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Welcome to private practice in the WTF era. I'm Wendy Kendall, chartered psychologist and private practice designer. And if you're also waking up every morning going, WTF is happening now and then, trying to run your psychology practice on top of it, you're in the right place.
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I want to start this series with a story
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a colleague of mine had built a genuinely excellent assessment practice, solid income stream of work that they enjoyed, well established referrals flowing consistently from an insurance company,
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the kind of setup that looked from the outside like someone who had it figured out.
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They'd even started to build a small associate team, and then one month to the next, without warning, without a letter, without so much as a by your leave, 80% of those referrals disappeared,
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80%
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overnight, and when they called the company to find out what had happened, thinking maybe this is just an insurance like An administrative glitch or something, they were told, Oh yeah, all referrals are going to one central provider. Now that's it. That's the entire explanation.
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One phone call that they had to make
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to inform them of a decision that had been made in a boardroom somewhere, probably months ago, by people who had never met them and never would,
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no warning, no transition, not even common courtesy for their suppliers.
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And I wish I could tell you that was an isolated incident, incident,
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but since I heard that story, I've heard versions of it again and again, psychologists losing therapy referrals because insurers started hiring in house therapists, and by the way, paying them even worse than they were paying the psychologists In their independent practices,
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practitioners who study organizational work evaporated overnight when a budget got cut, they at least got a courtesy phone call to let them know
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people watching, their partners, their adult kids, face redundancy in jobs that used to be described as stable and quietly realizing that the job market Isn't the safety net that they thought it was, either.
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And this is the thing that makes all of this genuinely a WTF moment.
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This is all happening at a time of unprecedented need and even demand for what we do. So this isn't about a slowing down of the need or a blip. The need is enormous, and it's everywhere.
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It's in our schools, it's in our health system, our companies, our leadership teams, our communities, the psychological needs of people in 2026
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are real and they're significant. So
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why aren't our rates soaring? Why aren't we being paid even more?
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Why do we have this situation where sometimes our diaries are overflowing. Or for some of us, our diaries are overflowing. But for others, we've seen this massive drop in referrals, or, you know, significant enough for it to and for long enough for it to start tickling something at the back of our heads.
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Why aren't the job offers flowing in if we decide we're going to go back into a job, normal economics says demand goes up wages and rates go up with it, but that's not what's happening. And if you've been sitting with the low level suspicion that you're doing something wrong, that's often what people think when they come to talk to me about this,
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that if you just fixed your messaging, or if you just niched harder, or if you just posted more consistently on LinkedIn, things would stabilize. I want to offer something different through this series, and especially in this episode,
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you're not imagining it, and it's not your fault. That's what this episode is about.
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The first thing I want to say about this period of time is this is about the.
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Rug that got pulled from under our feet.
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So just let me stay with that referral story for a moment, because I think it contains kind of a structural lesson that's bigger than one person's terrible experience,
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that practice like most of ours, in different ways. Was built on an assumption, and the assumption is that the sources of income we plug into are stable, that if we do good work, maintain relationships, keep our CPD current,
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the referrals will keep coming. Whatever kind of psychologist you are, whether that's counseling, clinical, occupational, educational, forensic, whatever it is,
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the referrals are going to keep on coming, as long as you play the game in the right way. The NHS contract is going to roll over.
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The social, the public sector social services contract is going to roll over. I've seen that not happen after many years of excellent delivery,
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that the insurer panel won't close. Why would it close? Is all this demand that the corporate client is going to keep the talent development or the employee, well being budget, or at least that it's not going to get permanently shuttered.
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So this isn't about us being naive. We were following the model we were given,
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but this is what I'm starting to realize, that model was built for a world that assumed
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a greater degree of external stability,
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and now that stability is gone,
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not reduced, not just wobbling like it has done in the past, But it's entirely shifted. And
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what's replaced it isn't chaos, exactly. It's something more specific. The referral pipelines we depended on are increasingly controlled by a small number of large organizations. They might be insurers, EAP, providers, commissioners and those organizations are making decisions based on their own cost containment pressures when they change their model. For whatever reason,
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the impact on individual practitioners can be devastating, and often we have no seat at the table when those decisions get made,
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the second story I want to share is less dramatic, but in some ways it's more insidious,
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because it's not one big cliff, it's kind of a slow erosion.
