your"},{"speaker":"Unknown","startTime":5368.09,"endTime":5370.91,"body":"values that you stand by? What's"},{"speaker":"Unknown","startTime":5368.09,"endTime":5370.91,"body":"the purpose of the business? And"},{"speaker":"Unknown","startTime":5371.0,"endTime":5373.76,"body":"so ours is a very nice, simple"},{"speaker":"Unknown","startTime":5371.0,"endTime":5373.76,"body":"one, which is making people's"},{"speaker":"Unknown","startTime":5373.82,"endTime":5377.0199999999995,"body":"lives better, and we approach"},{"speaker":"Unknown","startTime":5373.82,"endTime":5377.0199999999995,"body":"that from a team point of view,"},{"speaker":"Unknown","startTime":5378.13,"endTime":5381.46,"body":"how do I make a team member's"},{"speaker":"Unknown","startTime":5378.13,"endTime":5381.46,"body":"life better today? How can I"},{"speaker":"Unknown","startTime":5381.5199999999995,"endTime":5385.87,"body":"simplify their job for them? How"},{"speaker":"Unknown","startTime":5381.5199999999995,"endTime":5385.87,"body":"can we make the culture better,"},{"speaker":"Unknown","startTime":5386.05,"endTime":5388.93,"body":"so that makes their life better?"},{"speaker":"Unknown","startTime":5386.05,"endTime":5388.93,"body":"And from a client, if every"},{"speaker":"Unknown","startTime":5388.96,"endTime":5392.68,"body":"single time I'm walking into a"},{"speaker":"Unknown","startTime":5388.96,"endTime":5392.68,"body":"meeting, the question is, how am"},{"speaker":"Unknown","startTime":5392.74,"endTime":5395.41,"body":"I going to make this person's"},{"speaker":"Unknown","startTime":5392.74,"endTime":5395.41,"body":"lives better today? And that"},{"speaker":"Unknown","startTime":5395.44,"endTime":5398.13,"body":"isn't by just doing an ICR, is"},{"speaker":"Unknown","startTime":5395.44,"endTime":5398.13,"body":"it? It's not by making a pension"},{"speaker":"Unknown","startTime":5398.19,"endTime":5401.88,"body":"contribution. Those are all the"},{"speaker":"Unknown","startTime":5398.19,"endTime":5401.88,"body":"hygiene factors around the job."},{"speaker":"Unknown","startTime":5402.24,"endTime":5406.74,"body":"It's what everybody expects, and"},{"speaker":"Unknown","startTime":5402.24,"endTime":5406.74,"body":"that's not going to get you"},{"speaker":"Unknown","startTime":5407.22,"endTime":5411.2699999999995,"body":"noticed, and it's not going to"},{"speaker":"Unknown","startTime":5407.22,"endTime":5411.2699999999995,"body":"earn you a high level of"},{"speaker":"Unknown","startTime":5411.33,"endTime":5414.0599999999995,"body":"referrals. But if you can"},{"speaker":"Unknown","startTime":5411.33,"endTime":5414.0599999999995,"body":"genuinely make someone's lives"},{"speaker":"Unknown","startTime":5414.09,"endTime":5416.69,"body":"better, and you can show them"},{"speaker":"Unknown","startTime":5414.09,"endTime":5416.69,"body":"how they've done it, and remind"},{"speaker":"Unknown","startTime":5416.72,"endTime":5419.3,"body":"them how you've done it, because"},{"speaker":"Unknown","startTime":5416.72,"endTime":5419.3,"body":"they forget things are horrible"},{"speaker":"Unknown","startTime":5419.39,"endTime":5422.42,"body":"like that, you know, yeah, and"},{"speaker":"Unknown","startTime":5419.39,"endTime":5422.42,"body":"because often they'll take, take"},{"speaker":"Unknown","startTime":5422.42,"endTime":5424.91,"body":"the credit themselves, yeah, and"},{"speaker":"Unknown","startTime":5422.42,"endTime":5424.91,"body":"so you got to be constantly"},{"speaker":"Unknown","startTime":5424.91,"endTime":5429.2,"body":"reminding people, and then we've"},{"speaker":"Unknown","startTime":5424.91,"endTime":5429.2,"body":"got our mission, which again"},{"speaker":"Unknown","startTime":5429.65,"endTime":5431.87,"body":"comes back to making people's"},{"speaker":"Unknown","startTime":5429.65,"endTime":5431.87,"body":"lives better, but it's different"},{"speaker":"Unknown","startTime":5431.96,"endTime":5436.64,"body":"phases of the journey, which is"},{"speaker":"Unknown","startTime":5431.96,"endTime":5436.64,"body":"how do we help our clients to"},{"speaker":"Unknown","startTime":5436.76,"endTime":5439.93,"body":"live the life that they want to"},{"speaker":"Unknown","startTime":5436.76,"endTime":5439.93,"body":"live and really dig down into"},{"speaker":"Unknown","startTime":5439.99,"endTime":5442.93,"body":"that and once we've done that,"},{"speaker":"Unknown","startTime":5439.99,"endTime":5442.93,"body":"How do we help them look after"},{"speaker":"Unknown","startTime":5442.96,"endTime":5445.63,"body":"those that they love? And after"},{"speaker":"Unknown","startTime":5442.96,"endTime":5445.63,"body":"we've done that, How do they"},{"speaker":"Unknown","startTime":5445.66,"endTime":5448.5999999999995,"body":"leave a powerful legacy? And"},{"speaker":"Unknown","startTime":5445.66,"endTime":5448.5999999999995,"body":"it's a constant gyrating"},{"speaker":"Unknown","startTime":5448.69,"endTime":5452.11,"body":"through, because at different"},{"speaker":"Unknown","startTime":5448.69,"endTime":5452.11,"body":"times of life, different bits"},{"speaker":"Unknown","startTime":5452.14,"endTime":5456.07,"body":"will be more important, won't"},{"speaker":"Unknown","startTime":5452.14,"endTime":5456.07,"body":"they? But that's how we try to"},{"speaker":"Unknown","startTime":5456.3099999999995,"endTime":5460.98,"body":"differentiate ourselves both"},{"speaker":"Unknown","startTime":5456.3099999999995,"endTime":5460.98,"body":"with clients and in the new"},{"speaker":"Unknown","startTime":5461.0999999999995,"endTime":5463.44,"body":"stage of the journey that we're"},{"speaker":"Unknown","startTime":5461.0999999999995,"endTime":5463.44,"body":"heading on, going forward."},{"speaker":"Andy Hart","startTime":5464.28,"endTime":5466.74,"body":"Brilliant, brilliant."},{"speaker":"Andy Hart","startTime":5464.28,"endTime":5466.74,"body":"Switching subjects,"},{"speaker":"Andy Hart","startTime":5467.34,"endTime":5472.17,"body":"consolidation in the advisor"},{"speaker":"Andy Hart","startTime":5467.34,"endTime":5472.17,"body":"profession, buying and selling"},{"speaker":"Andy Hart","startTime":5472.23,"endTime":5475.74,"body":"of businesses, the roll-ups. I"},{"speaker":"Andy Hart","startTime":5472.23,"endTime":5475.74,"body":"know this is an area that you"},{"speaker":"Andy Hart","startTime":5475.8,"endTime":5480.83,"body":"spent. Quite a bit of time on"},{"speaker":"Andy Hart","startTime":5475.8,"endTime":5480.83,"body":"recently, so what makes an"},{"speaker":"Andy Hart","startTime":5480.86,"endTime":5483.7699999999995,"body":"independent firm valuable today?"},{"speaker":"Andy Hart","startTime":5480.86,"endTime":5483.7699999999995,"body":"You know, is it recover,"},{"speaker":"Andy Hart","startTime":5483.86,"endTime":5486.95,"body":"revenue, brand, people, process,"},{"speaker":"Andy Hart","startTime":5483.86,"endTime":5486.95,"body":"niche? What's what's your"},{"speaker":"Andy Hart","startTime":5487.01,"endTime":5490.82,"body":"thoughts on on what's happening"},{"speaker":"Andy Hart","startTime":5487.01,"endTime":5490.82,"body":"in the, in the wider market with"},{"speaker":"Andy Hart","startTime":5491.12,"endTime":5494.03,"body":"consolidation, PE firms, and all"},{"speaker":"Andy Hart","startTime":5491.12,"endTime":5494.03,"body":"the other stuff that's"},{"speaker":"Andy Hart","startTime":5494.0599999999995,"endTime":5496.5999999999995,"body":"happening? Sure, you're involved"},{"speaker":"Andy Hart","startTime":5494.0599999999995,"endTime":5496.5999999999995,"body":"in this at the moment,"},{"speaker":"Unknown","startTime":5498.01,"endTime":5501.22,"body":"people obviously very"},{"speaker":"Unknown","startTime":5498.01,"endTime":5501.22,"body":"important part of it, across the"},{"speaker":"Unknown","startTime":5501.28,"endTime":5505.93,"body":"range, profit is a key driver,"},{"speaker":"Unknown","startTime":5501.28,"endTime":5505.93,"body":"obviously, because everything"},{"speaker":"Unknown","startTime":5506.05,"endTime":5508.99,"body":"else, all those other metrics,"},{"speaker":"Unknown","startTime":5506.05,"endTime":5508.99,"body":"it still drills down to profit,"},{"speaker":"Unknown","startTime":5509.95,"endTime":5513.4,"body":"but not too high to me. If the"},{"speaker":"Unknown","startTime":5509.95,"endTime":5513.4,"body":"margins too high, it's a big"},{"speaker":"Unknown","startTime":5513.58,"endTime":5517.48,"body":"warning signal that you're"},{"speaker":"Unknown","startTime":5513.58,"endTime":5517.48,"body":"cutting corners somewhere. What"},{"speaker":"Unknown","startTime":5517.48,"endTime":5520.8,"body":"is it that you're not doing,"},{"speaker":"Unknown","startTime":5517.48,"endTime":5520.8,"body":"you're not reinvesting into, and"},{"speaker":"Unknown","startTime":5521.4,"endTime":5525.33,"body":"if I buy profit that's too high"},{"speaker":"Unknown","startTime":5521.4,"endTime":5525.33,"body":"and have to eat into that, then"},{"speaker":"Unknown","startTime":5525.51,"endTime":5530.67,"body":"that, that, that's an issue. Fee"},{"speaker":"Unknown","startTime":5525.51,"endTime":5530.67,"body":"alignment is pretty key, I"},{"speaker":"Unknown","startTime":5530.76,"endTime":5535.0199999999995,"body":"think. If your fees are much"},{"speaker":"Unknown","startTime":5530.76,"endTime":5535.0199999999995,"body":"lower than an acquiring firm,"},{"speaker":"Unknown","startTime":5535.14,"endTime":5537.59,"body":"that's going to be very, very"},{"speaker":"Unknown","startTime":5535.14,"endTime":5537.59,"body":"difficult to deal with, you mean"},{"speaker":"Unknown","startTime":5537.83,"endTime":5537.89,"body":"to"},{"speaker":"Andy Hart","startTime":5538.4,"endTime":5540.65,"body":"up the fees,"},{"speaker":"Andy Hart","startTime":5538.4,"endTime":5540.65,"body":"potentially. Yeah, I mean,"},{"speaker":"Andy Hart","startTime":5540.7699999999995,"endTime":5541.3099999999995,"body":"obviously, the FCA"},{"speaker":"Unknown","startTime":5541.459,"endTime":5543.739,"body":"take a very dim view of"},{"speaker":"Unknown","startTime":5541.459,"endTime":5543.739,"body":"you acquiring a firm that's"},{"speaker":"Unknown","startTime":5543.799,"endTime":5545.869,"body":"charging a half percent"},{"speaker":"Unknown","startTime":5543.799,"endTime":5545.869,"body":"financial planning fee, and"},{"speaker":"Unknown","startTime":5545.929,"endTime":5548.839,"body":"coming in and charging 1% for"},{"speaker":"Unknown","startTime":5545.929,"endTime":5548.839,"body":"what may be the same service."},{"speaker":"Unknown","startTime":5549.229,"endTime":5551.719,"body":"Now, if the service is very"},{"speaker":"Unknown","startTime":5549.229,"endTime":5551.719,"body":"different, then you can just,"},{"speaker":"Unknown","startTime":5552.799,"endTime":5555.3189999999995,"body":"you can, you can make an"},{"speaker":"Unknown","startTime":5552.799,"endTime":5555.3189999999995,"body":"argument for it, but you've"},{"speaker":"Unknown","startTime":5555.3189999999995,"endTime":5557.409,"body":"still got to demonstrate that"},{"speaker":"Unknown","startTime":5555.3189999999995,"endTime":5557.409,"body":"the client wants that different"},{"speaker":"Unknown","startTime":5557.469,"endTime":5559.3589999999995,"body":"service, you can't just impose"},{"speaker":"Unknown","startTime":5557.469,"endTime":5559.3589999999995,"body":"that on them."},{"speaker":"Andy Hart","startTime":5559.72,"endTime":5559.78,"body":"Yeah,"},{"speaker":"Unknown","startTime":5560.26,"endTime":5564.49,"body":"so if your service"},{"speaker":"Unknown","startTime":5560.26,"endTime":5564.49,"body":"level and your fee level is very"},{"speaker":"Unknown","startTime":5564.58,"endTime":5567.79,"body":"close to the firm that's been"},{"speaker":"Unknown","startTime":5564.58,"endTime":5567.79,"body":"that's looking at acquiring,"},{"speaker":"Unknown","startTime":5568.3,"endTime":5571.9,"body":"you're going to get the most"},{"speaker":"Unknown","startTime":5568.3,"endTime":5571.9,"body":"value. I'd say investment"},{"speaker":"Unknown","startTime":5571.96,"endTime":5576.2699999999995,"body":"flexibility as well. Most"},{"speaker":"Unknown","startTime":5571.96,"endTime":5576.2699999999995,"body":"consolidators, just from a"},{"speaker":"Unknown","startTime":5576.3,"endTime":5579.21,"body":"common sense point of view, are"},{"speaker":"Unknown","startTime":5576.3,"endTime":5579.21,"body":"ideally going to run one"},{"speaker":"Unknown","startTime":5579.21,"endTime":5583.0199999999995,"body":"investment proposition, and"},{"speaker":"Unknown","startTime":5579.21,"endTime":5583.0199999999995,"body":"sure, if your demographic is"},{"speaker":"Unknown","startTime":5583.08,"endTime":5586.14,"body":"different and demands a"},{"speaker":"Unknown","startTime":5583.08,"endTime":5586.14,"body":"different investment"},{"speaker":"Unknown","startTime":5586.14,"endTime":5590.28,"body":"proposition, then that can be"},{"speaker":"Unknown","startTime":5586.14,"endTime":5590.28,"body":"created and adapted, but you're"},{"speaker":"Unknown","startTime":5590.3099999999995,"endTime":5594.33,"body":"looking for as much alignment as"},{"speaker":"Unknown","startTime":5590.3099999999995,"endTime":5594.33,"body":"you can get in the ideal world."},{"speaker":"Unknown","startTime":5594.39,"endTime":5594.72,"body":"I would say"},{"speaker":"Andy Hart","startTime":5595.92,"endTime":5599.09,"body":"you also did look at"},{"speaker":"Andy Hart","startTime":5595.92,"endTime":5599.09,"body":"what has been called the elegant"},{"speaker":"Andy Hart","startTime":5599.18,"endTime":5603.65,"body":"exit, potentially looking to"},{"speaker":"Andy Hart","startTime":5599.18,"endTime":5603.65,"body":"sell the firm to the client"},{"speaker":"Andy Hart","startTime":5603.68,"endTime":5608.03,"body":"bank. How did that go? What were"},{"speaker":"Andy Hart","startTime":5603.68,"endTime":5608.03,"body":"the pros and cons around that?"