Financial adviser gets tested in tough times

• Mary Golden, office administrator, and Paul Simmons, financial adviser

The Edward Jones Investments office at 596 Outpost Circle is staffed by Mary Golden, office administrator, and Paul Simmons, financial adviser. The office is located just south of I-94, Exit 4. Photo by Meg Heaton

Talk about it

Edward Jones financial adviser Paul Simmons says that while economic conditions aren’t as bad as they were in the Great Depression, the current recession is the largest since that time. And it has his clients worried.

Simmons heads one of the Edward Jones offices in Hudson. He points out that his parent company has a very long and impressive track record in financial services dating back to the late 1800s. A lot of his job these days is reassuring investors that the market will improve.

“Every client’s situation is different based on their age, their financial goals and their financial needs at the time. Those goals can be about parents saving for college all the way through to their retirement.

“And it is different for a young person just starting out with a 401K.

“And different too for the person who is close to retirement and now has to be concerned with not having as much as expected,” said Simmons.

Simmons says he has talked with people who would like to cash out all of their investments and take a loss for fear of losing more. He counsels them to take only what they really need and “let the rest keep growing.” He has no doubt that the economy will improve and that the market will recover.

But he acknowledges that some of his clients may find it necessary to delay their retirement and keep on working if they want to maintain their current lifestyle. “That way you not only keep the income, you also increase your savings through whatever plan you have.”

Simmons said predictions about what the market and the economy will do aren’t as important as sticking to long-held investment principals.

“You need to evaluate your situation now on the same principles that have always applied. Determine what kind of diversity your investments should have — cash, bonds, stocks – based on your long-term goals. Evaluate your investments and look for quality and performance, and be prepared to hold on to those investments for as long as possible. Good performance in the market does follow bad. A recovery will come. It may take five to 10 years but it will recover.”

But have people lost confidence in the market and professionals like Simmons? He says no. “Clients need reassurance and need our help more now than ever. I haven’t really seen things slack off. We’re still a growing company.”

Simmons acknowledges that some people, in face of a lot of bad news, have simply chosen to ignore the situation and the condition of their investments. “But that can be a mistake. Wanting to bury your head in the sand is understandable. It isn’t just about their investments. It’s about losing jobs, increasing costs for gas and food, the housing crisis. These represent some pretty big life changes. But that is all the more reason to sit down and take a hard look at what you have and map out a new strategy if necessary.”

For more information about investing and Edward Jones, contact Simmons at (715) 531-1307 or go online at www.edwardjones.com.

Other Edward Jones offices in Hudson are staffed by financial advisers Ron Weiler (715-386-7337), Ron Jenkins (715-377-9712) and Ann Hall (715-386-4454), and their support staff.

Tags: edward jones, business, hudson, recession, investments, financial, advisers