Live Long Live Rich » 2008 » January -
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Published on: 1/1/2008
Last Visited: 9/30/2009
Craig Rappaport, Author: "Live Long Live Rich"a
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Rappaport said.
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that they are more sophisticated," said Craig
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H. Craig Rappaport, author of the retirement book, "Live Long, Live Rich,"
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"The market fluctuations create a much higher level of anxiety because they no longer have a salary coming in," said Craig Rappaport, a financial advisor with Janney Montgomery Scott in Radnor, Pa., who said he's hearing more from his clients who are at or near retirement than from other age groups.
"They tend to feel more vulnerable."
Even clients who aren't close to retirement are getting skittish.
One broker at Citigroup Inc.'s (C) Smith Barney said clients who just put money into the markets are frustrated, and that some potential new clients have canceled appointments because of the market's uncertainty.
Part of that anxiety stems from helplessness, Rappaport said: "This is a market that's being pushed around by the big boys," he said, noting that short-term maneuvers may work well for hedge funds, but not for retail investors.