Eighty-five percent of financial advisors are at least cautiously optimistic about the market’s prospects for growth in 2010, a recent survey indicates.
The survey, performed by SEI Investments (NASDAQ: SEIC), found that 70 percent of advisors anticipate that a diversified portfolio will grow between zero and 10 percent. A “diversified” portfolio was defined as one with 60 percent equities and 40 percent fixed-income investments.
But if Friday’s consumer sentiment results are any indication, recovery is likely to be slow. The preliminary release of the Reuters-University of Michigan consumer sentiment poll said that sentiment barely edged up in the new year: The groups’ index rose just 0.3 percentage points from December’s score of 72.5.
While the current conditions index increased from 78 to 81, the expectations index score declined from 68.9 to 67.5, suggesting that consumers don’t plan to ramp up spending aggressively as 2010 progresses.
A separate survey performed by Consumer Reports determined that Americans are still uncertain about the direction of the job market: The magazine’s Employment Index remained unchanged from December’s value.
“Employment numbers continue to drag the economy’s recovery,” Consumer Reports National Research Center director Ed Farrell said. Those numbers foster “uncertainty ? for the future among all Americans,” he added.
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