'Don't guess entry points': How advisers handle their own money when stocks tank
Coronavirus is circling the globe and markets are making headlines with some scary record-breaking multi-day drops. The U.S. stock market suffered its worst week since 2008. Financial advisers are getting phone calls from panicked clients who just watched someone on TV say markets are going to drop further. Some clients are asking their adviser if they should get out of the stock market and go to cash.
I’ll say this up front: the advisers I’ve worked with never sold their own investments while markets were getting hammered. What other habits of theirs are effective? 2. They take care of themselves: When the going gets tough, advisers get plenty of exercise and sleep, eat healthier, and spend time with family and friends. In this way, they’re better able to help their clients gain perspective and peace around the market’s turmoil.
Advisers are aware that market corrections can end quickly or drag on for weeks or months. In the worst bear markets, it feels like stocks will keep falling forever. Then, when you least expect it the market will begin to rise.
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