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I've also spoken with psychologists who've been made redundant from corporate roles they'd held for years, who then discovered the job market wasn't what they expected, months of applications, interviews that go nowhere, offers that subsequently disappear before the person's got their feet under the table,
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the creeping realization that whilst their expertise is genuinely valued, it's still somehow not converting into offers that stick.
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And alongside that, I'm hearing about the ripple effects of all this disruption in ways that I've not heard this talked about. And I mean, I've been in private practice now for 23 years, and I've been a psychologist for 30 years,
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so the ripple effects include things like partners being made redundant from roles that used to be described as stable, and they're quietly recognizing that they may need to retrain significantly, because what they were doing is now being done entirely differently, or partly or wholly by AI.
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We also have adult children back at home, not because anything went dramatically wrong, but because there's rising housing costs, student debt has been ballooning, and the kind of contracting or internship or graduate position landscape has made independence feel impossible.
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And so this isn't just background noise, it's the economic water we're all swimming in.
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And it has shifted everything about her own practices, financial resilience, about her clients, ability to also sustain weekly or mum.
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Flea one to one work, but also about the emotional load that we're all quietly carrying.
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So the rug didn't just get pulled under private practice. It's been pulled under a lot of things at once.
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One of the most common voices I hear people speak from one of the most common parts I hear people speak from
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when we're talking about instability in their private practice, is that voice that says,
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Well, you know, if it doesn't work out, I'll just go and get a job. If it doesn't work out, just go back to the NHS. And sometimes people, people really mean it, and sometimes it's just, you know, almost like a mental safety net. But when private practice starts to feel precarious, it's an understandable instinct to have a backup that involves going back into work.
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People ask themselves, maybe I should just get a job, a proper job, salary and pension and comfort. Of you know, I know what's coming in each month. I can set my stall out,
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and I'm being careful here, because I'm not here to shame that instinct, because it's absolutely rational, but I do want to look at it. What this means for
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us. UK employ, unemployment hit 5.2% at the end of 2025
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and it's even higher for young people, it's over 16% for I think, under 20 fours,
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employers are actively contracting headcount,
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they say, sometimes because of labor reforms, explicitly signaling caution rather than expansion, though.
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So the job market that many of us are picturing as an alternative to practice uncertainty
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is not the job market that exists right now.
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And for those people, for those practitioners who've moved in and out of the NHS, and this is a statistic, but I, I know, you know, I've heard plenty of stories about what this is like in reality. I give you an example. The 2024 NHS staff survey found 41% of staff reported being unwell as a result of work related stress.
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Only about a third said there were enough staff in the organization to do the job properly. And here's the real
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almost like fly in the ointment on the job market as well. Remote work has been reversed across much of the employed landscape. Part time options have been contracted, and so the flexibility that made employment feasible or tolerable for a lot of people, has quietly been undermined, taken back and stopped.
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So, you know, employment was never the opposite of volatility, because we still get buffeted by volatility within employment, it was always a different container for it, and right now, for many people in our sector, it's not obviously a more comfortable container.
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So for me, when I look at this pattern, when I look at this environment in which our practices are
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evolving, you know, when I think about how we help support practitioners to flourish in such an environment, for me, the question isn't, well,
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if it's not working in the practice, you can supplement or replace with employment. The question for me is a bit more fundamental. How do we build something that doesn't depend on a single source of stability? Because all those sources are less stable than they used to be.
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Within this backdrop
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of instability, there is a current that's always been with us,
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but I just want to name it explicitly, and that is the current of extraction of the extraction of value. And if you've listened to any of my previous private podcast series, you will have heard me talk about extraction in the economy.
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But let's talk about why extraction has ramped up
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over the last, you know, two, three years, especially because I think we deserve more than oh well, it's tough out there. We can benefit from an actual expert.
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Nation.
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So when I was researching this, this was a paradox that I kept coming back to
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the need for our services and expertise is at genuinely historic levels, and yet our rates aren't soaring.
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Our diaries aren't reliably full anymore. The vast majority of time that I've been working with practitioners, the big challenge has been like overstuffed diaries. And there's still a lot of people who who are looking at that one to one treadmill and going, this is too much. But then also practitioners suddenly seeing a drop for a period of time,
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but and longer than it used to be, and then it would pick up again. So this reliably full, I can just hang out my slate and I will fill my diary. It's not universal. It's not across the board. It's not all the time.
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You know
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the rates themselves, also the rates of pay, whether it's from insurers, whether it's from companies, whether it's from EAPs, you know, whether you're clinical counseling, occupational, forensic, whatever your kind of typical time for money model in your practice has been,
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the rates aren't going up, and the number of self payers for some of those services also don't seem to be Increasing.
