Navigating Financial Turbulence – Nell Cordick, CFP®

Nell Cordick, CFP®, was an advisor during the financial crisis in 2008-09 and always uses that time as a gauge for other economic downturns in the market.

​She also uses this list below during market growth periods to discuss the future when there will be a downturn.

1. Cash is King! During downturns, cash is critical for cash flow, unexpected expenses, investment opportunities and peace of mind.
2. Downturns are a great time to update your financial plan. Down markets will be an ideal time to test your long term plan outcomes to make sure your spending plan is still solid.
3. Don't depend on the media for all of your information. Talk to your financial advisor to see how the volatility affects your individual situation.
4. Always have available a line of credit for short term liquidity if necessary.
5. Do periodic reviews of the risk in your portfolio to make sure it is in line with your risk tolerance. Do not add extra stress to your life because your portfolio is too risky.
6. Be strategic with discretionary spending. In a down market, control excess spending.
7. If you are still working and had planned to retire this year, look at the pros and cons of continuing to work for an extra year or two.
8. If you are eligible to start Social Security and are taking distributions from your portfolio, analyze if it makes sense to start the Social Security benefit and reduce your distributions.
9. Be cautious of moving investment assets to cash during a downturn. Typically the first bounce out of downturn can be the most significant and it is hard to time the market.
10. Cash assets on the sideline can be used to dollar cost average into a down market.
11. Most importantly, have regular and meaningful conversations with your financial advisor. Everyone's financial situation is different, therefore strategies to employ are also vastly different.

Nell Cordick, CFP®, joined Bogart Wealth after a 15+ year career in Wealth Management with BB&T. She graduated from the University of Virginia with a degree in US Government & Foreign Affairs with a strong concentration in Economics.

​Through her tenure with BB&T she guided and educated her clients in all areas of their financial lives and helped them to make decisions aligned with achieving their goals. Nell worked closely with other partners at BB&T and has gained valuable experience understanding personal credit, effective uses of insurance, commercial credit, the importance of cash reserves and estate planning.

Cordick advises high net worth individuals and families on building, preserving and managing their wealth. She manages a client relationship by seeking to understand the client’s goals and financial needs, establishing a comprehensive financial plan and offering customized, innovative and appropriate solutions to the client. She continually seeks to expand her knowledge of financial topics to be an expert for her clients. She currently holds the CFP® designation and is currently enrolled in the CIMA® certification program.

​Cordick enjoys spending time with her immediate and extended family both in Virginia as well as Florida. She enjoys traveling, genealogy research, reading and interacting with friends. She is a member of the West Springfield Rotary Club and actively enjoys the many community service programs that the club sponsors.

Nell Cordick, CFP®, has been featured in:

• Barron’s: Rich People Worry, Too. Here Are Their Biggest Concerns, According to Advisors
• ​Barron’s: Markets Just Tanked Unexpectedly. What Money Pros Are Telling Clients

Please Note​: Neither media mentions, nor awards or rankings, nor the achievement of any professional designation, should be construed as a guarantee that any client will experience a certain level of results if the investment professional or Bogart Wealth is engaged to provide investment advisory services.
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