When clients need more risk - adjust portfolios or goals?

Michael Kitces | Pinnacle Advisory Group | 01 November 2018


It is a standard requirement that portfolio construction practitioners must first determine an investor's risk tolerance before making any investment recommendations for a portfolio. Yet in the modern era, good practitioners invest to achieve the investor's goals. The problem is that, in practice, doing so is sometimes impossible, because not all investors are able to tolerate the amount of r...

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