Survey Finds US Market Skepticism Among RIAs

Nearly two-thirds (62%) of advisers are more bearish in their market outlook today compared to 12 months ago, with only 12% reporting increased optimism, according to the 2025 Interactive Brokers Advisor Insights Survey, fielded in April.

Nearly two in five (38%) of the 113 registered investment advisers surveyed are bearish on the US market, with 31% saying they are bulls. However, on global markets, 38% are bullish, while 11% are bearish.

Market concerns are coming mostly from tariffs and changing US policies leading to market volatility, the survey found, which is leading advisers to look outside domestic markets. Forty-two percent of RIAs surveyed are investing more in non-US equities, while a similar amount (40%) are dialing back client exposure to US equities.

Advisers are also making other shifts in asset allocation, including increasing holdings in US cash (37%); increasing fixed income investments (29%); investing more in commodities (28%); and increasing exposure to non-US currencies (27%).

Despite concerns about market conditions, advisers are excited about their own business growth: 61% are confident that their businesses will grow this year, and of these, 17% are extremely confident about their ability to grow.

“Advisers are acting as strategic shock absorbers for their clients right now—managing risk by leaning into global diversification,” said Steve Sanders, executive vice president of marketing & product development at Interactive Brokers in a statement. “They’re navigating market volatility and client anxiety while also juggling more new business—as more investors tend to seek out professional guidance during choppy market cycles.”