Years of near-zero interest rates have prompted many income-hungry investors to turn to high-yielding stocks as a substitute for bonds. As stocks have climbed to all-time highs and bond yields have continued to languish, that’s likely worked out well so far.

Now some advisors are reviewing their dividend strategies a bit nervously, well aware that a stock-market correction could erode capital invested in “bond substitute” stocks and potentially wipe out income received from dividends.

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