One-third of RIAs in a new survey conducted at the beginning of the third quarter said fear of recession was clients’ number one concern, up seven percentage points from the previous quarter, E-Trade Advisor Services reported Friday.
Market volatility dropped to second place among client concerns, cited by 24% of RIAs in E-Trade’s Independent Advisor Sentiment poll, down from 47% in the second quarter.
China and U.S. trade tensions followed, cited by 22% of respondents, up from 11%.
Forty-three percent of advisors said trying to time the market was biggest mistake they saw their clients making, the same as the second-quarter finding.
Twenty-two percent said their clients were not saving enough for retirement, down from 27%. And 14% noted that clients were putting their dependents’ financial needs ahead of their own, up three points.
As in the second quarter, RIAs in the survey said market volatility was the top risk they were actively managing at present, though fewer clients appeared to be concerned about it — cited by 68% of advisors, down from 75% in the second quarter.