Politics may have seized the headlines, but so far in 2016 market volatility tops the concerns of financial advisors.

According to the Fidelity Advisor Investment Pulse Study published on Monday, nearly one-in-three advisors cited volatility as an area of focus during the first quarter of 2016, an increase from less than 20 percent in the previous quarter.

Portfolio management was the second highest concern for advisors, according to the study by Boston-based Fidelity Institutional Asset Management.

Developments in the political and regulatory landscape, including preparations for complying with the U.S. Department of Labor’s fiduciary rule, were the third-most commonly cited concern in the study.

Rising interest rates, the second highest concern during the fourth quarter of 2015, tumbled to the seventh position after being cited by fewer than one-in-ten respondents.

For its study, Fidelity surveyed 250 advisors in April 2016.