For many planners with high-net-worth minimums for their clients, target-date funds don’t make sense for a variety of reasons. But in the right circumstances, they can be helpful tools.

“Most of the time, we like to have control over the asset allocation rather than ceding them to a third party,” says Tom Bullitt, who runs Mill Street investment Management, a division of Ballentine Partners, in Waltham, Mass. But for some younger investors, less-sophisticated investors and for use in 529 college funds, they can play an important role, Bullitt said.

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