A Change in Market Direction Can Change Your Risk Tolerance

By Mike Switzer

Published July 21, 2020 at 5:30 AM EDT

Have you ever noticed that your tolerance for risk may be at one level when you’re setting your goals with your financial planner, but then along comes a market downturn and suddenly you find that you might be a little more risk-averse than you thought.

Mike Switzer interviews Peter Pigeon, a certified financial planner with Hobbs Group Advisors in Columbia, SC.

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Mike Switzer

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.

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