0:07

Welcome to The Real

0:07

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0:13

please follow us and join in the

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and leave a six out of five star

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review on iTunes. Doing all this

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really really helps us which

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means we can do more to help

0:31

you. Now let's head over to the

0:34

studio for the latest pilot trap

0:43

yes indeed, dear

0:43

TRAPPIST, welcome back to what

0:45

many people are calling episode

0:45

27 of the real advisor podcast T

0:50

R A P trap. My name remains

0:50

Lincoln and joining me as ever

0:54

are the three other Horsemen of

0:54

the Apocalypse. Andy Hart, Alan

0:59

ill nallah Torrey Smith and Carl

0:59

della Bochy, which are now

1:03

gentlemen We have a show packed

1:03

full of absolutely nothing so

1:07

let's start packing it straight away

1:08

we know

1:13

counting on me for to

1:15

carry me Oh, swing

1:15

we'll see the rugby the weekend

1:23

called Do you see any rugby that weekend?

1:25

I saw a little bit

1:25

but what I what I did actually

1:28

see was the Rugby World Cup or

1:28

the rugby rankings rankings. So

1:34

yes, fascinating few movements

1:34

they're very very proud moment

1:39

for Ireland to maintain their

1:39

number one status going in right

1:44

now how are you

1:44

number one? How are you number

1:47

one the way you're playing

1:49

12 wins in a row and all that kind of stuff.

1:52

Up in England that's not a win.

1:55

Series win in New

1:55

Zealand. Grand Slams. Anyway,

1:58

the list goes

2:00

on for the jingle

2:00

Nick. Yeah. Interesting. Let's

2:06

get

2:07

Interestingly

2:07

though, back on track on the on

2:11

the Rugby World Cup, right. So

2:11

England, England are number now

2:16

below Fiji. And just for our

2:16

listeners

2:22

the sevens rankings are the fifth

2:27

there's no big tournament starting anytime soon. So it's

2:31

taking the Six

2:31

Nations group hardtops lagging

2:35

very well. Are you?

2:37

I think I've given

2:37

you can say what you like most

2:40

Yeah, I agree with you. I have

2:40

no defense. I have no defensive

2:43

England whatsoever. So how about

2:43

it I'm looking forward to seeing

2:45

garland hoist the World Cup.

2:50

Not exactly what

2:50

you said in the WhatsApp group

2:53

last night. But anyway. Yeah, we

2:53

should see. I did however, watch

2:58

South Africa play in New Zealand

2:58

and demolish New Zealand

3:01

including bringing on seven

3:01

exactly seven new forwards after

3:06

45 minutes. And the seven new

3:06

forwards were better than 704

3:11

fresh legs top seven. Wow. Oh my

3:11

god. So first time ever a 717

3:16

forwards and one back split was

3:16

done. Everyone said his madness.

3:20

that separate the

3:20

bench would start for most teams

3:22

Razzie knows

3:23

what he's doing.

3:23

For me, watching the rugby that

3:27

South Africa have to be hot

3:27

favorites. Fortunately,

3:31

unfortunately, they're in our

3:31

group. And even if we do get out

3:35

of the group, we have to play to

3:35

France or New Zealand. So I

3:38

think doing the draw for the

3:38

World Cup three years prior to

3:41

the World Cup is absolute

3:41

madness. It's

3:44

great to see.

3:47

Whales or even

3:47

worse than England with

3:51

their top seats. Yeah.

3:52

All right, because

3:52

then our goal well, we need to

3:54

move on. Okay, right.

3:56

I'll give you four

3:56

minutes to enjoy your peak form

3:58

before World Cup. I'm looking

3:58

forward to the Irish slump that

4:01

always happens during the World

4:01

Cup. Okay, Andrew, some

4:04

highenergy reviews of the show,

4:04

please that don't involve rugby.

4:07

Okay, I'll try and

4:07

avoid rugby number one five bars

4:10

from Rob Nick. Keep it up guys.

4:10

You are bettering the IFA sector

4:14

one episode at a time when a new

4:14

pod drops it's an immediate

4:17

listen six stars. Next up MJ

4:17

financial planning concise,

4:22

informative and considered and

4:22

considered listen five stars. I

4:26

decided to listen to the

4:26

podcasts for the first time this

4:28

week primarily because of the

4:28

subject matter being SJP. I've

4:31

been in financial planning for

4:31

over 30 years, but I've only had

4:34

a practice in SJP for the past

4:34

four. During that time, I've

4:37

listened to and read countless

4:37

defamatory comments made towards

4:39

SAP. So when I saw the subject

4:39

matter of this podcast was

4:42

always expected much of the

4:42

same. It was therefore very

4:45

refreshing to hear logical

4:45

conversations about SJP and I

4:48

found myself being very much in

4:48

agreement with all the points

4:51

raised good and bad. This

4:51

concise informative and consider

4:54

listen is now clearly marked on

4:54

my podcast favorites to download

4:57

each week and look forward to

4:57

listening to many more In the

5:00

future, that's the boss.

5:03

Thank you very

5:03

much, Andrew. Thank you as ever

5:05

for your reviews they do give us

5:05

a shot in the arm. Yeah, shot in

5:10

the arms what the worst shot in

5:10

the head actually building a

5:12

rugby team. Okay, we have as

5:12

crap as the real advisor podcast

5:16

somehow scrapes our way to

5:16

50,000 plus downloads. In fact,

5:19

we're now at about 65,000

5:19

downloads, which is pretty

5:22

remarkable for a niche podcast

5:22

aimed at a very specific

5:26

audience that only comes out

5:26

once every two weeks. It's thank

5:28

you to all the Trappists and

5:28

we've also got I think, what is

5:31

it 13 odd 1000 views on YouTube

5:31

as well, which is, which is

5:37

fantastic, if not a little bit bizarre. So just want to say thank you. And as ever, just a

5:39

reminder next year around

5:41

episode 50. So it'll be useful

5:41

July ish kind of time 2020

5:45

forward, we're looking to do

5:45

Christ knows how we're ever

5:48

going to get this organized without killing each other. But we're going to do a trap and

5:50

live event of some sort and

5:52

there is there is significant

5:52

interest out there. We have we

5:55

have tested the waters on this.

5:55

So that will be happening. So

5:58

just keep an eye out for that as

5:58

we get nearer the time. Okay.

6:02

Okay, let's start with some some

6:02

good news because it is easy to

6:05

get mired in negativity, some

6:05

sometimes in what we do in

6:08

financial services. Because

6:08

we're, we fail sometimes as

6:13

financial advisors, such as real

6:13

financial advisors, we kind of

6:15

get dinged from all corners, but

6:15

I've got some I've got some some

6:19

good news and you're the vibes. You're the

6:25

vibe, that three questions get

6:31

the clients cry, okay, that's in

6:31

the room, that the FS CS and the

6:35

FCA fees call is not your you

6:35

might get a comment as well from

6:38

the Irish perspective. But

6:38

across the board, the levees are

6:41

hitting our emails, and they

6:41

seem to be down by around a

6:43

third, which is very good news,

6:43

and will certainly tell you that

6:47

doesn't mean the SCA can't hit

6:47

us with interim levies. But in

6:50

our experience, and with the

6:50

with the peer group that Andy

6:53

and myself belong to the ideas

6:53

exchange, that seems to be the

6:56

common theme that the fees down

6:56

by a third. So don't necessarily

6:59

to comment on that gentleman

6:59

unless you wish to. But it's

7:01

nice to be able to report some

7:01

good news out there along with

7:05

that continue. The Voice, watch

7:05

Meister Zoom is asking employees

7:10

to return to the office, which I

7:10

find sweetly ironic. Tell us a

7:13

bit about that.

7:14

Yeah. Well look

7:14

from a PR point of view. First

7:17

of all, I think that's a little

7:17

bit of a disaster. The news on

7:20

that gets out. So the the main

7:20

COVID Now COVID-19, online,

7:27

messaging for forum zoom, have

7:27

has said that this whole working

7:32

thing doesn't work. So that was

7:32

that was kind of interesting.

7:36

And I think they handled that PR

7:36

wise from a very poor point of

7:40

view. But I was in a big tech

7:40

firm in Dublin a couple of weeks

7:45

ago. And they were telling me

7:45

that they've also insisted that

7:48

everyone comes back to the

7:48

office with an optional two days

7:53

working from home based on

7:53

hitting KPIs. So look, it seems

7:58

like the working from home

7:58

paying certainly for the bigger

8:00

corporations doesn't seem to be

8:00

working. I know there's kind of

8:05

different viewpoints on in this

8:05

group about that. But but I've

8:10

always had the view that look,

8:10

yeah, we need to be kind of

8:15

drawn up about it and give

8:15

people an option of a day or so.

8:19

From home. And we do have, you

8:19

know, maybe one team member

8:23

entirely remotely. But my my

8:23

strong thoughts on this are that

8:29

you've got to be in the office

8:29

like, especially when you're

8:32

kind of a small, medium sized

8:32

firm, that the whole team ethic,

8:37

learning from each other those

8:37

infamous water cooler moments,

8:40

they actually do matter to do

8:40

work. So yeah, I think it's it's

8:46

nice to kind of get some

8:46

confirmation from from bigger

8:49

firms out there that that maybe

8:49

this is this is the thing, and

8:52

maybe it's the the slow death of

8:52

the working from home.

8:59

Let me come in, if I

8:59

may on that one. You have seen

9:05

this a source? Yes. Isn't it

9:05

said sweetly ironic, zoom, the

9:09

big brand behind the work from

9:09

home and telling everyone to get

9:11

back into the office, as are

9:11

many others. Interesting, isn't

9:14

it that a lot of its big tech

9:14

companies is that are saying

9:17

this. You know, Tesla's talking

9:17

about Twitter, Google, all the

9:23

big, big, big companies to get

9:23

him back. So my take on this is

9:29

that it's a it's kind of

9:29

immature of the management of

9:33

the organization to demand this

9:33

is smacks of kind of a question

9:38

the culture in an organization

9:38

that has to insist on his

9:41

employees and where they

9:41

actually work from where they do

9:44

their best work. So I just

9:44

didn't take the view that people

9:48

should do their identify what

9:48

sort of work they're doing a

9:51

particular day, a particular

9:51

week and find the best location

9:54

to deliver that work. Some work

9:54

is best done in a collaborative

9:57

format, in an office environment

9:57

amongst other people and Some is

10:00

absolutely best done. And the

10:00

quietest place you can be if

10:03

that's home or somewhere else,

10:03

then that's what you should do.

10:07

So we remain very flexible on

10:07

our sort of working practices.

10:12

And people tend to come in the

10:12

office probably two days a week,

10:16

on average, and and work from

10:16

home, the rest of the time have

10:19

worked from somewhere else. And

10:19

it seems to work. In our line of

10:21

work. I think it's very, your

10:21

outputs are very known, you're

10:26

expected to do certain things,

10:26

you go client meetings in the

10:28

calendar, you got things to

10:28

deliver upon. And it's very

10:32

difficult to avoid that. So my

10:32

view is treat people as grown

10:36

ups and let them do what they want.

10:37

Yeah, valid points,

10:37

Alan. And what I would say in

10:39

that is, look, I suppose we've a

10:39

lot of new starters happening,

10:44

already has have happened and

10:44

will be happening over the next

10:47

few months think for starters,

10:47

it's really difficult to kind of

10:50

train someone in and bring them

10:50

into the culture of the business

10:52

when they're doing it from home.

