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Wealth planners a calming influence in stormy market: affluent investors urged to take the long view.

Article Excerpt
Wealth management professionals stress that before investors make major decisions about their portfolio they meet with an adviser; otherwise, they should stick to their long-term plans.

"When you think about wealth management, you have to think about the longer term," said Susan Mallory, president for the Southern California region of the multiple bank holding company Northern Trust Corp., which is based in Chicago.

Mallory said that when individuals are thinking about life goals, such as taking care of their children or selling a business, they are embracing long-term strategies that shouldn't be abandoned by short-term market volatility.

"You have to distinguish between what's going on in the short term and what people want to achieve long-term financially," she said.

A recent survey of high-net-worth individuals by the Chicago-based market tracking firm Spectrem Group found that the current economy has influenced 42 percent of those surveyed to say they plan on changing their budgeting and spending habits; 24 percent said they could not...

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