In an interview, Dr. Sheena Iyengar suggested a way to pare down a number of choices with a process she calls the "Four Cs":
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Cut. Get rid of the irrelevant choices and the ones that look similar.
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Categorize. Break it up into categories of small numbers of choices.
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Condition for Complexity. Make it easier to understand and learn about the choices.
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Concretize. Make the consequences tangible. In a financial context, if you give me tables of risk, it's only meaningful to me if you tell me how it will affect my life in concrete ways. Then it's helpful.