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For those looking job offers aren't flooding in. In a normally functioning market, rising demand would pull prices and wages up, but that's not what's happening. So what is
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now? What follows is my understanding of the economics of this situation, but I want to be really clear. I'm an occupational psychologist, I'm not an economist, but this is what I've been looking into. What I want to share with you. Feel free to come back, discuss, fact check me and so on.
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During the pandemic, an enormous amount of money came into the economy. It's really important to to set this
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fact against the backdrop of our practices. So we had an enormous amount of money come into the economy during that kind of 2020 21 period
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in the UK alone, what's called quantitative easing, which is, again, I'm not an economist, so it's quite a complex way in which the Bank of England ensures that there is enough liquidity, like access to money flowing around The financial system that expand expanded to what's called
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a peak stock of 895
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billion. And the best way I can explain what that means is peak stock in the financial market is almost like how much water is in the bathtub.
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You know, it was an extraordinary and historically unusual injection of monetary stimulus. But here's the key thing, it didn't flow evenly. It flowed through the financial markets and into what's called asset prices, so things like property value that went up
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commercial property, etc, not just homes and rents, but also commercial property, etc. Financial assets went up and like stocks, etc, the people who benefited most were the people who already owned lots of those assets.
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Meanwhile, the people who earn wages, which is most people, including a lot of our clients, including us, in a lot of cases, experience something that's very different. Real household incomes in the UK were lower in 2022 to 23 than they were before the pandemic, and there is parliamentary analysis that tells us they fell again between 22 and 24
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housing costs as a proportion of income are at historic highs. Any of us who've seen the rental sector, of you know family members who were in rented or are in rented accommodation, or we ourselves are invented a combination. We've seen that and so material deprivation, actual hardship across let's say the the a the wage earning class, as opposed to the asset earning class, actual hardship increased. So we have a situation where the need.
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Psychological Services is
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enormous and real,
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and the households that need the sport are simultaneously facing tighter budgets, higher costs, and that therapy session or coaching session or assessment or whatever it is,
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for a lot of people, started to feel like a luxury item, even when the person who's sitting in front of us knows it's vital to them. It's not a luxury and that's not a marketing problem that we have. That's a structural economic contradiction
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that's impacting our practices.
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And then there's this story, which I think is the piece that explains this referral Cliff most precisely,
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most of our referrals don't come directly from someone deciding to call a psychologist anymore, whether that's organizational, clinical counseling, educational, etc, they flow through intermediaries. So market has there were always intermediaries, but this has become concentrated because these companies themselves have become assets that investors are interested in,
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whether that's insurers, EAP, providers, commissioners, employer, wellbeing Organizations, these organizations act as gatekeepers between need and access,
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and in this context of extraction ramping up,
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where maybe, whether it's private equity or shareholders or whatever They are themselves, now operating under significant cost containment pressure.
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I'll give you an example. The EAP industry has become an increasingly important income source for a lot of mental health practitioners, and it's been documented paying as little as 25 pounds per session, in some cases, some contracts paying 40 pounds. We have the psychotherapy and counseling union that's been campaigning on this explicitly so it's not about individual bad luck or bad marketing. That's about the concentration of buyer power, and when a small number of large organizations control most of the referral flow in a sector, they have structural leverage over pricing, and they're using it because, by definition, they are required to use that position to extract as much wealth as possible that is built into The mechanism of what companies are supposed to do
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so in that sense, even though we're running practices, what that means is we've become subcontractors in somebody else's supply chain.
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And you know, that's not an exaggeration, it's an economic structure we're operating inside.
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Then there's the thorny topic of digital discovery,
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finding clients used to run through word of mouth, professional reputation, local networks, those things are still available to us. We often still have clients who are great referrers to us. But at the side of that, we also have the power of the algorithms. You know, Google, meta, LinkedIn,
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and again, a very small number of companies control most of what people see when they look for support. If you've listened to my previous two series on this, I think
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the series that I recorded about a year ago, which was about private practice
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in I
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think it was private practice instability, but I'll have to put it in the show notes so you can have a listen to to if you want to have a listen to something a bit more in depth on that. So again, a very small number of companies control what people see when they look for support.
