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How financial advisors are handling the coronavirus impacts

Posted at 12:55 PM, Mar 26, 2020
and last updated 2020-04-19 15:24:43-04

INDIANAPOLIS — Since the coronavirus shutdown has begun stocks and 401K's have taken a dive.

So what are the best moves to get the most out of your money?

The biggest advice Jarret Wandrei, a wealth management advisor with Northwestern Mutual, gave is to focus on your long term plan. He noted that every time we've experienced bear market in the past, we've recovered.

But, there are some things that you can do to get the most out of your money at this time:

  • Rebalancing your portfolio
  • Don't buy all at once; buy increments
  • Many people think they should sell, but don't.
  • If you do sell, it's okay, commit to going back in at 20%.
  • Make your 529 contributions and your IRA contributions right now.

"If your kids are less than four years away from going to school, probably put these dollars into the savings portfolio to give these dollars; more time to recover," Wandrei said. "... Put these dollars into a diversified portfolio to give these dollars more time to grow."