You can choose to try to identify tomorrow's winners or not, or you can play both sides of the fence. You can call your approach passive, active, strategic, tactical or whatever you like. Regardless of your approach or what label you put on it, you will face times in which you look particularly smart and periods in which you look rather dumb. Either way, managing client expectations and their reactions to personal, family, market, economic and political events will probably be a bigger influence on the net result than trading activity.

Dan Moisand, CFP, has been featured as one of the America's top independent financial advisors by most leading financial advisor publications. He has spoken to advisor groups on five continents on topics such as managing investments and navigating tax complexities for retirees, retirement readiness, and most topics relating to the development of the financial planning profession. He practices in Melbourne, Fla., and can be reached at [email protected].

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