![concept-piece-download-40052-sequence-of-returns](https://cdn.ashbrokerage.com/uploads/_960x600_crop_center-center_none/concept-piece-download-sequence-of-returns.png)
During the accumulation phase, assets invested in the market can often recover from losses by simply waiting for a market recovery. Losses are not "realized." But at retirement, even a few down-market years can have a dramatic effect on your clients' portfolios.