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Ideas for managing wealth in a tough economy

February 26, 2009 by  

Council says diversification is still the best investment strategyDuring the current recession everyone can benefit from a piece of sound economic advice, and one industry group is offering its own insights into managing wealth during turbulent times.

Dow Jones Wealth Management Advisory Council said that the optimal portfolio mix in the current conditions focuses on opportunities in liabilities instead of assets and makes allocations for the long term. As always, keeping the portfolios diversified is the best strategy.

"Our clients are making sure that their long-term risk tolerance is in line with their asset allocation," said Patricia Bell, senior vice president of investments for Merrill Lynch. "Where there is a disconnect there needs to be discussions."

Council members are also advising their clients to reduce exposure to risky investments and to focus on simple financial instruments. According to Mike Sawyer, managing director of investments at Citi Smith Barney, now is a good time to invest in fixed income, high-dividend blue chip stocks, well-managed funds and appropriate deposit vehicles.

The council is a group of top wealth managers dedicated to promoting the practice of wealth management, facilitating industry discussion and representing the needs and concerns of the profession.
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