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What to do? What to do? Do you have a trusted financial adviser? Might be time to give them a call?
Sunsuper sees 'overwhelming flow' of unadvised members flocking to cash | Professional Planner
www.professionalplanner.com.au
As unadvised superannuation fund members panic-sell their way to the cash, advisers and their clients are heeding the lessons learnt in the global financial crisis.The Australian Government has announced a number of initiatives to help those financially impacted by the global pandemic.
Australians experiencing financial hardship can get financial assistance from their lenders for up to six months and early access to your super.
Small businesses, sole traders etc can benefit from assistance measures legislated over the last two days.
While you are having some enforced time at home it might be a good idea to review your personal protection plans also.
Remember these are ideas and do not constitute personal financial advice. Having said that I am here to help, feel free to reach out and chat about what's best for you and your circumstances.
Fastest drop in market history triggered by Corona Virus. Recent market setbacks have been of the order of 30%, The great depression was almost 90%. The economist from Betashares looking at losses of 50% as economies contract under lockdown. Uncharted waters of course.😕
Thoughts from a good mate and stockbroker at Morgans Financial Limited - Stuart Mackenzie.
He looked at the countries worst hit by Corona Virus Italy, France Spain etc and those like Australia (US and UK) waiting for the worst and comparing respective market drops.
The key observation seems to be that countries in the worst position saw peak losses of around 40% and are now marginally higher than their lows of last week.
The US, UK & Australia are trading at current lows but within circa 5% of the 40% level. (note all figures are closing prices and don't account for intraday moves)
Not inferring the worst is over and that markets won't fall further, however, the numbers are interesting. Perhaps there is a bit of a floor under the initial outbreak.
NOTE: Impact of recession or depression triggered by long term business closures and massive unemployment has not been felt yet....
Comments from a very good asset manager (Share Market Portfolios):
"The more clients assess their portfolios in these type of environments the more likely they are to succumb to loss aversion and that close monitoring of portfolios will leave them susceptible to recency bias as they will naturally focus on what's done poorly, which at this point in time is widespread. Ultimately these biases are driven by short-termism and can lead to sub-optimal investment decisions longer-term. A reliance on Strategic asset allocations and their long term assumptions are key in these environments"
In Summary - Trust your long term strategy and be careful fear does not cause you to make bad decisions.
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