},{"speaker":"Unknown","startTime":5609.32,"endTime":5613.13,"body":"So, just to recap, my"},{"speaker":"Unknown","startTime":5609.32,"endTime":5613.13,"body":"elegant exit idea was to sell"},{"speaker":"Unknown","startTime":5613.19,"endTime":5616.45,"body":"the majority stake in the"},{"speaker":"Unknown","startTime":5613.19,"endTime":5616.45,"body":"business to our clients. Yeah,"},{"speaker":"Unknown","startTime":5616.63,"endTime":5619.93,"body":"and if I'd found it as mutual,"},{"speaker":"Unknown","startTime":5616.63,"endTime":5619.93,"body":"I, you know, one rough metric"},{"speaker":"Unknown","startTime":5620.14,"endTime":5623.68,"body":"that was used in back in the day"},{"speaker":"Unknown","startTime":5620.14,"endTime":5623.68,"body":"was it was roughly 3% of AUM,"},{"speaker":"Unknown","startTime":5625.03,"endTime":5627.16,"body":"was a rough number for"},{"speaker":"Unknown","startTime":5625.03,"endTime":5627.16,"body":"evaluation, and I thought, well,"},{"speaker":"Unknown","startTime":5627.16,"endTime":5630.13,"body":"if we're selling, say, two"},{"speaker":"Unknown","startTime":5627.16,"endTime":5630.13,"body":"thirds, that's 2% of AUM, it's"},{"speaker":"Unknown","startTime":5630.19,"endTime":5632.98,"body":"not unreasonable to think that a"},{"speaker":"Unknown","startTime":5630.19,"endTime":5632.98,"body":"client could invest 2% of their"},{"speaker":"Unknown","startTime":5633.04,"endTime":5634.54,"body":"portfolio into a private"},{"speaker":"Unknown","startTime":5633.04,"endTime":5634.54,"body":"company,"},{"speaker":"Andy Hart","startTime":5634.87,"endTime":5634.93,"body":"yeah,"},{"speaker":"Unknown","startTime":5636.19,"endTime":5637.98,"body":"and I just thought it"},{"speaker":"Unknown","startTime":5636.19,"endTime":5637.98,"body":"was lovely, but for about eight"},{"speaker":"Unknown","startTime":5638.0999999999995,"endTime":5640.41,"body":"years I was asking the wrong"},{"speaker":"Unknown","startTime":5638.0999999999995,"endTime":5640.41,"body":"question. I was going out there"},{"speaker":"Unknown","startTime":5640.44,"endTime":5645.18,"body":"to accountants and solicitors"},{"speaker":"Unknown","startTime":5640.44,"endTime":5645.18,"body":"and lawyers, and asking the"},{"speaker":"Unknown","startTime":5645.18,"endTime":5647.8499999999995,"body":"question, \"Is can this be done?"},{"speaker":"Unknown","startTime":5645.18,"endTime":5647.8499999999995,"body":"And the answer I kept getting"},{"speaker":"Unknown","startTime":5647.88,"endTime":5650.25,"body":"back was, \"Yes, it can be done."},{"speaker":"Unknown","startTime":5647.88,"endTime":5650.25,"body":"And I was like, \"Great, let's go"},{"speaker":"Unknown","startTime":5650.3099999999995,"endTime":5653.34,"body":"and do it. And I set myself a"},{"speaker":"Unknown","startTime":5650.3099999999995,"endTime":5653.34,"body":"deadline for doing it, and it's"},{"speaker":"Unknown","startTime":5653.34,"endTime":5655.5,"body":"only when you set a deadline"},{"speaker":"Unknown","startTime":5653.34,"endTime":5655.5,"body":"that something becomes real, and"},{"speaker":"Unknown","startTime":5655.5599999999995,"endTime":5658.61,"body":"started to really look into it,"},{"speaker":"Unknown","startTime":5655.5599999999995,"endTime":5658.61,"body":"and I realized that I'm asking"},{"speaker":"Unknown","startTime":5658.61,"endTime":5660.83,"body":"the wrong question. The question"},{"speaker":"Unknown","startTime":5658.61,"endTime":5660.83,"body":"that I should have been"},{"speaker":"Unknown","startTime":5660.83,"endTime":5665.78,"body":"answering, asking was, is this a"},{"speaker":"Unknown","startTime":5660.83,"endTime":5665.78,"body":"good idea like that? Just the"},{"speaker":"Unknown","startTime":5665.78,"endTime":5666.47,"body":"fact that you can do it."},{"speaker":"Unknown","startTime":5667.34,"endTime":5672.71,"body":"Yeah, I got lots of hell no's,"},{"speaker":"Unknown","startTime":5667.34,"endTime":5672.71,"body":"and it was just down to wide"},{"speaker":"Unknown","startTime":5672.8,"endTime":5675.74,"body":"shareholder base was a major"},{"speaker":"Unknown","startTime":5672.8,"endTime":5675.74,"body":"issue. How do you have 1300"},{"speaker":"Unknown","startTime":5676.0999999999995,"endTime":5679.39,"body":"shareholders? How do you manage"},{"speaker":"Unknown","startTime":5676.0999999999995,"endTime":5679.39,"body":"the secondary market, even"},{"speaker":"Unknown","startTime":5679.39,"endTime":5682.5999999999995,"body":"though I had some solutions,"},{"speaker":"Unknown","startTime":5679.39,"endTime":5682.5999999999995,"body":"none of them were elegant, as"},{"speaker":"Unknown","startTime":5682.69,"endTime":5688.48,"body":"you would say. How do you manage"},{"speaker":"Unknown","startTime":5682.69,"endTime":5688.48,"body":"the potential that it might get"},{"speaker":"Unknown","startTime":5688.57,"endTime":5691.87,"body":"flipped in the future, so that"},{"speaker":"Unknown","startTime":5688.57,"endTime":5691.87,"body":"all the clients then vote for"},{"speaker":"Unknown","startTime":5691.9,"endTime":5694.5999999999995,"body":"selling it at a nice profit? And"},{"speaker":"Unknown","startTime":5691.9,"endTime":5694.5999999999995,"body":"I was like, but I sold a massive"},{"speaker":"Unknown","startTime":5694.66,"endTime":5695.8,"body":"discount, why am I losing to"},{"speaker":"Andy Hart","startTime":5695.8,"endTime":5696.0999999999995,"body":"help you?"},{"speaker":"Unknown","startTime":5697.09,"endTime":5698.37,"body":"And then the real big"},{"speaker":"Unknown","startTime":5697.09,"endTime":5698.37,"body":"one was bringing in the"},{"speaker":"Unknown","startTime":5698.4,"endTime":5703.23,"body":"management team, and to get a"},{"speaker":"Unknown","startTime":5698.4,"endTime":5703.23,"body":"real high-quality management"},{"speaker":"Unknown","startTime":5703.3499999999995,"endTime":5707.0999999999995,"body":"team is very difficult, because"},{"speaker":"Unknown","startTime":5703.3499999999995,"endTime":5707.0999999999995,"body":"private equity get first dibs,"},{"speaker":"Unknown","startTime":5707.43,"endTime":5710.61,"body":"and they get first dibs because"},{"speaker":"Unknown","startTime":5707.43,"endTime":5710.61,"body":"they can offer sweet equity and"},{"speaker":"Unknown","startTime":5710.64,"endTime":5714.78,"body":"incentivize people in a way that"},{"speaker":"Unknown","startTime":5710.64,"endTime":5714.78,"body":"I couldn't in a much slower"},{"speaker":"Unknown","startTime":5714.87,"endTime":5717.62,"body":"growing environment, and it was"},{"speaker":"Unknown","startTime":5714.87,"endTime":5717.62,"body":"that that I realized that"},{"speaker":"Unknown","startTime":5718.04,"endTime":5720.14,"body":"chances are I get dragged out of"},{"speaker":"Unknown","startTime":5718.04,"endTime":5720.14,"body":"retirement in three or four"},{"speaker":"Unknown","startTime":5720.23,"endTime":5723.0199999999995,"body":"years time and it won't be when"},{"speaker":"Unknown","startTime":5720.23,"endTime":5723.0199999999995,"body":"it's good and then the time"},{"speaker":"Unknown","startTime":5723.08,"endTime":5725.09,"body":"period to replace that"},{"speaker":"Unknown","startTime":5723.08,"endTime":5725.09,"body":"management team can be quite"},{"speaker":"Unknown","startTime":5725.15,"endTime":5730.88,"body":"long and so yeah had to abandon"},{"speaker":"Unknown","startTime":5725.15,"endTime":5730.88,"body":"that dream unfortunately"},{"speaker":"Andy Hart","startTime":5731.78,"endTime":5733.3099999999995,"body":"I wonder if any firm"},{"speaker":"Andy Hart","startTime":5731.78,"endTime":5733.3099999999995,"body":"is actually going to pull the"},{"speaker":"Andy Hart","startTime":5733.43,"endTime":5737.11,"body":"trigger on that I mean you could"},{"speaker":"Andy Hart","startTime":5733.43,"endTime":5737.11,"body":"do it with a more concentrated"},{"speaker":"Andy Hart","startTime":5737.32,"endTime":5741.91,"body":"group of people at 2025 still"},{"speaker":"Andy Hart","startTime":5737.32,"endTime":5741.91,"body":"again it's quite a few names on"},{"speaker":"Andy Hart","startTime":5741.91,"endTime":5744.58,"body":"the old cap table. Did you run"},{"speaker":"Andy Hart","startTime":5741.91,"endTime":5744.58,"body":"it past any clients?"},{"speaker":"Unknown","startTime":5745.9,"endTime":5746.74,"body":"Clients love the idea,"},{"speaker":"Andy Hart","startTime":5748.54,"endTime":5752.17,"body":"so all the clients"},{"speaker":"Andy Hart","startTime":5748.54,"endTime":5752.17,"body":"love the idea, but the specifics"},{"speaker":"Andy Hart","startTime":5752.26,"endTime":5754.87,"body":"of it was okay, interesting. So,"},{"speaker":"Andy Hart","startTime":5752.26,"endTime":5754.87,"body":"which of course"},{"speaker":"Unknown","startTime":5755.59,"endTime":5757.3499999999995,"body":"I've been telling"},{"speaker":"Unknown","startTime":5755.59,"endTime":5757.3499999999995,"body":"clients that was our option for"},{"speaker":"Unknown","startTime":5757.41,"endTime":5762.57,"body":"years, when we had to then"},{"speaker":"Unknown","startTime":5757.41,"endTime":5762.57,"body":"explain last year that we'd sold"},{"speaker":"Unknown","startTime":5762.63,"endTime":5767.58,"body":"60% of the business to private"},{"speaker":"Unknown","startTime":5762.63,"endTime":5767.58,"body":"equity. It was a had to be"},{"speaker":"Unknown","startTime":5767.67,"endTime":5768.45,"body":"communicated well."},{"speaker":"Andy Hart","startTime":5769.0199999999995,"endTime":5771.2699999999995,"body":"Yeah, yeah. So that's"},{"speaker":"Andy Hart","startTime":5769.0199999999995,"endTime":5771.2699999999995,"body":"the next question. So, what are"},{"speaker":"Andy Hart","startTime":5771.2699999999995,"endTime":5773.0999999999995,"body":"the growth plans now for"},{"speaker":"Andy Hart","startTime":5771.2699999999995,"endTime":5773.0999999999995,"body":"equilibrium? We just touched"},{"speaker":"Andy Hart","startTime":5773.13,"endTime":5776.04,"body":"upon it there. So, yeah, what"},{"speaker":"Andy Hart","startTime":5773.13,"endTime":5776.04,"body":"would you want to share?"},{"speaker":"Andy Hart","startTime":5776.18,"endTime":5776.48,"body":"Listeners,"},{"speaker":"Unknown","startTime":5778.4,"endTime":5779.9,"body":"yeah, so we took"},{"speaker":"Unknown","startTime":5778.4,"endTime":5779.9,"body":"investment from Sovereign"},{"speaker":"Unknown","startTime":5779.99,"endTime":5784.5199999999995,"body":"Capital last year as a platform"},{"speaker":"Unknown","startTime":5779.99,"endTime":5784.5199999999995,"body":"business, as they would call it."},{"speaker":"Unknown","startTime":5784.7,"endTime":5787.7,"body":"They've had experience growing"},{"speaker":"Unknown","startTime":5784.7,"endTime":5787.7,"body":"Skerrits and later into"},{"speaker":"Unknown","startTime":5787.97,"endTime":5791.69,"body":"Shackleton, and then exiting"},{"speaker":"Unknown","startTime":5787.97,"endTime":5791.69,"body":"that to Lee Equity last year,"},{"speaker":"Unknown","startTime":5793.13,"endTime":5796.13,"body":"and so they've got great"},{"speaker":"Unknown","startTime":5793.13,"endTime":5796.13,"body":"industry experience and were"},{"speaker":"Unknown","startTime":5796.94,"endTime":5799.72,"body":"planning on a similar but very"},{"speaker":"Unknown","startTime":5796.94,"endTime":5799.72,"body":"different buy and build"},{"speaker":"Unknown","startTime":5799.78,"endTime":5803.86,"body":"strategy. I think we're a very"},{"speaker":"Unknown","startTime":5799.78,"endTime":5803.86,"body":"different business to Shackleton"},{"speaker":"Unknown","startTime":5803.98,"endTime":5809.47,"body":"in terms of quality, average"},{"speaker":"Unknown","startTime":5803.98,"endTime":5809.47,"body":"client size, and so our plan is"},{"speaker":"Unknown","startTime":5809.71,"endTime":5813.88,"body":"to look for really high quality"},{"speaker":"Unknown","startTime":5809.71,"endTime":5813.88,"body":"firms that have built great"},{"speaker":"Unknown","startTime":5813.94,"endTime":5818.94,"body":"businesses and to add two extra"},{"speaker":"Unknown","startTime":5813.94,"endTime":5818.94,"body":"cs into consolidation of"},{"speaker":"Unknown","startTime":5819.0599999999995,"endTime":5822.87,"body":"communication and collaboration."