Farmington River Financial Group
- Is fluent in Polish.
- Built a bed out of trees and rope while at wilderness summer camp as a child.
- Proud of having at least stood up when she tried surfing the first time.
In the advice business, husband-and-wife and father-and-son teams are common. Much rarer is a professional combination like that of Magdalena "Maggie" Johndrow and her boss, mentor and mother-in-law, Lori Johndrow. Unusual as the pairing is, the younger Ms. Johndrow thinks it's great.
"We work incredibly well together, and when we took a predictive exam to measure our styles, the results were almost identical," she said.
An adviser for the past two years at the small, all-woman firm founded by her mother-in-law, Ms. Johndrow had earlier experience at another firm but had little client contact. Today, she works as a team with her mother-in-law, helping retired and pre-retiree clients. Recently, they found that older millennials, and particularly the children and grandchildren of clients and friends, sought advice but had most of their assets tied up in 401(k) plans.
"We were looking for a way to provide advice without the AUM," she said.
In response, they created a subscription service that runs goals analyses, provides advice on insurance and paying off student loans, and advises on assets in 401(k) plans.
"We work with a lot of young doctors and become the CFOs of their life," said Ms. Johndrow, who is currently completing work on her CFP certification.
She sees education as the key to bringing in young investors, and hosts regular financial trivia nights for young professionals in an attempt to turn financial literacy into a game-like experience.
"People find traditional seminars boring," she said.
— Evan Cooper