Financial advisors were most concerned about portfolio management for their clients for the second half of 2015, according to the Fidelity Advisor Investment Pulse study released Monday.

One quarter of the 1,000 advisors surveyed by Fidelity Institutional Asset Management say finding the right mix of risk and return was their top priority for the fourth quarter of 2015. The results continued the top concern from the third quarter.

However, being too concerned with portfolio management can obscure the need to take into consideration how different time horizons affect a portfolio, says Fidelity.

“Because markets are dynamic, an investment approach that works for one time horizon may potentially deliver a very different result for another,” says Scott E. Couto, head of distribution for Fidelity Institutional Asset Management. “Advisors may find it useful to frame their portfolio discussions with clients around multiple time horizons.”

In addition, advisors say they are concerned about interest rates, market volatility, finding yield and changes in the regulatory and macroeconomic environment.

“Interest rates dominated business headlines for much of Q4, with the Fed moving to raise rates in December,” explains Couto. “That said, there were other important influences toward the end of last year and coming into this year. Market volatility has remained a significant concern, and an increasing number of advisors are keeping their eye on developments with the Department of Labor’s new fiduciary rule.”

“To make sense of the range of factors in play, many advisors are choosing to take a holistic, client-centric view. They want to understand how all these factors could affect their clients’ portfolios, and they want to be able to explain the potential impact to their clients,” he adds.