With thousands of people losing jobs because of the COVID-19 pandemic, many fear a severe economic downturn. Financial advisory Allen Duros said that won’t necessarily be the case.
“What I would tell you is, right now is this is a tremendous opportunity,” he said. “That’s the conversation we are essentially having with our clients.”
Duros, who works for Edward Jones at 8049 N. County Rd. 600 W. Suite 102 in McCordsville, said fear and panic don’t reflect actual economic or financial reality.
“Essentially, the fear, the panic all those things are real emotions, but the market, the economy, is still foundationally strong,” he said. “Those things haven’t changed, not like 2008-2009 where banks were an issue, the economy was an issue. This is dealing with a medical issue, and that medical progress will dictate the timeline for reducing market volatility.
“But most people believe, when it is addressed, (the market) will relatively quickly recover because it’s not an economic issue.”
Duros said some investors may make emotional decisions during the pandemic, but they should refrain from doing so if their long-term goals haven’t changed.
“I will talk to anyone for a complimentary conversation, because right now, fear is what’s dictating this,” he said. “So much of what I’m doing right now is not financial, but more emotional. (Financial advisors) are preachers, teachers and coaches, and right now we are doing all three.
“If you have money on the sidelines, it is a tremendous opportunity to get in.”
Duros said his firm is still accepting clients.
“It’s a very busy time for us,” he said. “We create relationships, and those relationships involve contact, and that contact increases during this time whereas with larger banks, you might not hear from the broker.”
For more, call Duros’ office at 317-336-3248 or visit edwardjones.com.
Duros has partnered with Vice President of JP Morgan Client Relations Ryan Wardlow to partner to provide a free 15- to 20-minute market update and outlook at 10 a.m. April 2. Anyone is welcome to join the teleconference. The call-in number is 1-857-318-0900 and the call-in toll-free number is 1-888-575-5762. The access code is 196 452 04.