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Diversify, Diversify, Diversify

"This comes up a lot with clients," says Jason Romano, a partner with Moss Adams Wealth Advisors. "They say, 'Why are we going into foreign equities when it doesn’t appear there is any difference in returns with U.S. equities? We come back to the idea of the global economy. It would be inappropriate not to."

Diversification, at its simplest, means spreading your money among different asset classes — stocks, bonds, commodities, real estate.

Advisors say own stocks from the U.S., other developed countries and emerging markets. Your bond holdings should include sovereign debt (U.S. Treasurys, for example) corporate debt, municipal bonds, even sub-investment grade (junk) bonds. Invest in a basket of commodities (gold, crude oil, wheat), not just one or two. Don't struggle over commercial vs. residential real estate; try both.

Don't stop there: Consider individual stocks, mutual funds, exchange traded funds and limited partnerships — all of which have unique qualities.

Photo: STOCK4B Creative | Getty Images