RALEIGH, N.C. (WTVD) -- After the biggest one-day drop in history for the Dow amid coronavirus fears, a local financial planner says now is not the time to panic.
Michael Minotti, a financial adviser for Edwards Jones Investments in Raleigh, says he has been flooded with calls this week with people concerned about what they should do with their money in a time of fluctuations in the market.
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Rather, Minotti says now might be the time to re-balance, the act of selling what's high in your portfolio and buying what is low.
"We're (Minotti and his clients) always talking about what are we going to do when this happens so all my clients really have a down market strategy," he said.
Minotti believes as a result consumers will have the confidence to spend and that will support the economy long-term.
"If you look at the United States economy, about 70 percent of GDP is represented by consumer spending," said Michael Minotti, financial adviser for Edwards Jones Investments in Raleigh. "If people have jobs, they are going to have money to spend. Interest rates are low, inflation is low, unemployment is at historic lows so there are jobs aplenty.
He also noted that the economy has been through this before even as recently as the SARS crisis back in 2003.
"We've seen that the impact is short-lived and long-term if you were to stay where you are or maybe if you have idle cash sitting on the sidelines, this is a buying opportunity for you," he advises.
In the meantime, financial advisers say people should be reaching out to a trained professional or a trained financial advisor to review your portfolio.
'Now is not the time to panic:' Local adviser provides financial tips amid coronavirus concerns