Advisor confidence declined slightly in February as advisors worried about the economy and stock market conditions.

According to AdvisorBenchmarking’s Advisor Confidence Index, which gauges advisor views on the U.S. economy and stock market, advisor confidence fell 2.4% in February from the previous month.

While the majority of advisors surveyed reported to be little concerned about the bond bubble bursting this year, more than half indicated they were downsizing their fixed income holdings. 

“In terms of the big picture, the environment is more supportive of equities over fixed income,” said Kenny Landgraf of Kenjol Capital Management LLC.

Of the four measures of the Advisor Confidence Index, the most notable changes were the declines in the six- and 12-month outlooks for the economy, both of which turned decidedly negative from January. Advisors’ view of the stock market was relatively less optimistic in February, sliding 1.43%.

The Consumer Confidence Index, meanwhile, moved ahead for the fifth consecutive month in February, climbing to a three-year high. According to the Conference Board, U.S. consumers are more positive about the economy and their own income prospects.

The Advisor Confidence Index is a benchmark that gauges advisors’ views on the economy. Modeled after the Consumer Confidence Index, it captures the sentiments of 150 independent registered investment advisors