In a previous post Pay Someone to Enforce the Discipline, I compared fitness trainers to financial advisors.
"I’m pretty sure [the trainees] can get exercise routines off the Internet and do the same exercises on their own. Are those people foolish in paying good money for nothing?"
Peter Sagal is the host of NPR’s new quiz show Wait Wait … Don’t Tell Me!. He also runs marathons. He wrote a story in Runner’s World magazine about engaging a personal trainer.
He confessed that using a trainer has created reliance. He finds himself at a loss not knowing how to exercise when he’s traveling. He also can’t pin down the tangible improvement from working with the trainer on top of his own efforts. However, he wrote,
"But even if some heartless physiologist were to prove to me that my sessions with Tess weren’t doing me any good at or at least no more good than my old, unguided hours of wrestling with weights, I would still look forward to Friday mornings, and being dragged through the stations of the cross-fit."
Sounds like an ideal financial advisor client! Why pay a trainer even if it’s proven ineffective? Because the trainer provides
"First, I get to enjoy the sympathetic magic of hanging out with someone much fitter, more attractive, and more cheerful than I am."
"Even more important is something even harder to come by in this distracted world, and that is another person’s full and complete attention.
"Attention must be paid, so sometimes we end up paying for it. And it’s worth every penny."
Link to full article: Getting Personal.
Do you agree with Peter Sagal? Is a fitness trainer or a financial advisor "worth every penny"? Can clients really do just as well on their own? Which attention-giving business is worth getting into?
Say No To Management Fees
If an advisor is charging you a percentage of your assets, you are paying 5-10x too much. Learn how to find an independent advisor, pay for advice, and only the advice: Find Advice-Only.