10:52

Number one. Number two, I would

10:55

say in Ireland, we're definitely

10:55

not at the levels of online

10:58

client meetings that you guys

10:58

are at. I think that's actually

11:02

a good thing. And that means

11:02

obviously, we need to have

11:06

people in the office for those

11:06

client meetings. And, you know,

11:10

we don't, you know, we have

11:10

always two people in each line

11:13

meeting. So look, there's,

11:13

there's pros and cons, I haven't

11:16

entirely made up my mind on it.

11:16

But I'm comfortable with what

11:19

we've kind of landed on, which

11:19

is a semi flexible outlook. And

11:23

that's what we will continue to do.

11:26

I'm a massive fan of

11:26

the flexibility. Obviously, it

11:29

allows us before this quarter

11:29

meeting my accountant, I just

11:33

thought I'm probably never gonna meet my accountant face to face again. And he lives in London, I

11:35

used to see him face to face

11:38

quite a bit.

11:39

So when it's a win

11:39

win for both of us.

11:43

i The hybrid is

11:43

fantastic. So two days in the

11:46

office or three days in the

11:46

office, I think employees can

11:48

answer anything better. Yeah,

11:48

it's a big challenge when

11:52

you're, you know, onboarding new

11:52

staff members remotely. Yeah,

11:56

that that's, I suppose the

11:56

biggest challenge, but once they

11:59

sort of bedded in and they know

11:59

everybody, yeah, it's given them

12:03

that that flexibility.

12:03

Obviously, again, clients, a new

12:07

client contacted me the other

12:07

day, and said, he wants to

12:10

potentially become a client,

12:10

however he wants to meet face to

12:13

face. And I said, Oh, can we not

12:13

do it via zoom? And he said, Oh,

12:17

yeah, it's fine doing it via

12:17

zoom, I was thinking, I didn't

12:19

quite know what he was what he's

12:19

up to. Anyway, I find it way

12:22

more efficient, especially in

12:22

London, it is challenging, if

12:25

you've got, you know, a couple

12:25

that both have jobs and kids.

12:29

And, you know, I've taken on

12:29

loads of clients during the

12:31

COVID times and I plan to never

12:31

ever meet them. And I know

12:34

Nick's pretty much 100% Zoom. So

12:34

yeah, it's a it's interesting,

12:38

that Zoom are insisting on some

12:38

of their employees being a bit

12:41

more present in the office. I'm

12:41

pretty sure they won't say in

12:44

five days, but they will

12:44

certainly try and try to ratchet

12:46

it up. That is the general sort

12:46

of flow, isn't it? A companies

12:50

are insisting that more time is

12:50

spent, you know, in physical

12:55

offices. So yeah. Interesting.

12:55

Factory boss.

12:59

Okay, good stuff,

12:59

Alan, just well, we this, we

13:02

will keep this in the show, but just check your speakers. Yeah, because I've got your speakers

13:03

coming up as the real tech. So

13:07

your headphones might not be

13:07

your active speakers. So if you

13:09

can meet yourself and sort that

13:09

out, we'll, we'll crack on with

13:12

the conversation. So okay, news

13:12

item that I saw, which just kind

13:17

of blew my mind, really,

13:17

especially for you know, as we

13:19

call it, we we call ourselves

13:19

real, real financial advisors

13:23

where the real advice podcast

13:23

because we think that financial

13:26

planning is paramount. And the

13:26

investment solution is just the

13:29

end result isn't it's not what

13:29

we're about. That's just one of

13:31

the moving parts. And so we all

13:31

of us, and I think a lot of the

13:34

trappers who listen to us are

13:34

kind of refined and honed our

13:37

investment proposition over the

13:37

years, to really cut back on the

13:40

number of funds, we're offering

13:40

to have streamlined portfolios

13:43

that give you broad global

13:43

exposure and the Trappists. And

13:46

you guys know that I've gone

13:46

taken that to the nth degree.

13:48

Now I have the one fund for my

13:48

equity exposure. And I saw this

13:51

article in the New Model

13:51

advisor, and I had a look at the

13:54

headlines twice, and Scottish

13:54

Widows is cutting 180 of its

14:00

life and pension funds, there's

14:00

not an I'd have to look at

14:04

things to mean they're cutting

14:04

some of their 180 life and pet

14:07

No, they're cutting 180 pension

14:07

funds, leaving behind God knows

14:11

how many, and a lot of these, of

14:11

course, are mirror funds.

14:14

There'll be some there'll be the

14:14

the extended life gars range,

14:20

which there are loads of

14:20

different iterations, but 180

14:23

life and pension funds, I mean,

14:23

you know, to have that, to have

14:27

that money to cut in the first

14:27

place. It's just, it's just a

14:29

different world out there, isn't

14:29

it? The old school industrial

14:31

manufacturing, so, you know,

14:31

imagine you were an advisor and

14:35

you're trying to you know, you've got to climb at the Scottish Widows pension and you

14:36

know, force your 50 funds or

14:39

something, you just want to

14:39

justify your existence. I mean,

14:42

just just brought it up because

14:42

it just seems to be sort of, in

14:45

contrast to to how a certain

14:45

segment of the advice community

14:48

is moving eg you know, what we

14:48

were calling quote, real

14:51

advisors, which I know gets people's hackles up, but we don't really care about that,

14:53

guys, there'll be a link there's

14:56

a link to that in the so called

14:56

show notes that city wire

14:58

article but not and something

14:58

else that I thought was nuts is

15:02

a Capitan and no one seems to

15:02

have a good word for capita and

15:06

not all shaycarl capital exist

15:06

in Ireland are they are they?

15:10

Okay? Well capital are one of

15:10

these sort of scheme, DB scheme

15:16

trustees slash actuary slash

15:16

admin and they just uniformly

15:19

get slagged off by anybody who

15:19

comes into contact with them.

15:21

Anyway, it turns out that capita

15:21

a few years ago, when the

15:24

transfer value market from db to

15:24

DC was was all the rage because

15:28

transfer values are very high

15:28

capital being capital cocked up

15:31

the transfer values and quite a

15:31

number of these transfers and

15:34

paid away too much. And then now

15:34

actually going to these people

15:40

to the people that receive these

15:40

DB transfers and say we need

15:42

some of the money back now Good

15:42

luck with that. Good Good luck

15:46

with that from the from the fair. No, I haven't looked I don't know the weeds about this.

15:48

I don't know how you get the money back. I mean, just because

15:50

obviously you might have seen 1

15:53

million quid in a pension but 10

15:53

quid in your bank account. Where

15:56

does that money come back out of

15:56

the pension and and what are the

16:00

pension is gone? Well, if it's

16:00

tied up in property, well, it

16:03

was in some garden or you know,

16:03

some dreadful Cape Verde scheme

16:06

that suddenly lost all his money

16:06

since then. I just don't know

16:08

how they can do it. Surely

16:08

capital have their version of

16:11

professional indemnity insurance

16:11

that covers them against these

16:13

kinds of cockroach, you can't go

16:13

back to people 3456 After the

16:17

event, and say we gave you too

16:17

much. It's it's it just seems to

16:20

me that's that's an incredible

16:20

so and it's not like this is not

16:23

like one or two, this is apparently hundreds and hundreds. And it's not just

16:25

capital as well. I don't know if you guys have any thoughts on

16:27

this. I've had any other who had

16:30

spoken to any other ifas. But,

16:30

you know, the whole the whole db

16:34

to DC thing was it was it was a

16:34

bit of a shit show anyways

16:36

telling us a bit of a show

16:36

anyway. But you throw this into

16:38

the mix, and it's like, wow,

16:38

wow. And of course capita been

16:43

capitalist saying to their

16:43

writing to these people and

16:45

saying talk to your advisor

16:45

about this. They're trying to

16:47

shunt it back onto the advice to

16:47

say, you know, inferring was the

16:52

advice correct? Because we

16:52

cocked up the transfer value as

16:54

if advisors are supposed to

16:54

understand how transfer values

16:58

are arrived at and I mean, that's not that's, that's proper smokes and mirrors stuff. Okay.

17:00

Voice again, sports stars start

17:06

a V. C fund.

17:09

Yeah, I just saw this. This is actually on Sky News. So I've put the link to

17:10

this piece of news. So there's

17:15

kind of a couple of cricketers

17:15

who you guys probably know who

17:18

they are. But there's football

17:18

ORs and there's, there's other

17:21

sports stars, they've started

17:21

this VC fund. And they're going

17:24

for early kind of tech startups.

17:24

And I think wellness startups,

17:30

that kind of stuff as well. And

17:30

I just reminded me of our

17:35

previous discussion, where by I

17:35

think the rules were changing

17:38

there that people you know, that

17:38

your your regulation said that

17:42

you should be investing in kind

17:42

of VC funds and that kind of

17:46

stuff. And I just thought back

17:46

to, you know, the so many

17:50

stories from kind of famous

17:50

people, sports stars, going into

17:55

investments that have gone pear

17:55

shaped, and I think the ones

17:57

that you'll see in the news are

17:57

probably famous footballers,

18:00

predominantly, but you know,

18:00

going back to real financial

18:04

planning, it doesn't really

18:04

matter how much money you have,

18:07

what you need is you need a

18:07

financial plan to tell you how

18:10

much money you need. And you

18:10

need to dedicate your resources

18:14

then to investments, pensions,

18:14

whatever, in what has always

18:18

worked. And we have spoken

18:18

before about having that kind of

18:22

playpen for you know, very

18:22

wealthy people who go off and do

18:26

some stuff that kind of floats

18:26

their boat, shall we say, but

18:30

it's not integrity, or it's not

18:30

that important. So it's money

18:33

that that you know, they don't

18:33

want to lose it but you could

18:36

necessarily lose it I just I

18:36

just hope that all of the the

18:46

sports people who have been

18:46

named in this all have their own

18:51

financial plans, and they're

18:51

only putting in money that they

18:54

can afford to lose on this

18:54

because this is high high risk

18:57

stuff. And it doesn't matter how

18:57

famous you are, you know, if

19:00

you're investing or early stage

19:00

startups, they unfortunately

19:04

have a propensity to not return

19:04

any money of course you could be

19:07

lucky and shoot the lights out.

19:07

And that's what played playpen

19:11

money is so look it's just a

19:11

note that I thought I'd put out

19:16

there because too often we come

19:16

across maybe ultra wealthy

19:20

people stroke famous people and

19:20

they're doing stuff that just

19:23

doesn't make any sense. Nick

19:25

interesting way

19:25

last week you and I can't we

19:28

went out for Sherry didn't we

19:28

and in that day we I'm with you

19:32

I met one of them you met to to

19:32

ifas who specializes in the

19:34

field of advising sports sports

19:34

people you know have this

19:39

incredibly short credibly short

19:39

careers with incredibly loads of

19:42

money. It's a different way of

19:42

doing what we do and that's for

19:46

sure interesting people in the

19:46

classic example of just be

19:50

careful what you're doing and have you got a financial plan and why on earth you're doing

19:52

this is and I know you guys

19:55

aren't into American football

19:55

you but you know of Tom Brady

19:57

right, who is the greatest quarterback to ever play the game and isn't Not even close in

19:58

the, you know, had this idyllic

20:01

lifestyle. He was married to

20:01

Giselle bunch and and he's got

20:05

more money than he can possibly ever spend and yet he got involved in promoting Bitcoin or

20:07

one of these Bitcoin funds, I

20:11

believe in FTX Yeah, FTX money

20:11

he didn't need. And now he's

20:17

been, you know, litigious

20:17

Americans is kind of being

20:19

countersue by people who, you

20:19

know, who went into the unknown

20:22

whether he'll, he'll get he'll

20:22

lose money. I don't know. But it

20:26

didn't need to do it. It's just

20:26

like, you know, your brand is

20:28

everything. Your brand, you

20:28

know, your reputation is

20:30

everything, just just what it is

20:30

just, it's the magpie thing.

