Roanoke-area financial advisors react to Brexit
ROANOKE (WSLS 10) - Local financial advisers are reacting to Brexit and its potential impact on Americans.
Staff at Investment Management Corporation on Electric Road said Britain's vote to leave the European Union is uncharted territory which makes it's hard to predict the potential impact on the U.S. economy and local investors.
"It really creates a time of uncertainty and when you have uncertainty usually people hold back a bit. Investors get more caution, entrepreneurs become more cautious," said Greg Tinaglio, Investment Management Corporation. "So it may have an effect on our economy and force us to find that we may not have the rate of growth that we were expecting later this year."
Financial advisers said they expect a short-term stall in investments but believe there's no need to panic.
"With 401k's those are investments that are further out in the future and when we look out into the future this event is not going to be something that has a long-term effect," said Kevin Warman, Investment Management Corporation. "Exiting positions in the 401k because of this event may not be the best thing for you."
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