After starting the year off strong, Financial Planning's Retirement Advisor Confidence Index retrenched slightly for March, with advisors reporting drops in client risk tolerance levels and a jump in assets held in cash.

The index - a monthly barometer of business conditions for wealth managers - registered 53.9, according to a Financial Planning survey of planning professionals, after highs of 57.5 for February and a revised 56.1 for January. Nonetheless, the new figure was still ahead of all 2012 readings, which hovered between 48 and 53.

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