What's worrying advisors now? A pair of new studies released this week find that planners' biggest concerns now center on a potential equity market downturn.

The most recent Fidelity Advisor Pulse survey, conducted in the second quarter, shows that market volatility is the No. 1 issue on the minds of the more than 200 advisors polled. That's a noticeable change from the first quarter of 2014, when advisors ranked both managing portfolios and fixed income markets as areas of greater concern.

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