Financial Advisor Offers Strategies During COVID-19’s Impact on Economy

The COVID-19 situation has had a ripple effect on the economy as the country braces itself for the increasing number of U.S. confirmed cases of the virus.

"Two decades, twenty five years doing this..I have never seen anything like this," said David Solomon, Solomon Financial Group lead advisor. "This is a different animal. We're all being impacted in many different ways, some more than others." .

The impact on healthcare is an obvious one, however the economic impact is causing concern as well. Politicians and healthcare professionals are both advising and enforcing business shutdowns as an effort to flatten the curve. However, there can be strategies for investors to use as tools to navigate the choppy, economic waters currently.

"It really depends on your situation," said Solomon. "It depends on your age, your risk tolerance and really what the purpose of the money is."

Solomon advises that if a financial advisor is already guiding folks, to be in communication with that person with a specific plan in mind. He also suggests that while young people might have the ability to ride this out, older folks may have to take a different approach.

"You can go in, you have to make the decision 'if I sell out now or if I rebalance, do I 'lock in my losses?'," said Solomon. "You may just have to pull back on some risks and go to something that's a little more fixed income or cash and then kind of just see where this thing goes and either wade in or go back all into your equity funds."

According to Solomon, he expects more downward red in the market, possibly another 10-15%.