Investors are not panicking over the invasion of Ukraine by Russia and the market volatility that it could create, although some have questions, according to advisors who discussed clients’ reactions today.

Advisor interviewed by Financial Advisor said they are not getting overwhelmed with calls, but noted they have been reaching out to some clients in the last few weeks to discuss the international situation.

Clients at Omnia Family Wealth, a financial services firm with more than $2 billion in assets under advisement based in Aventura, Fla., are well positioned to withstand any volatility, Michael Wagner, co-founder and chief operating officer, said.

“We have had a low allocation to equities for some time already,” Wagner said. “Instead, investors may want to look at investing in commodities rather than just stocks and bonds.

“We have spent a lot of time talking about potential risks, so our client are not going to be surprised there is a storm happening,” he added. “The real question is: What does this mean for inflation? The longer term impact is that energy and goods are going to be more expensive. Investors should move beyond just stocks and bonds because that is not going to give the same diversity it did in the past.”

Marc Scudillo, managing officer of EisnerAmper's wealth management and corporate benefits practice, said he has been getting questions from clients about the events in Ukraine. “They want to know how far the situation will go and what it means for them,” Scudillo said. "There are heightened emotions but we assure them we understand their concerns and they are not going to be down 10%, like the general market. We tell them our planning has set them up to react to both good and bad markets.”

Some clients want to know how they can take advantage of the downturn in the market. “They said they have been wary of buying when the market was so high and they want to know how to use the crisis. They have confidence” in their planning, he said.

Advisors should be telling their clients who have questions to sit still, and definitely not to sell their positions, said Scheherazade Rehman, professor of international finance at George Washington University.

The larger picture is that the world does not know what will happen yet, “although it is not going to be good for Putin: I think he has overreached,” Rehman said. “The market has been hit by several factors recently and it is nervous—and rightly so. But, despite today’s downturn, the market tends to rebound even before these crises wind down.”

The sectors that will be impacted by higher prices are energy and food, she added. Rehman said her personal recommendation for investments now are the large-cap tech firms that have solid financials.

“Investors should sit tight and, if they have the stomach for it, they should start to cherry pick investments” to buy while the market is down, she said.

Investing in Russia itself is risky, said Alastair Reynolds, portfolio manager at Martin Currie, an investment management firm in New York City.

“Russia represents a small but highly conspicuous part of the emerging markets universe. As an investment opportunity it is driven by political risk, given that the country’s stock market is dominated by state-owned national champions, which is reflected in its deep downturn today," Reynolds said in a statement.

“We have taken a cautious approach to the Russia-Ukraine situation by limiting our overall exposure to the region. We view state-linked businesses in Russia as being at greatest risk of equity market sanctions,” he added.>

Energy is likely to see the most impact from the Ukraine invasion, according to Brad McMillan, chief investment officer for the Commonwealth Financial Network in Waltham, Mass. “This situation will likely keep inflation higher than it would have been. And the effects will be worse in Europe than here, which will hit global growth and sales. These indirect effects are all real, and they could negatively affect the markets going forward,” McMillan said in a statement.

But there also are positives coming out of the continuing international tension, he said. For example, oil drilling already has increased in the United States. “This scenario could slow down the Fed’s interest rate increases. It could also bring rates back down—to the benefit of stock valuations,” McMillan said.

“At some point, there is a real possibility that the Russia-Ukraine crisis will pass. This outcome would leave us in a more stable situation with lower levels of fear, which would push economic growth and the markets back up. Bad things could and likely will happen, but so will good things, often as a direct result of the bad things. Either way, the impact on markets, over time, will be limited,” McMillan concluded.