Advisors have started to worry. After a spring runup, advisor sentiment fell again in July, driven by a sharp drop in risk tolerance and an allocation shift toward cash out of equities and bonds, according to a newFinancial Planning survey.

The Retirement Advisor Confidence Index - ourmonthly barometer of business conditions for wealth managers - dropped for a second consecutive month.Risk tolerance waskey, sinking almost 20 points. Advisors also reported declines in allocations to equities and bonds, an uptick in cash and a dip in the fees they charge for retirement planning activity.

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