For many investors, the past five months have been beyond frustrating. The stock market has been a roller coaster since the "flash crash" in May. In the bond market, yields are at near-record lows, and warnings of a bubble are growing louder. Housing prices have been stagnant. Oil has been sluggish. Interest rates on cash accounts mostly top out around 1.3%. Hardly inspiring.

In this environment, where every option looks lackluster, shaky or both, many investors stopped dead in their tracks. "People seem to be frozen into place, because they don't know what to do."

It's time to thaw out. Not every account is empty. Not all investments are doomed. Not every asset flounders or sinks at the same time. To the contrary, there are still many opportunities out there to help get your portfolio back on its feet. And you can still strike a smart balance between safety and steady returns.

Of course, it’s also time to modify expectations, something professional money man