LOUISVILLE, Ky. — Financial advisors are also taking on the role of therapist, hoping to ease portfolio panic.
Coronavirus continues to infect the stock market, and since many are invested for retirement, 401K’s are taking a blow.
“Control the panic button,” Jon Hicks said over the radio.
The CEO of J. Hagan Capital of Louisville has a weekly show called “The Retirement Solution with Jon Hicks,” which focuses on long term investments.
Hicks says panic can eventually be profitable.
“The market has a really interesting way of rewarding the patient with the money from the impatient.”
Hicks advises not to look at your 401K and just keep contributing.
“Make sure you’re balanced, but keep putting your money in,” Hicks said. “If you got three or more years to retirement, I feel confident the market will rebound.”
There are significant stock discounts going on right now, including blue chip stocks.
“Now is a really good time to maybe go shopping,” Hicks pointed out.
He says shares in big box retailers, tech companies which make your cell phone, and even Florida theme parks could turn out to be great buys.
“I think we’re going to come together, and I think we will be substantially stronger in the long run.”