},{"speaker":"Unknown","startTime":5819.0599999999995,"endTime":5822.87,"body":"I think if I'm acquiring a firm"},{"speaker":"Unknown","startTime":5823.5,"endTime":5827.58,"body":"that has built a great business,"},{"speaker":"Unknown","startTime":5823.5,"endTime":5827.58,"body":"to believe that the equilibrium"},{"speaker":"Unknown","startTime":5827.7,"endTime":5831.57,"body":"way of doing everything is the"},{"speaker":"Unknown","startTime":5827.7,"endTime":5831.57,"body":"best way is arrogance at its"},{"speaker":"Unknown","startTime":5831.66,"endTime":5835.59,"body":"worst. I think if we're buying a"},{"speaker":"Unknown","startTime":5831.66,"endTime":5835.59,"body":"great firm, there are going to"},{"speaker":"Unknown","startTime":5835.59,"endTime":5839.3,"body":"be things that those firms are"},{"speaker":"Unknown","startTime":5835.59,"endTime":5839.3,"body":"doing that are better than than"},{"speaker":"Unknown","startTime":5839.36,"endTime":5843.23,"body":"how we're approaching it, that"},{"speaker":"Unknown","startTime":5839.36,"endTime":5843.23,"body":"we can learn from them. You know"},{"speaker":"Unknown","startTime":5843.29,"endTime":5845.0,"body":"what it's like at the"},{"speaker":"Unknown","startTime":5843.29,"endTime":5845.0,"body":"conferences, and do you learn"},{"speaker":"Unknown","startTime":5845.15,"endTime":5847.64,"body":"just as much from the people"},{"speaker":"Unknown","startTime":5845.15,"endTime":5847.64,"body":"around the bar, around the"},{"speaker":"Unknown","startTime":5847.67,"endTime":5851.72,"body":"conversations as you do from the"},{"speaker":"Unknown","startTime":5847.67,"endTime":5851.72,"body":"main platform speakers. And so"},{"speaker":"Unknown","startTime":5852.0199999999995,"endTime":5856.8499999999995,"body":"to actually build a business"},{"speaker":"Unknown","startTime":5852.0199999999995,"endTime":5856.8499999999995,"body":"that has, you know, advisory"},{"speaker":"Unknown","startTime":5856.97,"endTime":5861.91,"body":"groups of all of the founders"},{"speaker":"Unknown","startTime":5856.97,"endTime":5861.91,"body":"that can collaborate together,"},{"speaker":"Unknown","startTime":5863.08,"endTime":5867.04,"body":"really good communication, and"},{"speaker":"Unknown","startTime":5863.08,"endTime":5867.04,"body":"build something that has not"},{"speaker":"Unknown","startTime":5867.0999999999995,"endTime":5870.49,"body":"been done before, that is"},{"speaker":"Unknown","startTime":5867.0999999999995,"endTime":5870.49,"body":"building the first national"},{"speaker":"Unknown","startTime":5870.79,"endTime":5874.3,"body":"values, purpose, and mission-led"},{"speaker":"Unknown","startTime":5870.79,"endTime":5874.3,"body":"business that's out there,"},{"speaker":"Unknown","startTime":5874.5999999999995,"endTime":5878.25,"body":"because I think if I look at"},{"speaker":"Unknown","startTime":5874.5999999999995,"endTime":5878.25,"body":"some of the other consolidators,"},{"speaker":"Unknown","startTime":5878.34,"endTime":5881.64,"body":"not going to name any names or"},{"speaker":"Unknown","startTime":5878.34,"endTime":5881.64,"body":"anything, but I think"},{"speaker":"Unknown","startTime":5881.76,"endTime":5885.15,"body":"consolidation is like the wild"},{"speaker":"Unknown","startTime":5881.76,"endTime":5885.15,"body":"west of commission back in the"},{"speaker":"Unknown","startTime":5885.15,"endTime":5888.0599999999995,"body":"day, you can be a bad"},{"speaker":"Unknown","startTime":5885.15,"endTime":5888.0599999999995,"body":"consolidator and still make an"},{"speaker":"Unknown","startTime":5888.3,"endTime":5892.7699999999995,"body":"awful lot of money, and if"},{"speaker":"Unknown","startTime":5888.3,"endTime":5892.7699999999995,"body":"that's all you want to do, then"},{"speaker":"Unknown","startTime":5893.04,"endTime":5896.55,"body":"happy days, but I've said"},{"speaker":"Unknown","startTime":5893.04,"endTime":5896.55,"body":"publicly, I said at the Humans"},{"speaker":"Unknown","startTime":5896.61,"endTime":5900.14,"body":"and the management speech, that"},{"speaker":"Unknown","startTime":5896.61,"endTime":5900.14,"body":"all of my equity that I earn"},{"speaker":"Unknown","startTime":5900.26,"endTime":5905.36,"body":"going forwards is going to"},{"speaker":"Unknown","startTime":5900.26,"endTime":5905.36,"body":"charity. So, whilst Sovereign"},{"speaker":"Unknown","startTime":5905.45,"endTime":5909.0199999999995,"body":"Capital, they have one goal, and"},{"speaker":"Unknown","startTime":5905.45,"endTime":5909.0199999999995,"body":"one goal only, and that is to"},{"speaker":"Unknown","startTime":5909.05,"endTime":5912.14,"body":"return the money to the"},{"speaker":"Unknown","startTime":5909.05,"endTime":5912.14,"body":"investors, is to get a good"},{"speaker":"Unknown","startTime":5912.17,"endTime":5915.32,"body":"return on the people that have"},{"speaker":"Unknown","startTime":5912.17,"endTime":5915.32,"body":"trusted them with their capital."},{"speaker":"Unknown","startTime":5916.94,"endTime":5920.7699999999995,"body":"I've got a different goal. My"},{"speaker":"Unknown","startTime":5916.94,"endTime":5920.7699999999995,"body":"goal is to build true value,"},{"speaker":"Unknown","startTime":5921.37,"endTime":5924.0999999999995,"body":"build something that is pretty"},{"speaker":"Unknown","startTime":5921.37,"endTime":5924.0999999999995,"body":"unique and different out there,"},{"speaker":"Unknown","startTime":5924.76,"endTime":5926.7699999999995,"body":"and as long as those two things"},{"speaker":"Unknown","startTime":5924.76,"endTime":5926.7699999999995,"body":"are in alignment, as long as we"},{"speaker":"Unknown","startTime":5926.83,"endTime":5930.91,"body":"can do that and make money,"},{"speaker":"Unknown","startTime":5926.83,"endTime":5930.91,"body":"happy days. And so far they very"},{"speaker":"Unknown","startTime":5931.0,"endTime":5934.57,"body":"much are. We've got a number of"},{"speaker":"Unknown","startTime":5931.0,"endTime":5934.57,"body":"firms in the in the pipeline,"},{"speaker":"Unknown","startTime":5935.92,"endTime":5939.2699999999995,"body":"and I'm confident that we can,"},{"speaker":"Unknown","startTime":5935.92,"endTime":5939.2699999999995,"body":"we can do something different,"},{"speaker":"Unknown","startTime":5939.36,"endTime":5943.53,"body":"so I think it will be buying"},{"speaker":"Unknown","startTime":5939.36,"endTime":5943.53,"body":"lower number of firms, getting"},{"speaker":"Unknown","startTime":5943.59,"endTime":5946.71,"body":"integration done really well,"},{"speaker":"Unknown","startTime":5943.59,"endTime":5946.71,"body":"because I think done well it"},{"speaker":"Unknown","startTime":5946.7699999999995,"endTime":5949.17,"body":"should be something that people"},{"speaker":"Unknown","startTime":5946.7699999999995,"endTime":5949.17,"body":"lean into, it should be"},{"speaker":"Unknown","startTime":5949.26,"endTime":5951.42,"body":"something where people go great,"},{"speaker":"Unknown","startTime":5949.26,"endTime":5951.42,"body":"I want that, because you're, I"},{"speaker":"Unknown","startTime":5951.48,"endTime":5953.28,"body":"can see that that's better for"},{"speaker":"Unknown","startTime":5951.48,"endTime":5953.28,"body":"my clients, I can see it's"},{"speaker":"Unknown","startTime":5953.34,"endTime":5957.38,"body":"better for my team, and if we"},{"speaker":"Unknown","startTime":5953.34,"endTime":5957.38,"body":"can keep doing that, where"},{"speaker":"Unknown","startTime":5957.41,"endTime":5960.38,"body":"people actually want it, it's"},{"speaker":"Unknown","startTime":5957.41,"endTime":5960.38,"body":"not being imposed upon them,"},{"speaker":"Unknown","startTime":5960.7699999999995,"endTime":5962.84,"body":"they're actually saying, \"Yes,"},{"speaker":"Unknown","startTime":5960.7699999999995,"endTime":5962.84,"body":"please give me that, that's"},{"speaker":"Unknown","startTime":5962.9,"endTime":5966.53,"body":"great, I want it. And it's a"},{"speaker":"Unknown","startTime":5962.9,"endTime":5966.53,"body":"completely different mindset,"},{"speaker":"Unknown","startTime":5967.37,"endTime":5969.53,"body":"and so it's going to be an"},{"speaker":"Unknown","startTime":5967.37,"endTime":5969.53,"body":"interesting journey, Andy. And"},{"speaker":"Unknown","startTime":5969.7699999999995,"endTime":5971.0,"body":"we'll see in five years how we"},{"speaker":"Unknown","startTime":5969.7699999999995,"endTime":5971.0,"body":"get on."},{"speaker":"Andy Hart","startTime":5971.9,"endTime":5973.7,"body":"We'll get you back in"},{"speaker":"Andy Hart","startTime":5971.9,"endTime":5973.7,"body":"five years, but to drill down on"},{"speaker":"Andy Hart","startTime":5973.7,"endTime":5975.86,"body":"the detail, there, Colin,"},{"speaker":"Andy Hart","startTime":5973.7,"endTime":5975.86,"body":"there'll be lots of people"},{"speaker":"Andy Hart","startTime":5975.86,"endTime":5978.94,"body":"listening to this that might fit"},{"speaker":"Andy Hart","startTime":5975.86,"endTime":5978.94,"body":"into the sweet spot of the firms"},{"speaker":"Andy Hart","startTime":5978.97,"endTime":5983.83,"body":"that you're looking to acquire."},{"speaker":"Andy Hart","startTime":5978.97,"endTime":5983.83,"body":"Can you share, you know, revenue"},{"speaker":"Andy Hart","startTime":5983.89,"endTime":5987.58,"body":"numbers you look for? Is it is"},{"speaker":"Andy Hart","startTime":5983.89,"endTime":5987.58,"body":"it minimum of x million, is it"},{"speaker":"Andy Hart","startTime":5987.61,"endTime":5992.11,"body":"minimum average client size,"},{"speaker":"Andy Hart","startTime":5987.61,"endTime":5992.11,"body":"average age, average AUM charge?"},{"speaker":"Andy Hart","startTime":5992.41,"endTime":5996.93,"body":"Like as specific as you can be,"},{"speaker":"Andy Hart","startTime":5992.41,"endTime":5996.93,"body":"like when you look at these sort"},{"speaker":"Andy Hart","startTime":5996.93,"endTime":5998.19,"body":"of term sheets for buying firms."},{"speaker":"Unknown","startTime":5999.15,"endTime":6002.9,"body":"Yeah, so I've just done"},{"speaker":"Unknown","startTime":5999.15,"endTime":6002.9,"body":"a, an assessment sheet, just"},{"speaker":"Unknown","startTime":6002.9,"endTime":6006.26,"body":"looking at eight different"},{"speaker":"Unknown","startTime":6002.9,"endTime":6006.26,"body":"points that we're looking for in"},{"speaker":"Unknown","startTime":6007.4,"endTime":6013.07,"body":"firms, and there's an AUM number"},{"speaker":"Unknown","startTime":6007.4,"endTime":6013.07,"body":"around about 250 to 300 million,"},{"speaker":"Unknown","startTime":6013.16,"endTime":6016.36,"body":"where firms seem to hit the"},{"speaker":"Unknown","startTime":6013.16,"endTime":6016.36,"body":"ceiling of complexity, where the"},{"speaker":"Unknown","startTime":6016.39,"endTime":6018.4,"body":"founders are still doing most of"},{"speaker":"Unknown","startTime":6016.39,"endTime":6018.4,"body":"the running of the business"},{"speaker":"Unknown","startTime":6018.46,"endTime":6022.03,"body":"themselves, they're getting"},{"speaker":"Unknown","startTime":6018.46,"endTime":6022.03,"body":"frustrated with compliance, HR,"},{"speaker":"Unknown","startTime":6022.33,"endTime":6025.69,"body":"finance, and everything. Yes,"},{"speaker":"Unknown","startTime":6022.33,"endTime":6025.69,"body":"and that's the sweet spot."},{"speaker":"Unknown","startTime":6025.72,"endTime":6028.69,"body":"Interesting, when people break"},{"speaker":"Unknown","startTime":6025.72,"endTime":6028.69,"body":"through that, they seem to very"},{"speaker":"Unknown","startTime":6028.87,"endTime":6031.0599999999995,"body":"quickly get up to the billion,"},{"speaker":"Unknown","startTime":6028.87,"endTime":6031.0599999999995,"body":"because to break through it, you"},{"speaker":"Unknown","startTime":6031.09,"endTime":6032.95,"body":"need all those senior highs, you"},{"speaker":"Unknown","startTime":6031.09,"endTime":6032.95,"body":"need your finance, you need your"},{"speaker":"Unknown","startTime":6033.0999999999995,"endTime":6036.51,"body":"clients, you need your ops, you"},{"speaker":"Unknown","startTime":6033.0999999999995,"endTime":6036.51,"body":"need your HR, but it's a huge"},{"speaker":"Unknown","startTime":6036.63,"endTime":6037.08,"body":"bottleneck"},{"speaker":"Andy Hart","startTime":6037.14,"endTime":6037.92,"body":"at 250 303"},{"speaker":"Unknown","startTime":6039.2699999999995,"endTime":6042.87,"body":"50 is what I'm kind of"},{"speaker":"Unknown","startTime":6039.2699999999995,"endTime":6042.87,"body":"seeing out there. Our average"},{"speaker":"Unknown","startTime":6042.96,"endTime":6046.38,"body":"client size is about 1.1"},{"speaker":"Unknown","startTime":6042.96,"endTime":6046.38,"body":"million. I think the industry is"},{"speaker":"Unknown","startTime":6046.44,"endTime":6051.12,"body":"probably about 300 ish. So the"},{"speaker":"Unknown","startTime":6046.44,"endTime":6051.12,"body":"firms that we're in discussions"},{"speaker":"Unknown","startTime":6051.18,"endTime":6054.18,"body":"with at the moment are around"},{"speaker":"Unknown","startTime":6051.18,"endTime":6054.18,"body":"about the 700 800 mark."},{"speaker":"Andy Hart","startTime":6054.51,"endTime":6054.57,"body":"Yeah,"},{"speaker":"Unknown","startTime":6054.96,"endTime":6058.28,"body":"and where we break"},{"speaker":"Unknown","startTime":6054.96,"endTime":6058.28,"body":"through is really where averages"},{"speaker":"Unknown","startTime":6058.37,"endTime":6060.5599999999995,"body":"kind of get lost, because we've"},{"speaker":"Unknown","startTime":6058.37,"endTime":6060.5599999999995,"body":"got, you know, some at 15"},{"speaker":"Unknown","startTime":6060.59,"endTime":6063.14,"body":"million, 20 million, and that"},{"speaker":"Unknown","startTime":6060.59,"endTime":6063.14,"body":"skews it, so you're looking at"},{"speaker":"Unknown","startTime":6063.23,"endTime":6069.86,"body":"mean as well as kind of average,"},{"speaker":"Unknown","startTime":6063.23,"endTime":6069.86,"body":"and hopefully by bringing in the"},{"speaker":"Unknown","startTime":6069.95,"endTime":6072.53,"body":"extra quality and extra"},{"speaker":"Unknown","startTime":6069.95,"endTime":6072.53,"body":"resource, then those firms can"},{"speaker":"Unknown","startTime":6072.71,"endTime":6075.71,"body":"retain and grow some of that top"},{"speaker":"Unknown","startTime":6072.71,"endTime":6075.71,"body":"end clients as well, because"},{"speaker":"Unknown","startTime":6075.7699999999995,"endTime":6080.26,"body":"organic. Growth is what it's all"},{"speaker":"Unknown","startTime":6075.7699999999995,"endTime":6080.26,"body":"about, and again, I've talked"},{"speaker":"Unknown","startTime":6080.26,"endTime":6082.96,"body":"about fee alignment that we're"},{"speaker":"Unknown","startTime":6080.26,"endTime":6082.96,"body":"looking at. So, we charge"},{"speaker":"Unknown","startTime":6083.0199999999995,"endTime":6085.5999999999995,"body":"generally 1% and then tiering"},{"speaker":"Unknown","startTime":6083.0199999999995,"endTime":6085.5999999999995,"body":"down to half."