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FAs in Uncharted Territory with Coronavirus

Many advisors have seen crisis before, including Black Monday and the Great Recession, but the coronavirus global pandemic is uncharted territory. So reports Bloomberg.

coronavirus 4942077 640 smallNot all clients have the same goals. Here are some of the biggest questions FAs are getting and a sampling of how they’re handling them

Is it time to buy?

Susan Kaplan, an RIA in Newton, Mass., says she’s been “holding people back” because she foresees more volatility until the outbreak is over. She caters to clients with net worths of $10-$12 million

‘Is it time to sell?’

Leon LaBrecque, chief growth officer at Sequoia Financial Group, says half of his calls are about buying opportunities, while the other half are from concerned clients. He says the concerns are financial, but also about the virus and how it impacts his clients' careers and their lives in general. His advice about their accounts: sit tight, for now.

‘Should I be scared?’

Steve Morton, of Captrust Financial Advisors, says his clients “set aside five years of money for income” and use the rest of their money to invest in actively managed stock and bond. This approach provides them with income for the next half decade. “Certainly within five years we’re going to come up with a vaccine for this. That calms them down," he told Bloomberg.

Read the full article from Bloomberg.

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