Coronavirus Infects Stock Market: Part LVIII
How are you doing this morning? Hopefully, you’re not too shell shocked. If you are, then you’re not alone.
A study by Fidelity Investments finds that close to one-third of investors over the age of 65 sold their stocks during the coronavirus meltdown reports The WSJ.
Like a broken record, money managers tsk, tsk, tsk the sellers saying “hold your stocks for the long-term.” Well, that’s fine and good if you’re in your thirties, but a bit more difficult when you’re over 65.
A prospective client wants to consolidate her assets with us mainly because her broker had too much in stocks. I see it time and time again. A broker not knowing his client with waaaay too much in stocks. Everyone’s a long-term investor, to borrow a line from Mike Tyson, until they get punched in the mouth.
You want to be aligned with an advisor who has worked through war zones like this. You don’t want to be stuck with a phone rep who’s just learning the ropes, because a lot of times stocks just move sideways like a rolling stone.