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It's got to a point now where the UK Competition and Markets Authority has documented this dominance explicitly. It's not just perception. It's not just my perception. When I when I, you know, try and look for my my colleagues online and their stuff isn't showing up in my feed.
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It's a market structure binding. What that means in practice is that being visible. Now, Rick.
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Requires either significant financial investment in paid acquisition or and this is the other one that gets us constant algorithmic compliance,
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like endless posting, optimizing your profile, the content treadmill, so that effort has multiplied, and it's going to keep on multiplying, because
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the platforms are optimized for advertising yield, not for matching people in distress with the right psychologist. And I know there are fantastic practitioners who are setting up services and trying to get them to run as
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matching services, however, to advertise themselves, to get in front of clients, they still have to go through these small number of portals,
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and we are an afterthought in their business model.
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And just to add another layer to this, because I think it's important.
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In 2024
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global corporate investment in AI reached 252
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billion American dollars. It's ramped up since then. This was the latest data I could find that's an enormous amount of capital flowing into one technology
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and to go into
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one layer deeper, because this is where it starts to explain Why everything feels strange right now
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that quantitative easing that we talked about earlier, like the amount of water in the bathtub in the economy massively increased the amount of money in the financial system after 2008 because they did it after the crash in 2008 and then again in 2020 when we had all The lockdowns the Bank of England, Eastern UK,
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England, sense created money electronically, and they used it to buy what's called government bonds,
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that pushed interest rates down, and it flooded markets with what's called liquidity. So access to money.
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Here's a crucial bit. When those interest rates are very low and there's a lot of liquidity, money doesn't sit still. It flows into assets.
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House price rise, stock markets rise, pension funds swell, private equity booms.
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And who owns most financial assets in the UK, disproportionately the wealthiest households and institutional investors.
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So the quantitative easing primarily raised didn't primarily raise wages. It primarily raised the value of assets,
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and that's one reason that wealth inequality widened after 2008
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and again after 2020 so if you owned property or equities, your balance sheet has just been going up and up. If you relied mainly on earned income, your position didn't rise at the same pace.
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Now layer onto that the tech and AI story,
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when this money, when this capital, is cheap and abundant, these investors are actively going hunting for growth in that wealth.
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Technology and now AI has become incredibly attractive. Billions flowing into venture capital on this technology, corporations borrowing cheaply to automate, big tech firms expanding their use of this aggressively, and that can accelerate innovation, but with this technology, it's accelerating labor market disruption. So while demand for psychological support rises because uncertainty rises, stress rises, organizational change rises, the underlying economy is simultaneously concentrating that wealth upwards, funding automation and AI at scale, creating hiring freezes and restructuring cycles, increasing job security and previously stable professions.
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And that's the paradox you've we can have this unprecedented, demand for what we offer,
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but still experience unstable referrals. Squeeze budgets, ensure a centralization, because they're concentrating wealth, increasing their bottom line, increasing their profitability, and then we also have clients pulling back financially.
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But
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the money hasn't disappeared. It's just not flowing evenly.
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This action by the bank, this quantitative easing, helped inflate what's called these asset markets. The desire that investors have for putting their money into these places, they're going to exponentially expand their wealth, and they've funded this technological acceleration as well.
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But when inflation hit and quantitative easing reversed into what's called quantitative tightening, so draining the water out of the bathtub, that tide has shifted.
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Capital, borrowing, etc, has become more expensive,
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seeing this wanting to maintain share price, organizations have cut costs. Insurers consolidated. Employers have tightened budgets.
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So we have moved from an era expanding in the background to one where it's quietly being drained. Now I know you maybe didn't sign up for this podcast, thinking it's an economics podcast, and like I say, I'm not an economist. I've just been trying to understand because I've had this conversation with people where they were
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going guns blazing for for three, four years, from 2020, onwards.
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And they built that practice. And they built a sense of economic normal,
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a sense of
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how this is going to continue during that financial expansion phase. So now this tightening phase has them thinking,
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Why have I lost my touch? Why is this not working? What? And just really questioning, am I bad at business?
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What's happened is that, again, the ground has moved under our feet. You not suddenly got worse at your running, your practice. That's the feeling of that tide going out. So these two things are true simultaneously,
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that money tide is going somewhere. It's not going to
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the people who are our clients and referrers. They're experiencing that transition primarily as as uncertainty.
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So there's redundancy, anxiety, identity disruption, the fear that what you train for is becoming obsolete.
