Even so, he approves of the strategy because it may help to teach old investors a new trick.

The fund managers, Western bankers say, were taking millions of dollars in new deposits to pay commitments to old investors.

The troubles of older investors have worried the couple, however.

Now, for older investors, he ratchets down their stocks by 2 percent each year once they reach 60.

Bonds, the theory goes, are the investment of choice for security-seeking older investors.

The tax benefits of private accounts may be even more pronounced for older investors.

Thus an older investor who just seeks a steady dividend might want to take a second look.

Other financial experts warn that older investors on line could be vulnerable to stock fraud.

Some older investors say they like the comfort of having a broker available in emergencies.

For older investors, the tax benefits of owning individual assets in privately managed accounts can be more pronounced.