20:33

It's the shiny new thing I want

20:33

to be seen. We want this guy to

20:36

be the face fit. Agent says,

20:36

Will you do it? So I'm he goes.

20:40

And then of course, when the blade doesn't know what he's talking about, really, he's just

20:42

a pretty face.

20:44

Like once about the

20:44

fundamental challenge, Nick is

20:47

confusing, you know, long term

20:47

strategic investing for sort of

20:52

personal financial security, for

20:52

growth of wealth, confusing that

20:57

with entertaining entertainment.

20:57

And these people come from the

21:00

world of entertainment, and

21:00

whether it's sports stars, movie

21:03

stars, you name it, that's the

21:03

world the operating. And the

21:06

challenge that we've got, the

21:06

challenge we will always have

21:09

is, frankly, the work that we do

21:09

to the outside world, at least

21:13

is dull is pretty dull, because

21:13

who wants to build a plan that

21:16

in itself is pretty boring. And

21:16

also I've sort of dabbled over

21:20

the years, not not for a long

21:20

time, but in the world of

21:23

professional sports people and

21:23

trying to get professional

21:26

sports people to consider a

21:26

3040 50 year financial plan.

21:31

Those people don't know what

21:31

they're doing tomorrow, never

21:33

mind 30 years from now. So it's

21:33

a chance. It's a real real

21:36

challenge. And of course, when

21:36

you say we'd like to, we'd like

21:39

you to invest your money in low

21:39

cost global index funds and

21:43

leave it there for 30 years is

21:43

just what that's just boring. I

21:46

want to get crypto, I want to

21:46

buy I mean, watches is all a

21:50

thing. You know, you're trading,

21:50

you know, high end watches, all

21:52

that sort of stuff. And so it is

21:52

a perennial challenge that

21:56

anyone who works in our game has

21:56

dealing with anyone like that.

22:00

The last little anecdote I'll

22:00

throw in, I spoke to somebody

22:04

last week who's preparing to

22:04

sell their business for

22:07

significant significant sound,

22:07

we're talking about potentially

22:09

100 million pounds next year.

22:09

And we're talking about how they

22:13

might invest their money. And he

22:13

said, Yeah, and I'll do your

22:15

boring stuff with you. But I

22:15

really want to put some money

22:18

into something that's

22:18

interesting, and keeps me

22:20

interested and engaged. So are

22:20

you prepared to lose all of that

22:24

money? You said, Yes, I am.

22:24

Because I have plenty to go out.

22:28

And I think that's one of that's

22:28

one of the issues, isn't it

22:30

because it's just this idea of

22:30

using your wealth as an

22:34

entertainment vehicle rather

22:34

than you know, go to the casino

22:37

or go horse racing or do

22:37

something we can have a real bit

22:40

of funds putting into markets,

22:40

companies structures, whatever,

22:45

you know, that it's just, it's

22:45

vaguely interesting is is dinner

22:49

party conversation. Maybe you

22:49

lose it all it's just it's an

22:52

interesting dynamic.

22:53

We've had this

22:53

chart offline I love that you

22:56

know, but that is relevant

22:56

though for that guy with that

22:58

amount of money you know, make

22:58

sure you've just got your future

23:01

secured at a very high spending

23:01

level and all of that kind of

23:04

stuff. And if it he that that

23:04

gentleman or lady wants to

23:09

invest in stuff, you know, stuff

23:09

that is of interest, knock

23:14

yourself out, just go for but

23:14

make sure you have all the other

23:16

stuff parked for so I think

23:16

that's the main thing that I

23:20

wanted to get across here about

23:20

these these kind of footballers

23:22

and cricketers, and I didn't

23:22

realize cricketers actually make

23:25

a lot of money that's hard to

23:25

leave. But anyway,

23:28

what top top like

23:28

they do it? So it's cricket and

23:31

Wales? Yeah, they do. I think

23:31

it's pointless. But this comes

23:39

to some of the ad is quite

23:39

strong. And it's just letting

23:41

clients if they really want to

23:41

scratch the edge, let them crack

23:43

on and scratch that edge. Right?

23:43

It's better if it means them

23:47

following through on a financial

23:47

crime where most of their money

23:49

is invested in boring, buy and

23:49

hold, staring out the window for

23:53

the next three decades kind of

23:53

portfolio. Give them some giving

23:56

them a little playpen they can

23:56

play with, as Alan said, on the

23:58

strict proviso that you know,

23:58

you could lose all of this.

24:02

You're okay with that. And if

24:02

you do, it won't ruin this

24:05

financial Pammi bill, but let

24:05

them scratch that itch and, and

24:08

get on with whatever they want to

24:09

do. I've heard

24:09

different names for this over

24:11

the years. I mean, yeah,

24:11

investing paper, and I think I

24:13

got from Alan. I've also heard

24:13

of it as a ROB account, which is

24:17

like a rush of blood account as

24:17

your Rob account over there. I

24:20

prefer Alan's latest one the

24:20

dicking around fund or the

24:23

dicking around. I think he's

24:23

absolutely brilliant. Like yeah,

24:26

you can have a dicking around

24:26

pot mate. No problem

24:29

that you DAP just

24:29

did that.

24:36

And then who wants to

24:36

own a dicking around the fund.

24:39

But he's just right. It's framed

24:39

perfectly. But oh my god like

24:44

but I think it's brilliant.

24:46

Thank you. You can

24:46

have one on the basis that you

24:49

also have your

24:51

database find out

24:51

your family, family fortress and

24:53

family fortress fortress,

24:57

you only see the

24:57

left. Yes. Now you don't Eat it.

25:00

Trust me this this. X

25:00

superfluous. superfluous. That's

25:04

the word. Next move on

25:06

to are you chewed

25:06

a thesaurus? Both of your well

25:08

done active using a knife and

25:08

fork. Okay. It's the heart

25:11

employing professionals.

25:13

Okay, yeah, somewhat

25:13

allow me a brief story. But

25:16

yeah, I've moved to a new house

25:16

that sort of been consuming my

25:20

life over the last few months.

25:20

So I actually viewed this house

25:23

at over a year ago. I want to

25:23

viewed it, I liked it. But I

25:27

thought it was too expensive. I

25:27

put a lowball offer in and then

25:29

I ended up, someone else bought

25:29

it for a higher offer. And then

25:33

I was viewing other houses. And

25:33

I was always referring back to

25:37

this one that, you know, it's

25:37

the one that got away as such.

25:40

And then the person pulled out

25:40

that putting the higher offer

25:42

for what I thought was a sort of

25:42

pointless reason. And since I've

25:46

owned the house, I've realized

25:46

that it was appointed as reason.

25:48

But anyway, so I got a call from

25:48

the estate agent, I think in

25:51

March, to point out you want to

25:51

buy it, it's reason

25:56

no toilet,

25:57

it was an access

25:57

reason, but I won't bore you

26:00

with it. So then he said, it's

26:00

available, do you want to buy

26:04

it, I said, Yeah, I'm gonna buy

26:04

it. And then obviously ensued,

26:07

the painful process of dealing

26:07

with lawyers and property and

26:10

all that sort of stuff. Anyway,

26:10

I completed in May, and I

26:12

decided to do the place up. So

26:12

for the first time, I employed

26:16

an interior designer, which I've

26:16

never done before, I'm a single

26:20

bloke divorced, obviously, I

26:20

want the house to be nice and

26:22

nice. And my kids, I've got a

26:22

few quid to do it up. So I

26:25

employed an interior designer.

26:25

And I basically got out of the

26:29

way, you know, I allowed her to

26:29

just send me links by staff, and

26:34

do it in the style that she

26:34

thought would make sense.

26:39

There's obviously a few, as I

26:39

say, if I did it myself, I would

26:42

have done it, okay. But you

26:42

know, it wouldn't have been as

26:45

nice as it is now. So, the point

26:45

of the story is, if you're going

26:49

to employ professionals, you

26:49

know, let them do their work.

26:52

And, you know, in the end, the

26:52

result will be fantastic. So the

26:56

result is great, the journey has

26:56

been a little bit rough, because

26:59

obviously, you're dealing with

26:59

other people in the mix, and

27:01

then you've got builders and all that sort of stuff. But the destination is, is good in the

27:03

end. I mean, it's sort of funny

27:06

story to it. I ordered these

27:06

tiles online, I thought they

27:09

looked horrendous, I thought,

27:09

Really, I'm gonna put these

27:11

tiles into my kitchen. The tiles

27:11

arrived, me and the builder were

27:14

looking at these tiles thinking

27:14

these are these are horrible.

27:17

How are we going to lay them

27:17

out. And he said, it was two

27:19

options. And he laid them out

27:19

like bricks. So he just laid

27:21

them out like straight. And then

27:21

we contacted the interior

27:24

designer said, you know, these,

27:24

these tiles have arrived, she

27:26

said, right, the way we're going

27:26

to do them is herringbone. And

27:30

his face dropped, he thought

27:30

I've never done herringbone

27:32

tiles before in that order. And

27:32

then he said, I'm gonna have to

27:35

charge you more, and he's just

27:35

gonna take a lot more time. You

27:38

know, I'm very used to doing the

27:38

bricks. So anyway, he sort of

27:41

tripled the amount of time he's

27:41

going to put these tiles and He

27:43

charged me a lot more money. And

27:43

in the end, the tiles that, you

27:45

know, amazing, and they make the

27:45

kitchen. Whereas obviously, if I

27:50

had that option myself and

27:50

choice myself, I would have made

27:53

a complete balls up. So the

27:53

point of the story is if you

27:55

employ professionals get out of

27:55

the way, you know, too many

27:58

people employ financial advisors

27:58

and then want to dabble and you

28:00

know, blow up the plan. So the

28:00

key is clients getting out of

28:04

their own way, you know, so I

28:04

could potentially have been a

28:07

bad client, obviously, you know,

28:07

I'm rather disagreeable. So

28:11

yeah, long story short, employ

28:11

professionals and then get out

28:15

of the way. My final topical tip

28:15

that is this episode is going

28:19

out on Thursday the 31st. And

28:19

yesterday was Mr. Warren

28:25

Buffett's 93rd birthday. I'm a

28:25

huge fan of Mr. Warren Buffett.

28:29

So Happy Birthday, Mr. Buffett.

28:29

93. Let's hope you get to at

28:33

least 115 and continue to share

28:33

your wisdom with us every year.

28:37

That's it back to your boss.

28:40

That's probably

28:40

hear that right.

28:43

That means that

28:43

means Do you know that? Assuming

28:47

he lives to be there on January

28:47

1 coming up in a few months, Joe

28:53

is his psychic Charlie mangas

28:53

100th birthday. Yeah, I believe

28:58

be 100 on first January. So

28:58

don't forget to send a birthday

29:02

card

29:03

or what am I asked him to come on as a special guest.

29:06

I think that's a great idea. And he will even after that. You take

29:09

care of it because I

29:09

know I know. I know how you how

29:11

good you all get Nick Murray to

29:11

attend. Six degrees of

29:14

separation. We

29:15

said this business

29:15

separation surely there's

29:18

someone out there who's listening to this that know someone who's listening. This

29:20

that knows

29:22

who's joining. It's

29:22

got to you've got to Charlie

29:24

Munger has a close personal

29:24

friend. He must be somebody

29:27

close personal friend. There we go get it in. Okay, good stuff. I think we've

29:29

given the topical tidbits a damn

29:33

good thrashing. Let's move on to

29:33

the meat and potatoes of this

29:36

show. We're already half an hour

29:36

in. So this is a question that's

29:40

been in our hopper for quite a

29:40

while from Amon Prendergast a

29:43

Trappist, who's on Twitter as at

29:43

financial 118. And I'll read out

29:49

his question because this is

29:49

going to take up the next part

29:51

of the show and it's it's a

29:51

subject that does need

29:54

addressing mostly most of you

29:54

have experience of organizing

29:57

events slash seminars. I'm

29:57

interested in one Finding out

30:00

how you would set up a seminar

30:00

for say 50 accountants from

30:03

cradle to grave. This may

30:03

include how long the seminar

30:06

should be best way to invite

30:06

attendees were to post the

30:11

event, the structure of the

30:11

event topics you would focus on.

