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Financial planners working overtime on this Sunday

By WKTV News

NEW YORK (WKTV) Financial planners all across the country are working overtime on this Sunday, answering clients' questions and easing their concerns over tomorrow's expected turbulent day on Wall Street.

This comes after Friday night's downgrading of the nation's credit rating. Monday will be the first day the market will be open since that first time in history downgrading of the U.S. credit rating by Standard & Poors from AAA to AA+.

Honorine Wallack, a financial analyst with RBC Wealth Management in New Hartford is one of those financial planners putting in some extra hours at the office on this Sunday, "I think Monday will probably be the second wave of people who will panic."

Wallack says much of the turbulence on Wall Street began last week with the debt crisis showdown here in America. Many Americans concerned over the nation's debt woes. That coupled with the even worse debt crises in Europe caused many to start selling off last week. Now with friday night's downgrading of the U.S. credit rating, Wallack hopes the weekend may have given people time to think carefully, and not sell off much of their current portfolio, "I just think that by moving your money between where you might currently be in a mutual fund to say treasuries or cash is a big mistake. Those kinds of movements at this juncture, you will lose."

Wallack says she will be in her office a good part of today, and tonight "it's good to have conversations with folks, just to see where everybody is. As a broker, I always have cash available for clients, so if we do have a patch like his, hurricane like we're in 98, and people had to clear out trees and things, that there's money available and you're not selling into a panic. Anybody that makes a move right now will be making a huge mistake."

Wallack says it's taken years to get our nation in the financial condition it's in, and it's going to take years to get out, "2008 was bad, but this is a lack of thought process, that we have just been throwing things to make the situation better. Growth is a process. It takes nine months to have a human being, it's going to take probably five years to get better."

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