MADISON, Wis. -- While the collapse of Lehman Brothers and sale of Merrill Lynch would understandably send nervous shivers down investors' backs, members are being advised to take a deep breath, don't panic and keep in close contact with their financial advisers.

That's the message from David Marks, chief investment officer and executive vice president of CUNA Mutual Group. With nearly 40 years of experience in the investment arena, Marks said the latest market shakeups combined with Fannie Mae and Freddie Mac's troubles are unprecedented.

"My parents went through the Great Depression. In terms of the financial markets, I would imagine that what's taking place now is similar to what was happening then."

Marks emphasized that members should not panic and diversification of assets continues to be the best way to go. High quality fixed annuities, Treasuries and cash are good alternatives, he advised. Income averaging is still a good route to take. Despite the gloom and doom, investors may see some opportunities.

"If you have a financial adviser or investment manager that you trust, one of the things they do as a prudent rule, is look for opportunities. This is the time when members should be talking with and listening to their advisers."

Marks strongly believes "this too shall pass" but not until housing prices stabilize, foreclosures get "less onerous" and credit becomes more available.

"My feeling is if you put a baseball analogy to it, we're in the second or third inning."