LYNN – As Wall Street struggled to settle itself Tuesday, climbing from an early plunge after the Federal Reserve implemented an emergency interest rate cut in hopes of restoring stability to the faltering economy, local financial advisors worked to subdue a feeling of panic brewing in their clients, many of whom are nervous about losing savings as they head toward retirement.With a bleak outlook headlining business and stock market reports, the U.S markets joined a global sell off amid growing fears that a recession in the United States could send economies around the world into a tailspin, but advisors say clients need to sit back and operate with intelligence, not panic, in the coming months.Mark Singer, a CFP for the Commonwealth Financial Network’s Safe Harbor Retirement Planning in Lynn, says the key to surviving a market crisis such as this is keeping a diversified portfolio and anticipating tomorrow rather than dwelling on yesterday.”From a pure market standpoint things are looking very tough for the next few months, so you have to ask how that impacts the psychology of investors,” he said. “We tell clients that they need to take a long term approach, and sprinkle small adjustments in the short term. You need a well balanced portfolio which will allow to minimize the downturn and allow for you to be flexible enough to make minor adjustments when needed.”Singer said the real key is knowing when to get back into the market and, more importantly, looking at the journey moving forward.”We tell our clients that you have to expect in a 10-year period to lose your money two or three times. You have to look at it over the long run,” he said. “In the long run, the market works, but people think they are smarter than the markets and they keep jumping in and out based on headlines. You can’t let today’s headlines effect tomorrow’s decisions, because often times today’s headlines are a day late.”The Federal Reserve lowered the federal funds rate Tuesday, which impacts how much consumers will pay on credit card debt, auto loans and home equity lines of credit, from 4.5 percent to 3.5 percent, the largest rate cut since October 1984.The Fed’s move was unusual, coming between regularly scheduled meetings and just a week before the next gathering of the central bank’s policy Open Market’s Committee. It was also larger than the half-percentage point that was widely anticipated to be announced at the end of that two-day meeting.The move created little, if any, optimism on Wall Street, in part because some analysts were predicting at the end of last week, when the Dow suffered back-to-back triple digit drops, that the Fed might act sooner rather than later. Many investors still believe much more is needed to right the markets and the economy.”It looks like a little bit too little a little bit too late,” said Singer. “Maybe it helped to curb the downside (Tuesday) but by cutting the interest rate by the amount they did today, they are raising as many red flags as it did resolutions.”For his part, Singer says he is simply advising his clients to be patient, not to panic and wait out the next few stormy months before the market takes another turn. His best advice is to hire a professional to help diversify your portfolio and help make intelligent, not panicked, moves.”My best advice is to use a professional in times of panic, that’s what we get paid for. I am very comfortable that a well-balanced portfolio will do well over time,” he said. “It shouldn’t be any different this time. It is like a crisis du jour and the sub prime was just the most recent one. It hurts, it injured the psyche of America and investors but if you wait through this it will always come back.”The sub prime issue, the housing decline, it all impacts the way Americans are spending. There is a lot of volatility in the downswing, but it will be the same volatility that will help in the upswing.”