Mirroring the equity markets the past several months, advisor confidence is surging. Showing a strong recovery after a drop earlier this spring, Financial Planning's Retirement Advisor Confidence Index rose in May for a second month to a fresh high. Planners reported that clients were placing more faith in the equity markets.
The index - a monthly barometer of business conditions for wealth managers - climbed 1.2 points to 59.0, according to a Financial Planning survey of planning professionals, after rising to 57.8 in April, buoyed by increases in retirement planning activity and fees. The three-month average also rose to a new high of 56.9.
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