},{"speaker":"Andy Hart","startTime":6086.05,"endTime":6086.11,"body":"Yeah,"},{"speaker":"Unknown","startTime":6087.61,"endTime":6091.72,"body":"we're looking at"},{"speaker":"Unknown","startTime":6087.61,"endTime":6091.72,"body":"investment compatibility again."},{"speaker":"Unknown","startTime":6091.9,"endTime":6094.21,"body":"You know, we want to look at the"},{"speaker":"Unknown","startTime":6091.9,"endTime":6094.21,"body":"firm, look at their whatever"},{"speaker":"Unknown","startTime":6094.2699999999995,"endTime":6096.79,"body":"their DFM proposition is, model"},{"speaker":"Unknown","startTime":6094.2699999999995,"endTime":6096.79,"body":"portfolios."},{"speaker":"Andy Hart","startTime":6097.09,"endTime":6097.15,"body":"Yeah,"},{"speaker":"Unknown","startTime":6097.78,"endTime":6101.34,"body":"can we genuinely look"},{"speaker":"Unknown","startTime":6097.78,"endTime":6101.34,"body":"at ours and say actually on a"},{"speaker":"Unknown","startTime":6101.4,"endTime":6104.22,"body":"risk-adjusted basis, you can do"},{"speaker":"Unknown","startTime":6101.4,"endTime":6104.22,"body":"that scatter plot and say yes,"},{"speaker":"Unknown","startTime":6104.28,"endTime":6107.4,"body":"our performance is slightly"},{"speaker":"Unknown","startTime":6104.28,"endTime":6107.4,"body":"better, the risk is slightly"},{"speaker":"Unknown","startTime":6107.49,"endTime":6111.84,"body":"less, and the charges are very"},{"speaker":"Unknown","startTime":6107.49,"endTime":6111.84,"body":"similar. That makes that an easy"},{"speaker":"Unknown","startTime":6111.96,"endTime":6116.22,"body":"transition across. So, are the"},{"speaker":"Unknown","startTime":6111.96,"endTime":6116.22,"body":"client banks similar? Because"},{"speaker":"Unknown","startTime":6117.45,"endTime":6119.63,"body":"think about it from an FCA point"},{"speaker":"Unknown","startTime":6117.45,"endTime":6119.63,"body":"of view, and just from a common"},{"speaker":"Unknown","startTime":6119.66,"endTime":6124.16,"body":"sense point of view, consumer"},{"speaker":"Unknown","startTime":6119.66,"endTime":6124.16,"body":"journey trying to bring, trying"},{"speaker":"Unknown","startTime":6124.22,"endTime":6126.74,"body":"to impose something on a client"},{"speaker":"Unknown","startTime":6124.22,"endTime":6126.74,"body":"bank that looks very different,"},{"speaker":"Unknown","startTime":6128.93,"endTime":6132.86,"body":"is it just doesn't fit. So, is"},{"speaker":"Unknown","startTime":6128.93,"endTime":6132.86,"body":"there a cultural fit as well?"},{"speaker":"Unknown","startTime":6132.95,"endTime":6134.9,"body":"So, one of the first things I do"},{"speaker":"Unknown","startTime":6132.95,"endTime":6134.9,"body":"is go and look on the website,"},{"speaker":"Unknown","startTime":6135.0199999999995,"endTime":6136.69,"body":"try and find out about the"},{"speaker":"Unknown","startTime":6135.0199999999995,"endTime":6136.69,"body":"values, what articles have they"},{"speaker":"Unknown","startTime":6136.78,"endTime":6140.95,"body":"written. How do they speak? Do I"},{"speaker":"Unknown","startTime":6136.78,"endTime":6140.95,"body":"think that they're, you know,"},{"speaker":"Unknown","startTime":6141.3099999999995,"endTime":6144.97,"body":"acting with total integrity, and"},{"speaker":"Unknown","startTime":6141.3099999999995,"endTime":6144.97,"body":"always have done. And so it's"},{"speaker":"Unknown","startTime":6145.45,"endTime":6148.66,"body":"that's where the people side"},{"speaker":"Unknown","startTime":6145.45,"endTime":6148.66,"body":"really comes into it. Is is"},{"speaker":"Unknown","startTime":6149.83,"endTime":6152.62,"body":"there are we going to think the"},{"speaker":"Unknown","startTime":6149.83,"endTime":6152.62,"body":"same way about how we look after"},{"speaker":"Unknown","startTime":6152.65,"endTime":6156.36,"body":"the team, and are we going to"},{"speaker":"Unknown","startTime":6152.65,"endTime":6156.36,"body":"think the same way about how we"},{"speaker":"Unknown","startTime":6156.45,"endTime":6161.46,"body":"look after clients looking for"},{"speaker":"Unknown","startTime":6156.45,"endTime":6161.46,"body":"that philosophical intellectual"},{"speaker":"Unknown","startTime":6161.46,"endTime":6162.12,"body":"alignment as well."},{"speaker":"Andy Hart","startTime":6162.54,"endTime":6166.26,"body":"That's great. Just to"},{"speaker":"Andy Hart","startTime":6162.54,"endTime":6166.26,"body":"focus on a sort of modern day"},{"speaker":"Andy Hart","startTime":6166.68,"endTime":6170.79,"body":"trend, the personal brand of the"},{"speaker":"Andy Hart","startTime":6166.68,"endTime":6170.79,"body":"founder. Do you explore that in"},{"speaker":"Andy Hart","startTime":6170.8499999999995,"endTime":6173.8499999999995,"body":"any way? A lot of founders are"},{"speaker":"Andy Hart","startTime":6170.8499999999995,"endTime":6173.8499999999995,"body":"very much behind the scenes,"},{"speaker":"Andy Hart","startTime":6173.94,"endTime":6178.46,"body":"don't want to be too public, but"},{"speaker":"Andy Hart","startTime":6173.94,"endTime":6178.46,"body":"I feel like personal brand is"},{"speaker":"Andy Hart","startTime":6178.46,"endTime":6180.65,"body":"going to be a bit more of an"},{"speaker":"Andy Hart","startTime":6178.46,"endTime":6180.65,"body":"important thing going forward,"},{"speaker":"Andy Hart","startTime":6180.68,"endTime":6182.5999999999995,"body":"especially when the machines"},{"speaker":"Andy Hart","startTime":6180.68,"endTime":6182.5999999999995,"body":"take over everything. Is that"},{"speaker":"Andy Hart","startTime":6182.63,"endTime":6184.61,"body":"anything you look at, or you"},{"speaker":"Andy Hart","startTime":6182.63,"endTime":6184.61,"body":"just sort of look at that very,"},{"speaker":"Andy Hart","startTime":6184.79,"endTime":6185.36,"body":"very high level?"},{"speaker":"Unknown","startTime":6186.3499999999995,"endTime":6187.61,"body":"How do you mean by"},{"speaker":"Unknown","startTime":6186.3499999999995,"endTime":6187.61,"body":"personal brand? On me,"},{"speaker":"Andy Hart","startTime":6188.39,"endTime":6191.78,"body":"just the founders"},{"speaker":"Andy Hart","startTime":6188.39,"endTime":6191.78,"body":"writing articles, you know,"},{"speaker":"Andy Hart","startTime":6191.9,"endTime":6194.96,"body":"doing videos, being very open"},{"speaker":"Andy Hart","startTime":6191.9,"endTime":6194.96,"body":"with their clients, appearing on"},{"speaker":"Andy Hart","startTime":6195.05,"endTime":6198.97,"body":"podcasts, is this something you"},{"speaker":"Andy Hart","startTime":6195.05,"endTime":6198.97,"body":"explore or not? Really,"},{"speaker":"Unknown","startTime":6203.0199999999995,"endTime":6205.51,"body":"yes. And now I've"},{"speaker":"Unknown","startTime":6203.0199999999995,"endTime":6205.51,"body":"actually got a little bit more"},{"speaker":"Unknown","startTime":6205.5999999999995,"endTime":6208.9,"body":"time and a little bit more to"},{"speaker":"Unknown","startTime":6205.5999999999995,"endTime":6208.9,"body":"say than I want to get more"},{"speaker":"Unknown","startTime":6208.96,"endTime":6211.24,"body":"involved in that, right? So"},{"speaker":"Unknown","startTime":6208.96,"endTime":6211.24,"body":"you're on that"},{"speaker":"Andy Hart","startTime":6211.45,"endTime":6211.5999999999995,"body":"journey."},{"speaker":"Unknown","startTime":6212.44,"endTime":6216.48,"body":"Yeah, it's partly if I"},{"speaker":"Unknown","startTime":6212.44,"endTime":6216.48,"body":"was doing an advert for firms"},{"speaker":"Unknown","startTime":6216.48,"endTime":6219.72,"body":"that we're looking to acquire, I"},{"speaker":"Unknown","startTime":6216.48,"endTime":6219.72,"body":"think it's important that it's a"},{"speaker":"Unknown","startTime":6219.9,"endTime":6224.88,"body":"founder financial planner led"},{"speaker":"Unknown","startTime":6219.9,"endTime":6224.88,"body":"business, not an accountant PE"},{"speaker":"Unknown","startTime":6225.24,"endTime":6226.17,"body":"led business."},{"speaker":"Andy Hart","startTime":6226.5,"endTime":6226.5599999999995,"body":"Yeah,"},{"speaker":"Unknown","startTime":6226.7699999999995,"endTime":6228.96,"body":"because I think those"},{"speaker":"Unknown","startTime":6226.7699999999995,"endTime":6228.96,"body":"two things are very different in"},{"speaker":"Unknown","startTime":6229.0199999999995,"endTime":6234.75,"body":"how it shapes up, and you need"},{"speaker":"Unknown","startTime":6229.0199999999995,"endTime":6234.75,"body":"both for sure. And, and, yeah, I"},{"speaker":"Unknown","startTime":6234.84,"endTime":6240.5599999999995,"body":"think there's a lot to be said"},{"speaker":"Unknown","startTime":6234.84,"endTime":6240.5599999999995,"body":"for founder-led branding,"},{"speaker":"Unknown","startTime":6241.16,"endTime":6244.73,"body":"especially also in interacting"},{"speaker":"Unknown","startTime":6241.16,"endTime":6244.73,"body":"the organic growth, because"},{"speaker":"Unknown","startTime":6244.8499999999995,"endTime":6247.67,"body":"people look at more than a"},{"speaker":"Unknown","startTime":6244.8499999999995,"endTime":6247.67,"body":"website. You know, I said before"},{"speaker":"Unknown","startTime":6247.67,"endTime":6254.57,"body":"about how do you differentiate"},{"speaker":"Unknown","startTime":6247.67,"endTime":6254.57,"body":"yourself, and generally culture"},{"speaker":"Unknown","startTime":6254.63,"endTime":6258.19,"body":"becomes harder as you scale, so"},{"speaker":"Unknown","startTime":6254.63,"endTime":6258.19,"body":"it becomes more important that"},{"speaker":"Unknown","startTime":6258.22,"endTime":6262.93,"body":"that message gets out there in"},{"speaker":"Unknown","startTime":6258.22,"endTime":6262.93,"body":"more and more mediums. Yes, used"},{"speaker":"Unknown","startTime":6262.93,"endTime":6265.36,"body":"to be fireside chats, you know,"},{"speaker":"Unknown","startTime":6262.93,"endTime":6265.36,"body":"when there's 20 of us, we can"},{"speaker":"Unknown","startTime":6265.57,"endTime":6267.67,"body":"all get together. Well, you're"},{"speaker":"Unknown","startTime":6265.57,"endTime":6267.67,"body":"all you're in the same room"},{"speaker":"Unknown","startTime":6267.73,"endTime":6271.5999999999995,"body":"basically every day, so culture"},{"speaker":"Unknown","startTime":6267.73,"endTime":6271.5999999999995,"body":"just rubs off. Once you get to"},{"speaker":"Unknown","startTime":6271.5999999999995,"endTime":6275.74,"body":"100 that gets more difficult."},{"speaker":"Unknown","startTime":6271.5999999999995,"endTime":6275.74,"body":"Once we get to 310 offices, even"},{"speaker":"Unknown","startTime":6275.8,"endTime":6280.14,"body":"more difficult. So, repeating"},{"speaker":"Unknown","startTime":6275.8,"endTime":6280.14,"body":"it, different mediums, written"},{"speaker":"Unknown","startTime":6280.3499999999995,"endTime":6284.28,"body":"presentations, podcasts, just"},{"speaker":"Unknown","startTime":6280.3499999999995,"endTime":6284.28,"body":"keeping that message all the"},{"speaker":"Unknown","startTime":6284.43,"endTime":6288.45,"body":"time, so that we're all on the"},{"speaker":"Unknown","startTime":6284.43,"endTime":6288.45,"body":"same page, is, is, is going to"},{"speaker":"Unknown","startTime":6288.45,"endTime":6288.63,"body":"be key."},{"speaker":"Andy Hart","startTime":6290.04,"endTime":6291.63,"body":"I could ask you a"},{"speaker":"Andy Hart","startTime":6290.04,"endTime":6291.63,"body":"million other questions. I'm"},{"speaker":"Andy Hart","startTime":6291.63,"endTime":6295.38,"body":"conscious of time and the"},{"speaker":"Andy Hart","startTime":6291.63,"endTime":6295.38,"body":"fitness into the Trap Podcast."},{"speaker":"Andy Hart","startTime":6295.38,"endTime":6298.79,"body":"My final question is, any"},{"speaker":"Andy Hart","startTime":6295.38,"endTime":6298.79,"body":"thoughts on the future, next 510"},{"speaker":"Andy Hart","startTime":6299.18,"endTime":6301.67,"body":"years? What do you, what do you"},{"speaker":"Andy Hart","startTime":6299.18,"endTime":6301.67,"body":"see changing, but also what do"},{"speaker":"Andy Hart","startTime":6301.73,"endTime":6304.58,"body":"you see not changing? So, over"},{"speaker":"Andy Hart","startTime":6301.73,"endTime":6304.58,"body":"to you to close us out."