Clients are acting more rationally now—and there is less panic in the air—than during the 2008-2009 stock market drop, Joe Vietri, branch network leader for Charles Schwab, said during a press conference today.

“This is partially because health concerns are front and center this time, rather than financial concerns,” he said. “Investors are not reacting as much to the volatility. They are telling us they have seen these conditions before and they are waiting it out.”

At the same time, Schwab is seeing more activity in both buying and selling than in the 2008-2009, which is a positive sign, Vietri said.

This is a good time to get into the market, while stocks are cheap, and it is a good time to rebalance a portfolio that has gotten out of alignment with the investor’s goals over the years, explained Rob Williams, vice president of financial planning for the Schwab Center for Financial Research.

However, investors should resist the urge to sell if they do not have a plan for why they are doing it. “Stick to your plan.," Williams said. "The current volatility is just a scary, short-term phenomena.”

Those investors who are moving money around tend to be younger than 60 years old, Vietri said.

Meanwhile, Schwab advisors are seeing an increase in the volume of calls and website contact from clients.

“The downturn is not going to change the advice we give, but it is going to change the method of delivery when we get to the other side of the pandemic,” Vietri said. “We are doing as much outreach to clients as possible to tell them to stick to their plans [which were] developed to include downturns.”

Although the majority of investors are now bearish, 36% are still bullish about the current market, and 38% still believe it is a good time to invest in equities, according to Schwab.

Investors who are in or near retirement need three buckets, Williams said. They need cash, short-term investments that can be used for liquidity or rebalancing if necessary, and a long-term financial plan.