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AI is increasing the psychological need for what we offer at exactly the same time as it's concentrating wealth and disrupting the employment structures that would allow people to afford us need up effective demand. The ability to actually pay is currently constrained, and the gatekeepers are tightening their grip. Discovery is being taxed by platform algorithms. It's not a mystery. So this is a predictable outcome of the economic conditions that we're living in.
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Okay?
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It sounds dystopian. So my point is, what we're supposed to do about it.
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I think one of the things that is really brought home to me when I dove into kind of the underlying structure of what's happening here,
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really trying to understand why we're in this place.
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We were never taught to build our own safe base. We never had to in our practice,
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none of what is happening is a reflection of our professional competence. We are, most of us excellent at the actual work.
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The training is rigorous, the standards are high.
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We know how to hold complexity, how to sit with uncertainty, how to facilitate change in conditions that would defeat most people.
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But we were not trained to build and run practices that are structurally resilient for this kind of scenario.
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We were trained to plug into stable systems and harvest from them,
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the NHS, the insurer panel, the corporate contract,
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the education services. The assumption was that the external scaffolding would hold, and our job was to be good enough that the referrals and the work would keep.
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Coming.
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Now can argue that that assumption was always more fragile than it looked, but we had enough surrounding stability that we didn't notice. So essentially, our understanding of how to run a practice well, how to do it well, was about harvesting that stability. We were not taught to build that stability for ourselves
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and what building it looks like,
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and this is something we'll go into in depth as this series develops,
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but at its most structural. It means treating our practices the way a good financial advisor might treat an investment portfolio. You wouldn't put everything into one asset. This isn't financial advice, by the way. I'm using it as a metaphor, just to be really clear that I'm not either an economist or a financial advisor. I'm just using this metaphor so you know, if you had an investment portfolio, a good financial advisor, I'm told, wouldn't tell you to put everything into one asset.
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You wouldn't make yourself entirely dependent on one income stream, you would diversify your portfolio. You would monitor it. You would build in enough redundancy that losing one source doesn't take the whole thing down. And the same logic applies to practice design,
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not just where the referrals come from, but what we offer, who we offer it to, what mix of individual, work, group, work, supervision, training, consultancy. Consulting allows us to sustain ourselves without being entirely at the mercy of any single relationship or contract.
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The Safe base in our practice also includes our emotional resilience and other forms of resilience too, and we're going to look at that we need a more holistic look at resilience in our practice, architecture, and no one has been showing us how to build that.
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But that's a training gap. It's a learning and development gap. You know, if I think about that from a an organizational psychologist point of view, that's something that is fixable. It's not about a personal failing, okay?
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The good news is the answer is more human than you think.
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And I want to say something about actually works after we've been through kind of the valley of despair,
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and we've looked at, you know, the direction of the potential solutions when we're thinking about this more holistic, resilient practice architecture,
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I want to say something about what actually works, because I'm not trying to make a tour of everything that's broken with no way out. Okay, I wouldn't do this series if I really thought there was no way out of this,
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the research and what people actually want when they're struggling is very clear. When the bacp
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surveyed the public, 60% said they'd be comfortable talking to a therapist about their mental health, and 18% said the same about an AI chatbot
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in person, therapy remains the most preferred format. The therapeutic relationship we all know this, whether it in fact, whether it's therapy, whether it's coaching, the actual quality of the human connection is one of the strongest predictors of outcome across every therapeutic model that's been studied,
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not the technique, not the protocol,
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it's the relationship. So people still work with people full stop, that's not changed.
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And here's the thing about the referral strategies that are most resilient to these algorithmic changes, these insurer decisions, these budget cuts, because they're the oldest ones,
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going back to investing in
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local networks, peer to peer referrals, relationships with trusted organizations in our communities, employer relationships, building person to person, rather than routed through an EAP platform.
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These are all structurally less exposed to the volatility we've been talking about nothing immune. Because nothing is immune, we need to solve that at a different level, but less exposed.
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The pre platform, referral economy, relationships, reputation, being known, community turns out to be
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anti volatility, infrastructure. Who knew the thing that has endured for hundreds of 1000s of years is still
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the resilient thing. It was always the thing. We just forgot it when the platforms made these other approaches look easier and more scalable. So let's put it another way right now,
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the folks with the money are investing in gold. Literally, gold price has gone through the roof, and that's because it's a safe harbor in volatile times. But for us psychologists, relationships and communities are our gold.
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So going back to human fundamentals isn't a retreat, it's the most sophisticated investment response available to us right now.
