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Handling A Market That Won’ t Sit Still
As one advisor put it while reflecting on the current volatility,“ It is normal to be abnormal.” By Jennifer Lea Reed
IN THE FIRST PART OF THE YEAR, WHEN PEOPLE WERE ANticipating the coming volatility in 2026, they could still discuss it as a hypothetical, leaning on terms like“ standard deviation” and“ long-term averages.”
But by early April, that volatility had become very real, showing up big and in real time. Investors were suddenly buffeted by 2 % daily stock swings and oil prices pushing above $ 100 a barrel.
Advisors got an earful, too: client calls that started with some version of,“ Is this different?”
It’ s a fair question. Inflation, which appeared to be cooling, has shown signs of ticking up again, according to recent data from the U. S. Bureau of Labor Statistics. Gas prices have jumped higher alongside crude oil, according to the U. S. Energy Information Administration and the AAA motor club. Markets have been whipsawed by the Iran conflict layered on top of interest rate uncertainty. And fixed income and equities have been moving in concert, not in opposite directions. Hello, 2022?
For advisors, the challenge isn’ t just managing portfolios— it’ s interpreting whether this moment represents a break from the norm or is simply another iteration of it. Rather than try to read some tea leaves, Louise Goudy Willmering, a wealth advisor and partner at Crewe Advisors in Scottsdale, Ariz., turns to the textbook definition of volatility for guidance.
“ Volatility does not apply only to negative returns,” she says.“ Volatility is the same measurement on the upside or the downside.”
Lessening the Sting
That distinction matters in an environment where sharp rallies can feel just as disorienting as selloffs. Markets, she says, are not always rational in the short term, even if they can reward patient investors over longer periods. And it’ s less important for advisors to predict the market’ s direction than it is to prepare clients— especially those nearing or in retirement— for a range of outcomes.
50 | FINANCIAL ADVISOR MAGAZINE | MAY / JUNE 2026 WWW. FA-MAG. COM