Major mutual fund companies double down on explaining market volatility during unrest
Firms assured clients as markets took a wild ride on Thursday
Uncertainty surrounding Russian invasion making markets ‘skittish’: Ann Berry
SlateStone Wealth chief strategist Kenny Polcari and Wheelhouse CIO Ann Berry discuss market reaction to the Russian invasion of Ukraine.
Markets took a wild ride on Thursday as investors weighed their risks amid Russia's invasion of Ukraine, causing major mutual fund companies to ramp up efforts to assuage clients' fears.
Fidelity Investment's home page on Feb. 24, 2022 (Screenshot)
The homepage of Fidelity investments' website offered investors strategies for "staying calm through market volatility," during the day that began with the Dow Jones Industrial Average futures down more than 800 points and ended with gains over 90 points.
UKRAINE CRISIS: BIDEN EYEING OIL RELEASE FROM GLOBAL RESERVE AS PRICES SURGE
When asked whether there had been an uptick in calls during the day, a Fidelity spokesperson told FOX Business, "It’s not uncommon to see increased engagement from customers during times of volatility, and we see that customers will engage through all of our 24/7 resources, through Fidelity.com, webinars, live chat and phones."
NEW YORK CITY, NY, UNITED STATES - 2020/02/17: A view of an american multinational financial services corporation Fidelity Investments logo. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images) (Alex Tai/SOPA Images/LightRocket / Getty Images)
"For many people, market volatility is nerve-wracking, but it’s important to try not to panic," Rita Assaf, vice president of retirement leadership at Fidelity, said in an emailed statement. "Uncertainty is a constant, and downturns are to be expected."
HOW TO PROTECT ASSETS FROM RUSSIAN CYBERATTACKS
"Although these are unprecedented times, it’s important to note, as we saw in 2008, market setbacks have typically been followed by recoveries," Assaf explained, adding, "Keep in mind, when it comes to long-term objectives, such as retirement, the most appropriate solution is often to continue on a steady investment course. Trying to time the market can prove challenging—and could cost you."
A man wearing a face mask walks past a Charles Schwab sales office near Grand Central Terminal. (John Lamparski/SOPA Images/LightRocket via Getty Images) / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SCHW | THE CHARLES SCHWAB CORP. | 80.80 | +0.34 | +0.42% |
Charles Schwab also posted a message on volatility to its website's homepage midday.
"Our client-facing professionals are available for clients who have questions regarding the events in Ukraine, and we are regularly posting updated perspectives and insights," a spokesperson told FOX Business.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Vanguard declined to comment directly on Thursday, but the company's chief investment officer, Greg Davis, posted a piece the day before, titled, "When the markets seem to turn against you."