{"id":33048,"date":"2020-03-13T10:55:56","date_gmt":"2020-03-13T14:55:56","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=33048"},"modified":"2020-03-16T10:51:09","modified_gmt":"2020-03-16T14:51:09","slug":"financial-advisors-urge-people-not-to-panic-as-coronavirus-causes-a-stock-market-stir","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/03\/financial-advisors-urge-people-not-to-panic-as-coronavirus-causes-a-stock-market-stir\/","title":{"rendered":"Financial Advisors Urge People Not To Panic As Coronavirus Causes A Stock Market Stir"},"content":{"rendered":"
\"\"
Ryan Bouchey, CFP and vice president at Bouchey Financial Group.
Courtesy Bouchey Financial Group<\/figcaption><\/figure>\n

By Jill Nagy
\nSome investors may be panicking, but at least two local brokers are keeping their cool, advising a wait-and-see approach to managing assets.
\n\u201cFocus on the big picture and don\u2019t react to every headline that comes up,\u201d said Ryan Bouchey, CFP and a vice president at Bouchey Financial Group, on the first day of the market decline in response to news of the coronavirus, which has caused the stock market to plunge.
\n\u201cIt\u2019s still a strong economy and most clients are fairly optimistic,\u201d said Steve Kyne CFP and partner at Sterling Manor Financial. His independent financial planning company has been around since 2006. There have been ups and downs, he said, \u201cWe\u2019ve weathered our share.\u201d
\nBouchey urged people \u201cnot to be too greedy\u201d and to try to protect against unexpected risks. He advised having cash or cash equivalents on hand to meet the needs of the next year or two. This \u201ccash management strategy\u201d should be separate from an investment fund.
\nRecently, investors were worried about trade relations with China. \u201cRight as we solved that, the coronavirus happened,\u201d Bouchey said. Global supply chains will be affected, especially those to and from China. He said some companies will spend less and some may reduce hiring because of the disruption caused by the virus pandemic.
\nOn the other hand, Bouchey doesn\u2019t think the presidential election, however it comes out, will affect the overall market, although some sectors will be affected. A change of administration may bring about a ban on fracking. There may be some changes in the health care sector as well.<\/p>\n

\"\"
Stephen Kyne, CFP, partner at Sterling Manor Financial LLC in Saratoga Springs.
Courtesy Sterling Manor Financial<\/figcaption><\/figure>\n

\u201cThis is the longest and slowest recovery we\u2019ve ever had,\u201d Bouchey said. \u201cWe are almost 11 years into a bull market.\u201d
\nKyne said cash is \u201ca way to lose money safely.\u201d It loses purchasing power from inflation. However, he does see a need for retirees, in particular, to have cash on hand to help them get through troughs in the market.
\n\u201cOne hundred percent of the times the market has gone down, it has come back,\u201d he said, but people have to be prepared to wait.
\n\u201cYou need to sit down with somebody and find out what your options are,\u201d he said.
\nPeople\u2019s needs are different and he would have to know a businessperson\u2019s goals before giving any advice, Kyne said. Someone concerned about a retirement fund for 20 years in the future has different needs than someone concerned about more short-term obligations.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Jill Nagy Some investors may be panicking, but at least two local brokers are keeping their cool, advising a wait-and-see approach to managing assets. \u201cFocus on the big picture and don\u2019t react to every headline that comes up,\u201d said Ryan Bouchey, CFP and a vice president at Bouchey Financial Group, on the first day […]<\/p>\n","protected":false},"author":196,"featured_media":33049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"\r\nFinancial Advisors Urge People Not To Panic As Coronavirus Causes A Stock Market Stir - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/03\/financial-advisors-urge-people-not-to-panic-as-coronavirus-causes-a-stock-market-stir\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Financial Advisors Urge People Not To Panic As Coronavirus Causes A Stock Market Stir - 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