As a client takes distributions, a money manager ultimately becomes more important than asset allocation as the sequence and volatility of market returns rises.

That's according to a report from Jim Otar, a Thornhill, Ontario, Canada-based financial analyst. Otar's analysis tracks 111 years of market history. The paper, "Determinants of Growth in Distribution Portfolios: A Non-Gaussian Analyis," is available on Otar's website at

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