• Take another look at your asset allocation plan. Do this before you review your actual investments, so you aren't influenced by your current allocation. Don't just assume your original allocation is still appropriate. You may now realize that your risk tolerance is lower or higher than you originally thought. Asset allocation does not assure a profit or protect against loss in a declining market.

• Find your most recent statements. List each investment and its current value. Total your investments by category -- cash, bonds, and stocks. Then compare those percentages to your asset allocation plan. If you haven't done this review in a while, you're likely to find your current allocation is off from your desired allocation. You then need to devise strategies to get your allocation back in line.

• Get rid of small accounts. It's not unusual to find you have several small accounts. Perhaps you have a bank savings account with several hundred dollars in it that you don't use anymore. Or you may have a small investment account that you received as a gift. You still have to look at the statements every month and make sure any income is included on your tax return. Take all those small accounts, cash them out, and consolidate the funds in one account.

• Look for ways to simplify your investments. Do you have a variety of individual retirement accounts (IRAs) that can be consolidated in one IRA? Do you own similar stocks or other investments that aren't adding much in the way of diversification to your portfolio? While you want to be properly diversified, minimize the number of accounts and investments you own so your investments are easier to monitor.