Investor Confidence levels of all households, including Millionaires, dropped dramatically in August to some of the lowest ratings in more than a year. The Spectrem Affluent Investor Confidence Index (the SAICI) fell from -16 in July to -20 in August. The Spectrem Millionaire Investor Confidence Index (the SMICI) fell from -7 to -18. This is especially troubling because Millionaires are generally more confident about the economy than non-Millionaires.
Affluent household confidence levels dropped slightly in October indicating that investors are still nervous about the future. The Spectrem Affluent Investor Confidence Index (SAICI) dropped from -13 to -15. (Affluent investors are defined as those with $500,000 of investable assets). This rating is still in bearish territory based upon the overall Index scoring. Millionaires were similarly doubtful with the Spectrem Millionaire Investor Confidence Index (SMICI) dropping from -5 to -7. While Millionaire households are traditionally more positive than the Affluent, this rating is still in Neutral territory. The Indices have not been in bullish territory since May 2007. Millionaires were Mildly Bullish in October of 2007.
The economic crisis experienced globally in the Fall of 2008 will have an impact on the behaviors and attitudes of investors that will forever change the way individuals invest, utilize advisors and rely upon financial services organizations. This economic downturn has been a significant and life altering experience for many Americans, and the impact this crisis may have on households across the country can probably be classified as stunning. Baby Boomers, especially those with between 5-10 years to retirement, are befuddled and will soon begin to panic.
Part of the American dream is to be your own boss, own your own business and answer to no one. Owning your own business can be a way to invest in innovative enterprise, one of the cornerstones of long term wealth attainment. If that isn’t in the cards for you, take a look around at other innovative enterprise opportunities.
The economic events over the past year have forced US investors to make changes to their financial plans.
Over 50% of the Mass Affluent indicate their short term and long term financial plans have been seriously impacted by the events of the past year. The economic crisis has caused Mass Affluent investors to become much more conservative today than they were one year ago.
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