Spotlight Packaged Investing Target-Date Investors Choose Cheap and Passive 53 Beyond the Glide Path: The Drivers of Target-Date Fund Returns 58 Sizing Up Multi-Asset Portfolios 62 Of Models and Management Advisors outsource investment management to focus on financial planning. MANAGED PORTFOLIOS Dan Kemp There is an old joke that defines economists: They spend their days looking at reality and wondering if it would work as a model. While it is undoubtedly a little harsh, it highlights both the complexity of the economy and the desire to standardize. It is, therefore, unsurprising that outsourcing investment management has become so popular among advisors, especially in developed markets such as the United States and the United Kingdom. Faced with the joint complexity of financial markets and the individual situation of each client, it is natural to seek a rules-based approach that reduces the number of decisions required to build a portfolio. global.morningstar.com/Morningstarmagazine 51http://global.morningstar.com/Morningstarmagazine