It's as important as ever to stick to your long-term plan
over 1,000 of its members to gauge how they're handling the financial fallout caused by the coronavirus pandemic.
Stocks have been on a wild ride over the last month as millions of businesses have halted operations and furloughed or laid off employees to comply with stay-at-home orders. As investment portfolios plummet, incomes drop, and general panic takes over, financial planners are seeing a stark rise in calls for help from clients., which was conducted from April 6 to April 13 by SurveyMonkey, 78% of financial planners said the volume of client inquiries had increased in the last 30 days.
In many cases, small adjustments to investments may be necessary. Nearly equal shares of respondents said their top piece of advice was to rebalance portfolios or review and update both short- and long-term goals. Notably, only 7% of planners said "invest more" was their No. 1 recommendation, while only 3% of planners told clients to reduce or limit discretionary spending above all else. While these aren't the top directives reported by planners, they may be advisable as part of a larger financial plan.
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