Ep 27: Coronavirus Impact on Financial Markets

The coronavirus has affected people around the globe and forced us to all change many aspects of our day-to-day lives. Maybe the biggest impact we’ve seen in the US has come on the financial side. The market collapse we’ve seen over such a short period of time is unprecedented and has many people concerned. We turn to Ben for perspective on what we’re seeing and reassurance that retirement planning is a long-term play.

 

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-coronavirus-impact-on-the-market/ 

 

Today's rundown: 

0:48 – Coronavirus news has been changing rapidly.

1:38 – The second week of March was a turning point and Ohio has been out in front of things.

3:16 – Ben hasn’t seen anything like what happened to the market over a week period.

4:26 – What has the conversation been like with clients?

6:10 – Will the volatility last for a while or will we stabilize soon?

7:28 – The market has priced in the virus quite a bit so we might not see a big drop when earnings come.

8:58 – The goal is to position consumers to be ready to spend again once the virus has slowed.

9:46 – Now is the worst time to act emotionally and sell.

10:55 - Looking at your statement and your balance obsessively causes unnecessary panic.

12:15 - What do the interest rate drops mean to investors?

13:33 - Will Ben’s team be working in office or spending more time meeting virtually?