These days, many advisors are focusing on meeting with key clients to review and discuss their portfolios.In some cases, the market developments of the past year mean that advisors are recommending significant changes.

In other instances, however, the portfolio in place a year ago still makes sense and there is no reason to make a change - a situation that can pose a problem. Here's why.

In my conversations with investors since last fall, there is a universal sense that the investing climate has changed dramatically - and the feeling that there portfolio should be changing as well.

Even if the best advice is to maintain the status quo, advisors run the risk that clients will interpret that advice as meaning their advisor is taking their business for granted and can't be bothered to do the work to recommend changes.

In light of that, here's what I suggest.

When in a situation where maintaining the status quo or making modifications to a portfolio is a coin flip, I recommend you err on the side of making changes. And when faced with the choice of recommending two investments - one that the client already owns and the other that they don't, everything being equal, I would opt for the one they don't already own.

Clearly, that doesn't mean making changes for the sake of making changes or recommending anything that doesn't absolutely make sense given a client's objectives.

Bear in mind however that today more than ever, clients need hope that their investments are being positioned for a recovery. And seeing modifications to their portfolio in some cases gives them that hope and can buy advisors time for markets to recover.

As just one example, a compelling case can be made today for investment grade corporate bonds. For many clients, a 10% or 15% holding in investment grade corporates can be prudent diversification - and importantly also gives them a sense of optimism that their advisor is on top of things and is being proactive in searching out opportunities arising from the market downturn.

Finally, if it really does make sense to stand pat and not make changes, then be sure clients understand how you've come to that conclusion. Share with them the due diligence you've done, the alternatives you've explored and the thought process that has led you to this conclusion - in the absence of doing that, you run the risk that clients will see stand pat advice on your part as the easy way out.