The study that involved more than 830 RIAs representing US$183 billion in AUM found that in addition to the RIAs being bullish about their own businesses, they are also hiring.
Further, the RIAs also see a range of challenges facing all of their clients, mainly in the near- to mid-term, while year-over-year, their outlook for the economy and markets overall are trending negative.
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On being queried for their perspectives on the American Dream, the advisors responded as to believe that the American Dream is very much alive, though they say it will be harder for Millennials to achieve the same economic status as their parents.
Bernie Clark, executive vice president and head of Schwab Advisor Services commented, "Investors are faced with a complicated and uncertain economic and investment environment. It is a veritable mixed bag of risk and opportunity in which only one thing is very clear, the critical need for trusted advice."
"It is by serving clients well in this environment that independent advisors are building lasting value in their client relationships and ultimately in their businesses," Clark added.
80% of the respondents were found to be optimistic about their own businesses over the next four years, 37% of said they have hired new staff, 75% reported their AUM to have grown over the past four years, while 55% reported improved profitability in their firms.
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By GlobalData50% of advisors also thought that inflation will increase, compared to 44% last year, while 23% of advisors were found to be concerned about a double-dip recession, compared to 14% last year.
