Did you open that February statement and swoon clutching your chest like Red Foxx in Sanford and Son? Yelling "Oh no, it's the big one!"
Even worse your financial advisor MIA. Are you asking yourself, why do they hide when things are bad?
There a few reasons you won't hear from your financial advisor when things are not copacetic with the stock market. As an experienced advisor of over 23 years I've seen it all. I've seen their behaviors in good and bad times.
Here's why your financial advisor may be hiding right now:
1. He doesn't know what to say. It's true. Financial advisors are just people. Some of them just aren't comfortable giving bad news to clients. I talk to my clients and have completed financial plans for most of them. Each portfolio has been stress-tested to determine just how much of a correction they can stand and still reach their goals.
2. Lack of experience. Unfortunately, you may have a new financial advisor that doesn't have much experience with down markets. If your advisor came in the business after 2009, he or she has not seen a real correction.
3. Too many clients. Yep some financial advisors have a lot of clients. If you don't get a call at some point to reassure you during a correction then you may not be one of his best clients. It may be time to look for another advisor.
4. Doesn't have market correction strategy. Your advisor may be thinking a correction will blow over soon enough so why call and worry people, right? Wrong. I learned a few years into this business to have a strategy for all clients when the s*** hits the fan. It's not a time to be winging it.
I'm not hiding. I'm calling and meeting with clients. I'm explaining just exactly how this most recent correction (long overdue) will affect their portfolios and long-range goals. If your advisor is hiding, then email me or call me right away. Let's review your goals and investments.
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