A shortfall in investment returns will most likely be of highest concern to:

The concern about a shortfall in investment returns is particularly pronounced for an elderly client with modest resources. This demographic is often in a position where they are relying primarily on their investments for income, especially if they are already retired or approaching retirement. Limited resources can constrain their ability to weather financial downturns, making consistent returns crucial for meeting living expenses and healthcare needs.

If their investment returns are insufficient, they may face significant financial stress as they may not have the time to recover from losses before needing to draw on those funds. In contrast, younger clients often have the advantage of time to grow their investments and recover from any potential losses. Clients with substantial resources usually have the ability to absorb shortfalls better, thus reducing the level of concern compared to someone with limited resources.

Overall, the intersection of being elderly, having modest resources, and potentially being in or approaching retirement creates a scenario where the impact of a shortfall in investment returns is most dire, highlighting why the elderly client with modest resources is the one most likely concerned about investment performance.