NEW YORK ( TheStreet) -- Many investors are still reeling from the 2008 financial crisis, Mark Hamilton, CIO of asset allocation at Oppenheimer Funds, told TheStreet's Brittany Umar.

Hamilton, who admitted it can be tough going through a "once-in-a-lifetime" financial catastrophe, said that it really changes the way people think about portfolio risk. He added that investors tend to focus on the near-term risks and seem to be good at averting them. However, it's the long-term risks that many fail to see.

Since the collapse five years ago and until very recently, there has been a tremendous inflow to bond funds and cash as investors have become much more conservative, Hamilton said. While this strategy does mitigate stock market risk, it may also make it difficult for many investors to reach their long-term goals.

Hamilton concluded that with cash positions making zero returns and bond returns barely beating inflation, this portfolio structure will not likely be sufficient to build the kinds of assets that are necessary for long-term successes, such as retirement.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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