In February 2020, before the Coronavirus had reached its devastating wide-reaching pandemic level, the financial industry still felt safe from the threat. Mike Hennessy, CFA, CFP®, weighed in on the topic in this InvestmentNews article, “Financial advisors feeling immune to economic risks of coronavirus.” He discussed the economic impact and the importance of maintaining a long-term perspective.
“I’ve gotten fewer inquiries about it than I was expecting, and most of the questions I’ve gotten were more about whether they should be traveling than about whether they should be adjusting their portfolios,” said Mike Hennessy, founder and CEO of financial advisory firm Harbor Crest Wealth Advisors in Fort Lauderdale, Florida.
“There will be an economic impact because the Chinese economy will have to slow down, and we already saw that in commodity prices, which are like the canary in the coal mine,” Hennessy said. Hennessy emphasized the importance of looking long-term and not changing portfolios based on headlines.
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