Planning for the Long Term
How frequently do you review your portfolio?
If it is more than quarterly, than either you don't have an adviser that you trust or you are uncertain if your plan is achievable.
“Portfolio Happens!”
Do you have a thoughtfully constructed portfolio that addresses your multifarious goals or a collection of investments that were sold to you by various advisers over many years?
Capital Sufficiency
I have long asserted the the true risk in one's portfolio is not the standard deviation of one or all of their investments. But, rather, the risk of not achieving their goals. Standard deviation is a useful measure for professional asset managers, but clients are really concerned with "can I send my children to any college they get accepted to?", "Will I be able to retire at age 60?", "Can I buy a vacation home in my favorite destination?". That risk of missing these targets is a meaningful measure of risk.
Have you developed your plan? Is it thoughtfully created using reasonable assumptions? Is it (goal attainment) reviewed with you by your adviser? Or, do you get a standard economic commentary followed by a sterile report of asset values?
What are you waiting for?
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