More than 6½ years into the bull market, many investors still haven't regained their confidence.
That, at least, is the impression two high-level strategists at Charles Schwab find when they speak to clients. Despite a rally that has seen the surge 212 percent since the March 2009 lows, the collective psyche remains fragile.
Jeff Kleintop, Schwab's chief global strategist, spoke Tuesday to the thousands of registered investment advisors at this week's IMPACT 2015 conference, cautioning them about how "really pessimistic" their clients' sentiment has become.
"It seems like you've got some hope about the future. That's great. I don't think your clients do right now," he said. "The last six months, investors seem to have lost some hope."
No doubt it's been a difficult year. A variety of factors has convened to make this one of the most turbulent years since the bull market began as the Great Recession ended.