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A couple of times I had an investment manager (*not* a FA, just essentially a private mutual fund) running some of my money, and I had to lie to them that I had 30% in bonds in other accounts, just to keep them from having a heart attack.

Sorry, but that is just plain stupid. Why would you bother obfuscating the state of your affairs?

Yes, I think all advisers are programmed to keep you as risk avoidant as possible, and I have had to re-educate our FP so that he can work within our goals. When he first suggested a low risk approach for our investments so that we didn't have an event that we could not recover from, I pointed out that we would not have to use all these funds at one point in time. Surely we could portion off some accounts to take more risk, funds that we would not need for 20-40 years.

As early as some of us are retiring, I think there is a need for multiple stages of investment strategy in retirement.

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