30:15

We're looking to add additional

30:15

speakers which accounts since

30:17

would find interesting. How

30:17

would you follow up after the

30:20

event? Thanks, Simon. So

30:20

multiple questions and they're

30:22

basically and it doesn't have to

30:22

be for accountants. I think that

30:26

the the lessons and when I speak

30:26

about this, I talk about this

30:28

the lessons of how to organize

30:28

them follow up in a seminar

30:30

apply to whoever your target

30:30

audience is, but just addressing

30:33

the accountants part first,

30:33

because that isn't a question

30:36

from Amon Cole, you have

30:36

experience of a organizing

30:40

seminars for Metis, Norway and

30:40

also organizing a seminar for

30:44

accountants tell us with your

30:44

typical honesty, how that went.

30:49

So we did a seminar

30:49

event for accountants, it's it's

30:56

ages and ages ago now. So maybe

30:56

2016 17, something like that,

31:00

right? On the basis that let's

31:00

gather a lot of accountants

31:04

centers of influence, and then

31:04

we'll get a lot of business out

31:06

of that. That's, that was kind

31:06

of the name of the game. And

31:10

then we, I took a bit of advice

31:10

from somebody else who had done

31:13

stuff like this. And the kind of

31:13

theme of it was there was new

31:17

pension rules, I can't even

31:17

remember what they were. But we

31:19

were going to talk about the

31:19

very, very technical stuff about

31:22

that. And we got a kind of a

31:22

well known tax guy to do that

31:27

part of the talk. And then we

31:27

did, the second part of the

31:31

seminar was an investment talk,

31:31

right. And we didn't do anything

31:35

about financial planning. And we

31:35

didn't go into the boat, cash

31:39

flow modeling, or, you know,

31:39

stuff that probably most of the

31:43

people in the room wouldn't have

31:43

seen before. So we did that. We

31:46

got a big because I think the

31:46

technical piece was new, and

31:51

that the speaker was kind of

31:51

well known to all of these

31:55

people, we got a good crowd out

31:55

of now when I say good crowd, we

31:58

got maybe 30 to 35 accountants

31:58

in the room. And for me, of all

32:05

of the events that we had done,

32:05

it probably just turned out to

32:08

be the biggest damp squib it was

32:08

it was the energy in the room

32:13

wasn't good. We had zero

32:13

questions at all. And for me,

32:17

then afterwards, it wasn't that

32:17

it wasn't that bad now, right? I

32:22

look, you got to here's here's

32:22

one point that probably didn't

32:27

think about when I was going to

32:27

talking about this, this is all

32:29

learning, isn't it, you got to

32:29

make the mistakes. And you know,

32:32

your first event of all of these

32:32

kinds is never going to be you

32:36

know, you're going to be a little bit embarrassed looking back. So you just got to make

32:38

the mistakes. So look, it

32:42

probably did help get the metas

32:42

name out there. But what would

32:45

we have done differently? We'd

32:45

have definitely done some

32:49

financial planning stuff, and

32:49

I'm not sure the investment

32:52

piece was relevant, was needed.

32:52

And however, looking back, do

32:59

the accountants want to ask

32:59

questions in front of each

33:02

other? I don't think they do.

33:02

For fear of, you know, looking

33:07

like, you know, Jesus, I should

33:07

have known that, or what's a

33:10

really

33:10

good point? Really?

33:10

So it's a really good point.

33:12

Yeah.

33:13

So what what we

33:13

have done instead is we took a

33:18

different note, we don't run loads of other events, which I can talk about if we have time

33:20

that are on right. But for the

33:24

accountants in particular, what

33:24

we've done instead is we've gone

33:29

to the one one on one, okay, and

33:29

we've said, look, we've got this

33:33

Metis life plan, this is so for

33:33

everybody else, that's cash flow

33:36

modeling. Let us do one of these

33:36

for your biggest client or one

33:42

of your biggest clients, or

33:42

someone who's maybe coming to a

33:44

transitionary point, ie Selling

33:44

A Business etc. We can do it,

33:49

you just give us the details,

33:49

but blank out names, we'll do it

33:52

and then we will present it to

33:52

you. And almost all of the time

33:57

the accountant goes, whoa,

33:57

Jesus, this is brilliant. Can we

34:01

do this for the client, I'll

34:01

just ask the client, can I have

34:05

permission to blah, blah, blah.

34:05

And then we go and do the

34:08

presentation to Metis, Vice

34:08

President Metis lifetime

34:10

presentation to the client and

34:10

the accountant. So that's one

34:13

thing that I would strongly

34:13

recommend. And I think really,

34:16

really, really does work. Of

34:16

course, if you offer this to 10

34:20

accountants, you might get to do

34:20

two or three presentations. So

34:24

this is a numbers game, because

34:24

accountants, after all, are

34:27

very, very busy. And also they

34:27

don't necessarily think do we do

34:31

the great work that we actually

34:31

do? So that's our challenge is

34:34

to actually show them so telling

34:34

them I don't think is any good,

34:37

you got to actually show them.

34:37

And that has worked

34:40

spectacularly well for us with a

34:40

number of accountants and we

34:46

have lots of centers of

34:46

influence. Now, in the tax

34:49

advice accountancy firms who

34:49

just turned we need to go get a

34:53

financial plan from Metis

34:53

Ireland. So that's one thing.

34:55

The other thing that we've done

34:55

as well is the old entertaining.

35:01

So asking an accountant to a

35:01

really nice golf course and say

35:05

bring two clients are bringing

35:05

six clients and we'll let's just

35:10

all get to know each other

35:10

first. We won't talk business.

35:14

And then you know that that kind

35:14

of positions it better for the

35:18

client for the accountant to be

35:18

able to say to his or her client

35:21

to say, Hey, why Carlos is

35:21

financial planning, I've seen

35:25

it, I think you need it now that

35:25

you've met him, you know, he's

35:28

not an axe murderer are are for

35:28

any of the other matters people

35:31

in the in that that might be

35:31

playing golf. So that's worked

35:34

really, really well for us. Now

35:34

we are looking to try and kind

35:38

of bring that maybe not

35:38

necessarily exclusively to golf

35:41

courses, but to do other events.

35:41

So we have other things

35:43

happening on that front as well.

35:43

So looked at that's kind of my

35:47

experience on it. I would say

35:47

spending a lot of time, money

35:53

and effort into doing a big

35:53

accountancy seminar might not be

35:58

the best way forward for you.

35:58

But hey, that's my experience.

36:01

I'm sure there's plenty of other

36:01

advisors out there who are going

36:04

to tell you that that's all they

36:04

do. And they smash it out of the

36:08

park on it's absolutely

36:08

brilliant. So like, it's this is

36:11

the thing, you got to find your

36:11

groove, you got to find your way

36:14

forward. So in summary, amen. If

36:14

you were if you are going to run

36:18

this, definitely do a piece

36:18

about financial planning, but

36:21

link it to a technical piece

36:21

that they do like but don't

36:24

expect a lot of engagements.

36:24

That's my final point. So Andy,

36:30

you're obviously doing mega

36:30

events in terms of humans under

36:34

management, probably the best

36:34

known financial adviser event in

36:38

the UK. So what's your take on

36:38

this and running events? In

36:42

general? What are the main

36:42

themes people should be looking

36:44

at?

36:45

Your last statement

36:45

will definitely be a YouTube

36:47

short thanks for that car. Just

36:47

a follow on from a point that

36:52

you may call about showing your

36:52

work to accountants I used to do

36:55

I don't it's about three or four

36:55

times. So I'll take on a new

36:58

client, I said you have an

36:58

accountant, they say yes. I

37:00

said, What's the details? Are

37:00

they quite proactive? And then I

37:04

say can I contact the accountant

37:04

and say like, we're working with

37:06

you collaboratively. And I asked

37:06

the client permission to share

37:10

the financial Master Plan, which

37:10

is the sort of cash flow output.

37:14

And I've emailed it to

37:14

accountants. And it's like, I

37:16

think it's like the most

37:16

beautifully presented 15 pages

37:21

of pure financial planning

37:21

wonder the countered is zero

37:27

interest in it. I don't know if

37:27

they feel intimidated. You know,

37:31

you expect them to see it and

37:31

go, Wow, this is fantastic. All

37:33

of our other clients need this.

37:33

I need this. I've had not too

37:38

good success with that. So if

37:38

anyone's thinking about doing

37:41

that tread carefully,

37:43

just Can I just

37:43

jump on that one before Nick has

37:45

a point to make as well. But I

37:45

wouldn't I think that's pretty

37:49

pointless sending it out sending

37:49

a 15 page document out because

37:51

if I got that I'd probably deleted

37:53

it. But what lots of

37:53

beautiful, what I'm saying is,

37:56

I'm doing that work with that

37:56

client. Anyway, I'm just

37:58

involving the accountant to be

37:58

collaborative with it to show

38:02

that this is the overall

38:02

situation and you know, invite

38:05

them

38:05

invite them to the

38:05

meeting, Andy Yeah, I can have

38:08

collaborative HSE consultant and

38:08

his wife has been a client of

38:12

mine for years and years and

38:12

years. undiscounted came to the

38:14

meeting. And it's amazing. Like

38:14

we just I think the client now

38:18

has a lot of trust built up and

38:18

both of us. But a lot of the

38:22

meeting is me talking to the

38:22

accountant with the client

38:25

couple are beside us and they're

38:25

just delighted that, hey, I've

38:28

got these two guys. Yeah,

38:28

brilliant in my in my corner.

38:32

When I say show the work, you

38:32

know, emailing a presentation or

38:35

you know, sending screenshots

38:35

from void. That's not going to

38:39

work. But anyway, sorry for the

38:39

introduction. Nick, what was

38:42

your point on that?

38:44

No worries called.

38:44

Yes. My point is that I think a

38:47

static financial plan doesn't

38:47

ring anyone's Bell really. And

38:53

if you're going to get cash flow

38:53

across two accounts, the I mean,

38:57

I've got one accountant

38:57

introduced this this this lady

38:59

in Berkhamsted and she you know,

38:59

like of course, accountants deal

39:03

with limited company business

39:03

owners and for me, that's the

39:05

ideal target market Limited

39:05

Company. Business owners ideally

39:10

husbands and wives, right. And if you're working with those kind of clients doing cash flow,

39:12

get as as one of the to be

39:15

leaders who they get the client

39:15

get the accountant in on the

39:17

annual planning meetings and

39:17

this lady, this accountant, she

39:20

loves it she if she can see the

39:20

cash flow modeling happening in

39:23

real time because we share the

39:23

screens and everything then then

39:26

they they are getting the

39:26

counters get engaged, I think I

39:28

think a flat PDF necessarily

39:28

won't do it. And that's

39:32

definitely something I would do

39:32

if I was running a seminar or

39:35

webinar with accountants, as the

39:35

audience, as you said called

39:37

Give them all away some give

39:37

them some technical stuff, they

39:40

can go and use, you know, remind them about the lifetime allowance going remind them

39:42

about the annual allowance in

39:44

the UK now being 60k because

39:44

some of them won't know talk to

39:47

them about relevant Life

39:47

policies, you know, just as just

39:51

give him some stuff and then do

39:51

I would then for the second half

39:54

of the seminar, I would pivot to

39:54

a live cash flow demonstration

39:57

of Mr. And Mrs. company owner,

39:57

because accountants are new And

40:00

we're obviously and the better

40:00

accountants will will. There'll

40:03

be doing cash flow for their

40:03

clients, businesses. And all

40:05

we're doing is saying we're doing exactly the same for the for the business owners

40:07

themselves. We're doing the cash

40:09

flow and build a plan live.