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Okay, there's one more dimension of the WTF era that I want to name before we close, because I think it explains a particular kind of exhaustion that's also very specific to this moment, and it doesn't get talked about openly enough,
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and that is, most of us are operating with some kind of permanent split screen experience on the one side of that screen or on the on the one side of the scroll
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the world we're being asked to operate inside professionally, the continuing expectation that we run our practices as going concerns, as business as usual, that we market ourselves, fill our diaries, develop our offers, grow our reach, the business coaching advice, the LinkedIn strategies, the webinars on niching and pricing and building your funnel business as usual
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on the other side of the screen or the scroll,
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the environmental disasters, the political instability, the wars, the genocides. This is the global sharp end of what's been impacting our practices too.
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We see it showing up with our clients, whoever or whatever they are, whether that's individuals or organizations, the distress is finding us now in ways it wasn't doing before.
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We have to ask the question even more urgently than ever, whether our psychological models are fit for the future as well, and to what degree they really hold anymore. Some will others need to be revised. For sure, if I think about the leadership and organization development models that have constituted best practice the last couple of decades, I have to ask myself, are they still up to the job? Or are they passing rapidly into irrelevance? Or should they be retired, given where we are?
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How about the psychological frameworks that speak to individual thriving or individual healing in a context where our society itself is under profound strain,
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the disorientating split between business as usual, advice and the reality we're actually living and working in isn't a coincidence, and it isn't just your personal sensitivity. There's a framework called the three horizons model that I think describes what's happening with unusual precision. The idea, in its simplest form, is this. Horizon one is the existing system, the dominant way of doing things, the current normal, business as usual.
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Horizon three is the emerging future, a genuinely different set of values and structures trying to come into being. And horizon two is the chaotic, uncomfortable, often disorientating space between them, where the old system is visibly failing, but the new one isn't established yet, and we are, all of us living and working within horizon two,
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the existing system, including the models of practice. We inherited the referral structures, we depended on, the economic assumptions we built on. Is doing what systems in decline do. It's producing exactly the instability we've been describing at the same time, there is a kind of gravitational pull to perform horizon one. Horizon
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one doesn't want to pass into irrelevance. It wants to keep operating as though the system is stable, as though business as usual.
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Is still a coherent instruction.
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So that pressure hasn't lifted, if anything, in these conditions of uncertainty, it intensifies. There is a desire to cling to what we know, and that is the chasm. It's genuinely disorientating, because we can feel both sides simultaneously,
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the expectation to behave as though it's back to 2019
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the daily evidence that it's anything. But
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I'm going to come back to this in a later episode, in more detail, specifically to something an author and educator and activist, Daniel Christian wall, developed around the regenerative version of this model, what it means for how we think about our practices, not just as businesses, but as part of a larger system that's trying to find a shape.
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I think it's some of the most useful framing available to us right now.
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So for now, I just want you to hear this, the split screen chasm that you've been experiencing isn't a sign that you're too sensitive for this work, or that you're too political or you're insufficiently focused on your business. It's a sign that you're paying attention to the here and now.
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The chasm is real and the disorientation is structural.
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So here's where we are. The model that many of us have been working aside was built on stability that no longer exists. H1, horizon, one. The Economics of private practice right now are the predictable results of this post pandemic regime shift, weak, real incomes, concentrated
46:56
payer power, the gatekeeper, you know, the platform gatekeeping, the intermediaries that are gatekeeping in the market, and an AI driven labor market uncertainty, and all these things are stacking, they are interacting, and they produce exactly the conditions we're living through the WTF era.
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So none of this is because you've chosen the wrong niche. You didn't post consistently enough, you didn't build the right funnel.
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The rug got pulled.
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The water is being drained out of the bath again, and we're all feeling it.
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That was a big, chunky tour of the backdrop for the rest of this series. In the next episode, we're going to get specific about those referrals, why they're down, what's driving it in different corners of our work, and what a redesigned offer suite could start to look like in response, because we want that diversified portfolio, just like the investment portfolio, we need to build that in.
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But for now, just sit with this. The problem is structural. The analysis is available. Go out there, get on the internet, get on Google
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and start looking these things up. That means our response can be intelligent, grounded and fit for our practices, genuinely our response. And that's not nothing. That's exactly where the useful work starts. So I'm Wendy Kendall, this is private practice in the WTF era, and I'm glad you're here. I look forward to speaking with you in the next episode. You.