August 16 2007 by Ellen Roseman
The stock market has been plunging for a few weeks. In today’s rout Toronto stocks are down almost 5 per cent. It’s a terrible thing to watch, worrisome, scary, heart-wrenching.
So, did you get a call from your financial adviser? I did yesterday and I felt better. My long-time broker said she thought the panic selling was an overreaction and this, too, would pass. I don’t know if she’s right or wrong, but I know that she’s calling all her clients to talk to them this week.
This reminded me of a column I wrote on July 17, 2002, when the stock market was also going through a rough patch.
If you’ve had a recent phone call from your stockbroker, mutual fund dealer, insurance agent or banker, consider yourself lucky. Many people are out there alone, feeling anxious and abandoned by an adviser who’s missing in action.
Your investment representatives should be communicating with you in a crisis. It’s the least you can expect for the fees or commissions you’re paying. If you’re not getting phone calls, letters or personal visits, why aren’t you demanding more?
This week is a good test. If you’ve heard not a peep from those who sold you the stocks or funds you own, it’s time to shop around. Getting a few impersonal emails isn’t enough. One-to-one communication is key.
Abandoned investors, start fighting back. You have nothing to lose but your isolation.