40:09

That's what that's what I would

40:11

say. If an accountant doesn't

40:11

respond to somebody sit in the

40:14

flesh and a plan being built for

40:14

their clients, then I would

40:18

suggest that accountant, we

40:18

should probably get

40:20

back to seminars and

40:20

webinars. You talking about just

40:25

dealing with accountants?

40:27

Yeah, but the

40:27

question was about your Weetabix

40:29

in Ireland? No, it's not spoken

40:29

potem. And it's just having

40:34

withdrawal symptoms. Okay, fine.

40:34

Seminars, to me, okay, so,

40:41

events, that sort of business to

40:41

business, don't use a token,

40:44

organize business

40:45

to business or financial advice. I've never done a client event and I

40:46

probably will never do one. I

40:49

might do an event with Maven

40:49

money, which my podcast but

40:52

anyway, so I've done events for

40:52

sort of two different brands. So

40:55

the voices User Group, which

40:55

started in December 2011. And

41:00

then I've got humans under management. We started in November 2017. Just a brief sort

41:01

of story about this, like

41:05

business stories. I remember I

41:05

sat down with a, it wasn't

41:08

really going to be a potential

41:08

client or prospect, but I pretty

41:11

much knew I wasn't going to work

41:11

with him. Anyway, he sold his

41:14

garden maintenance company for

41:14

45 million. And he was a

41:18

slightly older gentleman, I

41:18

think it's about 75 years old,

41:21

the company. So I sat down with

41:21

him just have a general chat and

41:23

things to avoid or whatever. And

41:23

I thought it was gonna be quite

41:25

confident, quite arrogant, or

41:25

whatever. He said, Andy, I set

41:28

up this business 50 years ago

41:28

with a one lawn mower. And it

41:31

just hit me like the start the

41:31

meeting, you know, he was very

41:34

humble that you just built this

41:34

business over time, over time

41:37

over time. And it was the same

41:37

with the sat down the lady that

41:39

sold a load of nurseries. And

41:39

she said, Andy, I set this

41:42

business 30 years ago, and I

41:42

started off with, you know, one

41:44

kid, and I've just built it up

41:44

and it was in my house. And then

41:47

I rented it, you know, a local

41:47

place. And then the built it

41:50

built it built it. So I love the

41:50

stories of businesses started

41:53

off with, you know, humble

41:53

beginnings as such. So my

41:58

tenuous link to setting up

41:58

events, the first event I ran

42:01

that, weirdly, Nick Lincoln was

42:01

at was in December 2011. In my

42:07

old office in pinner, Evan Taos.

42:07

And I think there's about 10 of

42:12

us there. And I've got the list

42:12

of attendees actually, because I

42:15

quite keep, keep quite good

42:15

notes of things. So anyway, the

42:19

people that were there, I'm

42:19

gonna read them out now. was me,

42:21

Simon graves, Nick Lincoln.

42:21

Let's Conway Stewart poonawalla,

42:26

Bob Freeman, grim Foster, Tony

42:26

Clarkin. And John scoles. Do you

42:31

remember this event, Nick?

42:33

I do. I do.

42:33

Indeed. Okay, can we get back to

42:39

seminars? Because otherwise? So

42:39

can we talk about seminars

42:41

again, quick cold,

42:42

we were not invited

42:42

to that event call or do all we

42:46

were and we said,

42:47

these are the good days. These are these are the these are the these are the

42:48

clean days anyway.

42:50

Okay, moving on. He

42:50

was still finding his way some

42:53

further information. So yeah,

42:53

I've been running financial

42:55

advisor events. And the main

42:55

thing I run is humans under

42:58

management this year, in SA

42:58

coming up later this month is

43:02

the 12th show of run. And in

43:02

London, it's going to be the

43:05

13th. And events are hard and

43:05

challenging. Um, you know,

43:10

they're expensive. There's a lot

43:10

of work that goes involved in

43:12

them. Since I've been set up

43:12

teams on the management I've

43:16

booked 150 speakers. So you've

43:16

got a book speakers, which is,

43:20

you know, challenging in itself.

43:20

You've obviously got to sell

43:23

tickets, you've got to find a

43:23

venue got to worry about

43:25

logistics. Timing is important.

43:25

Some specific points to his

43:30

question. Yes, I use Eventbrite.

43:30

Yes, you should use LinkedIn.

43:33

Yes, you should use Twitter. I

43:33

use Pay Pal on the back end.

43:38

Yeah, events are challenging,

43:38

but rewarding. Yeah, so I'll

43:42

continue to run event is over to

43:42

you, Nick.

43:46

It's over to me, I

43:46

think Yeah. Okay. Thank you guys

43:50

for your input into that. So I

43:50

don't do I don't do seminars. I

43:53

don't I haven't organized a

43:53

seminar for either my clients or

43:56

for other advisors. Really I get

43:56

involved with Andy with the

43:59

voices user group to an extent

43:59

and that's now a webinar and

44:04

that's really well yes, I know I

44:04

can't I can feel a part of you

44:08

dying inside and maybe you as

44:08

well. If I was to do anything I

44:11

would now do it as a webinar not

44:11

a seminar I think the days of

44:17

unless you you know bigger firms

44:17

maybe you can do something you

44:20

do golf days totally get it

44:20

fine. But I think for the for

44:23

the for the lifestyle, financial

44:23

planner, webinars are the way

44:25

forward. And Phil Bray who's who

44:25

does listen to the show runs the

44:30

yardstick agency, a well known

44:30

marketing brand in in front of

44:34

UK financial services. He's

44:34

written two really good long

44:37

forms on how to organize a, a

44:37

webinar. Not a seminar but a

44:43

webinar. And I'll put links into

44:43

them. And actually, it's an

44:47

object lesson in content marketing from Phil, what you'd expect because he's a marketing

44:49

expert, because he's given

44:51

chapter on verse. The first

44:51

piece is how to organize a

44:55

webinar. Everything you need to

44:55

do so he mentions Eventbrite, he

44:58

mentions LinkedIn he mentions

44:58

upgrade In your zoom package,

45:00

don't run it as a Zoom meeting,

45:00

you have to buy the webinar

45:03

package, which is about 600 quid

45:03

a year. It just it just works

45:07

way better if you do that. And

45:07

then the second long form piece

45:10

that he wrote is the 10 mistakes

45:10

that you should avoid when doing

45:12

a webinar, which is really the

45:12

same article just rewritten.

45:15

Really good. And you read this

45:15

thing, crikey, his Phil here has

45:18

given away everything I need to

45:18

organize a webinar. But it's

45:22

subtle content marketing,

45:22

because I think a lot of people

45:24

will look at this and think

45:24

Jesus Christ has a lot of moving

45:26

parts of that can go wrong, I

45:26

need to turn to an expert to

45:29

organize this webinar. For me,

45:29

who's the expert, he's just

45:32

demonstrated his expertise. It's

45:32

Phil Breyer, the Arctic agency

45:35

who makes one oblique sales line

45:35

in it and says, of course, this

45:38

is too much for you, you might

45:38

wish to outsource the organizing

45:41

and running your webinar to

45:41

people that know what they're

45:43

doing. So it's very subtle. So I

45:43

would, I would look at that, I

45:47

might, I'm just country with the

45:47

idea, I might run an annual

45:51

webinar for my clients, which

45:51

will just be to talk around the

45:57

investment, fun running the

45:57

portfolio, and maybe do it in

46:01

January, if you're looking back

46:01

over the last year. But of

46:04

course, as a one man band, I

46:04

would need to get a third party

46:07

involved the one if you're doing

46:07

webinars, don't do it by

46:10

yourself, because you've got enough going on with the presentation, you had to have

46:11

someone looking at the chat,

46:14

looking at the questions doing

46:14

the housekeeping and so forth.

46:17

So I don't know if maybe

46:17

dimensional would step in and

46:19

would give a 10 minute overview

46:19

of where the markets had been

46:22

over the last year or so. And I

46:22

know you're thinking, Nicholas,

46:25

that's that's kind of counterintuitive to your core message, which is don't focus on

46:27

the investments. But I just

46:29

think once a year just saying,

46:29

Well, what's happened? Where

46:32

what just just just going through the portfolio screen through the 13,000, great

46:34

company, I don't know, I'm just

46:36

throwing it out there. It's probably because I read this article, it's front of my mind

46:38

on how to do a webinar. And I

46:40

haven't done a webinar, and I

46:40

want to do it i Yeah, I'm just

46:43

I like that idea,

46:43

Nick. And look, there's no part

46:47

of me thinks that it's not the

46:47

way to go is to do webinars

46:51

going forward. We're definitely

46:51

looking at them. And throughout

46:54

COVID, we did a number of

46:54

webinars that I hosted. And we

46:58

got actually loads of people on

46:58

them. So I'm not against that

47:01

idea at all. I just a little bit

47:01

old fashioned, and I love

47:06

pressing the flesh. And I love

47:06

just meeting people face to

47:09

face. So you know, but I do

47:09

understand that there is another

47:13

way. And I'm not convinced it's

47:13

a better way. But there's

47:16

another way. And of course, we

47:16

should be exploring all of the

47:20

ways. So yeah, I like that idea.

47:20

And I do like the annual seminar

47:24

about investments. I think

47:24

that's a really good idea,

47:27

actually.

47:28

Yeah, and so I

47:28

know we have some SJP listeners

47:31

to the to the show some to SJP

47:31

Trappists. And of course they

47:33

are they are the past masters are organizing physical seminars. That's that's, that's

47:35

one of their caches, isn't

47:38

they'll, they'll, they'll hire a

47:38

country pile. And they'll talk

47:41

about inheritance tax plan and

47:41

get a third party in the kind of

47:44

octopuses of this world. So

47:44

they'll they'll, they'll know

47:47

it, they'll they'll have it

47:47

nailed down. But with SJP it'll

47:50

be a manual everything we process driven, you know you if you want to organize a seminar,

47:52

practice, head, this is what you

47:55

do. And this is how you do it

47:55

and you do not do not deviate

47:58

from that. So there's different

47:58

ways to do Allen, you don't

48:02

particularly or or shoot me down

48:02

if I'm wrong. You don't organize

48:05

seminars per se for your

48:05

clients, but you attend them.

48:09

What are your takeaways from a

48:09

good seminar and or a bad

48:12

seminar? What would you avoid? Or what would you say? All right,

48:14

I mean, just just

48:14

some some random thoughts is

48:17

listening to you guys. Just chat

48:17

this through. Interesting just

48:21

one thing, Nick on the SJP.

