Among portfolio allocations to equities, a classic contrast has pitted dividend-paying value stocks against nonpayer growth stocks. But for advisors, a focus instead on dividend growth can offer rich rewards.

After all, for planners selecting dividend-paying stocks and funds for their clients, searching for the very highest yield can be a dangerous game. "Chasing yield in any asset class and in any environment is very risky," says Jeremy Paul, managing partner at RLP Wealth Advisors in New York.

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