Financial planners urging people not to panic amidst stock market nosedives

Financial planners urging people not to panic amidst stock market nosedives
Financial planner Bryan Strickland is urging people not to panic about the stock market's recent nosedive. (Source: WVIR)

CHARLOTTESVILLE, Va. (WVIR) - Financial planners in Charlottesville are urging people to keep calm in the face of the stock market’s recent nosedives.

Many consumers and investors are responding to the fear surrounding the economic impacts of COVID-19, also known as coronavirus, financial planner Bryan Strickland said. Strickland works at Wilkinson Wealth Management in Charlottesville.

Strickland is urging people not to make decisions out of fear and panic.

“In terms of what you can control, what we counsel clients in doing is taking a broader, big perspective of their financial well being,” Strickland said. “So that means taking a look at things like your mortgage with low-interest rates right now, is now a great time to refinance and take advantage of some of the low-interest rates?”

At this time Strickland said economists do not have enough information to understand the magnitude of how this is affecting bottom lines or how long this will last.

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