Your Survival Guy

Preparing your investments and family for when disaster strikes.

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Close to One-Third of Investors Over 65 Moved to Cash

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Coronavirus Infects Stock Market: Part LVIII

How are you doing this morning? Hopefully, you’re not too shell shocked. If you are, then you’re not alone.

A study by Fidelity Investments finds that close to one-third of investors over the age of 65 sold their stocks during the coronavirus meltdown reports The WSJ.

Like a broken record, money managers tsk, tsk, tsk the sellers saying “hold your stocks for the long-term.” Well, that’s fine and good if you’re in your thirties, but a bit more difficult when you’re over 65.

A prospective client wants to consolidate her assets with us mainly because her broker had too much in stocks. I see it time and time again. A broker not knowing his client with waaaay too much in stocks. Everyone’s a long-term investor, to borrow a line from Mike Tyson, until they get punched in the mouth.

You want to be aligned with an advisor who has worked through war zones like this. You don’t want to be stuck with a phone rep who’s just learning the ropes, because a lot of times stocks just move sideways like a rolling stone.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.