Financial advisor urges patience despite recent downturn

The US economy will rebound, according to a local financial advisor.
Posted at 4:31 PM, Mar 26, 2020
and last updated 2020-03-26 19:24:39-04

CORPUS CHRISTI, Texas — Alan Krockover has been a financial advisor in Corpus Christi for 20 years.

Among his money tips during the pandemic, don’t take your money out of the bank and hide it under your mattress. Krockover says your cash is FDIC protected and safe.

“The financial system is very strong," Krockover said. "The safe thing to do is to keep everything in place.”

Melissa Lopez works at a Corpus Christi nail salon. She’s following the advice to keep everything in place.

“I do have money in the bank but I don’t want to take any out because I have a lot of payments coming out of my account," she said.

Lopez tells us she doesn’t have a 401k, so that’s one less financial concern she has to deal with during coronovirus.

But for those with investments, the advice is don’t try to time the market.

“It’s an undeniable fact that every time the market goes down it does come back and it comes back to set a new hire," Krockover said.

He adds the current economic downturn isn’t permanent. Jobs will come back and markets will recover.

Don’t panic,” he said.

But for some folks, that's easier said than done..

“With the case is going up every day more people are getting more nervous," Lopez said.