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Whether running their own firms or working for a larger firm, financial advisers were on the hot seat last fall as investors took a bath in the worst market in decades.
At the peak of the turmoil in October, even veteran advisers like Maureen Verduyn were reeling from the tailspin that decimated client portfolios.
"I was shocked with the speed at which it was happening, but not that it happened," said Verduyn, co-owner of The Financial Team in Carlsbad.
Verduyn, who has worked in the industry since 1981, said that while most clients sustained losses, only a few considered changes to their plans. Ten of her 150 clients needed to discuss their investments and make changes, fearful that they wouldn't have enough money after they retire.
It's a common reaction. "Everyone, without exception, is afraid of running out of money, no matter how much money they have," Verduyn said.
Although it was a horrible year, advisers, both small and large, said the turmoil resulted in gaining new clients.
Verduyn's firm added 36 new clients during the year. Most of her clients - three-fourths - are "pre-retirees," or those between 50 and 60 years old, she said.
The Financial Team doesn't limit its services to clients with a minimum amount of assets, but most fall within the $250,000 to $500,000 range, and the average asset size is $223,000, Verduyn said.
At the other end of the spectrum is Pete Morimoto, a senior vice president at Wells Fargo Wealth Management Group in Rancho Santa Fe, who works with folks with a minimum of $1 million in assets, most ranging from $5 million to...