John Cogswell is a North Reading, Massachusetts–based financial professional who serves as chief market strategist at Baystate Wealth. In this role, John Cogswell provides client-centered portfolio guidance focused on long-term results while managing risk across changing market conditions. He works with individuals and families to align investment strategies with specific financial objectives, including retirement planning, education funding, and other long-term goals.
A Chartered Financial Analyst (CFA) charter holder, John Cogswell brings extensive experience in portfolio management, asset allocation, and the use of equities, fixed-income securities, options, and alternative investments. His approach emphasizes disciplined strategy and thoughtful risk management tailored to individual timelines and preferences. He earned his degree in international finance from Northeastern University and remains active in the Boston Analyst Society. Outside of his professional work, he enjoys skiing, golf, and exploring new culinary pursuits, reflecting a balanced perspective that informs his approach to financial planning and long-term goal setting.
What to Know Before Adjusting a Portfolio for a New Goal
Investors often design portfolios to support a financial objective, such as retirement, education, or a major purchase. When circumstances shift, the original strategy may no longer fit the updated timeline. Revisiting a portfolio does not mean discarding a plan; it means realigning the portfolio’s structure so that risk and potential reward align with the new goal.
Time horizon is one of the main drivers of a portfolio review. A longer horizon may justify greater exposure to volatile assets, as the investor has time to recover from short-term declines. As the timeline shortens, the ability to wait out market swings shrinks, so many investors shift toward more conservative investments that aim to limit potential losses.
Liquidity needs reflect something different: the practical ability to access capital when the goal’s timing demands it. Investors often use more conservative, liquid options such as money market funds or certificates of deposit when the goal is near. These investments can help preserve capital and provide easier access to cash than less liquid holdings, but they still involve some risk. Less liquid assets, such as real estate, can be much harder to sell quickly.
Income requirements add a separate dimension. Income refers to the ongoing cash flow that a portfolio generates without requiring the investor to sell underlying assets. Some investors reach a point where their portfolio must produce distributions to support daily living expenses or fund recurring obligations. It can prompt a shift toward investments structured to provide more regular interest or dividend payments.
Risk tolerance is another filter that may evolve with the goal itself. It helps distinguish risk tolerance, which reflects emotional comfort with volatility, from risk capacity, which reflects how much risk of loss an investor can take on given their time horizon, financial situation, and goals. A mismatch between the two can leave a plan either exposed to more market swings than the investor can comfortably handle or misaligned with the goal.
When misalignment persists without a structured review process, investors often procrastinate on changes, make withdrawals that undermine other priorities, or react only when markets feel stressful. Writing down the updated goal, timeline, and plan for portfolio changes adds structure and reduces guesswork. It can make it easier to update the portfolio during regular reviews rather than only when markets feel unsettled.
A complete portfolio redesign may still be necessary when a new goal significantly changes the timeline, risk exposure, or cash flow needs. In that case, investors may rebuild the portfolio’s framework, revisiting the investment mix and how different accounts support specific objectives. A time-segmented, goals-based structure can group holdings into different time ranges that match near-term stability needs and longer-term growth needs.
Financial professionals can help evaluate when incremental shifts are sufficient versus when a complete rebuild is warranted. They can help clarify the updated goal and timeline and evaluate how much risk the plan can reasonably support, so changes stay aligned with the goal rather than driven by short-term market moves.
One practical way to prepare for future goal changes is to set a clear rule for when to revisit the portfolio. Investors can tie that rule to specific dates, like an annual review, and to life events that change timelines or cash flow needs, such as buying a home or planning for education costs. With that review rule in place, goal changes become planned checkpoints instead of emergencies, and the portfolio can adjust in step with the next stage of the investor’s life.
About John Cogswell
John Cogswell is the chief market strategist at Baystate Wealth in North Reading, Massachusetts. A Chartered Financial Analyst, he specializes in portfolio management, asset allocation, and long-term investment strategy. He works with clients to align portfolios with evolving financial goals while managing risk across equities, fixed income, and alternative investments.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
