FA Magazine January/February 2026 | Page 41

tween equities and fixed income or between growth and value.

“ That doesn’ t mean we don’ t have blocks of bitcoin in our book. We do through ETFs. It doesn’ t mean we don’ t have GLD in our book. We do. But we’ re having individual conversations about clients’ goals, dreams, aspirations, what’ s important, what needs to happen,” he says.“ And then we allocate appropriately.”

Retirees Find An Unusual Window

Despite the volatility risks, several advisors say conditions are relatively favorable for new retirees. Barberis notes that having equity markets near all-time highs and higher bond yields creates an opportunity for clients to lock in gains while securing income.

“ For many retirees, this is about reducing downside risk without giving up growth completely,” he says.

Schindler agrees that those who have

planned sensibly should be fine, though he worries about job seekers over 50 facing a softer labor market, who will have a more challenging go of it.

“ This isn’ t the time to be scrambling for work.”

The Biggest Threat May Not Be Market Risk

Perhaps the most striking warning about 2026 has nothing to do with markets at all. David Tyree, director of financial crimes and investigations at Valid8 Financial, argues that the greatest threat to portfolios in 2026 will be fraud.

“ The most at-risk group for fraud will be people who have invested for 30-plus years,” he says, noting that sophisticated scams increasingly target experienced investors through social media and AI-generated content. These scams cost Americans $ 16.6 billion in 2024, and more than $ 50 billion

since scam tracking began in 2020, he says.

Scams enhanced by AI are getting better. The scammers have gotten so savvy, they are even telling victims how to speak to their own financial advisors about money movements that shouldn’ t be happening.

“ They’ re given a response for when the financial advisor finds out. They’ re told to say,‘ This is my money. How dare you tell me what to do with it? I’ m reporting you to the SEC,’” he says.“ They’ re given the guidance that their financial advisor is not impartial, that they don’ t want the victim making this kind of money because they won’ t get their fee on it.”

Tyree says he personally has been targeted by scammers, so he knows how good AI has become at replicating human voices it can find on social media.“ My‘ son’ has called three times needing money. He’ s away in law school,” he says.“ It’ s never been him. But it certainly sounds like him.”

website office social media marketing campaigns and more

JANUARY / FEBRUARY 2026 | FINANCIAL ADVISOR MAGAZINE | 37