Conceptually, investors are thought be more risk-tolerant at younger ages and more risk-averse as they age. In fact, this idea is built into many asset allocation strategies and provides the structure for target-date mutual funds. But is it still valid?

Based on recent data, financial advisors may want to reassess age-based risk exposures because younger investors are growing more risk-averse, while older investors are growing more risk-tolerant.

This finding is contained on page 27 of the 2011 Investment Company Fact Book published by the Investment Company Institute (ICI). You can access it here: www.ici.org/pdf/2011_factbook.pdf

• In 1998, 30 percent of investors younger than age 35 said they were willing to take above-average or substantial risk. By 2010, the percentage had shrunk to 22 percent.

• In 1998, 6 percent of investors age 65 or older said they were risk-takers. By 2010, the percentage had increased to 10 percent.

As the age gap narrows, keep in mind that there also is a gender gap. Surveys consistently show that women are less willing to take substantial risk than men. One age-based size clearly does not fit all investors' need for personal risk exposure.