What have investors learned from the financial meltdown? They claim that they have gained more sophisticated understanding of risk-or so finds a new survey by Allianz Global Investors. And financial planners can take heart in this finding: Individuals who worked with an advisor were more likely to translate their hard-won knowledge into action.

Overall, 69% of respondents said they thought risk was a "necessary evil." They knew they couldn't completely avoid it, but they could try to manage it. Their estimation of future market return was modest-tk% on average, well below stocks' historic average annual return of TK%. Also, 67% of respondents said they wished they knew more about the different drawbacks that could affect their investments. For the online study, conducted in April?, Allianz reached 1,002 participants who had at least $250,000 in investable assets.

The survey also found a gap between investors' understanding of risk and their actions. Only 27% of respondents agreed, for example, that global diversification of assets was important to reducing portfolio risk. And in response to specific questions, an overwhelming majority of respondents overlooked steps that could help them manage risk. For instance, despite stated concerns about inflation, 85% of respondents had no Treasury Inflation Protected Securities. Also, 57% of respondents aged 65 and older had less than 25% of their portfolios in bonds or bond mutual funds. Yet, when describing their approach, 63% of respondents said they were taking on less chancy investments, even if it meant settling for a lower rate of return.

Allianz also found that respondents who worked with a financial advisor acted more in accordance with their understanding of risk-and they didn't have to make up for lost ground as much as those who were unadvised. Thirty percent of advised respondents had reduced their portfolio's risk exposure in the past year, compared with 18% of unadvised clients. Also, 79% of respondents who worked with an advisor said they considered the volatility of their entire portfolio, again beating out the unadvised clients, 63%, who said they did the same.