The St. Petersburg Chamber of Commerce presents: "Coronavirus Impact Insights." w/ Bob Doyle, Doyle Wealth Management 3-20-20

From St. Pete Catalyst...

On this episode of Chamber Coronavirus Impact Insights, Bob Doyle, owner of Doyle Wealth Management – headquartered in downtown St. Petersburg – joins the show to share his best advice about how to handle a bear market.

Doyle Wealth Management has been in business for 15 years and manages over $1 billion in assets with 23 employees. As a goal-based planning firm, Doyle recommends considering investments as a tool accumulating toward a goal, which for most of us is retirement. For many, Doyle says, the bear market should be considered a gift.

Doyle puts investors in two buckets: accumulators and consumers. Accumulators, anyone at least 5-10 years from retirement, wants to buy stocks low. This, Doyle says, is their short-term buying opportunity. In fact, Doyle says, most long-term investors make all of their money in a bear market, they just don’t know it at the time. “Don’t let short term market volatility derail your long term strategy,” he says.

In the other bucket are consumers. Consumers are already starting to withdraw from their stock market portfolios regularly. Their outlook on the situation will be much different. Doyle advises that consumers always have “dry powder” saved, or money that will last them for the next 2-3 years, outside of their stock portfolios. His best advice, back off on the overwhelming information. “Go to your favorite news source for just a few hours,” Doyle says. “Be selective about what you’re putting in your head. This virus is contagious, but the fear and panic running through the country is even more contagious.”
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