"What's that old saying 'don't put all your eggs in onebasket,'" said Sova, vice president and senior financial consultantat the $1.9 billion DFCU Financial.

Most of Sova's member-clients are retired Ford engineers andwhite-collar workers. The CUSO Financial Services-licensed advisersaid the going has been more than tough for some of them.

"The biggest mistake they made was putting too much in companystock," Sova said.

Across the country, financial advisers are being put to the testas some members put off retirement, express their concerns onwhether they've saved enough to retire and generally, wonder whenthe markets will recover. Still, according to a Curian Capital LLCAugust survey of 1,305 independent financial advisers, 69% of themsaid they have not changed their clients' portfolios given recentmarket volatility. However, 90% are dismayed that more than 80% oftheir clients do not have enough to live on when they retire.

At DFCU Financial, the majority of Sova's clients areconcentrated in the 50- to 60-year-old age range. The credit unionhas $200 million in assets under management and 2,000 investmentservice clients. Sova, who has been at DFCU Financial for sevenyears, said he started preparing his clients about a year and ahalf ago, when early signs of real estate and stock marketscorrections began. He increased bond exposures and cash forretirees, while younger workers were advised to stick with stocksfor the long term.

"Over the past 25 years, there were patterns of real estategoing through a correction and then 12 months later the samehappened in the stock market. This [pattern] has occurred five orsix times," Sova said, adding, he made copies of a Wall StreetJournal article on the trend and gave them to his clients.

To calm client fears even more, Sova used retirement planningsoftware that calculated savings, factored in Social Securitybenefits and accounted for inflation to see if it would be enoughto live off of during retirement. The visual helped members to seethe potential returns, he said.

"The biggest issue right now, and it happened in 2001 and 2002,is when the market gets like this, a lot of people think it's notgoing to turn around. You have to tell them the economy goes incycles and eventually, things will get better."

Judy Evers, senior investment adviser representative and trustliaison officer at the $1.3 billion Baxter CU, said lately many ofthe concerns she hears are from clients in their 50s to 60s who arefacing forced or voluntary retirement. Some are worried they do nothave enough to sustain them. The parents of these baby boomers arealso living well into their 70s and 80s. Combine all of thesefactors with the market shakeups and everyone is uneasy.

"They're not sure how much more of the volatility they can takeand it makes them nervous," Evers said, who serves through CUNABrokerage Services. "They're really looking for someone to helpthem get their arms around their retirement situation."

Evers sees roughly 200 high net worth members with accountsranging from $2.5 million to $3 million. The average account isabout $500,000. Many accumulated their retirement income throughstock options, bonuses and diversified compensation opportunities,and now they're needing comprehensive planning. Depending on themember's age, time may be on their side. Those with 10 to 15 yearsleft to work, are not as skittish about the current market butEvers still preaches asset allocation.

Estate planning dovetails with retirement planning, includingensuring clients have the appropriate powers of attorney. Luckily,she said, most of her clients with elderly parents don't have tofactor in long-term care costs since those expenses were plannedfor years ago.

"It does make [her clients] more conscious of the need to havelong-term care," Evers said. "They realize 'I might live as long asMom and Dad.'"

Other Baxter clients question whether their Social Securitybenefits will be cut. Evers tells them the good news is BaxterHealthcare Corp., the $4.6 billion pharmaceutical company, stilloffers a pension, unlike many large companies.

Evers, a former Bank One adviser, said now is a good time foradvisers to roll up their sleeves and prove their worth to membersdesperately looking for answers.

"I think the coming baby boomer retirement phenomenon ischallenging for advisers because there is no one -size -fits-allmodel," she said. "It forces us to be better planners and look atall the options out there. It challenges advisers to stay currentand to be able to put together a suite of things that will fitdifferent lifestyles."

The $1 billion Merck Employees FCU also has ties to abillion-dollar pharmaceutical company, Merck & Co. Inc., whichhas seen some hard times. In May, it announced it would lay off1,200 employees in an effort to improve operations. As a result,calls are coming in about benefits and pensions, said Nick Choman,vice president, financial adviser through CUNA Brokerage Services,MEMBERS Financial Services.

"Some are feeling a little bit of apprehension about theirpositions and some of them are being offered [severance] packages,"Choman said. "A lot of people walking through my door are facingthe prospect of retirement."

On the other end of the spectrum, clients are also in the earlystages of planning for college education while others are currentlypaying for enrolled students. Of the roughly 200 members he sees,Choman said the turbulent economy has led to more requests for helpin managing monthly expenses, and while travel plans have beencurtailed, a few are still budgeting for that dream vacation.

"Most are concerned with overall portfolio performance," Chomansaid. "I continue to tell them a very well-diversified portfoliowill help you through difficult and challenging times."

That's the mantra for Wayne Richards, a CUSO Financial-licensedfinancial adviser at the $1.8 billion First Tech CU. Richards takesit several steps further by helping members see what happenedduring the last three bear markets and several corrections. Membersget a history lesson on how bank failures, a currency crisis andexorbitant oil prices can play havoc on the economy--just as it didin the mid-1990s.

"In fairness to our members, they have every right to beconcerned," Richards said. "Part of our job is letting them knowthat what's happening now is nothing new."

Richards said he considers his 300 clients "very bright people."One-fourth of First Tech's members are Intel employees. Totalinvestment assets under management should be over $50 million, butbecause of the corrections, that figure is now at about $43million, Richards pointed out. For those who are close to or inretirement, he always advises that income must be able tooutperform inflation and to invest systematically. Rising prices oneverything from gas to groceries has caused concern on whethertheir current income can handle the increases, Richardsnoticed.

"Invest for the long term," Richard advises members. "My fatherwas not expected to live past 62. Now, people are living into their80s."

Richards, who has been in the investment advisory business formore than 20 years, said members are more attuned to the markets'ebbs and flows.

"Seems like people are wiser this time, more so than I've seenover the past eight or so corrections and bear markets," he said."Anyone can be a broker during a soaring bull market. Now is thetime when you earn the right to be in partnerships with members. Itmay sound corny, but it's a wonderful feeling to be able to helpthem out."

[email protected]