Target-date funds are well-suited for some clients, but not for others.

Lewis Altfest is not a fan. He runs Altfest Personal Wealth Management out of a Park Ave. office in Manhattan and manages the assets for a large number of wealthy individuals. The problem with target funds, he says, is that “they don’t allow you to select funds based on the skill of the portfolio manager.” Instead you choose based on the reputation of the fund company.

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