Carl Richards writes about the importance of stability and confidence as key traits to look for when determining if your financial adviser is well equipped to handle market uncertainty and crises. The article begins as follows:
Remember how you felt during the financial crisis in 2008? People were scared. Even the professionals were uncertain about what might happen. I know, because I was scared, too.
But I couldn’t show it. Whatever was going on, my clients still needed me to provide thoughtful advice and to help stop them from doing something stupid.
At that point in my career, I’d survived the market dip in 1998 and handled Y2K. Even during the tech bubble, I didn’t panic. But the situation in 2008-9 was different. I felt it, and my clients felt it.
I still remember the exact moment when my uncertainty trumped my confidence. It happened at the end of a meeting with some longtime clients. They were really nervous and wanted to know, “What should we do?” The best answer I could give them wasn’t very satisfactory. “Stay the course,” I told them.
Read the full article from the New York Times here.
Posted by Logan Davis, Associate Editor, Wealth Strategies Journal.