Thakor said she is reassuring those clients by running through the asset allocation and diversification plan that was created for them.
"I explain how the money that they have in stocks is, by definition, money they don't need to spend in the near term," she said. "If they needed to spend it near-term, we would never have put it in stocks to begin with; it would have been allocated to high- quality fixed income."
Clients are reaching out to Ron Carson, CFP and CEO of Carson Wealth Management Group. They are asking: How long will this downturn last? Do I need to make any changes to my allocation?
Carson said he warns clients of making changes to their plan based on emotions or trying to time the market on a daily basis.
"The key is to stay true to your process rather than chasing fads," Carson said. "Stick with a disciplined investment process. As the markets go up and down, it can be challenging to keep your emotions in check if you are not following a defined, repeatable process."
—By Jim Pavia, Senior Editor at Large