},{"speaker":"Unknown","startTime":6306.2,"endTime":6309.83,"body":"I think you're going to"},{"speaker":"Unknown","startTime":6306.2,"endTime":6309.83,"body":"get multiple national brands of"},{"speaker":"Unknown","startTime":6309.92,"endTime":6313.3099999999995,"body":"financial planning firms. I"},{"speaker":"Unknown","startTime":6309.92,"endTime":6313.3099999999995,"body":"think that's just inevitable. I"},{"speaker":"Unknown","startTime":6313.34,"endTime":6316.75,"body":"think we're heading in that"},{"speaker":"Unknown","startTime":6313.34,"endTime":6316.75,"body":"direction already, so that when"},{"speaker":"Unknown","startTime":6316.84,"endTime":6319.0599999999995,"body":"you stop people on the street,"},{"speaker":"Unknown","startTime":6316.84,"endTime":6319.0599999999995,"body":"they'll be able to name the top"},{"speaker":"Unknown","startTime":6319.21,"endTime":6322.69,"body":"six financial planning firms"},{"speaker":"Unknown","startTime":6319.21,"endTime":6322.69,"body":"that are out there. I think"},{"speaker":"Unknown","startTime":6322.78,"endTime":6326.14,"body":"you'll then get splinters away"},{"speaker":"Unknown","startTime":6322.78,"endTime":6326.14,"body":"from that, that you'll go back"},{"speaker":"Unknown","startTime":6326.29,"endTime":6331.87,"body":"to smaller firms again, and I"},{"speaker":"Unknown","startTime":6326.29,"endTime":6331.87,"body":"can also see firms forming"},{"speaker":"Unknown","startTime":6331.93,"endTime":6336.67,"body":"alliances. So we talked about"},{"speaker":"Unknown","startTime":6331.93,"endTime":6336.67,"body":"before about that compliance"},{"speaker":"Unknown","startTime":6336.76,"endTime":6341.3099999999995,"body":"function, a HR function, all the"},{"speaker":"Unknown","startTime":6336.76,"endTime":6341.3099999999995,"body":"operation side of it, that you"},{"speaker":"Unknown","startTime":6341.37,"endTime":6345.36,"body":"could almost go back full circle"},{"speaker":"Unknown","startTime":6341.37,"endTime":6345.36,"body":"and have networks, but networks"},{"speaker":"Unknown","startTime":6345.39,"endTime":6351.0,"body":"that are truly powered, it's"},{"speaker":"Unknown","startTime":6345.39,"endTime":6351.0,"body":"that concept of one kitchen, two"},{"speaker":"Unknown","startTime":6351.15,"endTime":6354.96,"body":"restaurants, or one massive"},{"speaker":"Unknown","startTime":6351.15,"endTime":6354.96,"body":"kitchen and five different"},{"speaker":"Unknown","startTime":6354.99,"endTime":6359.0,"body":"deliveries coming off it, so do"},{"speaker":"Unknown","startTime":6354.99,"endTime":6359.0,"body":"you have financial planning"},{"speaker":"Unknown","startTime":6359.0599999999995,"endTime":6361.61,"body":"firms that just do the financial"},{"speaker":"Unknown","startTime":6359.0599999999995,"endTime":6361.61,"body":"planning, they collaborate in"},{"speaker":"Unknown","startTime":6361.61,"endTime":6364.76,"body":"the middle, form an alliance,"},{"speaker":"Unknown","startTime":6361.61,"endTime":6364.76,"body":"and create that operations"},{"speaker":"Unknown","startTime":6365.0,"endTime":6367.97,"body":"division, and potentially, as a"},{"speaker":"Unknown","startTime":6365.0,"endTime":6367.97,"body":"mutual, I think, would be"},{"speaker":"Unknown","startTime":6368.48,"endTime":6372.2,"body":"interesting, so all the firms"},{"speaker":"Unknown","startTime":6368.48,"endTime":6372.2,"body":"own shares based upon what they"},{"speaker":"Unknown","startTime":6372.38,"endTime":6376.21,"body":"add into the pot, I think could"},{"speaker":"Unknown","startTime":6372.38,"endTime":6376.21,"body":"be incredibly powerful and. And"},{"speaker":"Unknown","startTime":6376.24,"endTime":6379.39,"body":"would allow people to retain"},{"speaker":"Unknown","startTime":6376.24,"endTime":6379.39,"body":"their independence of brand,"},{"speaker":"Unknown","startTime":6379.57,"endTime":6381.22,"body":"what they want to do with the"},{"speaker":"Unknown","startTime":6379.57,"endTime":6381.22,"body":"investments, what they want to"},{"speaker":"Unknown","startTime":6381.22,"endTime":6385.24,"body":"do with the offering, but not"},{"speaker":"Unknown","startTime":6381.22,"endTime":6385.24,"body":"have all of that challenge of"},{"speaker":"Unknown","startTime":6385.3,"endTime":6388.42,"body":"scale, and I think that would be"},{"speaker":"Unknown","startTime":6385.3,"endTime":6388.42,"body":"a very, very interesting model"},{"speaker":"Unknown","startTime":6389.26,"endTime":6392.53,"body":"for somebody to go and play"},{"speaker":"Unknown","startTime":6389.26,"endTime":6392.53,"body":"with. In fact, do that in five"},{"speaker":"Unknown","startTime":6392.59,"endTime":6393.13,"body":"years' time, Andy."},{"speaker":"Andy Hart","startTime":6394.15,"endTime":6397.2,"body":"We will see. Awesome,"},{"speaker":"Andy Hart","startTime":6394.15,"endTime":6397.2,"body":"awesome, great stuff. Thanks for"},{"speaker":"Andy Hart","startTime":6397.5,"endTime":6399.87,"body":"being open and honest and"},{"speaker":"Andy Hart","startTime":6397.5,"endTime":6399.87,"body":"sharing your business journey."},{"speaker":"Andy Hart","startTime":6400.98,"endTime":6403.3499999999995,"body":"Final question, where can people"},{"speaker":"Andy Hart","startTime":6400.98,"endTime":6403.3499999999995,"body":"find out a little bit more about"},{"speaker":"Andy Hart","startTime":6403.41,"endTime":6405.5999999999995,"body":"you? Any places to direct"},{"speaker":"Andy Hart","startTime":6403.41,"endTime":6405.5999999999995,"body":"people?"},{"speaker":"Unknown","startTime":6407.25,"endTime":6410.04,"body":"I would say the"},{"speaker":"Unknown","startTime":6407.25,"endTime":6410.04,"body":"Equilibrium website, so just"},{"speaker":"Unknown","startTime":6410.46,"endTime":6412.74,"body":"give us a Google, watch the"},{"speaker":"Unknown","startTime":6410.46,"endTime":6412.74,"body":"humans under management speech,"},{"speaker":"Unknown","startTime":6412.89,"endTime":6417.14,"body":"if you want a 28 minute version"},{"speaker":"Unknown","startTime":6412.89,"endTime":6417.14,"body":"of this, but in a different"},{"speaker":"Unknown","startTime":6417.2,"endTime":6419.12,"body":"format, and yeah,"},{"speaker":"Andy Hart","startTime":6419.9,"endTime":6421.73,"body":"and I think it's open"},{"speaker":"Andy Hart","startTime":6419.9,"endTime":6421.73,"body":"on the Humans Under Management"},{"speaker":"Andy Hart","startTime":6421.79,"endTime":6425.15,"body":"website. Go there and click"},{"speaker":"Andy Hart","startTime":6421.79,"endTime":6425.15,"body":"events. Colin, that was awesome."},{"speaker":"Andy Hart","startTime":6425.21,"endTime":6427.04,"body":"Obviously, people can contact"},{"speaker":"Andy Hart","startTime":6425.21,"endTime":6427.04,"body":"you on LinkedIn as well, if they"},{"speaker":"Andy Hart","startTime":6427.25,"endTime":6430.91,"body":"have any direct questions. Look"},{"speaker":"Andy Hart","startTime":6427.25,"endTime":6430.91,"body":"forward to the inbound, Colin."},{"speaker":"Andy Hart","startTime":6431.09,"endTime":6433.43,"body":"Thank you very much for your"},{"speaker":"Andy Hart","startTime":6431.09,"endTime":6433.43,"body":"time. That was brilliant. Thank"},{"speaker":"Andy Hart","startTime":6433.5199999999995,"endTime":6433.58,"body":"you."},{"speaker":"Unknown","startTime":6434.36,"endTime":6437.63,"body":"Thank you, Andy. It's a"},{"speaker":"Unknown","startTime":6434.36,"endTime":6437.63,"body":"pleasure, as always. Bye."},{"speaker":"Nick Lincoln","startTime":6439.21,"endTime":6444.13,"body":"A decent, decent"},{"speaker":"Nick Lincoln","startTime":6439.21,"endTime":6444.13,"body":"thoughts. Yeah, no call."},{"speaker":"Alan Smith","startTime":6444.13,"endTime":6446.5599999999995,"body":"It was great. Yep,"},{"speaker":"Alan Smith","startTime":6444.13,"endTime":6446.5599999999995,"body":"superb. Thank you. I'm sure it's"},{"speaker":"Alan Smith","startTime":6446.59,"endTime":6449.89,"body":"gonna be very impactful for"},{"speaker":"Alan Smith","startTime":6446.59,"endTime":6449.89,"body":"people looking to scale and grow"},{"speaker":"Alan Smith","startTime":6449.92,"endTime":6452.92,"body":"the business. He's certainly"},{"speaker":"Alan Smith","startTime":6449.92,"endTime":6452.92,"body":"putting the, putting the blood,"},{"speaker":"Alan Smith","startTime":6452.98,"endTime":6456.07,"body":"sweat, and years in this"},{"speaker":"Alan Smith","startTime":6452.98,"endTime":6456.07,"body":"business. So, yeah, that was"},{"speaker":"Alan Smith","startTime":6456.25,"endTime":6460.08,"body":"enjoying speaking to it. Yeah,"},{"speaker":"Alan Smith","startTime":6456.25,"endTime":6460.08,"body":"it was. I enjoyed listening to"},{"speaker":"Alan Smith","startTime":6460.11,"endTime":6465.18,"body":"that. Andy, he's quite a player,"},{"speaker":"Alan Smith","startTime":6460.11,"endTime":6465.18,"body":"isn't it? I've known.. I don't"},{"speaker":"Alan Smith","startTime":6465.18,"endTime":6467.58,"body":"know him as well as you do, but"},{"speaker":"Alan Smith","startTime":6465.18,"endTime":6467.58,"body":"I have known him on and off for"},{"speaker":"Alan Smith","startTime":6467.67,"endTime":6470.94,"body":"probably a decade, and he's"},{"speaker":"Alan Smith","startTime":6467.67,"endTime":6470.94,"body":"always struck me as one of this"},{"speaker":"Alan Smith","startTime":6471.12,"endTime":6474.33,"body":"rare breed who are entrepreneurs"},{"speaker":"Alan Smith","startTime":6471.12,"endTime":6474.33,"body":"first and financial planners"},{"speaker":"Alan Smith","startTime":6474.42,"endTime":6477.2,"body":"second. He's like a business guy"},{"speaker":"Alan Smith","startTime":6474.42,"endTime":6477.2,"body":"from the beginning, there's a"},{"speaker":"Alan Smith","startTime":6477.26,"endTime":6481.37,"body":"lot of us. I'll put myself not"},{"speaker":"Alan Smith","startTime":6477.26,"endTime":6481.37,"body":"in that bracket that I just sort"},{"speaker":"Alan Smith","startTime":6481.37,"endTime":6484.94,"body":"of started, gave myself a job,"},{"speaker":"Alan Smith","startTime":6481.37,"endTime":6484.94,"body":"and then over years just managed"},{"speaker":"Alan Smith","startTime":6484.94,"endTime":6487.01,"body":"to sort of grow it a bit and"},{"speaker":"Alan Smith","startTime":6484.94,"endTime":6487.01,"body":"hire people, and what have you."},{"speaker":"Alan Smith","startTime":6487.04,"endTime":6490.16,"body":"But, but Colin, and he's been"},{"speaker":"Alan Smith","startTime":6487.04,"endTime":6490.16,"body":"through, like I have as well,"},{"speaker":"Alan Smith","startTime":6490.22,"endTime":6492.47,"body":"but he was far more ticket, took"},{"speaker":"Alan Smith","startTime":6490.22,"endTime":6492.47,"body":"it far more serious than I did,"},{"speaker":"Alan Smith","startTime":6492.53,"endTime":6494.8099999999995,"body":"been through the strategic Dan"},{"speaker":"Alan Smith","startTime":6492.53,"endTime":6494.8099999999995,"body":"Sullivan's Strategic Coach"},{"speaker":"Alan Smith","startTime":6495.71,"endTime":6498.88,"body":"program. Not sure if he's still"},{"speaker":"Alan Smith","startTime":6495.71,"endTime":6498.88,"body":"active in it, but there's this -"},{"speaker":"Alan Smith","startTime":6498.88,"endTime":6501.34,"body":"it's very clear if you're, you"},{"speaker":"Alan Smith","startTime":6498.88,"endTime":6501.34,"body":"know, early stage, you're a"},{"speaker":"Alan Smith","startTime":6501.4,"endTime":6504.28,"body":"founder, and you're serious"},{"speaker":"Alan Smith","startTime":6501.4,"endTime":6504.28,"body":"about scaling a business -"},{"speaker":"Alan Smith","startTime":6504.28,"endTime":6506.98,"body":"doesn't matter what the business"},{"speaker":"Alan Smith","startTime":6504.28,"endTime":6506.98,"body":"is, he's in the money business,"},{"speaker":"Alan Smith","startTime":6507.04,"endTime":6509.3499999999995,"body":"he's in the financial planning"},{"speaker":"Alan Smith","startTime":6507.04,"endTime":6509.3499999999995,"body":"business, but he could probably"},{"speaker":"Alan Smith","startTime":6509.38,"endTime":6512.5599999999995,"body":"have gone into many other"},{"speaker":"Alan Smith","startTime":6509.38,"endTime":6512.5599999999995,"body":"industries or businesses, he's"},{"speaker":"Alan Smith","startTime":6512.65,"endTime":6515.83,"body":"fundamentally an entrepreneur,"},{"speaker":"Alan Smith","startTime":6512.65,"endTime":6515.83,"body":"and anyone who, any Trappist"},{"speaker":"Alan Smith","startTime":6516.22,"endTime":6519.5999999999995,"body":"tuning into this, who's serious"},{"speaker":"Alan Smith","startTime":6516.22,"endTime":6519.5999999999995,"body":"about growing, scaling, and"},{"speaker":"Alan Smith","startTime":6519.99,"endTime":6522.75,"body":"really making your company"},{"speaker":"Alan Smith","startTime":6519.99,"endTime":6522.75,"body":"bigger and better than it maybe"},{"speaker":"Alan Smith","startTime":6522.9,"endTime":6525.5999999999995,"body":"currently is, would be well"},{"speaker":"Alan Smith","startTime":6522.9,"endTime":6525.5999999999995,"body":"advised to obviously listen to"},{"speaker":"Alan Smith","startTime":6525.63,"endTime":6528.39,"body":"that, listen to it again, and I"},{"speaker":"Alan Smith","startTime":6525.63,"endTime":6528.39,"body":"think probably get in touch with"},{"speaker":"Alan Smith","startTime":6528.42,"endTime":6531.21,"body":"him, because he's very open to"},{"speaker":"Alan Smith","startTime":6528.42,"endTime":6531.21,"body":"helping, guiding, directing. We"},{"speaker":"Alan Smith","startTime":6531.36,"endTime":6536.84,"body":"saw him at Hum London last year,"},{"speaker":"Alan Smith","startTime":6531.36,"endTime":6536.84,"body":"give a keynote speech, and he's"},{"speaker":"Alan Smith","startTime":6536.9,"endTime":6539.51,"body":"very good, and we should all be"},{"speaker":"Alan Smith","startTime":6536.9,"endTime":6539.51,"body":"learning from those who are a"},{"speaker":"Alan Smith","startTime":6539.5999999999995,"endTime":6540.98,"body":"few years ahead of us on the"},{"speaker":"Alan Smith","startTime":6539.5999999999995,"endTime":6540.98,"body":"journey."},{"speaker":"Nick Lincoln","startTime":6550.46,"endTime":6551.93,"body":"What you had your"},{"speaker":"Nick Lincoln","startTime":6550.46,"endTime":6551.93,"body":"hand raised, now it's down."},{"speaker":"Carl Widger","startTime":6552.92,"endTime":6555.53,"body":"Yeah, I'm having a"},{"speaker":"Carl Widger","startTime":6552.92,"endTime":6555.53,"body":"few technical issues here, but"},{"speaker":"Carl Widger","startTime":6555.59,"endTime":6557.26,"body":"hopefully you can hear me. Yeah,"},{"speaker":"Carl Widger","startTime":6555.59,"endTime":6557.26,"body":"it was a brilliant interview."},{"speaker":"Andy Hart","startTime":6557.59,"endTime":6560.29,"body":"So you've been so"},{"speaker":"Andy Hart","startTime":6557.59,"endTime":6560.29,"body":"cocky all day."