Clients are significantly more stressed about market volatility and retirement planning compared to five years ago, as news on heightened economic activity and tariffs increases their worries, finds new research from Edward Jones and Cerulli Associates.
Seventy percent of advisors in the survey list market volatility as a top stressor, while 43% say their clients are most anxious about retirement planning. Still, advisors say they’re unlikely to suggest changes to clients’ retirement portfolios due to these factors, including on issues like tariffs (47%), geopolitical uncertainty (41%), and market volatility (41%).
Advisors are instead placing more significance on guidance and talking through client strategies, like remaining positive about their financial outlook (71%) despite news headlines.
“As financial advisors, we hear our clients’ concerns about market volatility and the news cycle’s hyperfocus on these topics. We can add the most value when we help them cut through the noise and clearly understand the impacts on their financial goals,” said Beth Stenz, a financial advisor at Edward Jones.
President Donald Trump’s announcement on sweeping tariffs in April had severe impacts to consumer behaviors on finances and their retirement. Data from a 2025 Q2 Quarterly Market Perceptions report from Allianz Life found that 48% of Americans said they were “too nervous” to invest in the economy, and many relayed fears over their retirement savings. The “Liberation Day” tariffs had plunged markets down by nearly 6% when they were first announced.
The data from Edward Jones and Cerulli Associates, conducted in April, further highlights how tariffs have impacted consumer behavior with financial and retirement planning.
As clients’ needs and attitudes change, advisors say they’re prioritizing financial planning services. Fifty-one percent already offer ongoing planning advice, and 59% plan to incorporate it within the next two years. Another 30% say financial planning resources are some of the most valuable elements their firm provides to clients.
Services for HNW clients spike
Other advisors are seeing the need for financial planning services catered to high-net-worth clients, as a greater number seek to discuss wealth transfers with financial planners. According to Edward Jones and Cerulli, high-net-worth individuals were two times more likely to talk about transferring wealth compared to core clients. Other subjects include financial fulfillment and leaving a legacy behind.
When speaking to clients about financial fulfillment, advisors point out that success looks different to varying generations. This includes owning a home for Millennials (60%), retiring as desired by Gen X (45%) and Baby Boomer clients (49%), and leaving a legacy for Silent Generation clients (71%). The research also notes that younger savers like Millennials were most focused on achieving financial fulfillment out of all age groups, while Baby Boomers were more concerned about leaving behind generational wealth. However, saving for retirement led as both a short-term and long-term goal among all generations.
“Priorities and challenges differ based on each client’s individual situation and how goals evolve over time,” said Tom Lewandowski, an Edward Jones high net worth segment leader. “It’s beneficial to have a trusted resource to guide investors throughout their journey.”
For those who want to successfully transfer their wealth, advisors say clients must have clear estate planning documents that reflect current values or goals (47%), establish open and transparent communication with their heirs (34%), and minimize tax liabilities (33%). Clients are also likelier to use investment or retirement accounts (92%), trusts (74%) or real estate (60%) to pass down an inheritance.
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