The ripple effect of a calamity on nerves and the markets

For Edward Kohlhepp, a certified financial planner with Kohlhepp Investment Advisors Ltd. in Doylestown, Pa., the memories of 9/11 are still vivid
SEP 11, 2013
For Edward Kohlhepp, a certified financial planner with Kohlhepp Investment Advisors Ltd. in Doylestown, Pa., the memories of 9/11 are still vivid. “It took us months to feel normal — businesswise and personally. Everything was moving in slow motion,” he said. “I found that people in the mid-Atlantic region either knew someone, or knew of someone, who had been killed.” Several weeks after the tragedy, Mr. Kohlhepp and his wife, still with sick feelings in the pit of their stomachs, left for South Carolina on vacation. “What we found was very startling to us — the people down there felt bad about it, but they didn't have the same gut feeling as we did,” he said. “It hit close to home in two ways. I have a close colleague who lost a daughter in the Twin Towers, and I have two friends who were close to the pilot who went down with the plane in Western Pennsylvania,” Mr. Kohlhepp said. There still is an effect on his practice.

TERRORISM AND THE MARKETS

“Many of our clients are still very concerned about terrorism, especially when the markets go south. They ask about the potential impact of a terrorist act on the markets. And they're going to be more reminded about that issue now that the anniversary is coming up,” Mr. Kohlhepp said. “It has had an effect on our lives that is much deeper than what's apparent on the surface. For example, when we travel by air, now we have to go through the [Transportation Security Administration] lines,” he said. “Even with the recent hurricane, there was very little impact on Ground Zero, yet they showed it on TV. It's never really completely removed from your thought processes.”

Latest News

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.