After two months of steady growth, advisor sentiment seems to be taking a breather. While risk tolerance continued to edge upward, declines in client activity sent Financial Planning's Retirement Advisor Confidence Index backward for June. The index - a monthly barometer of business conditions for wealth managers - dropped to 57.1 after a May reading of 59.0, according to a Financial Planning survey of planning professionals.

The moderate reading reflected a mix of factors, and seemed to separate advisors' reports of business activity from their feelings about the markets at large.

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