The health scare of the coronavirus is having an impact on Wall Street as markets react to reports of cases across the globe.
"We know this is going to cause a lot of noise. Markets hate uncertainty," said Mike Stein, a financial advisor for Edward Jones along East Market Street in York. But Stein said, he's working to assure his clients that fluctuations in the market are normal.
Stefan Striffler, a financial advisor at Lincoln Investment, had the same message as he spoke to FOX43 from the Phillips Financial Services, Inc. office in Mountville.
He admits, they're fielding calls from clients and that he sent an email to many of his clients yesterday to keep them updated. His company is also updating advisors through a website that provides links to the most recent news regarding the coronavirus.
"We've built diversified portfolios that are really designed to meet your long-term goals and if you stick with them and you ride through it, you're going to do fine over time," said Striffler.
Both Stein and Striffler said certain companies will likely see an impact over others.
Striffler said, any company that relies on parts produced overseas could see shortages. "Cell phone companies, automobile companies, any type of manufacturing companies that's relying on overseas parts. If they start to run short they could experience some manufacturing delays and issues," he said. He added, "Healthcare is going to be effected obviously because they're going to have the major response to the coronavirus."
"Travel is a huge impact," Stein added. He explained, "we're seeing pretty broad declines right now. Tech and travel tend to be down the most. But, none of them, if they're good companies, should be impacted too far into the future once containment is realized."
Stein added, he hasn't had a client yet who he would described as 'panicked.' Neither has Striffler.
"I wouldn't say it's panicked," said Striffler. "I would say they're calling and they're more concerned. And, they're just looking for reassurance."
"Most of my clients, I know them pretty well, and, the ones that are worried I've been reaching out to," said Stein, who added he is more concerned about the potential impact on human lives with the coronavirus."We've put a process and a structured plan together for every client. And, as long as we stick to that and don't let our emotion control us, there's no reason to suspect we'll have a problem."
Stein has worked as a financial advisor for 11 years and provides service to nearly 250 clients.
Striffler has worked in the financial industry for more than 20 years. He said his current company, Lincoln Investment, provides service to nearly 357,000 clients.