Sharemarkets are down around 9% for the year to date - having been as far down as 18% and then recovering by 9%. Today has been a particularly strong day, with markets up 2%.
However the start to the year has been a shock to many investors after more than 4 years of stellar returns. Now is the time that people need to know that their financial adviser is on their side. This got me thinking back to a 2005 report from ASIC. It looked specifically at the switching of superannuation accounts, and found that of 4,900 recommendations that they reviewed, 90% recommended a fund related to the financial institution that they were licensed through. The report can be found here.
The best way to have an financial adviser on your side is to look for an independent financial adviser - one who does not accept any commissions and is not licensed through any financial institution.