The survey reveals that 42% of the independent financial advisors surveyed are investing more in stocks outside the U.S., while a similar number (40%) are reducing clients’ exposure to U.S. stocks.
The Interactive Brokers 2025 Advisor Sentiment Survey shows that these decisions reflect growing market skepticism: 62% of advisors report a more bearish outlook than 12 months ago, while only 12% say they are more optimistic.
Recent increases in market volatility and economic uncertainty have caused advisors to temper their enthusiasm for the U.S.: 36% of respondents identify as bearish, while 31% consider themselves bullish.
In contrast, advisors have a more favorable outlook on global markets: 38% describe themselves as bullish on them, and only 11% consider themselves bearish.
Advisors cite tariffs and changes in U.S. policy as their main concerns regarding markets and the economy. More than half (52%) state that their clients are particularly worried about the impact of current market volatility on their portfolios, and one in five (20%) indicate that clients’ main fear is their retirement.
In addition to shifting clients’ equity exposure toward global markets, advisors are also reallocating assets in other ways:
29% are increasing investments in fixed income
28% are investing more in commodities
27% are increasing exposure to foreign (non-U.S.) currencies
37% are boosting their positions in cash (U.S. dollars)
Despite uncertainties, advisors remain highly optimistic about their business growth this year: 61% are confident their firm will grow, and of those, 17% feel extremely confident.
“Advisors are acting as strategic buffers for their clients right now, managing risk through global diversification,” said Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers. “They are navigating market volatility and client anxiety while also handling increased business, as more investors tend to seek professional advice during unstable market cycles.”
Interactive Brokers surveyed its independent financial advisor clients to assess their outlook on their firms’ operations in the current market environment. The global email survey, conducted in April 2025, was completed by 113 fee-only financial advisors, who have an average of 19.4 years of experience. Respondents reported working at firms with an average of $120.2 million in assets under management.
