Q: How did you stop your clients from panicking?
A: Our clients were pretty copasetic. We keep at least two years of income needs in cash, so we weren't getting calls when the market was falling. The last time we actually had clients leaving was during the tech bubble. Then, they were mad their returns weren't higher.
We did start calling clients when we started to hear rumblings about money market problems. We called to let them know we were moving them out of money market funds and into short-term Treasury funds.
Evensky & Katz Wealth Management
Coral Gables, Fla.
— as told to Jason Kephart