"While this year has been disappointing from a returns perspective, the sell-offs and poor returns from mainstream markets have been fairly orderly, notwithstanding some smaller segments of the market which have experienced heightened liquidity issues," Ms. Srivastava added.
However, Ms. Crotty warned that the current bear market won't be resolved anytime soon.
"This year has been a long slog, but we are advising clients to remain cautious and not panic," she said.
Ted Benedict, San Diego-based managing principal and consultant at Meketa Investment Group, concurred.
"While markets have been very volatile, the economic climate actually doesn't seem that bad," he said. "Demand is strong, the labor market is tight, and personal savings rates were solid coming out of the pandemic."
The uncertainty of the present climate is coming from "uncertain future inflation expectations and the future economic climate in a higher interest rate environment," he noted.
"The economic climate was worse in 2008, when you saw market liquidity evaporate, a weakened banking system, and a wave of bankruptcies," he added.