},{"speaker":"Carl Widger","startTime":6563.08,"endTime":6566.11,"body":"Yeah, it's great"},{"speaker":"Carl Widger","startTime":6563.08,"endTime":6566.11,"body":"interview. I loved hearing. I"},{"speaker":"Carl Widger","startTime":6566.2,"endTime":6571.72,"body":"think you got loads in in that"},{"speaker":"Carl Widger","startTime":6566.2,"endTime":6571.72,"body":"little segment. Reinvesting the"},{"speaker":"Carl Widger","startTime":6571.84,"endTime":6577.5999999999995,"body":"profits, the key to building a"},{"speaker":"Carl Widger","startTime":6571.84,"endTime":6577.5999999999995,"body":"firm, his use of seminars, learn"},{"speaker":"Carl Widger","startTime":6577.72,"endTime":6580.29,"body":"from it, and his staff"},{"speaker":"Carl Widger","startTime":6577.72,"endTime":6580.29,"body":"retention, looking after his"},{"speaker":"Carl Widger","startTime":6580.41,"endTime":6582.9,"body":"team. They were the three"},{"speaker":"Carl Widger","startTime":6580.41,"endTime":6582.9,"body":"messages I got from it. Really"},{"speaker":"Carl Widger","startTime":6582.96,"endTime":6586.2,"body":"interesting guy, serious,"},{"speaker":"Carl Widger","startTime":6582.96,"endTime":6586.2,"body":"serious business. That man has"},{"speaker":"Carl Widger","startTime":6586.62,"endTime":6591.48,"body":"well done."},{"speaker":"Nick Lincoln","startTime":6591.9,"endTime":6594.24,"body":"Yeah, I liked it,"},{"speaker":"Nick Lincoln","startTime":6591.9,"endTime":6594.24,"body":"because it's always interesting"},{"speaker":"Nick Lincoln","startTime":6594.24,"endTime":6596.37,"body":"to hear other planners. I mean,"},{"speaker":"Nick Lincoln","startTime":6594.24,"endTime":6596.37,"body":"his business is so different"},{"speaker":"Nick Lincoln","startTime":6596.4,"endTime":6598.7,"body":"from mine. He probably not like"},{"speaker":"Nick Lincoln","startTime":6596.4,"endTime":6598.7,"body":"my business at all, because I'm"},{"speaker":"Nick Lincoln","startTime":6598.82,"endTime":6602.51,"body":"a super high profit margin, and"},{"speaker":"Nick Lincoln","startTime":6598.82,"endTime":6602.51,"body":"he wasn't a big fan of that, but"},{"speaker":"Nick Lincoln","startTime":6602.57,"endTime":6604.88,"body":"he's, you know, I'm a solo"},{"speaker":"Nick Lincoln","startTime":6602.57,"endTime":6604.88,"body":"advisor, and he's the other"},{"speaker":"Nick Lincoln","startTime":6604.91,"endTime":6609.5,"body":"extreme, 13 111 clients, over"},{"speaker":"Nick Lincoln","startTime":6604.91,"endTime":6609.5,"body":"100 staff, and he's very candid"},{"speaker":"Nick Lincoln","startTime":6609.53,"endTime":6611.87,"body":"about knowing what he's good at"},{"speaker":"Nick Lincoln","startTime":6609.53,"endTime":6611.87,"body":"and what he's not so good at,"},{"speaker":"Nick Lincoln","startTime":6611.9,"endTime":6615.0199999999995,"body":"and having the humbleness just"},{"speaker":"Nick Lincoln","startTime":6611.9,"endTime":6615.0199999999995,"body":"to say, I'm not very good at"},{"speaker":"Nick Lincoln","startTime":6615.0199999999995,"endTime":6617.05,"body":"this, I'm going to get people in"},{"speaker":"Nick Lincoln","startTime":6615.0199999999995,"endTime":6617.05,"body":"who can do these things for me"},{"speaker":"Nick Lincoln","startTime":6618.13,"endTime":6620.0199999999995,"body":"and just release up my time to"},{"speaker":"Nick Lincoln","startTime":6618.13,"endTime":6620.0199999999995,"body":"do what I do best, so it's"},{"speaker":"Nick Lincoln","startTime":6620.2,"endTime":6623.59,"body":"obviously a serious operation,"},{"speaker":"Nick Lincoln","startTime":6620.2,"endTime":6623.59,"body":"and it was a good interview. So,"},{"speaker":"Nick Lincoln","startTime":6623.62,"endTime":6627.82,"body":"thank you for that. Any more"},{"speaker":"Nick Lincoln","startTime":6623.62,"endTime":6627.82,"body":"points to make? No, it was good."},{"speaker":"Andy Hart","startTime":6628.5999999999995,"endTime":6629.71,"body":"Yeah, good, good"},{"speaker":"Andy Hart","startTime":6628.5999999999995,"endTime":6629.71,"body":"chat."},{"speaker":"Alan Smith","startTime":6630.61,"endTime":6633.07,"body":"Yeah, I hope people"},{"speaker":"Alan Smith","startTime":6630.61,"endTime":6633.07,"body":"are enjoying these. We don't do"},{"speaker":"Alan Smith","startTime":6633.0999999999995,"endTime":6636.3099999999995,"body":"them every week, but"},{"speaker":"Alan Smith","startTime":6633.0999999999995,"endTime":6636.3099999999995,"body":"periodically we find people that"},{"speaker":"Alan Smith","startTime":6636.3099999999995,"endTime":6639.78,"body":"we think are of interest to the"},{"speaker":"Alan Smith","startTime":6636.3099999999995,"endTime":6639.78,"body":"audience, and they won't be of"},{"speaker":"Alan Smith","startTime":6639.84,"endTime":6642.96,"body":"relevance to everyone listening,"},{"speaker":"Alan Smith","startTime":6639.84,"endTime":6642.96,"body":"but if we can continue just to"},{"speaker":"Alan Smith","startTime":6642.99,"endTime":6646.74,"body":"get good quality guests on and"},{"speaker":"Alan Smith","startTime":6642.99,"endTime":6646.74,"body":"do these kind of relatively"},{"speaker":"Alan Smith","startTime":6646.83,"endTime":6649.89,"body":"short interviews and chuck them"},{"speaker":"Alan Smith","startTime":6646.83,"endTime":6649.89,"body":"into the mix, I think we're so"},{"speaker":"Alan Smith","startTime":6650.01,"endTime":6653.94,"body":"far getting pretty good"},{"speaker":"Alan Smith","startTime":6650.01,"endTime":6653.94,"body":"feedback. Yeah, to do next time."},{"speaker":"Andy Hart","startTime":6654.48,"endTime":6654.63,"body":"Okay."},{"speaker":"Nick Lincoln","startTime":6656.13,"endTime":6658.28,"body":"Okay, let's move"},{"speaker":"Nick Lincoln","startTime":6656.13,"endTime":6658.28,"body":"on to the next part of the show,"},{"speaker":"Nick Lincoln","startTime":6658.3099999999995,"endTime":6663.26,"body":"which is Trappist questions. I"},{"speaker":"Nick Lincoln","startTime":6658.3099999999995,"endTime":6663.26,"body":"can see that on my on my Nest"},{"speaker":"Nick Lincoln","startTime":6663.41,"endTime":6667.49,"body":"camera thingy that the postie is"},{"speaker":"Nick Lincoln","startTime":6663.41,"endTime":6667.49,"body":"there. She's hauled the bulging"},{"speaker":"Nick Lincoln","startTime":6667.58,"endTime":6670.22,"body":"sack of Trappist questions up"},{"speaker":"Nick Lincoln","startTime":6667.58,"endTime":6670.22,"body":"the drive. This dear Trappist,"},{"speaker":"Nick Lincoln","startTime":6670.22,"endTime":6671.93,"body":"for those who are not familiar"},{"speaker":"Nick Lincoln","startTime":6670.22,"endTime":6671.93,"body":"with this part of the show, is"},{"speaker":"Nick Lincoln","startTime":6671.96,"endTime":6674.69,"body":"where we take a letter from one"},{"speaker":"Nick Lincoln","startTime":6671.96,"endTime":6674.69,"body":"of our beloved Trappists, one of"},{"speaker":"Nick Lincoln","startTime":6674.72,"endTime":6677.47,"body":"our devoted Trappists, take a."},{"speaker":"Nick Lincoln","startTime":6674.72,"endTime":6677.47,"body":"Question from them, and we"},{"speaker":"Nick Lincoln","startTime":6677.62,"endTime":6679.96,"body":"respond. A lot of these"},{"speaker":"Nick Lincoln","startTime":6677.62,"endTime":6679.96,"body":"questions come up again and"},{"speaker":"Nick Lincoln","startTime":6679.96,"endTime":6681.82,"body":"again and again, but you know,"},{"speaker":"Nick Lincoln","startTime":6679.96,"endTime":6681.82,"body":"repetition is the mother of"},{"speaker":"Nick Lincoln","startTime":6681.88,"endTime":6684.67,"body":"learning. We don't mind"},{"speaker":"Nick Lincoln","startTime":6681.88,"endTime":6684.67,"body":"thrashing them as and when we"},{"speaker":"Nick Lincoln","startTime":6684.82,"endTime":6687.4,"body":"need to. Let's have a look and"},{"speaker":"Nick Lincoln","startTime":6684.82,"endTime":6687.4,"body":"see who this one is from. It's"},{"speaker":"Nick Lincoln","startTime":6687.49,"endTime":6691.63,"body":"another good quality letter,"},{"speaker":"Nick Lincoln","startTime":6687.49,"endTime":6691.63,"body":"good quality envelope, beige,"},{"speaker":"Nick Lincoln","startTime":6692.95,"endTime":6696.4,"body":"quite thick paper. The"},{"speaker":"Nick Lincoln","startTime":6692.95,"endTime":6696.4,"body":"handwriting isn't joined up, so"},{"speaker":"Nick Lincoln","startTime":6696.4,"endTime":6700.17,"body":"that doesn't low expectations"},{"speaker":"Nick Lincoln","startTime":6696.4,"endTime":6700.17,"body":"from this guy, and he's a okay."},{"speaker":"Nick Lincoln","startTime":6700.65,"endTime":6703.92,"body":"This is from a Cooper, doesn't"},{"speaker":"Nick Lincoln","startTime":6700.65,"endTime":6703.92,"body":"say whether it's Andy or Annie."},{"speaker":"Nick Lincoln","startTime":6704.64,"endTime":6708.09,"body":"A Cooper, I recently met with a"},{"speaker":"Nick Lincoln","startTime":6704.64,"endTime":6708.09,"body":"BDM from Prudential, who was"},{"speaker":"Nick Lincoln","startTime":6708.24,"endTime":6712.5599999999995,"body":"singing the praises of proof"},{"speaker":"Nick Lincoln","startTime":6708.24,"endTime":6712.5599999999995,"body":"fund growth. Good grief, and the"},{"speaker":"Nick Lincoln","startTime":6712.68,"endTime":6715.26,"body":"benefits of using similar funds"},{"speaker":"Nick Lincoln","startTime":6712.68,"endTime":6715.26,"body":"within an offshore bond or"},{"speaker":"Nick Lincoln","startTime":6715.32,"endTime":6718.46,"body":"directly into the fund via a"},{"speaker":"Nick Lincoln","startTime":6715.32,"endTime":6718.46,"body":"platform. He went to great"},{"speaker":"Nick Lincoln","startTime":6718.55,"endTime":6720.83,"body":"lengths explaining that, as a"},{"speaker":"Nick Lincoln","startTime":6718.55,"endTime":6720.83,"body":"life fund, the holdings don't"},{"speaker":"Nick Lincoln","startTime":6720.86,"endTime":6723.11,"body":"need to follow the same rules"},{"speaker":"Nick Lincoln","startTime":6720.86,"endTime":6723.11,"body":"for investment allocations,"},{"speaker":"Nick Lincoln","startTime":6723.14,"endTime":6726.5,"body":"which provides more diversity"},{"speaker":"Nick Lincoln","startTime":6723.14,"endTime":6726.5,"body":"and less exposure to equity,"},{"speaker":"Nick Lincoln","startTime":6726.65,"endTime":6729.32,"body":"fixed interest, volatility. I"},{"speaker":"Nick Lincoln","startTime":6726.65,"endTime":6729.32,"body":"don't even know where to start"},{"speaker":"Nick Lincoln","startTime":6729.38,"endTime":6731.57,"body":"with that. Hey Cooper, but we'll"},{"speaker":"Nick Lincoln","startTime":6729.38,"endTime":6731.57,"body":"come back to it. I'm interested"},{"speaker":"Nick Lincoln","startTime":6731.5999999999995,"endTime":6734.18,"body":"to hear your thoughts on this. I"},{"speaker":"Nick Lincoln","startTime":6731.5999999999995,"endTime":6734.18,"body":"use low-cost passive funds,"},{"speaker":"Nick Lincoln","startTime":6734.2699999999995,"endTime":6738.4,"body":"typically 70 to 80% in equities,"},{"speaker":"Nick Lincoln","startTime":6734.2699999999995,"endTime":6738.4,"body":"but I wonder if such a fund"},{"speaker":"Nick Lincoln","startTime":6738.46,"endTime":6740.74,"body":"might be worth considering,"},{"speaker":"Nick Lincoln","startTime":6738.46,"endTime":6740.74,"body":"potentially for clients'"},{"speaker":"Nick Lincoln","startTime":6740.83,"endTime":6743.68,"body":"short-term bucket, which is"},{"speaker":"Nick Lincoln","startTime":6740.83,"endTime":6743.68,"body":"being drawn out in the next 12"},{"speaker":"Nick Lincoln","startTime":6743.74,"endTime":6748.15,"body":"to 24 months. Thanks for all the"},{"speaker":"Nick Lincoln","startTime":6743.74,"endTime":6748.15,"body":"great work that you chaps do."},{"speaker":"Nick Lincoln","startTime":6748.5999999999995,"endTime":6748.84,"body":"Alan,"},{"speaker":"Alan Smith","startTime":6751.45,"endTime":6754.51,"body":"have you guys had a"},{"speaker":"Alan Smith","startTime":6751.45,"endTime":6754.51,"body":"look at this at the fund? The"},{"speaker":"Alan Smith","startTime":6754.69,"endTime":6759.57,"body":"detail lifted the lid on this"},{"speaker":"Alan Smith","startTime":6754.69,"endTime":6759.57,"body":"Pru growth fund that was sent,"},{"speaker":"Nick Lincoln","startTime":6760.41,"endTime":6761.91,"body":"my understanding"},{"speaker":"Nick Lincoln","startTime":6760.41,"endTime":6761.91,"body":"is especially the old Pru with"},{"speaker":"Nick Lincoln","startTime":6761.97,"endTime":6762.99,"body":"profits fund, isn't it?"},{"speaker":"Alan Smith","startTime":6763.7699999999995,"endTime":6767.07,"body":"Sort of, but not"},{"speaker":"Alan Smith","startTime":6763.7699999999995,"endTime":6767.07,"body":"really. I've posted a link to"},{"speaker":"Alan Smith","startTime":6767.07,"endTime":6771.54,"body":"the sort of, yeah, the detail"},{"speaker":"Alan Smith","startTime":6767.07,"endTime":6771.54,"body":"where it breaks down what it"},{"speaker":"Alan Smith","startTime":6771.69,"endTime":6776.07,"body":"owns. Look, my starting message"},{"speaker":"Alan Smith","startTime":6771.69,"endTime":6776.07,"body":"here is, with all due respect to"},{"speaker":"Alan Smith","startTime":6776.79,"endTime":6781.97,"body":"Prue M and G and their broker"},{"speaker":"Alan Smith","startTime":6776.79,"endTime":6781.97,"body":"reps, if I was you, Miss"},{"speaker":"Alan Smith","startTime":6784.58,"endTime":6786.05,"body":"Trappist, I was going to refer"},{"speaker":"Alan Smith","startTime":6784.58,"endTime":6786.05,"body":"to"},{"speaker":"Andy Hart","startTime":6786.05,"endTime":6788.33,"body":"the private thing,"},{"speaker":"Andy Hart","startTime":6786.05,"endTime":6788.33,"body":"Alan, the high private"},{"speaker":"Andy Hart","startTime":6788.33,"endTime":6788.66,"body":"allocation"},{"speaker":"Alan Smith","startTime":6789.08,"endTime":6792.23,"body":"amongst other"},{"speaker":"Alan Smith","startTime":6789.08,"endTime":6792.23,"body":"things. So the proof fund, where"},{"speaker":"Alan Smith","startTime":6792.26,"endTime":6795.23,"body":"does it invest across the globe?"