Advising Through Uncertainty Study

How advisors and clients respond to challenging conditions

New research from The American College of Financial Services uncovers how advisors are experiencing the impacts of market volatility and economic uncertainty — on their clients and their businesses.

Today’s Uncertain Times

At the time of this study and ongoing, U.S. investors are experiencing extremely high volatility, as the CBOE Volatility Index (i.e., the VIX or Fear Index) exceeded 50 in response to market fears regarding trade policies in April 2025. The uncertainty continues, with economists forecasting a potential recession in the next 12 months, the probability of which J.P. Morgan and Goldman Sachs estimate to be 30% to 40%, even months after the peak VIX.

While the high fear index and recession forecasts indicate the magnitude of today’s uncertainty, The College set out to understand the magnitude of its impact, with a study of how advisors and their clients are faring under harsh conditions.

A total of 656 financial professionals responded to an online survey about their experiences and outlook. The findings have implications for all advisors seeking to help clients withstand market headwinds.

The uncertainty continues, with economists forecasting a potential recession in the next 12 months

Key Findings

The Data Behind the Findings

There’s consensus: clients are more anxious (according to 76% of advisors), but advisors themselves generally aren’t. Only 22% of advisors are anxious about their practice, while 30% are optimistic and 48% are neutral.

Client inquiries have increased (according to 41% of advisors) and the focus of client conversations has shifted (say 53% of advisors), but most advisors say their clients have stayed the course with no rise in requests for changes.

When clients do request changes, their concerns about short-term investment performance seem more pressing than concerns about long-term planning.

Fewer than one in five advisors (17%) report more frequent requests to adjust clients’ financial plans, while nearly double (32%) report more frequent requests to alter investment portfolios.

Financial planning is central, but not universal. While 40% of advisors focus mostly or entirely on financial planning, only 18% focus mostly or entirely on investment management, and the rest split their attention equally. This demonstrates a strong—but not complete—shift toward holistic advice. The study reveals key differences between financial planners and investment managers during uncertain times (see Client Conversations).

Advisors who focus on financial planning offer a variety of specialized services.

Advisor Focus and Education

This study segments advisors according to two factors: where they focus their energy and whether they hold certain professional designations.

The focus-based segments include:

Financial planners
Investment managers

The designation-based segments include:

College designees
Non-designees

Next, explore the differences advisors see in client conversations, actions, and sentiments, as well as how they’re feeling about their advisory practices.

Client Conversations ➞