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MarketWatch: How Financial Advisors Are Coping With The Bear Market
Leland was recently featured in a MarketWatch article discussing how he personally responds to market volatility within his own accounts, and what he tells his clients to do. Here is his excerpt:
“…They also urge clients to avoid tracking daily market swings. Leland Gross, a certified financial planner at PeaceLink Financial Planning in Virginia Beach, Va., avoids checking his account frequently during severe market swoons. He advises clients to do the same.
“I know I’m not touching that money,” he said, so there’s no need to tally how much vanished on a given day. “With goals-based planning, I know the purpose of this money and when I’ll need it and what it’s for.”
Still, Gross acknowledges that there’s no easy way to persevere as your account balance erodes. He cites the first month of the pandemic in 2020 when the market fell about 34%. “March 2020 was uniquely stressful,” Gross said. “The whole world was shutting down. We didn’t know it would be a quick downturn.”
Today, his stick-with-the-plan mentality is helping Gross and his clients weather the storm. “But it still shocks me when I look at my account and see how far down it has gone,” he said…”