RJ and Makay

Advisor confidence in the economy and stock market in August sunk to its lowest level in 18 months, according to The Advisor Confidence Index from Rydex/SGI.  The ACI results share the same pessimistic outlook as Schwab’s recent semiannual survey, which found half of advisors saying their clients are less optimistic about the market and the economy than they were a year ago. The index declined roughly 9% to 93.80 from a month earlier. The lowest point for the ACI was October 2008 when it dropped to 79.07.

Advisors surveyed by Rydex/SGI appear to be most concerned about the lack of meaningful job growth in the country. Among the advisors Rydex/SGI surveyed they also asked about the changes they made to their asset allocations in August, the results were: