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Local advisers comment on Wall Street crisis

With the stock market in turbulence and a baffling federal bailout package on the table, the newspaper asked two busy and prominent local investment firms serious questions about the situation.

Michael Gibson, an owner of Redwood Investments on Main Street, and Joshua Richardson, who runs one of the three Edward Jones offices in Fort Bragg, responded in different ways to the questions.

Richardson”s answer is at the end.

As Edward Jones is a private company and Redwood Investments is a local company tied to a major bank, neither firm is an investment bank, the type of firm at the heart of the present crisis.

Newspaper: How does the stock market turbulence affect Wachovia Bank and Redwood Investments? Should people be worried about their investments?

Gibson: Stock market turbulence has had a limited affect on Redwood Investments and Wachovia Securities. It does, however, have a profound impact on investor confidence. Solid asset management and planning have helped us guide our clients in the months leading up to and during this crisis.

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