The stock market is down 28% off recent highs. COVID-19 is spreading worldwide, causing citywide shutdowns and bringing the global economy to a screeching halt.

Investors are wondering how far the correction could go and how long it will continue. We’ve been fielding questions like “is now the time to buy?” and “is now the time to sell?”

It’s natural to feel the need to act when everyone else is—but instead of panic buying and panic selling, let’s keep calm and remember that recessions and pullbacks of this magnitude have happened before. We’re here to remind you to focus on the big picture and follow the plan.

Here are some questions you should be asking during a correction:

· Did I build my portfolio with the understanding that stocks can and will fall on occasion?

· Will my lifestyle be impacted in a meaningful way if stocks continue to fall?

· Is my portfolio diversified enough to withstand severe disruptions in the stock market?

Asking these questions is the easy part. The tough task is staying true to your plan during periods of stress and fear in financial markets. Having a prudent and pragmatic financial advisor can help guide the ship when the water gets roughest.

If the answers to any of these questions bring you anxiety, it may be time to speak with your advisor to create or modify your plan to better suit your needs.

If you have any questions please don’t hesitate to reach out.

Scope Wealth Management