John, age $75,$ is a member of the investment committee for a local endowment. The endowment portfolio includes sizable allocations to less liquid and more volatile asset classes, such as hedge funds and private equity. John$$s personal portfolio, which is modest in size, contains no exposure to hedge funds or private equity. John asks his wealth manager about the lack of exposure to these asset classes.

List at least two reasons as to why the wealth manager has likely not recommended investments in hedge funds and private equity for John personal portfolio.