The key to a meaningful investment strategy is that you need to know yourself and what you want to achieve. You need to determine the following:
I will give an example for each characteristic in terms of decisions you may want to consider.
This will drive your strategy asset allocation - this means what type of asset classes you will invest in and how much in each. Different Asset classes have different risks and return profiles. Generally bonds are less risky, but offer lower returns than equities. Private equity is generally less liquid than equities but promises higher returns. The type of portfolio you construct should be optimized based on your particular circumstances, needs, risk appetite and risk taking ability.
Types of common portfolio strategies usually consist of conservative and liquid (cash and safe bonds), Income (primary bonds that pay regular coupons), balanced (equity and bonds), equity (as the name implies - equity) and growth (equity and potential private equity and commodities).
An alternative view is to construct an optimal portfolio by constructing a highly diversified portfolio consisting of all asset classes (excluding the risk free benchmark (Treasuries). This would be then adjusted for your risk - return profile by the degree you hold the risk free asset (Treasuries or equivalent). Low risk would imply a large holding of risk free assets and a small holding of the diversified portfolio. High risk would imply leveraging the diversified portfolio (borrowing to invest in the diversified portfolio).
An example of a typical portfolio for illustrative reasons:
Now you can start to consider specific investment themes and how you would like to invest in them.
A key consideration of all investment strategy is cost. How much you are paying your investment advisor (brokerage and custody fees, performance fees on funds, etc). Cost can quickly eat away at your investment return and with compounding - can significantly reduce your overall gain.
Passive strategies via index funds or ETFs, especially combined with automated asset allocation advice "robo advise" (asset allocation strategy for minimal fees) are efficient ways to invest.
If you are familiar with the basic concepts that we have discussed above and on the related links - a do it yourself approach could be rewarding. By utilitising a discount broker you can develop a diversified and efficient portfolio that reflects your expectations, preferences and values.