},{"speaker":"Alan Smith","startTime":6792.26,"endTime":6795.23,"body":"And so let me just give you a"},{"speaker":"Alan Smith","startTime":6795.29,"endTime":6800.17,"body":"headline on this proof fund,"},{"speaker":"Alan Smith","startTime":6795.29,"endTime":6800.17,"body":"proof fund growth, cautious risk"},{"speaker":"Alan Smith","startTime":6800.53,"endTime":6806.29,"body":"managed proof on growth, total"},{"speaker":"Alan Smith","startTime":6800.53,"endTime":6806.29,"body":"allocation to private markets,"},{"speaker":"Alan Smith","startTime":6806.74,"endTime":6810.13,"body":"private equity, private credit,"},{"speaker":"Alan Smith","startTime":6806.74,"endTime":6810.13,"body":"private infrastructure, blah"},{"speaker":"Alan Smith","startTime":6810.19,"endTime":6815.44,"body":"blah blah, 28.6 call it 30% so a"},{"speaker":"Alan Smith","startTime":6810.19,"endTime":6815.44,"body":"third of the fund, the cautious"},{"speaker":"Alan Smith","startTime":6815.53,"endTime":6819.48,"body":"fund is 26.6 nearly a third of"},{"speaker":"Alan Smith","startTime":6815.53,"endTime":6819.48,"body":"the fund, and on it goes, and on"},{"speaker":"Alan Smith","startTime":6819.48,"endTime":6822.39,"body":"it goes, and I'll just.. and"},{"speaker":"Alan Smith","startTime":6819.48,"endTime":6822.39,"body":"it's a really useful document,"},{"speaker":"Alan Smith","startTime":6822.39,"endTime":6824.49,"body":"because it really breaks it"},{"speaker":"Alan Smith","startTime":6822.39,"endTime":6824.49,"body":"down, what some, you know, gives"},{"speaker":"Alan Smith","startTime":6824.55,"endTime":6828.63,"body":"examples of some of the"},{"speaker":"Alan Smith","startTime":6824.55,"endTime":6828.63,"body":"underlying holdings. So, there"},{"speaker":"Alan Smith","startTime":6828.63,"endTime":6834.33,"body":"is a property investment in"},{"speaker":"Alan Smith","startTime":6828.63,"endTime":6834.33,"body":"Helsinki, Finland. There is a.."},{"speaker":"Alan Smith","startTime":6835.2,"endTime":6839.03,"body":"what's this called. Agro Vision"},{"speaker":"Alan Smith","startTime":6835.2,"endTime":6839.03,"body":"in Peru, the world's largest"},{"speaker":"Alan Smith","startTime":6839.18,"endTime":6841.73,"body":"off-season blueberry producer,"},{"speaker":"Alan Smith","startTime":6839.18,"endTime":6841.73,"body":"providing jobs, blah blah blah"},{"speaker":"Alan Smith","startTime":6841.73,"endTime":6845.09,"body":"blah, all fine and all kind of"},{"speaker":"Alan Smith","startTime":6841.73,"endTime":6845.09,"body":"responsible investing, but hang"},{"speaker":"Alan Smith","startTime":6845.24,"endTime":6848.15,"body":"on a minute, you know these are"},{"speaker":"Alan Smith","startTime":6845.24,"endTime":6848.15,"body":"for this is supposed to be"},{"speaker":"Alan Smith","startTime":6848.39,"endTime":6851.39,"body":"low-risk clients and understand"},{"speaker":"Alan Smith","startTime":6848.39,"endTime":6851.39,"body":"what you own and what you've"},{"speaker":"Alan Smith","startTime":6851.48,"endTime":6855.14,"body":"got. So, in summary, a third of"},{"speaker":"Alan Smith","startTime":6851.48,"endTime":6855.14,"body":"this fund, and I'm neither here"},{"speaker":"Alan Smith","startTime":6855.2,"endTime":6857.62,"body":"nor there on it, but I'm not a"},{"speaker":"Alan Smith","startTime":6855.2,"endTime":6857.62,"body":"fan of these packaged products"},{"speaker":"Alan Smith","startTime":6857.68,"endTime":6861.22,"body":"anyway, but what I would say to"},{"speaker":"Alan Smith","startTime":6857.68,"endTime":6861.22,"body":"any advisor is, lift the bloody"},{"speaker":"Alan Smith","startTime":6861.34,"endTime":6863.68,"body":"lid. Don't just take what"},{"speaker":"Alan Smith","startTime":6861.34,"endTime":6863.68,"body":"someone says this is a good"},{"speaker":"Alan Smith","startTime":6863.71,"endTime":6866.2,"body":"alternative to low-cost index,"},{"speaker":"Alan Smith","startTime":6863.71,"endTime":6866.2,"body":"proper, you know, globally"},{"speaker":"Alan Smith","startTime":6866.23,"endTime":6869.8,"body":"diversified portfolios. If you"},{"speaker":"Alan Smith","startTime":6866.23,"endTime":6869.8,"body":"were telling your, because this"},{"speaker":"Alan Smith","startTime":6869.86,"endTime":6871.0599999999995,"body":"sounds like, please,"},{"speaker":"Nick Lincoln","startTime":6871.39,"endTime":6872.17,"body":"yeah, thanks. So,"},{"speaker":"Nick Lincoln","startTime":6871.39,"endTime":6872.17,"body":"for the"},{"speaker":"Alan Smith","startTime":6872.26,"endTime":6874.2699999999995,"body":"cautious, your"},{"speaker":"Alan Smith","startTime":6872.26,"endTime":6874.2699999999995,"body":"cautious clients, and then going"},{"speaker":"Alan Smith","startTime":6874.3,"endTime":6877.38,"body":"into retirement, you know, if"},{"speaker":"Alan Smith","startTime":6874.3,"endTime":6877.38,"body":"you tell them, as part of your"},{"speaker":"Alan Smith","startTime":6877.41,"endTime":6879.84,"body":"suitability report, that a third"},{"speaker":"Alan Smith","startTime":6877.41,"endTime":6879.84,"body":"of this farm is invested in"},{"speaker":"Alan Smith","startTime":6879.9,"endTime":6882.09,"body":"private markets, private credit."},{"speaker":"Alan Smith","startTime":6879.9,"endTime":6882.09,"body":"We've talked about this"},{"speaker":"Alan Smith","startTime":6882.21,"endTime":6885.48,"body":"countless times on previous"},{"speaker":"Alan Smith","startTime":6882.21,"endTime":6885.48,"body":"episodes, including privately"},{"speaker":"Alan Smith","startTime":6885.66,"endTime":6889.92,"body":"owned blueberry harvesters in"},{"speaker":"Alan Smith","startTime":6885.66,"endTime":6889.92,"body":"Peru, for example. I don't know"},{"speaker":"Alan Smith","startTime":6889.98,"endTime":6892.65,"body":"anything about them. There might"},{"speaker":"Alan Smith","startTime":6889.98,"endTime":6892.65,"body":"be an incredible investment, but"},{"speaker":"Alan Smith","startTime":6892.65,"endTime":6895.83,"body":"it doesn't strike me as being"},{"speaker":"Alan Smith","startTime":6892.65,"endTime":6895.83,"body":"relevant to what we're talking"},{"speaker":"Alan Smith","startTime":6895.86,"endTime":6898.91,"body":"about. So, that's my long-winded"},{"speaker":"Alan Smith","startTime":6895.86,"endTime":6898.91,"body":"answer. I wouldn't touch it with"},{"speaker":"Alan Smith","startTime":6898.94,"endTime":6899.39,"body":"a barge pole."},{"speaker":"Andy Hart","startTime":6900.11,"endTime":6902.54,"body":"I am quite blown away"},{"speaker":"Andy Hart","startTime":6900.11,"endTime":6902.54,"body":"that this fund owns such"},{"speaker":"Andy Hart","startTime":6903.29,"endTime":6906.17,"body":"esoteric assets. It's"},{"speaker":"Andy Hart","startTime":6903.29,"endTime":6906.17,"body":"mind-blowing, but just a point"},{"speaker":"to answer the question","startTime":6906.26,"endTime":6911.63,"body":"if you"},{"speaker":"to answer the question","startTime":6906.26,"endTime":6911.63,"body":"put this fund in an onshore bond"},{"speaker":"to answer the question","startTime":6911.75,"endTime":6915.92,"body":"for short-term access, your life"},{"speaker":"to answer the question","startTime":6911.75,"endTime":6915.92,"body":"as an advisor is going to be"},{"speaker":"to answer the question","startTime":6916.04,"endTime":6918.5199999999995,"body":"absolute hell, trying to get"},{"speaker":"to answer the question","startTime":6916.04,"endTime":6918.5199999999995,"body":"this money out, trying to work"},{"speaker":"to answer the question","startTime":6918.64,"endTime":6921.46,"body":"out all the calculations. I know"},{"speaker":"to answer the question","startTime":6918.64,"endTime":6921.46,"body":"they weren't directly referring"},{"speaker":"to answer the question","startTime":6921.5199999999995,"endTime":6924.3099999999995,"body":"to that, but any short-term"},{"speaker":"to answer the question","startTime":6921.5199999999995,"endTime":6924.3099999999995,"body":"money does not really need to be"},{"speaker":"to answer the question","startTime":6924.3099999999995,"endTime":6927.67,"body":"being in an offshore bond type"},{"speaker":"to answer the question","startTime":6924.3099999999995,"endTime":6927.67,"body":"structure. It's going to be hell"},{"speaker":"to answer the question","startTime":6927.79,"endTime":6928.0,"body":"for you."},{"speaker":"Nick Lincoln","startTime":6929.11,"endTime":6932.5599999999995,"body":"And just to maybe"},{"speaker":"Nick Lincoln","startTime":6929.11,"endTime":6932.5599999999995,"body":"tie, tie a knot, a knot on this,"},{"speaker":"Nick Lincoln","startTime":6933.43,"endTime":6936.34,"body":"if you're looking for short-term"},{"speaker":"Nick Lincoln","startTime":6933.43,"endTime":6936.34,"body":"bucket money, 12 to 24 months,"},{"speaker":"Nick Lincoln","startTime":6936.43,"endTime":6940.7699999999995,"body":"do not go into a packaged"},{"speaker":"Nick Lincoln","startTime":6936.43,"endTime":6940.7699999999995,"body":"product, just do not cash, or if"},{"speaker":"Nick Lincoln","startTime":6940.98,"endTime":6943.5,"body":"you're going to go into a fund,"},{"speaker":"Nick Lincoln","startTime":6940.98,"endTime":6943.5,"body":"you know, short date, ultra"},{"speaker":"Nick Lincoln","startTime":6943.5599999999995,"endTime":6946.2,"body":"short dated global bond, maybe,"},{"speaker":"Nick Lincoln","startTime":6943.5599999999995,"endTime":6946.2,"body":"but certainly at the moment,"},{"speaker":"Nick Lincoln","startTime":6946.26,"endTime":6948.8099999999995,"body":"yeah, even just, just cash,"},{"speaker":"Nick Lincoln","startTime":6946.26,"endTime":6948.8099999999995,"body":"okay, no more hands are raised,"},{"speaker":"Nick Lincoln","startTime":6948.84,"endTime":6951.75,"body":"so that tells me that we can,"},{"speaker":"Nick Lincoln","startTime":6948.84,"endTime":6951.75,"body":"we're now at what's that's one"},{"speaker":"Nick Lincoln","startTime":6951.78,"endTime":6954.63,"body":"hour 56 minute, we've come at"},{"speaker":"Nick Lincoln","startTime":6951.78,"endTime":6954.63,"body":"the two hour mark, so let's just"},{"speaker":"Nick Lincoln","startTime":6954.63,"endTime":6957.5599999999995,"body":"get through Culture Corner"},{"speaker":"Nick Lincoln","startTime":6954.63,"endTime":6957.5599999999995,"body":"alive, and that Carl, we're all,"},{"speaker":"Nick Lincoln","startTime":6957.8,"endTime":6959.54,"body":"we're all rooting for you,"},{"speaker":"Nick Lincoln","startTime":6957.8,"endTime":6959.54,"body":"fella. Okay, we're all rooting"},{"speaker":"Nick Lincoln","startTime":6959.72,"endTime":6959.9,"body":"for you."},{"speaker":"Andy Hart","startTime":6966.92,"endTime":6969.38,"body":"He's on his mobile in"},{"speaker":"Andy Hart","startTime":6966.92,"endTime":6969.38,"body":"his garden, tethering off"},{"speaker":"Andy Hart","startTime":6969.7699999999995,"endTime":6970.82,"body":"Starlink or something now."},{"speaker":"Alan Smith","startTime":6972.47,"endTime":6974.96,"body":"How do you shit? Why"},{"speaker":"Alan Smith","startTime":6972.47,"endTime":6974.96,"body":"are you? Why asking Carl? I"},{"speaker":"Alan Smith","startTime":6975.0199999999995,"endTime":6975.68,"body":"thought I'm not,"},{"speaker":"Nick Lincoln","startTime":6975.83,"endTime":6977.38,"body":"I'm saying. Car,"},{"speaker":"Nick Lincoln","startTime":6975.83,"endTime":6977.38,"body":"we're all rooting for you,"},{"speaker":"Nick Lincoln","startTime":6977.65,"endTime":6980.8,"body":"because he's having such"},{"speaker":"Nick Lincoln","startTime":6977.65,"endTime":6980.8,"body":"troubles calculator or mobile"},{"speaker":"Nick Lincoln","startTime":6980.89,"endTime":6983.17,"body":"phone, concentrating. You're"},{"speaker":"Nick Lincoln","startTime":6980.89,"endTime":6983.17,"body":"first, you hear me now. Time is"},{"speaker":"Nick Lincoln","startTime":6983.26,"endTime":6984.01,"body":"going by quickly."},{"speaker":"Alan Smith","startTime":6984.07,"endTime":6989.92,"body":"My culture corner,"},{"speaker":"Alan Smith","startTime":6984.07,"endTime":6989.92,"body":"yes, God, my culture corner is a"},{"speaker":"Alan Smith","startTime":6989.98,"endTime":6992.32,"body":"little app, a little device."