48:21

Thief, famously, and I hope I'm

48:26

not miss remembering his name

48:26

that probably that I think I

48:29

gathered. The most successful

48:29

SGP advisor ever is a guy called

48:32

John Krause, who famously we

48:32

just had a chauffeur to us drive

48:36

around is in the back of his

48:36

Bentley. And if you're sitting

48:39

on his phone, you know,

48:39

arranging appointments, and he

48:41

was the seminar king. He would

48:41

just organize seminars. In fact,

48:46

I think at a podcast we've met

48:46

we've kind of chatted about this

48:49

briefly before in a previous

48:49

episode, guy called Colin Lawson

48:52

learned a lot from him. This Ken

48:52

Coleman also runs a firm

48:55

equilibrium up in the northwest,

48:55

hugely successful firm. And then

48:59

Colin jumped on that particular

48:59

bandwagon became and built a lot

49:03

of success as an independent

49:03

practitioner through seminar

49:05

selling. And you're right the

49:05

hook. The interesting thing is

49:08

finding a hook. What's going to

49:08

be interesting to get people to

49:11

come along to and what we

49:11

recognize is middle England hate

49:14

inheritance tax. That's just the

49:14

thing. So doing a seminar on

49:18

financial planning, no one

49:18

really knows what financial

49:20

planning is or investment

49:20

management. Well, it's vaguely

49:23

interesting, not really. But

49:23

inheritance tax was a great way

49:26

of getting people along and they

49:26

organized a lunch. And it was a

49:30

pure numbers game. And again,

49:30

this is public information that

49:33

I'm gonna be sharing this

49:33

because I heard Colin speak

49:36

about it. We cost about 10 grand

49:36

a an event. But you know, you

49:42

play the long game and you were

49:42

making whatever you make your

49:45

money back. What I have heard,

49:45

again, anecdotally that I'm sure

49:49

there's exceptions to the rule.

49:49

What I've heard recently is

49:52

doesn't really work so much that

49:52

that is a process has been

49:55

really exploited over the years

49:55

and now you know, those kind of

49:59

middle England people In a nice

49:59

postcodes up and down the

50:01

country have painted so many

50:01

rubber chicken lunches that

50:05

they've probably had enough and

50:05

they've been sort of, you know,

50:07

the probably engaged with the

50:07

financial advisor, the you know,

50:10

the majority of people who

50:10

whoever got to do it probably

50:12

have by now. So there's a

50:12

definite move and it's still

50:15

expensive though to you know, in

50:15

person physical events are still

50:19

pretty expensive to, you know,

50:19

delay on to rent or, you know,

50:21

rent a nice place to lay on food

50:21

drinks, all the follow up. So I

50:26

gather that is moving

50:26

increasingly to a digital

50:29

outcome, which is, of course,

50:29

the costs are a fraction and you

50:31

still get quite a few people

50:31

showing up. So that's quite,

50:35

quite interesting. Yeah, I think

50:35

a lot of these things are

50:39

personal views. And I just

50:39

personally I'm not somebody that

50:42

attends live webinars very much

50:42

and and so then I think that no

50:46

one else does. Although I have

50:46

participated in I was in we

50:50

mentioned a couple of weeks ago,

50:50

I was in a live events with

50:54

Stuart down in Australia, and I

50:54

think it was 60 odd people, the

50:57

other advisors, I did one with

50:57

Lee Robertson of October last

51:00

year, there's 120, something

51:00

advisors live on that particular

51:04

time. So people so obviously, as

51:04

a medium webinar, like live

51:07

webinars, and again, the article

51:07

which I read briefly before that

51:11

you share it, Nick, Phil Bray

51:11

talks about is you definitely

51:16

going to do a webinar do not do

51:16

a pre recorded the temptation is

51:19

to do have to pre record it, and

51:19

then just publish it. But you

51:22

said that that's that's missing

51:22

the entire point, it needs to be

51:25

live. So you have people asking

51:25

questions live, and no one wants

51:28

to show up at a particular time

51:28

to watch a video which they

51:33

could have watched on YouTube,

51:33

and anytime that they want. So

51:36

some people will some people do?

51:36

Not particularly for me, I think

51:43

going back to a man's original

51:43

question, when he talks about he

51:46

just is looking for the kind of

51:46

cradle to grave with a soup to

51:49

nuts idea. How would you set up

51:49

a seminar for say, 50

51:52

accountants? The first question

51:52

I'd be asking is, what are you

51:55

trying to what are you hoping to achieve?

51:57

Right? What's your what and 50? is where you start?

51:59

What exactly that's

51:59

but what what are you hoping?

52:01

What is the actual desirable

52:01

outcome of doing this? Because

52:05

to my mind, when I see that I

52:05

just think God, that is just a

52:07

world of hurt in terms of work,

52:07

organization, reputational risk,

52:12

but getting it wrong, where

52:12

you're going to get the people.

52:15

So what are you hoping to do

52:15

that you couldn't do? On a one

52:20

to one, just just kind of tying

52:20

a bow on this going back to

52:23

Karl's original point. And I

52:23

think Andy mentioned this as

52:26

well to some you, Amon

52:26

specifically mentioned

52:29

accountants, accountants being

52:29

professional advisors that a lot

52:33

of our clients also have, as

52:33

well as us. A classic thing is,

52:38

you know, question to everyone

52:38

listening to this, if the

52:42

practice practitioners, you're

52:42

practicing financial planners

52:45

right now, or they're working in

52:45

financial planning practices? Do

52:49

you have a list names, contact

52:49

details, email addresses all

52:54

sorts of points of clarification

52:54

of every single one of your

52:57

clients, accountants? Do you

52:57

have that on a database on the

53:00

schedule? And are you

53:00

communicating with them on a

53:03

regular basis, because I'd be

53:03

doing I would just setting up a

53:06

specific targeted newsletter of

53:06

some description, finding high

53:10

quality, relevant information

53:10

and just drip feeding that no

53:13

less than a monthly basis to all

53:13

the accountants have. And you'll

53:17

determine over time, if you

53:17

check your downloads, check,

53:20

check your open rates, check

53:20

your things, your click through

53:23

who's actually reading this

53:23

stuff, you will automatically

53:26

identify accountants who are

53:26

specifically interested in the

53:29

work you do. If you do like a

53:29

mass market, blood shotgun style

53:34

approach, I'm gonna invite 50

53:34

Random account has or 100 or 200

53:37

Random accounts, it's going to

53:37

be a mixed bag. And as call

53:40

experience, you might get a

53:40

bunch of them show up on a day

53:43

and they might not really be engaged, you might think, you know, get free CPD, or free

53:45

lunch or free breakfast or

53:48

something. So I'd be trying to

53:48

identify those that aren't, you

53:52

know, in any group of

53:52

accountants group of anything,

53:54

there'll be some who are

53:54

specifically interested. So I

53:57

think that's what I'll be doing.

53:57

First of all, what is your

53:59

desirable outcome? And I presume

53:59

it's to open up professional

54:03

relationships with third party

54:03

professionals? Who can you can

54:09

mutually refer clients across?

54:09

So I think I mean, the simplest

54:13

way you're doing is having a

54:13

high quality communication

54:16

process. And maybe then once

54:16

you've identified those, and

54:18

you've been communicating with

54:18

them for six months or so, then

54:21

do a poll. If we organize a

54:21

webinar, would you be

54:24

interested? What are your key subjects that you'd be interested in? You know, what

54:25

sort of time of day would you

54:28

like? Would you like an in person event? Would you like a webinar? And you and you get you

54:29

the feedback before you actually

54:32

do it? You kind of sell them

54:32

sell the products before you

54:35

actually create it. I think that

54:35

would be one of the things I

54:37

would do.

54:39

Okay, that's Yeah,

54:39

interesting. I think that the

54:41

webinar thing you can expand out

54:41

I know you and Phil Phil Barry

54:44

mentioned this in his in his

54:44

piece is that yeah, you're doing

54:46

a client webinar, I'd say it's

54:46

about just just looking at the

54:49

one font and looking under the

54:49

bonnet and getting a third party

54:52

in to talk about it because you

54:52

don't you can't just be you

54:54

talking in a webinar. You have

54:54

to have at least one other third

54:56

party, if only because it breaks

54:56

up the monotony of your voice.

55:00

And so you get dimensional and

55:00

then later but and you put the

55:02

invite out your client bank that

55:02

you put it, he says, put it out

55:04

to everybody on your MailChimp

55:04

database. And I've got this

55:07

newsletter that goes out once a

55:07

quarter. And I've got a few 100

55:09

people on there who aren't

55:09

clients of mine. They're just

55:11

people who've subscribed to it

55:11

and their accountants have

55:13

clients just just put it out

55:13

there because the webinars that

55:16

you're actually going to talk about the investment, but you're going to tie it into the fact

55:18

that investment just drives to

55:20

financial planning and your

55:20

maybe just do a quick run

55:23

through the financial planning

55:23

software, just show a graph or

55:25

two on the on the webinar,

55:25

because some accountant might be

55:28

looking at thinking Blimey,

55:28

that's really good. I didn't

55:31

Yeah, this guy is not just

55:31

flogging pensions or what have

55:33

you. And the theme of the

55:33

webinar is you can put out a

55:36

million invites it cost you the

55:36

same if you put out two invites,

55:39

it doesn't matter, they all turn

55:39

up but they don't all turn up

55:41

the cost, you know, the cost is

55:41

going to be capped. Whereas with

55:44

the physical event, I've got the

55:44

grove hotel at the row, which is

55:46

lovely, right? It's a proper,

55:46

proper swanky place with a with

55:50

a golf course that has been on

55:50

the PGA Tour. I mean, so so a

55:55

bit crashed as well that will

55:55

cost to book you know, I mean, I

55:57

would just be, how would you get

55:57

the return back on that? I do

56:00

not know, and how do you measure

56:00

it? So I'm definitely on the

56:03

web. And I think Andy, you're

56:03

you had a digit we having a fit,

56:06

or was your digit rose?

56:07

Are you still banned from the growth nook?

56:09

No, they've

56:09

they've given me as long as I

56:11

can't wear that dress. It's got

56:11

to be longer. They this Hamlet

56:14

is the hem length was the

56:14

profile. Thanks for the map.

56:17

Yeah, the grove

56:17

is wonderful. I would

56:17

say to the Amon, don't think of

56:22

this event as a one off, that

56:22

will be disaster, like your

56:26

first event will be probably

56:26

terrible. So you've got to think

56:31

this is now your new way of

56:31

operating. So don't think of it

56:35

as a one and done. Your second

56:35

event will be will be way better

56:39

than your third will be better.

56:39

So yeah, I would I would stick

56:42

to this rather than just

56:42

thinking this as a one off. So

56:45

maybe even your first event

56:45

maybe try and get 10 in a room

56:48

build up to 50. Yeah, so try and

56:48

embrace this as part of your new

56:53

marketing strategy rather than a one off

56:56

50 Nicholas D is

56:56

50 is brave as well. And if it's

56:59

getting 50 clients in a room is

56:59

Brett 50 accountants. I mean, I

57:01

doubt there are 50 accountants

57:01

in Hartfordshire that you really

57:04

want to deal with. So I would

57:04

say Get 10 Get 10 Yeah, that's

57:09

gonna be a real work of luck,

57:09

guys. We've given Damon's

57:12

question a damn damn good

57:12

thrashing there. Are we are we

57:15

comfortable to move on to the

57:15

next segment the show because I

57:18

can see in my little nest camera

57:18

on my screen that post is

57:22

slogging up the dimension to the

57:22

drive to Lincoln to Lincoln

57:26

Lodge and she's she's got a bulging sack of crackers questions. So let's have a look

57:28

and answer two more from our

57:32

beloved Trappist. And who is

57:32

this first one from let me

57:35

quickly open this up. This one

57:35

is from Mr. Nick miles. He's not

57:40

on Twitter, but he's on

57:40

LinkedIn. Nick miles and he says

57:43

I've got consumer duty, just

57:43

been to a money marketing

57:46

interactive event. I'm sorry to

57:46

hear that. Nick. I hope you're

57:48

recovering and obsessional

57:48

consumer duty by simply biz.

