Butzel Long attorney Robert Nemzin quoted in Crain's Detroit Business on the topic of wealth management
Roller coaster ride: Wealth managers hold investors' hands during Brexit, upcoming U.S. election
The Brexit vote on June 23, which shocked pollsters and markets when the British electorate voted to leave the European Union, has been 2016's poster child for the mantra of area wealth managers: STAY THE COURSE!
If Brexit wasn't the end of the world, it was the next best thing.
The vote was on a Thursday. On Friday, the Dow plummeted 611 points, or 3.4 percent, to 17,400. The S&P 500 was off 3.6 percent. Nasdaq was hammered even worse, falling 4.1 percent.
The one-day loss to world markets was $2.1 trillion, the single worst day since Sept. 29, 2008, when the U.S. Congress voted down the Wall Street bailout.