Financial advisors moved away from traditional 60/40 portfolios last year and moved more toward either riskier or more conservative allocations, according to Fidelity Institutional.

According to the 2020 report, “Trends in Portfolio Construction,” there was a reduction in moderate and moderate-aggressive portfolios from 65% to 59%, an increase in conservative portfolios from 11% to 15% and an increase in aggressive portfolios from 13% to 15%, compared with 2019.

The change reflected the unusual nature of 2020, which prompted different responses at various times from investors and advisors, said Matt Goulet, senior vice president for portfolio solutions at Fidelity Institutional. He noted that advisors were reaching out to others for portfolio construction because clients are demanding more of their advisors.

“The role of the financial advisor is becoming increasingly complex, and the expectations of clients, particularly younger clients, are growing,” Goulet said. “The clients expect cash flow analysis and projections about whether they are on track for retirement, as well as other services. As advisors seek to meet these clients’ needs, they have less time to work on portfolio construction.”

The 2020 report was based on an analysis of 4,000 portfolios that Fidelity consulted on during the year. Among the findings: Allocations to technology increased from 20% in 2019 to 23%, and there was a slight uptick in international allocations in the fourth quarter as advisors looked to emerging markets to help juice returns.

For fixed income, the report showed there was a 4% higher allocation to high-quality, investment-grade fixed income, which rose from 72% to 76% in 2020.