Placing a greater emphasis on clients' objectives and wrapping this around their risk tolerance can produce higher levels of engagement and offers a more accurate pointer to investor behaviour.
The system prayed on lax investor behaviour -- because once set up, investors tended to forget about monitoring their investment portfolio and keeping in contact with their financial adviser.
The veteran strategist said he sees no signs of the kind of investor behaviour typical of stock bubbles, no stubborn faith in the market despite portents of doom.