"A lot of advisors go into hiding when their investors panic, but they should be doing the exact opposite," he says. "You cannot communicate too much with clients in these circumstances. You also have to get away from commissions into the fee-based world so you are offering unbiased advice.

"Then, after you put your own financial house in order, you can assure your clients you are the one who can help them navigate the economy and their investments," Matson continues. "An advisor has to be able to tell the client they need to be disciplined for the long term, but many advisors do not have the guts to do that and they let clients do dysfunctional things."

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