Traditional portfolio construction in the accumulation phase is fundamentally misaligned with the critical needs of lower-risk investors, especially those transitioning into or already in retirement. Using the lens of Michael Porter's strategic analysis, it becomes evident that the standard investment approach—primarily designed for long-term accumulation—fails to adequately address the pronounced loss aversion and specific vulnerabilities associated with significant market downturns and persistent volatility.

https://www.gfmreview.com/markets/accumulation-to-retirement-phase-constructing-portfolios-for-lower-risk-investors