It's Complicated

As many advisors are well aware: Money worries keep people up at night. Robots aren’t as able as humans to allay such concerns.

Still, as economist Brigitte Madrian discusses — in the interview she had with Michael Finke — giving investors default options produces some positive outcomes. Her powerful research will be recognized later this month when the Retirement Income Industry Association gives her the 2015 Achievement in Applied Research in Retirement Award in cooperation with Research.

Speaking of working together, contributing editor and writer Jane Wollman Rusoff highlights the fruitful relationships between advisors and attorneys this month. These relationships can prove especially helpful when clients are going through divorce, for instance.

In my own case, I had a financially savvy divorce attorney. But he didn’t have all of his clients work with a financial advisor, and I didn’t have an advisor when I went through the divorce process.

It was only upon joining Research in 2005 that the positive impact of working with an advisor became clear to me. Ten years later, I remain convinced that such relationships are highly beneficial.

Like all relationships, they require time to develop and to mature. My older son worked with my advisor and had a pretty good run on a small investment he made. Now, my younger son wants to make his first investment with the advisor that works with my ex-husband (aka his dad), who he has gotten to know pretty well.

Let’s hope he’s able to squeeze that meeting in before the school year is in full swing. (Luckily he isn’t the procrastinator his mother is; I hear she’s still planning to take her summer vacation in the fall.)