The Butcher and the Dietitian

Last week a mate of mine said a mate of his was looking for a Financial Planner. My mate said his mate had already interviewed three planners and apart from not knowing who to trust, they all seemed the same.

He also said one seemed a bit dodgy because he kept calling him mate when they weren’t mates at all.

Not wanting to subject his mate to more sameness, my mate asked if I was just the same as my industry mates.

Concerned something would get lost in the translation, I told my mate to tell his mate there are only two types of Financial Planners – butchers and dietitians.

The Difference
A butcher will always recommend meat. However a dietitian will always recommend what’s best for a client, which may be red meat but could also be fish. It depends on what’s most appropriate.

Financial Planning is exactly the same. The butchers will always have a bias towards a particular investment approach/product depending on how they are remunerated. Butchers always have a conflict of interest meaning their client’s financial health is too easily neglected.

E.g could you imagine a planner working for the CBA recommending one of NAB’s investment products or insurance policies?

Research is no different. So often I receive ‘newsletters’ only to learn it’s written by a butcher promoting another steak with a different cut. You don’t see it at first because it’s swimming in marinade. Give it to the dog.

A Balanced Diet
The dietitians in the finance industry recommend a balanced diet for their clients. Every advice piece is tailor made and takes a holistic approach. They know steak and chips is not the answer, despite the appeal.

Dietitians are easy to spot. They are independent and not aligned with a financial institution. This means they do not have a parent company telling them what products they should be putting their clients into, if any at all. That’s why you will never see a dietitian work for a bank (sausage factory).

Being a dietitian takes courage. Telling a client what they need instead of what they want can be hard for a client to hear. Relationships are put at risk. Anyone can sell a hamburger, but not many can recommend a meal plan. Meal plans require someone with a much bigger skill set and knowledge base.

Mates Rates
Dietitians aren’t interested in mate’s rates because they know every mate is different. Good mates also understand you can’t expect a surgeon’s job in exchange for butcher’s wages. Eventually it just puts an expiry date on the friendship. Resentment builds like rust.

So I told my mate to tell his mate he just needs to decide if he wants a butcher or a dietitian. Suncow is definitely a dietitian focused practice. You could say it’s the cow that constantly diets!

What do you think?

Back Paddock – the following was sent to me from a mate via Facebook. It’s a timeline of how we grow up:

At 6:   Dad I love you
At 10: Dad whatever
At 16: My Dad’s so annoying
At 18: I wanna leave this house
At 25: Dad, you were right
At 30: I want to go to Dad’s
At 50: Dad I don’t want to lose you
At 70: Dad I wish you were here with me.

Have a great week.

Adam