The buy side may be bearish, but the RIAs that Charles Schwab talks to are looking very bullish indeed.
Schwab's latest advisor sentiment survey shows that 77% of the RIAs polled see the S&P 500 gaining ground in the next six months and most are optimistic when it comes to various economic indicators as well.
That's nice, but the important thing is how clients feel. Schwab says their advisory affiliates report that only 23% of their clients came to them for reassurance -- less than half the 49% that advisors were talking off the ledge in early 2009.
Still, with 34% of all clients reportedly still downscaling their cash flow and only 22% buying more stuff they don't really think they need, there's evidently a long way to go before that big uptick in investor sentiment translates into a more confident affluent class.
Until then, probably a lot of hands out there that still need held on the market's scarier days.