It seems each week, sometimes each day, another bank is nearing ruin or collapse.
Last week, Washington Mutual, Fortis, Bradford and Bingley were all teetering.
And the difficulties continue on our stock market. The ASX300 Accumulation Index is down more than 16 per cent for 2008 and dropped more than 22 per cent from November 1, 2007, to August 31, 2008.
For many, their super equity fund is down around 22 per cent. But as always, things could be a lot worse.
Perennial Investment Partner’s Brian Thomas notes that for some the losses have been far worse.
For those investors who placed a substantial amount in Centro Property, Record Realty, Allco Finance Group, Rubicon Europe Trust, Babcock and Brown, City Pacific, Rubicon America or ABC Learning, these stocks are down between 92 per cent and 98 per cent.
The 2006 ASX Australian Share Ownership Study notes 6 million Australians invest directly in shares and the latest Australian Taxation Office (ATO) statistics show an increase in assets held in self-managed superannuation funds for the June 2008 quarter to $358.3 billion.
This is almost a third of the total amount of superannuation money in Australia.
In these trying times there is an upside for good planners. To capitalise on the planning side of business and not the placement side offers planners the ability to establish strong relationships with clients, as journalist Fiona Harris explores in this week’s feature.
Even the bleakest times offer opportunities for some. These are indeed the days of our lives.
