We are wired to be lousy investors, says guest Dan Egan, the Director of Behavioral Finance and Investments at Betterment. Dan explained that the very cognitive behaviors that distinguish human beings from other forms of life, can lead us astray. Unlike traditional economists, who believe that incentives, along with logical thought processes, will ultimately dominate our decisions, behavioral economists acknowledge that human beings are not always rational and want to help people make better decisions by using their emotions to their advantage.

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Behavioral economists want to make it easier for us to do virtuous things, like saving for retirement and harder to do harmful things, like blowing our paychecks on fleeting, short-term pleasures.And if you ever wondered why it's so hard to stay on your diet, go to the gym or adhere to a financial plan, it is because willpower is actually a deplete-able resource - and making virtuous decisions can actually cause fatigue. The answer is to automate as much as possible. “Doing the right thing should be effortless,” says Egan, which is why Betterment uses behavioral science concepts to help people overcome their very natures.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here's how to contact us:

• Call 855-411-JILL and we'll schedule time to get you on the show LIVE 

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Betterment CEO and founder Jon Stein is revolutionizing the way financial services are delivered and consumers are the beneficiaries of his vision. Jon founded Betterment, a so-called "Robo-Advisor"  in 2008 in order to help consumers invest the way they should, rather than trying to beat the market. Jon notes that "We tend to think we’re better than average, on average. We intuitively think we can outperform. The whole brokerage and investment industry has grown to serve these irrational behaviors—and as a result, they don’t serve the individual consumers’ best interests. I started Betterment to re-invent the investing industry." Boy, has he ever--Betterment allows users to rationally approach investing by seeking the best return (factoring costs) for the least risk.

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It was great to have Jon on show, especially after appearing on CBS This Morning to discuss "When is the Right Time to Hire a Financial Advisor".

While Betterment started as an automated platform to help investors create a customized asset allocation plan, it has now evolved into an advice-driven organization. (For those who want a deep-dive on the evolution of financial services, check out this LinkedIn webcast, where Jon appeared with other leaders in the industry.) If I sound like I am fawning over Jon's business, I AM! After years in this business, it is terrific to see people like Jon (and Hart Lambur of Open Folio, Hardeep Walia of Motif Investing and Mitch Tuchman of MarketRiders) shaking up the industry. Jon also discussed how the Department of Labor's new rule, which will require any advisor managing retirement assets to be held to the Fiduciary standard, is likely to force the industry to FINALLY put clients first.

Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:

• Call 855-411-JILL and we'll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio

For years, small investors have complained that the big firms don’t want their business and when they do, it’s often expensive. Not anymore…There’s been a revolution in the financial advice business, which could help. It’s not a WHO, but a WHAT… automated systems are replacing humans! They’re called ROBO-ADVISORS and we have one of the industry's stars--Betterment co-founder and COO Eli Broverman to explore this amazing trend.

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Eli explains how Betterment works and why he has embraced the pejorative ROBO ADVISOR. If you are wondering if robo is for you, check out my post here.

As stocks stage another run at records, Mike is concerned about a downturn, which would give back a lot of the fantastic returns he has seen over the past six years. What should he do?

Nancy is a widow in her late fifties and still working. Should she re-fi her 30 yr mortgage? We also answered Mary's estate question about rolling over a spouse's retirement account and Mike's titling issue around his deceased in-law's.

Mary's husband will retire by the end of the year and has to make a pension election-what is the best choice for them?

Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:

• Call 855-411-JILL and we'll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio