Fear is one of the challenges facing financial services clients, but many of the clients may simply be spending more than they ought to be spending.

Survey participants included independent broker-dealers, wirehouse and regional brokerage firms, insurance agencies, independent wealth management firms, banks and independent asset management firms.

Although 62% of the participants cited “fear,” as a main client roadblock, 66% cited “not saving enough for retirement,” and 70% cited “living beyond one’s means.”

About 72% of the financial professionals said they are advising clients to rebuild well-being by paying down debt, 65% are recommending that clients increase retirement savings, and 57% are telling clients to spend less money.

Half of the survey participants said their client base has expanded since the recession began, and 62% said they are making more recommendations that clients buy protection products, such as life insurance and disability insurance.