Financial Advisors Respond To Stock Market Fall
As the stock market’s numbers continued to fluctuate today, local financial advisors were busy with phone calls from nervous clients.
“Markets tend to be very emotional, and on the short term especially,” says Paul Sutherland, Chief Investment Officer at FIM Group.
When markets move quickly, financial advisors schedules quickly change.
“Today has been an unusual day in the fact that we haven’t had the kind of market volatility in the last five years that we’ve had in the last week,” says Jay Berger, Independent Wealth Management. “You put that aside so you can work with clients and answer clients concerns and make sure they’re comfortable because it’s a very individualized business.”
With DOW dropping 1,000 points this morning, some investors panicked.
“You don’t want to be making decisions on your portfolio based on your emotions, and today and yesterday those are emotional decisions,” Berger says.
Advisors tell their clients to make careful decisions, and pay attention to the long-term benefits.
“My advice to people is to really look at what you own in your portfolio. Make sure it’s really good and it’s going to be good long-term and that you bought it for the right reasons,” Sutherland says. “You don’t just go blindly buy in because stocks look cheap. Look at the evaluation of the company, what’s the product, what’s the future of the company. All investment is forward looking. So you need to be looking, what does the future look like for that product.”
And Investors say there can actually be advantages when stock prices fall.
“I think this is a time to be buying really good investments at good prices,” says Sutherland.