Feb 1, 2005 12:00 PM

, By Kirk Loury, president and chief investment officer, Spencer Trask Asset Management, New York, and

By Kirk Loury, president and chief investment officer, Spencer Trask Asset Management, New York, and

In today's accelerated world, true long-term planning seems almost old-fashioned. Unfortunately, emphasis on the immediate creates the potential for shortsightedness when choosing an investment strategy. But savvy advisors can compensate for this lack of patience.

Although no one can predict the future, it's critical that advisors construct a portfolio capable of meeting more demands than are readily identifiable in the present. Making sure that there is a consistent increase in portfolio funds over time will provide the necessary cushion to withstand changes in investment needs as they evolve.