Posted by: Lauren Young on October 14, 2008
I got this email from a financial adviser today.
Friday was the darkest day of my professional career. It was a helpless feeling watching the market drop 7 straight trading days in a row and then on Friday to watch the Dow hit 8,000 intraday, it was overwhelming. In that moment, I found myself wondering if everything I had learned and believed about asset allocation and buy and hold investing was defective. It was indeed, the toughest week of my professional career. All of my accounts have the lives, stores, and faces of real people on them. To watch them be down 25% at the bottom of the fall was much more painful for me than them. Having heard from only 10% of my clients in the past two weeks, I decided to be proactive and call them…which I would guess, may be fairly unusual. I am told that typically, brokers or sales people run and hide in times like these. When I called my clients, not a one was panicked, they were concerned, but they all were taking it all in stride. Some of that came from the fact they decided not to pay attention, which in this case was a good thing! I actually ended the day in a much better mood having reached out to my clients!
Have you heard from your adviser amid the market mayhem, or is he/she hiding out?