It has been a tumultuous year for all concerned.
For investors it's a year many would happily forget, with tumbling markets resulting in disastrous outcomes for many portfolios and retirement savings.
For many financial advisers, this year has pushed them to their very limits.
Advice has been in high demand, with pressure mounting to deliver not only quality advice, but also the human touch in hand holding clients during tough times.
The past year has also contained many milestones for the industry.
Earlier this year the Government placed Australia's superannuation industry under the microscope. According to Superannuation and Corporate Law Minister Nick Sherry, the Government plans to release its findings in 2009.
Corporate watchdog ASIC took it upon itself to bare its teeth in hunting down financial planning dealer groups on behalf of many investors caught up in the Westpoint collapse.
Australia's banking fraternity has also pulled out the big guns, with Westpac building on its empire with the acquisition of St George Bank.
Commonwealth Australia Bank also travelled down the acquisition path with the purchase of banking institution BankWest.
The debate on the strength of industry superannuation funds versus their retail counterparts continued to rage throughout 2008 - with no immediate ceasefire in sight, the divide among the industry only deepening.
A number of forthright advisers also reignited the fees versus commissions debate, with question marks continuing to hover over the cost of advice for the average Australian.
Hopefully as the last days of December trickle past, the uncertainty of the past year will finally settle and the rebuilding process can begin in earnest in the new year.
I and all the team at IFA wish you all a safe and prosperous Christmas break and a relaxed New Year.
IFA will be back in January 2009.
