It’s hard to imagine anyone avoiding losses over the last month due to the coronavirus fallout, but there are steps you can take to rebound when the market begins bouncing back. Today we’ll look at the opportunity in stocks, explain the importance of trusting your advisor in times like these, and talk about the next steps you should be considering with your retirement plan.
[spp-player url =https://unlockingyourfinancialfuture.podbean.com/mf/play/krbvbb/028_-_BEN_SCHROCK_-_CORONAVIRUS_LESSONS.mp3]
Click the timestamps below to skip to a specific topic in the episode.
The Combination and Key Points:
Last week on the show, we spent time reacting to the coronavirus news and the market fallout that followed. Now we want to turn our attention to what you should be doing next with your retirement plan.
Most people will find it difficult to ignore the noise and move forward, but that’s what needs to happen. You can obsess over the current value of your portfolio as it fluctuates each day but that’s only going to create more anxiety and panic. Remember that retirement planning happens over thirty years, not three days. So let’s look forward and discuss how to move ahead.
This episode of Unlocking Your Financial Future will do just that. Ben will start by taking us back through the rapid selloff that we experienced in early March and what led up to the crash. It seems like the stocks for many strong companies moved based on speculation which means their future losses might already be priced in. That could provide opportunity for investors and Ben will explain how you can keep an eye on the market to get a good idea of when it might be back on an upward track.
We’ll also spend some time talking about what’s happening right now with our company and our clients in terms of buy back over time. Plus, what has the reaction been from our clients? Let’s discuss that as well to keep the process transparent.
The last thing we will cover on the show is what the next steps should be for people that already have a plan in place and those that don’t. Where should you look to make adjustments? And if you suffered large losses, how can you begin that rebuilding process?
There might be a sense of uncertainty and concern with your financial future, but we want to help you through this time and see that there’s going to be brighter times ahead.
Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!
2:16 – Ben talks about the rapid selloff of stocks and what led to it.
5:03 – What are some signals you can look for that might mean the market is bouncing back?
6:54 – Buy over time rather jumping all back in at once.
7:57 – What are some things current clients or people working with an advisor can do right now?
9:31 – What has been the reaction from clients over the last few weeks?
10:43 – How about the people that haven’t put a plan in place, what are their next steps to recover?
12:33 – Does your risk tolerance match your portfolio?
13:17 – We can determine a client’s risk number to give them scenarios for their plan.