57:51

Having worked on this for some

57:51

time the simply Bruce presenter

57:54

said he has a refined consumer

57:54

duty proposition for member

57:58

firms for the implementation in

57:58

July. This question was

58:01

obviously posted a few months

58:01

ago. He that simply this guy is

58:04

on version 27 of their consumer

58:04

duty proposition 47 pages long

58:08

and 13,000 words in length. Is

58:08

this long enough. Do you think

58:13

joking for the tension of

58:13

lighning can a really great

58:16

podcast he has surged TRAPPIST

58:16

the last nine shows in reverse

58:20

order over four days and cannot

58:20

get the nd heart tune out of his

58:24

head.

58:27

And the the ultra

58:27

grabber Darien Andy. He knows

58:32

about everything and he can't be

58:32

told anything. His name is

58:38

Andrew Hart.

58:43

There you go, Nick. There's like a one party once again written in the back

58:45

of a taxi on the way to a

58:48

restaurant just outside of Cape

58:48

Town. Because humidity is kind

58:51

of it's embedded now. It's been

58:51

gone. I do think there's a lot

58:54

of grift around it. Like all of these things you get the Grifters coming out with their

58:56

13,000 words on consumer duty. I

59:00

can see if you're if you're a

59:00

brand or a fund manager, you

59:03

probably do need a 13,000 pound

59:03

consumer duty manual because I

59:06

think consumer duty hits you

59:06

straight in the nuts sack. If

59:09

you're if you're an IFA and a

59:09

well run IFA firm. I don't think

59:12

you need to be spending that

59:12

much time on it. He said once

59:14

again poking the bear and asking

59:14

for the FCA to give them another

59:18

visit. I'm happy to move on to

59:18

the next question if you are

59:21

generous unless you have

59:21

something to add. Okay, silence

59:24

is golden. The next question Who

59:24

is this from? This is from a guy

59:28

called Joel doesn't give us

59:28

doesn't give a surname. I

59:32

suppose that it could be any job

59:32

for another piano man could be a

59:34

Trappist. He's on Twitter as at

59:34

G EU Jews you ju 19850 God feel

59:42

free to paraphrase what I've

59:42

written the paraphrases are

59:45

written as I'm not professional.

59:45

I am a teacher. We have a

59:47

teacher listener. I am a teacher

59:47

and I have a buy to let I have

59:51

an accountant that sorts out my

59:51

self assessment and manages the

59:55

estate agent manages the property over the last seven years with my various expenses I

59:57

paid little to note Tax. A

1:00:00

friend colleague is moving

1:00:00

schools and wants to rent his

1:00:03

current home out. As I think

1:00:03

you've got confused with an

1:00:05

accountancy podcast. Yeah, but

1:00:05

we'll crack on he wants to rent

1:00:08

his current home out as the new

1:00:08

school is going to provide

1:00:10

accommodation for him. He's

1:00:10

spoken to an IFA, who was a

1:00:13

friend of the family, who has

1:00:13

said he should set up a limited

1:00:16

company to get him tax benefits.

1:00:16

I did ask him did the IFA ask

1:00:21

about his aims, goals and

1:00:21

aspirations? And he'd hoped he

1:00:23

would apparently not the if he

1:00:23

did not do this. I said, as a

1:00:26

lowly teacher, he should just do

1:00:26

what I did get an accountant and

1:00:29

you don't need the hassle of a

1:00:29

limited company for your

1:00:31

property, since his main tax

1:00:31

salary would be teaching. And if

1:00:35

he keeps good records near the

1:00:35

end of the tax year, if he's

1:00:38

guessed to high tax, he can put

1:00:38

those up as pension. So the

1:00:40

question he's asking is, if you

1:00:40

have a what if you have one

1:00:43

vital left property and maybe

1:00:43

even two, do you need to set up

1:00:46

a limited company to manage the

1:00:46

so this really isn't a counselor

1:00:50

question and just I'll go first

1:00:50

and you've got to chip in rule

1:00:53

of thumb seems to be if you've

1:00:53

got like five or six pipe let's

1:00:57

the tax situation tends to favor

1:00:57

having a limited company and

1:01:00

putting the properties within

1:01:00

that frame for various reason.

1:01:03

I'm not going to go into the

1:01:03

corporation tax versus income

1:01:06

tax and everything else. But if

1:01:06

you've got one bite to lay, I

1:01:08

don't think you need to set up a

1:01:08

limited company to have to put

1:01:11

the bite let within guys, any

1:01:11

any views and you've you've kind

1:01:15

of dabbled in property to a degree.

1:01:18

Yeah, no, I agree. If

1:01:18

you just got one, it's massively

1:01:20

over complicating it, especially

1:01:20

if he isn't too financially

1:01:23

savvy. So yeah, probably against

1:01:23

his not advice, but proceed with

1:01:27

the way that the questioner was

1:01:27

recommending anyone else.

1:01:31

It's a strange one.

1:01:31

I'm just reading through the

1:01:34

question that he asked. He asked

1:01:34

a question right at the end,

1:01:38

talking about the setting up a

1:01:38

limited company or not? Was this

1:01:42

relatively sound thinking? Are

1:01:42

you what Joel has said? Or are

1:01:47

my suspicions that this IFA was

1:01:47

trying to get a quick buck

1:01:50

falsely hurled? I don't know

1:01:50

what quick buck the if he was

1:01:55

gonna get by suggesting setting

1:01:55

up a limited company, there's no

1:01:57

sort of quick win on that

1:01:57

particularly limit setting up a

1:01:59

limited company doesn't cost

1:01:59

very much to do and you can do

1:02:02

it yourself, or there's

1:02:02

generally the remit of an

1:02:04

accountant as opposed to an IFA,

1:02:04

you know, the big the bigger

1:02:07

question is, it's a strange one,

1:02:07

because the question is really

1:02:09

around a transactional issue.

1:02:09

Sure. I've got this asset, how

1:02:13

should I own it? Now, the bigger

1:02:13

question is, why do you want to

1:02:16

own it? What in what what

1:02:16

context? Do you continue to own

1:02:19

it and all that, which is a

1:02:19

proper, you know, a real

1:02:21

lifestyle, financial planner

1:02:21

type question, but it's really,

1:02:24

it's just, I'm a teacher, I be

1:02:24

given a property to live in. And

1:02:29

I've got my house and should I

1:02:29

just rent it out? And what

1:02:31

should I do? So that's, that's

1:02:31

fine. So it's a transactional

1:02:33

question. And there's a far

1:02:33

bigger issue around the role of

1:02:38

an IFP if at all in this

1:02:38

particular issue or question. So

1:02:43

I try and keep it simple

1:02:43

basically. Keep it and exactly

1:02:47

right and that's the and I hear

1:02:47

this quite a lot and this whole

1:02:51

buy to let thing in from what I

1:02:51

can see it's just kind of

1:02:54

collapsing in the UK we've not

1:02:54

seen the start of it everyone I

1:02:58

know right? It's going to be an

1:02:58

absolute Shambles is gonna be

1:03:01

horrendous. Everyone I know that

1:03:01

owns by to that property, or the

1:03:05

majority people are just trying

1:03:05

to get get rid right now. And so

1:03:11

owning one come, which is

1:03:11

actually the whole other thing

1:03:14

with that is that was his

1:03:14

principal private residence by

1:03:16

the looks of things as well. So

1:03:16

he owned that as his where he

1:03:19

lived. So setting up the limited

1:03:19

company, no, don't bother

1:03:22

wasting time. But I think that

1:03:22

is a big there's a bigger

1:03:25

question there about the role of

1:03:25

advisor and the role of an

1:03:28

accountant,

1:03:29

Carl, while you chuckling Come on, it's the Chuckle

1:03:33

Alan is talking

1:03:33

away. They're kind of not really

1:03:36

answering the question then the

1:03:36

back in the background, Andy has

1:03:39

gone. This is horrendous. This

1:03:39

is going

1:03:45

we've not seen it. It's just anyway,

1:03:47

my solution is that

1:03:47

we no good a very good advisor

1:03:52

called Amon, who is very well

1:03:52

connected to loads of

1:03:55

accountants. So I think we

1:03:55

should put Joel in touch with

1:03:58

Amon. There's a solution and

1:03:58

there's the answer to the

1:04:01

question.

1:04:02

He can go into the

1:04:02

first seminar it can be one of

1:04:04

the 10 He just needs to find

1:04:04

nine now.

1:04:06

No. Joel is a

1:04:06

teacher not an accountant so he

1:04:10

won't be wandering the tank and

1:04:10

broke the program or you're not

1:04:13

listening. Come on.

1:04:15

Right good stuff

1:04:15

and dad and den TRAPPIST if

1:04:17

you've got a question as ever do

1:04:17

post it in the pinned tweet.

1:04:20

There's a link in the pinned

1:04:20

tweet, we call tweets anymore.

1:04:22

The pin decks at the top of our

1:04:22

x profile, you can submit your

1:04:26

questions there and we will get

1:04:26

around to answering them. We

1:04:28

still got about 15 in the hopper

1:04:28

to get through. So just bear

1:04:31

with us. Okay, we're now God

1:04:31

help us 64 minutes in let's move

1:04:36

on to culture corner. Okay, Mr.

1:04:36

Hart, sleep. I watch God go.

1:04:45

Yeah, this is sort of

1:04:45

like a tech culture corner. So

1:04:48

I've just become a lot more

1:04:48

intentional tracking my sleep.

1:04:51

I've had an iWatch for years.

1:04:51

But I haven't activated the

1:04:54

sleep app. I think Alan's done

1:04:54

this. And he spoke to me about

1:04:57

it.

1:04:58

So what's what's an

1:04:58

iWatch? Should you be an Apple

1:05:00

Watch?

1:05:01

Yeah, it's called an

1:05:01

iWatch. No, an Apple Watch. No,

1:05:04

it's not. Right. Watch. Okay, so

1:05:04

I've got an iWatch I've

1:05:10

activated the sleep app via the

1:05:10

health app on my watch. So now

1:05:15

sleep with it and I track my

1:05:15

sleep. I think it's bloody

1:05:18

brilliant. I basically got a

1:05:18

sleep coach now. Yeah, digital

1:05:22

sleep coach activated it I

1:05:22

recommend doing it it means you

1:05:26

change your behavior because you got charged your watch we got to bed and all that jazz but yeah,

1:05:28

it's all good. You've been

1:05:31

tracking your sleep having the

1:05:31

island by the way. I have

1:05:33

fought for years.

1:05:33

Yeah, but I've got an app I just

1:05:36

trying to look it up

1:05:37

a separate episode to it.

1:05:40

Okay, so you're

1:05:40

tracking your sleep. So what was

1:05:43

good

1:05:43

was good useful you?

1:05:43

Yeah, you check out Yeah, I

1:05:45

mean, it has a bit single

1:05:45

biggest impact on how you how

1:05:49

you operate through your

1:05:51

life. Yeah. And

1:05:51

obviously if you go to bed with

1:05:53

lots of stuff in your mind that

1:05:53

will come out and you sleep I've

1:05:55

got this Oh, etc. It's,

1:05:58

I've tried, I've tried, I've tried loads of them. Sleep Cycle is the app and it is

1:06:00

linked to your link to your

1:06:04

watch and all that stuff. And it

1:06:04

becomes a bit of an obsession

1:06:09

because you wake up in the morning. First thing I do in the morning is check how good to

1:06:10

see. And then you get nervous

1:06:14

about how if you didn't have a

1:06:14

good sleep, or share I'm gonna

1:06:16

have a bad day there so that

1:06:16

that creates sleep anxiety, then

1:06:19

you don't sleep properly. And

1:06:22

if you if you have an

1:06:22

Apple Watch and I watch and

1:06:24

you've not yet done this, I

1:06:24

recommend doing it so you have

1:06:27

to go out of your way it's a little bit of a setup but once you've done it is basically

1:06:28

seamless. It's absolutely so you

1:06:31

sleep with the watch on the

1:06:31

watch on it so you're not doing

1:06:34

it on and it's an app that I

1:06:34

used to put on the my pillow now

1:06:38

this is all done seamlessly via

1:06:38

the watch. It's that it's

1:06:41

working brilliant. So if you

1:06:41

haven't done it, do it and I

1:06:45

know

1:06:47

having a good night's sleep because you feel shit

1:06:48

it's just data you want you

1:06:50

want the data to be

1:06:50

telling you Yeah, yeah. But but

1:06:54

it is interesting every time a

1:06:54

split anytime that you boys if

1:06:57

you if you consume any alcohol this

1:07:00

is nuts. Yeah. So

1:07:00

that's a subtle person is

1:07:04

telling me to live a good life.

