The tariff rollout has been bumpy — to put it mildly. If you’re feeling a bit panicked about your finances, you’re not alone.
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GOBankingRates spoke with two financial advisors to find out how to navigate the confusion. Keep reading to find out what advice they’re giving clients to help them make the best of the ongoing tariff situation.
“I’ve received questions about the advisability of going to gold, and I think that if you haven’t done it already, now is not the time,” said Sarah Maitre, CFA, CFP, financial planner and founder of Camriel Advisors.
She said the market tends to go up over long periods of time, so now probably isn’t the time for a drastic move.
“If you try to change your asset allocation after experiencing losses with the first round of tariff chaos, you’re putting yourself in a bad position,” she said. “Studies show that riding performance down and holding back up is the best strategy.”
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“We are still seeing headlines daily, and it’s possible negotiations could drag out for months or even years before they are final,” Maitre said. “The market rallied when President Trump announced a 90-day pause, but it’s just that — a pause.”
As the end of the 90-day window closes, she strongly believes more chaos will ensue.
Unless you need to access your investment accounts in the near term, Maitre advised steering clear of them right now.
“Seeing losses day after day can create an urge for action, and this action can create losses if you poorly time the market,” she said. “Sometimes the best move is no move — especially if you’ve built a diversified portfolio with your long-term goals in mind.”
“If you’re retired or near retirement, make sure you have a safe money bucket in place to meet near-term liquidity needs,” Maitre said. “Clients should have enough cash or conservative investments to avoid selling stocks during downturns.”
Ideally, you should be able to use a short-term reserve to fund your lifestyle for the next one to three years, she said. If you don’t already have this set up, she advised talking to your financial advisor about getting this set up.
To offset potential capital gains taxes, Jacob Tally, financial advisor at Prospero Wealth, said to think about creating a tax-loss harvesting strategy.
