Crossroads residents remain calm amid word of Dow Jones slump
Aug. 4, 2011 at 3:04 a.m.
Crossroads residents remained fairly calm even after word of Thursday's Dow Jones slump.
Charles Wartsbaugh, with Edward Jones Investments & Financial Services, said he spent most of the day on the phone because he called to update clients on the situation at hand.
"Most clients didn't even realize the market dropped like it did," said Wartsbaugh, a financial adviser and certified financial planner.
He said the drop was based more on emotion than facts, due to ongoing concerns of slower economic growth and worries about the Euro debt.
LeAnn Nalls, who owns Nalls Insurance and Financial Services, said most of her clients are long-term and realize the market sees ups and downs.
She encourages diverse portfolios, she said. Many of her clients, who are closer to retirement, have guaranteed principle protection, Nalls added, and didn't lose a nickel.
Robert Mabe, who owns Mabe Insurance & Financial Services, said his company moved money to the sidelines several weeks ago for clients who would be adversely affected. Others seem fairly calm about the drop.
"No one likes it, but that's one of the benefits of them working with me," he said. "I tell them, 'You pay me to worry about it. I'll worry and, if we need to do something, I'll be in touch.'"