Insights from the field

Investment design, tax strategy, equity compensation, retirement planning, and separating hype from substance.
  • Investments|Retirement Planning  June 30, 2026 ⋅ 16 min

    Dedicated Spending Sleeves: An Institutional Strategy for Households

    Sequence of returns refers to the risk that an extended down cycle begins at the onset of retirement. The risk that a down cycle will permanently impair your retirement portfolio is real. Conventional wisdom treats this as an asset allocation problem, but the typical response of moving heavily into bonds (or bond funds) as you approach retirement can make the problem worse. A better solution makes targeted use of a specific type of bond fund.

    Steve McConnell, CFP®

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