Ed Haberer is chief executive of Haberer Registered Investment Advisors.

When Ed Haberer started his investment advisory firm in 1977, the Dow had just hit 1,000 and his was one of only 1,700 such firms across the country. In the three decades since, personal investing has exploded as Americans became wealthier and more mobile but also more vulnerable as the traditional pension plan waned.

Having sold his firm to Huntington Bank five year ago, Haberer says he could easily retire but is still helping clients navigate toward that goal.

Who's your typical new client today, and how do they differ from newbies of previous decades?

Our initial clients, a number worked for GE, P&G and other large companies. In the 1970s and the 1980s, the government allowed professional practices to incorporate, which allowed doctors, lawyers and other self-employed professionals to defer more income that needed investment management. Our typical clients now have assets but not the time to handle the volatility in the markets. They're at least 45 and generally have minimum assets of $300,000.

How have investors changed?

I deal more with two-income executive families with decreasing benefits. Even back in the 1970s, people didn't think of personal savings because they had that defined benefit (pension) plan somewhere in the background. In today's world so much of that's been removed that after-tax savings has got to be the focus. I think the word retirement should be retired - people need to reinvent themselves in their 50s.

What will the market do in 2007?

In the past, there were only regional challenges: the steel or auto industry was in a downturn. Since 9/11, the world has shrunk, and investors' focus has to be global. Right now, there's a lot of money around the world leaving real estate and going into the undervalued U.S. stock market.

Investing in large companies in the U.S. should be the mantra - we think they're going to do well.

What advice do you offer to small business owners?

Employees have a mindset like dating - they're not committed. It's the responsibility of the small business owners to empower they feel they're making a difference. Turnover is a killer. We offer our planning service for their employees, which boosts their retention.

Reprinted from the Cincinnati Enquirer, ©2007