},{"speaker":"Alan Smith","startTime":6989.98,"endTime":6992.32,"body":"Let's hold it up to the camera,"},{"speaker":"Alan Smith","startTime":6992.32,"endTime":6995.62,"body":"if you can see it, called"},{"speaker":"Alan Smith","startTime":6992.32,"endTime":6995.62,"body":"Pocket. It's credit card sized"},{"speaker":"Alan Smith","startTime":6995.86,"endTime":6999.69,"body":"device, and what it does is, it"},{"speaker":"Alan Smith","startTime":6995.86,"endTime":6999.69,"body":"can, you know, it can record"},{"speaker":"Alan Smith","startTime":6999.72,"endTime":7003.41,"body":"your conversations, so all your"},{"speaker":"Alan Smith","startTime":6999.72,"endTime":7003.41,"body":"meetings. I know you've got"},{"speaker":"Alan Smith","startTime":7003.5,"endTime":7005.33,"body":"Saturn, and a bunch of other"},{"speaker":"Alan Smith","startTime":7003.5,"endTime":7005.33,"body":"others, but they don't"},{"speaker":"Alan Smith","startTime":7005.33,"endTime":7009.2,"body":"necessarily are able to record"},{"speaker":"Alan Smith","startTime":7005.33,"endTime":7009.2,"body":"telephone calls as well. So,"},{"speaker":"Alan Smith","startTime":7009.26,"endTime":7012.8,"body":"this is a device across about 99"},{"speaker":"Alan Smith","startTime":7009.26,"endTime":7012.8,"body":"pounds, it's magnetic, you can"},{"speaker":"Alan Smith","startTime":7012.83,"endTime":7015.05,"body":"stick to your phone, and you can"},{"speaker":"Alan Smith","startTime":7012.83,"endTime":7015.05,"body":"carry it around with you, and do"},{"speaker":"Alan Smith","startTime":7015.05,"endTime":7017.59,"body":"what you want. And I do think,"},{"speaker":"Alan Smith","startTime":7015.05,"endTime":7017.59,"body":"as we evolve, and you've just"},{"speaker":"Alan Smith","startTime":7017.62,"endTime":7020.0199999999995,"body":"given a brilliant example of it,"},{"speaker":"Alan Smith","startTime":7017.62,"endTime":7020.0199999999995,"body":"Nick, with your recording"},{"speaker":"Alan Smith","startTime":7020.59,"endTime":7023.23,"body":"conversation that historically"},{"speaker":"Alan Smith","startTime":7020.59,"endTime":7023.23,"body":"wouldn't necessarily record it,"},{"speaker":"Alan Smith","startTime":7023.3499999999995,"endTime":7026.11,"body":"so a lot of our, certainly our"},{"speaker":"Alan Smith","startTime":7023.3499999999995,"endTime":7026.11,"body":"professional conversations can"},{"speaker":"Alan Smith","startTime":7026.17,"endTime":7028.78,"body":"be captured, can be recorded,"},{"speaker":"Alan Smith","startTime":7026.17,"endTime":7028.78,"body":"even sort of meeting in real"},{"speaker":"Alan Smith","startTime":7028.8099999999995,"endTime":7032.3499999999995,"body":"life with somebody, and so this"},{"speaker":"Alan Smith","startTime":7028.8099999999995,"endTime":7032.3499999999995,"body":"device called Pocket, and I put"},{"speaker":"Alan Smith","startTime":7032.38,"endTime":7037.0599999999995,"body":"a link to it in the show notes,"},{"speaker":"Alan Smith","startTime":7032.38,"endTime":7037.0599999999995,"body":"is, and they position it as much"},{"speaker":"Alan Smith","startTime":7037.21,"endTime":7039.33,"body":"more than just a meeting note"},{"speaker":"Alan Smith","startTime":7037.21,"endTime":7039.33,"body":"taker. They come up with some"},{"speaker":"Alan Smith","startTime":7039.39,"endTime":7041.5199999999995,"body":"fancy phrases, but I kind of"},{"speaker":"Alan Smith","startTime":7039.39,"endTime":7041.5199999999995,"body":"like it. I get it called that"},{"speaker":"Alan Smith","startTime":7041.58,"endTime":7044.4,"body":"your strategic thinking partner,"},{"speaker":"Alan Smith","startTime":7041.58,"endTime":7044.4,"body":"because it will automatically"},{"speaker":"Alan Smith","startTime":7044.58,"endTime":7049.74,"body":"create flow charts, graphs,"},{"speaker":"Alan Smith","startTime":7044.58,"endTime":7049.74,"body":"ideas, examples. If you've got,"},{"speaker":"Alan Smith","startTime":7049.7699999999995,"endTime":7051.84,"body":"you've come to a Friday night,"},{"speaker":"Alan Smith","startTime":7049.7699999999995,"endTime":7051.84,"body":"and you've had loads of meetings"},{"speaker":"Alan Smith","startTime":7051.93,"endTime":7055.92,"body":"during the week, and you sort of"},{"speaker":"Alan Smith","startTime":7051.93,"endTime":7055.92,"body":"ask Pocket just to give you"},{"speaker":"Alan Smith","startTime":7055.98,"endTime":7058.25,"body":"summaries, next actions,"},{"speaker":"Alan Smith","startTime":7055.98,"endTime":7058.25,"body":"anything that you, anything you"},{"speaker":"Alan Smith","startTime":7058.28,"endTime":7061.0999999999995,"body":"might have missed. So, I only"},{"speaker":"Alan Smith","startTime":7058.28,"endTime":7061.0999999999995,"body":"got it last week. There's a"},{"speaker":"Alan Smith","startTime":7061.19,"endTime":7064.82,"body":"waiting list to get it, but so"},{"speaker":"Alan Smith","startTime":7061.19,"endTime":7064.82,"body":"I'm early days of trialing it,"},{"speaker":"Alan Smith","startTime":7064.82,"endTime":7066.83,"body":"but so far, so good. I know"},{"speaker":"Alan Smith","startTime":7064.82,"endTime":7066.83,"body":"Nick's going to say another"},{"speaker":"Alan Smith","startTime":7066.86,"endTime":7070.5199999999995,"body":"buddy's shiny new object, but"},{"speaker":"Alan Smith","startTime":7066.86,"endTime":7070.5199999999995,"body":"I'm happy to try. I don't care,"},{"speaker":"Alan Smith","startTime":7071.15,"endTime":7075.83,"body":"but I'm happy to trial new and"},{"speaker":"Alan Smith","startTime":7071.15,"endTime":7075.83,"body":"interesting things that that can"},{"speaker":"Alan Smith","startTime":7075.98,"endTime":7078.82,"body":"enhance and improve my"},{"speaker":"Alan Smith","startTime":7075.98,"endTime":7078.82,"body":"day-to-day business life, so"},{"speaker":"Alan Smith","startTime":7078.91,"endTime":7081.16,"body":"check out Pocket. Thank you."},{"speaker":"Carl Widger","startTime":7086.0199999999995,"endTime":7087.34,"body":"Okay, not sure. Can"},{"speaker":"Carl Widger","startTime":7086.0199999999995,"endTime":7087.34,"body":"you hear me?"},{"speaker":"Nick Lincoln","startTime":7089.92,"endTime":7090.07,"body":"Yep."},{"speaker":"Carl Widger","startTime":7091.72,"endTime":7095.47,"body":"Okay. Good. Yes."},{"speaker":"Carl Widger","startTime":7091.72,"endTime":7095.47,"body":"Streetwise, but by Lord Lloyd"},{"speaker":"Carl Widger","startTime":7096.91,"endTime":7101.55,"body":"Blank Feen, I think his name is"},{"speaker":"Carl Widger","startTime":7096.91,"endTime":7101.55,"body":"ex-CEO of Goldman Sachs. The"},{"speaker":"Carl Widger","startTime":7101.61,"endTime":7105.96,"body":"start of the book is pretty"},{"speaker":"Carl Widger","startTime":7101.61,"endTime":7105.96,"body":"poor, and then it gets really,"},{"speaker":"Carl Widger","startTime":7106.05,"endTime":7110.22,"body":"really interesting, and he ended"},{"speaker":"Carl Widger","startTime":7106.05,"endTime":7110.22,"body":"up being the CEO of Goldman"},{"speaker":"Carl Widger","startTime":7110.3099999999995,"endTime":7114.93,"body":"Sachs. He was in, he was very"},{"speaker":"Carl Widger","startTime":7110.3099999999995,"endTime":7114.93,"body":"high up in Goldman Sachs, but"},{"speaker":"Carl Widger","startTime":7115.23,"endTime":7119.75,"body":"they did their IPO, which is"},{"speaker":"Carl Widger","startTime":7115.23,"endTime":7119.75,"body":"obviously a topical issue at the"},{"speaker":"Carl Widger","startTime":7119.8099999999995,"endTime":7123.68,"body":"moment. The average payout for"},{"speaker":"Carl Widger","startTime":7119.8099999999995,"endTime":7123.68,"body":"the partners in Goldman Sachs,"},{"speaker":"Carl Widger","startTime":7123.71,"endTime":7128.09,"body":"when they did their IPO, was $84"},{"speaker":"Carl Widger","startTime":7123.71,"endTime":7128.09,"body":"million He got about double"},{"speaker":"Carl Widger","startTime":7128.15,"endTime":7131.63,"body":"that. It's a really, really"},{"speaker":"Carl Widger","startTime":7128.15,"endTime":7131.63,"body":"interesting story about his"},{"speaker":"Carl Widger","startTime":7131.72,"endTime":7135.86,"body":"career in Goldman Sachs. So, I"},{"speaker":"Carl Widger","startTime":7131.72,"endTime":7135.86,"body":"would encourage everybody to"},{"speaker":"Carl Widger","startTime":7136.61,"endTime":7139.15,"body":"have a read or a listen to this"},{"speaker":"Carl Widger","startTime":7136.61,"endTime":7139.15,"body":"book. I think it's really good."},{"speaker":"Andy Hart","startTime":7143.86,"endTime":7146.62,"body":"Okay, I'll keep this."},{"speaker":"Andy Hart","startTime":7143.86,"endTime":7146.62,"body":"I'll keep it super short and"},{"speaker":"Andy Hart","startTime":7146.65,"endTime":7149.44,"body":"sweet. I know we pushed for"},{"speaker":"Andy Hart","startTime":7146.65,"endTime":7149.44,"body":"time. It's the Trigonometry"},{"speaker":"Andy Hart","startTime":7149.5,"endTime":7152.38,"body":"Podcast, which is an awesome"},{"speaker":"Andy Hart","startTime":7149.5,"endTime":7152.38,"body":"podcast, a very interesting"},{"speaker":"Andy Hart","startTime":7152.44,"endTime":7154.5999999999995,"body":"guest. They've got a financial"},{"speaker":"Andy Hart","startTime":7152.44,"endTime":7154.5999999999995,"body":"expert on there called Patrick"},{"speaker":"Andy Hart","startTime":7155.26,"endTime":7159.8099999999995,"body":"Boyle. I've put the YouTube"},{"speaker":"Andy Hart","startTime":7155.26,"endTime":7159.8099999999995,"body":"link. He's a professor, he knows"},{"speaker":"Andy Hart","startTime":7159.84,"endTime":7162.69,"body":"a lot about global finances, a"},{"speaker":"Andy Hart","startTime":7159.84,"endTime":7162.69,"body":"load of other stuff. So, do"},{"speaker":"Andy Hart","startTime":7162.8099999999995,"endTime":7164.5199999999995,"body":"check it out. I think you're"},{"speaker":"Andy Hart","startTime":7162.8099999999995,"endTime":7164.5199999999995,"body":"going to enjoy it. Over to you,"},{"speaker":"Andy Hart","startTime":7164.55,"endTime":7164.8499999999995,"body":"Nicholas."},{"speaker":"Alan Smith","startTime":7164.999,"endTime":7167.969,"body":"Yeah, I listened to"},{"speaker":"Alan Smith","startTime":7164.999,"endTime":7167.969,"body":"as well. He's Irish, isn't he?"},{"speaker":"Alan Smith","startTime":7168.059,"endTime":7170.6089999999995,"body":"Very, very good, very smart."},{"speaker":"Alan Smith","startTime":7168.059,"endTime":7170.6089999999995,"body":"He's the smartest Irishman"},{"speaker":"Andy Hart","startTime":7170.79,"endTime":7170.94,"body":"I know."},{"speaker":"Nick Lincoln","startTime":7171.99,"endTime":7174.39,"body":"Oh, by country"},{"speaker":"Nick Lincoln","startTime":7171.99,"endTime":7174.39,"body":"mile, by a country mile. Yes, I"},{"speaker":"Nick Lincoln","startTime":7174.42,"endTime":7176.07,"body":"listened to it as well. Okay,"},{"speaker":"Nick Lincoln","startTime":7174.42,"endTime":7176.07,"body":"the final culture corner, I"},{"speaker":"Nick Lincoln","startTime":7176.0999999999995,"endTime":7178.46,"body":"referred to earlier on the show,"},{"speaker":"Nick Lincoln","startTime":7176.0999999999995,"endTime":7178.46,"body":"this is Money Podcast, talking"},{"speaker":"Nick Lincoln","startTime":7178.49,"endTime":7182.9,"body":"about the slow motion UK"},{"speaker":"Nick Lincoln","startTime":7178.49,"endTime":7182.9,"body":"property slump. It's one of"},{"speaker":"Nick Lincoln","startTime":7182.9,"endTime":7185.3,"body":"those podcasts you need to know"},{"speaker":"Nick Lincoln","startTime":7182.9,"endTime":7185.3,"body":"your enemy, so just dip into it"},{"speaker":"Nick Lincoln","startTime":7185.3,"endTime":7186.98,"body":"now, and again, because it's"},{"speaker":"Nick Lincoln","startTime":7185.3,"endTime":7186.98,"body":"financial journalists, lots of"},{"speaker":"Nick Lincoln","startTime":7186.98,"endTime":7188.78,"body":"times, just talking about the"},{"speaker":"Nick Lincoln","startTime":7186.98,"endTime":7188.78,"body":"same old stuff in that very"},{"speaker":"Nick Lincoln","startTime":7188.9,"endTime":7191.09,"body":"annoying way that financial"},{"speaker":"Nick Lincoln","startTime":7188.9,"endTime":7191.09,"body":"journalists do, where they all"},{"speaker":"Nick Lincoln","startTime":7191.15,"endTime":7193.04,"body":"laugh at each other's jokes,"},{"speaker":"Nick Lincoln","startTime":7191.15,"endTime":7193.04,"body":"like the funniest things ever."},{"speaker":"Nick Lincoln","startTime":7193.46,"endTime":7196.49,"body":"But it's quite interesting on"},{"speaker":"Nick Lincoln","startTime":7193.46,"endTime":7196.49,"body":"the property slump. Okay, that"},{"speaker":"Nick Lincoln","startTime":7196.55,"endTime":7199.78,"body":"brings us at the two hour mark."},{"speaker":"Nick Lincoln","startTime":7196.55,"endTime":7199.78,"body":"This might be a record, the two"},{"speaker":"Nick Lincoln","startTime":7200.0199999999995,"endTime":7203.5,"body":"hour mark. Episode 99 of The"},{"speaker":"Nick Lincoln","startTime":7200.0199999999995,"endTime":7203.5,"body":"Real Advisor Podcast comes to a"},{"speaker":"Nick Lincoln","startTime":7203.5599999999995,"endTime":7206.8,"body":"close. It is being flushed down"},{"speaker":"Nick Lincoln","startTime":7203.5599999999995,"endTime":7206.8,"body":"the U bend of Father Time."},{"speaker":"Nick Lincoln","startTime":7206.86,"endTime":7210.22,"body":"Please do leave a review on"},{"speaker":"Nick Lincoln","startTime":7206.86,"endTime":7210.22,"body":"iTunes or your app player of"},{"speaker":"Nick Lincoln","startTime":7210.34,"endTime":7213.82,"body":"choice. Like and subscribe to"},{"speaker":"Nick Lincoln","startTime":7210.34,"endTime":7213.82,"body":"our YouTube channel. If you do"},{"speaker":"Nick Lincoln","startTime":7213.88,"endTime":7215.68,"body":"leave a review, leave a six out"},{"speaker":"Nick Lincoln","startTime":7213.88,"endTime":7215.68,"body":"of five, leave a one out of"},{"speaker":"Nick Lincoln","startTime":7215.71,"endTime":7217.32,"body":"five. We don't care. We love"},{"speaker":"Nick Lincoln","startTime":7215.71,"endTime":7217.32,"body":"them. We love one of the"},{"speaker":"Nick Lincoln","startTime":7217.32,"endTime":7220.5,"body":"extremes. Don't want three out"},{"speaker":"Nick Lincoln","startTime":7217.32,"endTime":7220.5,"body":"of fives till the next time from"},{"speaker":"Nick Lincoln","startTime":7220.5599999999995,"endTime":7222.78,"body":"the Trap Pack. It's Adios. Take"},{"speaker":"Nick Lincoln","startTime":7220.5599999999995,"endTime":7222.78,"body":"care out there, and we will see"},{"speaker":"Nick Lincoln","startTime":7222.9,"endTime":7225.24,"body":"you on the other side. Goodbye."},{"speaker":"Alan Smith","startTime":7233.8499999999995,"endTime":7237.44,"body":"We made it just"},{"speaker":"Alan Smith","startTime":7233.8499999999995,"endTime":7237.44,"body":"another absolute shambles, so"},{"speaker":"Alan Smith","startTime":7237.53,"endTime":7237.89,"body":"many levels,"},{"speaker":"Nick Lincoln","startTime":7238.5199999999995,"endTime":7240.5,"body":"a genuine"},{"speaker":"Nick Lincoln","startTime":7238.5199999999995,"endTime":7240.5,"body":"financial, genuine, absolute"},{"speaker":"Unknown","startTime":7240.92,"endTime":7241.13,"body":"shambles."}]}