In a world of lower prospective returns and lower yields, the challenge for the fiduciary who wishes to add value over the long fiduciary time horizon is to manage our clients' return expectations toward reasonable objectives and then manage client assets to meet those reasonable objectives. For managing the assets, four approaches are promising: a willingness to stray from conventional stock and bond investments, a careful and prudent quest for alpha, disciplined management of the asset mix, and the use of leverage.