People assume that what worked yesterday will work today. I do it. You do it. Everyone does.
At GSRP, we believe that we simply cannot solve today’s problems with yesterday’s solutions. We need to develop new solutions for today… and tomorrow.
That brings us to the story of the wasted pot roast:
A newly married couple makes a pot roast. The husband’s interest is piqued when his new wife cuts off the ends of the roast, “just the way her mother always did”. He asks why she cuts off the ends.
She replies, “That’s the way my mom always did it.”
So, the new husband asks his mother-in-law why she cuts the ends.
The mother-in-law shrugs and says, “I don’t know. I just make my pot roast the way my mom did, and she always cut off the ends.”
He finally gets a chance to talk to his grandmother-in-law and asks her why she cut off the ends of the roast. The grandma just smiles and says, “We had smaller ovens then and it was the only way the roast would fit.”
“That’s the way it’s always been done,” is a poor answer for why anything has been done a certain way for a long time.
Many financial advisors are guilty of this same excuse when it comes to retirement planning. In our opinion, “the way it’s always been done” is not good enough.
In the old days, almost every advisor worked for a big financial company, so they only offered that company’s financial solutions. The planning industry became a “product-first” industry. Is there just one good way to plan for YOUR unique situation? We don’t think so.
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