From "A Wealth of Common Sense" blog.....

 

from http://awealthofcommonsense.com/three-things-that-matter-during-a-market-sell-off/

Three things that matter during a market sell-off (here is #3):

3. Your Sources of Financial Advice. The majority of the people taking victory laps for “calling” the market correction would have had you out of the market for the past 50-100% or so of gains (and they’ll never get you back in). Charlatans aren’t offering advice, they’re fear-mongering to draw attention to themselves. Do your best to ignore these attention-seekers and focus on utilizing sources of advice that seek to provide context and perspective.

Now is the time when you find out if expectations been set properly. You figure out if your advisor has constructed a comprehensive financial and investment plan to see you through some losses. This is when you realize if they’ve helped balance out your willingness, ability and need to take risk in your portfolio. The financial advice-giving business really comes down to trust. You have to be able to trust that the person helping you with your life savings is providing actual advice, behavioral counseling and managing your personal risk accordingly.

My general rule of thumb is to ignore anyone who offers up constant excuses or 100% certainty. Remember, no one really knows how things will turn out, but it will feel better to latch onto the narrative of someone who would have you believe that they have all the answers. Most of the time the best sources of financial advice — especially during market sell-offs — are not the ones who claim to have all the answers. It’s the ones who know how to ask the right questions.

 

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