1:07:04

So I go to bed and get good

1:07:06

sleep and wake up and confirm

1:07:06

that. Yeah, it's I find it

1:07:10

interesting. It's data. It's

1:07:10

health stuff, if you're

1:07:13

interested in it, that my two

1:07:13

packs.

1:07:17

Okay, fine. Thank

1:07:17

you for that, Addy. So Kitsis

1:07:21

you know once in a once in a

1:07:21

blue moon Michael Kitsis

1:07:23

releases something of interest.

1:07:23

And his episode 347 was the

1:07:27

story of a lady who sold her RIA

1:07:27

business RIA is broadly

1:07:32

equivalent of IFA in this

1:07:32

country, she sold her business

1:07:35

to United capital. And then

1:07:35

United capital sold on to

1:07:39

Goldman Sachs, which has all

1:07:39

been a bit of a shit show don't

1:07:41

really care to take them down

1:07:41

all the better. And this episode

1:07:45

is about her experiences. And

1:07:45

trust me not good. You know,

1:07:47

once once you sell to Goldman

1:07:47

Sachs, you're in the Goldman

1:07:50

Sachs, mincing machine she was

1:07:50

she was quite an advocate on

1:07:53

social media. She had a brand on

1:07:53

social media she was on on

1:07:56

American Finance TV shows on the

1:07:56

web a lot. And Goldman Sachs had

1:07:59

no stopping all that. So she's

1:07:59

trying to extricate herself now

1:08:03

from Goldman Sachs. It's quite

1:08:03

interesting how the United

1:08:05

capital sale has all unwound, as

1:08:05

they often do these massive

1:08:09

companies buy up raa firms by

1:08:09

IFA firms, and then back two

1:08:13

years later, it's just a

1:08:13

complete shit show. You know,

1:08:16

and I think what's happened in the States with this is a lot of advisors are leaving Goldman

1:08:17

Sachs and taking their clients

1:08:20

with them. There's been a

1:08:20

massive hemorrhaging of assets,

1:08:22

even though they've all signed

1:08:22

these non compete clauses and

1:08:24

what have you. It's an

1:08:24

interesting link back to what we

1:08:27

another put a link to in the

1:08:27

show notes. Also in the show

1:08:30

notes from episode three of

1:08:30

trap, where we discussed United

1:08:33

capital selling to Goldman Sachs

1:08:33

at that time, I think all of us

1:08:38

took a somewhat less enchanted

1:08:38

view of Joe Duran, who was the

1:08:42

CEO of United capital and all

1:08:42

about the clients clients.

1:08:45

First, we're not the big Wall

1:08:45

Street enemy. And then he flogs

1:08:48

himself and his brand to Goldman

1:08:48

Sachs. And

1:08:52

interestingly, the

1:08:52

next part of that story, Nick,

1:08:55

is that Joe Duran is now

1:08:55

launching another Ria and the

1:09:02

fin twit community in the US

1:09:02

seem to be pandering once again.

1:09:07

So that story is I was a fanboy.

1:09:07

Not anymore.

1:09:12

Let's add as this

1:09:12

I mean, just United capital what

1:09:15

he built up was a fantastic

1:09:15

business there's no doubt about

1:09:18

it and this lady who joined said

1:09:18

it was just the best place to be

1:09:21

it was a really really good fun

1:09:21

company. So that's you know,

1:09:25

that's his immense credit but

1:09:25

once you once you've once you to

1:09:27

sell yourself to Goldman Sachs

1:09:27

or Blackrock or one of these

1:09:31

institutions, good luck with

1:09:31

that. Okay, my next culture

1:09:34

corner just quick shout out into

1:09:34

commerce and the boys but Debbie

1:09:36

Condon runs a firm called

1:09:36

intuitive supports like

1:09:38

outsourced admin outsource

1:09:38

paraplanning she has a fantastic

1:09:42

guide, which he updates every

1:09:42

quarter or so on the providers

1:09:46

and how they handle letters of

1:09:46

authority. Okay, very mundane

1:09:49

down the weeds but it's a brilliant thing. If you need to know the Scottish widow take

1:09:51

DocuSign you look up this guide

1:09:53

they do and she gives you the email address you send the DocuSign to I put a link to in

1:09:55

the so called show notes. Thank

1:09:58

you Debbie for that for that.

1:09:58

Yeah, just

1:10:01

to hammer that point home, Nick, if you don't have it, do download it. It is

1:10:03

absolutely brilliant. So yeah,

1:10:06

yeah, definitely, definitely download that.

1:10:09

Okay, Mr. Smith,

1:10:09

Rick Rubin, the creative act, a

1:10:13

way of being.

1:10:15

Some of you be

1:10:15

familiar with Mr. Rick Rubin,

1:10:18

one of the most seminal music

1:10:18

producers of all time, really,

1:10:21

having produced everyone from

1:10:21

Beastie Boys, Eminem, through

1:10:26

Adele, Red Hot Chili Peppers,

1:10:26

Johnny Cash, you know, a really,

1:10:31

you know, thoughtful creator.

1:10:31

And so he and for many, many

1:10:35

years, you know, he's never

1:10:35

produced any of his own stuff.

1:10:38

But he just recently, earlier

1:10:38

this year wrote, as written the

1:10:42

book, the book is called the

1:10:42

creative act, a way of being,

1:10:46

and it's, it's, I think, it's a

1:10:46

great read, he just talks about

1:10:49

the, the, you know, the very art

1:10:49

that the concept of creating the

1:10:53

content of creating art, and

1:10:53

he's making the point, that it's

1:10:57

not about, you know, creating a

1:10:57

song or music or a painting, a

1:11:00

lot of stuff we do in the way I

1:11:00

read it. without stretching the

1:11:05

point too much. Creating a real

1:11:05

life, you know, financial plan

1:11:09

is a is art is a creative

1:11:09

process, which is, you create

1:11:15

something out of nothing, you

1:11:15

create something which exists

1:11:18

where previously it didn't exist

1:11:18

at all. And it just the way it's

1:11:21

a really poetic kind of is quite

1:11:21

deep, quite soulful. And I

1:11:25

really, I would spend most of

1:11:25

the weekend reading through and

1:11:27

it's well worth checking out.

1:11:27

All of us are artists of some

1:11:32

sort. And it's a useful reminder

1:11:32

of just create your best work,

1:11:35

create your art in a way that

1:11:35

only, you know, the unique way

1:11:39

that you can bring it to the

1:11:39

world and be sort of be proud of

1:11:42

it and take your inspiration

1:11:42

from so many other places. I

1:11:44

really enjoyed reading the book.

1:11:44

And I'm going to chuck in it

1:11:49

into my culture corner,

1:11:49

something else which is a bit

1:11:52

more direct, a bit less kind of

1:11:52

ephemeral and kind of out there

1:11:56

and arty but is our old friend,

1:11:56

Mr. Nick Murray, and his book

1:12:01

called The craft of advice

1:12:01

essays 1995 to 1998. Now this is

1:12:09

an interesting one, because Nick

1:12:09

buries Nick Nick Murray's books

1:12:12

are notoriously difficult to get

1:12:12

ahold of. In our group a couple

1:12:15

of weeks ago, Mr. Hart posted

1:12:15

something about this boot.

1:12:20

Dynjandi you said this craft of

1:12:20

advice essays like yeah, you've

1:12:23

got it there. So immediately,

1:12:23

you posted that I thought I've

1:12:26

never heard of that before. Go

1:12:26

online. And it's really it's

1:12:29

real hit and miss. It's

1:12:29

available. It was available on

1:12:32

Amazon. Right, it's available on

1:12:32

Amazon secondhand for about 20

1:12:36

quid so a bike came from the

1:12:36

United States so I buy it gets

1:12:40

delivered about a week later.

1:12:40

And I mean, it's another sort of

1:12:43

side story because when you buy

1:12:43

the secondhand books, I've got

1:12:45

always got a backstory and there

1:12:45

was a bookmark in Princeton New

1:12:51

Jersey

1:12:53

grab yourself a drink a

1:12:53

very long drink. It's story

1:12:57

time. ALAN SMITH

1:13:02

know I love the fact

1:13:02

that buying secondhand books,

1:13:05

particularly Nick Murray books,

1:13:05

they themselves I've got a

1:13:09

story. So this one did have it

1:13:09

had a bookmark from it's called

1:13:13

macabre books. Sudden, Nassau

1:13:13

Street Princeton, New Jersey's

1:13:18

although I wonder who's been in

1:13:18

the past, I've had them with

1:13:21

highlighters and people got

1:13:21

scribbled notes, the points of

1:13:23

this being it's a great book,

1:13:23

it's a it's a they've captured

1:13:27

all he was writing I think

1:13:27

monthly essays for a publication

1:13:31

during like between 1995 to

1:13:31

1998. So obviously, these are

1:13:35

like 30 years old, some of these

1:13:35

essays, one of the early, the

1:13:40

early ones, he was predicting

1:13:40

the demise of commissions and

1:13:45

predicting the demise of so many

1:13:45

things. He was very accurate in

1:13:49

his predictions now 30 years

1:13:49

later, and lo whatever we say

1:13:52

and people got different views,

1:13:52

but the writing is sheer poetry.

1:13:56

It's timeless. Just for fun I go

1:13:56

I went on again looked at see if

1:14:00

it was available again and it's

1:14:00

still available on Amazon second

1:14:03

habit now 60 quid someone else's

1:14:03

posted of 60 quid. So when you

1:14:07

come across every now and again

1:14:07

you get inspired to check out

1:14:09

Nick Murray booth. Just go

1:14:09

online look on Amazon look at

1:14:11

eBay and you might get lucky you

1:14:11

might find one there. And then

1:14:14

because there's no chance of you

1:14:14

getting that and the normal

1:14:17

circumstances, you know, get

1:14:17

speaking to Nick Murray

1:14:20

International, whatever his

1:14:20

company's called and trying to

1:14:22

get get them shipped through the

1:14:22

normal processes. No chance. And

1:14:26

then he email again, dear Nick,

1:14:26

how do I get access to your

1:14:30

book? You know, it's not. So

1:14:30

it's a fabulous read.

1:14:33

It is a great book.

1:14:33

It's a great read a good friend

1:14:36

of the show. Groeneveld in SA

1:14:36

bought, I think three or four

1:14:40

Nick Murray books and that one

1:14:40

arrived and it was signed by

1:14:43

Nick Murray. So again, somehow

1:14:43

signed by him originally what

1:14:46

I've

1:14:46

got what I've got

1:14:46

is signed by a Francois tremolo.

1:14:49

I mean, there's a whole story

1:14:49

there's a cult thing.

1:14:53

You need to sign it

1:14:53

when you sell it on Amazon.

1:14:56

Lick lick Lincoln.

1:14:59

Thanks so much.