Adviser confidence in the economy and the stock market declined in February.
Rydex-SGI AdvisorBenchmarking's monthly Advisor Confidence Index fell nearly 2%, to 107.18, from a month earlier.
Advisers said the decrease reflected a lack of job growth.
"While the fundamentals of the U.S. economy may improve over the next several months into summer, the lack of job growth will continue to be both a psychological and material drag on the economy overall," said George Cheatham, an adviser with American Financial Consultants Inc.
Last month, Rydex, of Rockville, Md., also surveyed advisers on which areas of the economy cause them the greatest concern this year. The survey showed that 65% of advisers are most concerned about unemployment, while the budget deficit (at 50%) is the second biggest concern.
"Structural challenges remain daunting, but the cyclical rebound appears intact," said James Dailey, an adviser at TEAM Financial Managers.
"The recent correction is likely to usher in the secondary phase of the cyclical recovery in the financial markets. We continue to position for commodity-related industries to assume market leadership. Energy, precious metals and agriculture remain areas of focus."
The index was released Monday.