BlackRock Chairman and Chief Executive Officer Larry Fink said Tuesday financial advisors and asset managers need to shift the focus of clients from the news that can affect short-term stock prices to their long-term investment needs for homes, education and retirement.

“The human condition focuses on the moment. We as an industry have to stop focusing on the moment,” the BlackRock chief told the annual meeting of the Investment Company Institute.

He said a major reason clients and advisors have to shift the focus to outcomes is people are living longer and need higher long-term returns than 2 ½ to 3 percent in bonds.

For a 35-year-old couple in Des Moines where the husband or wife could well live to 90, Fink said the best strategy is a portfolio with substantial holdings in global equities that is likely to outperform stock investments in the developed countries.

He said the problem with this approach is how much currency risk clients want to take.

At the same time, he said he is wondering whether the fiduciary duty of asset managers should go beyond returns to include the impact of the investments on job creation and infrastructure in the nations of the clients.

“I’ve raised question to a lot of (pension) plans. They are investigating this,” Fink said.

On another issue, he said investors have to get away from the idea that cash is risk free, noting people who have been sitting on cash for the last few years have lost a lot of money.