Advisors are underestimating their clients’ concerns about a bear market, according to Toews Asset Management.

Clients also are more worried about running out of money than their advisors realize, according to company a survey of 150 advisors and more than 1,000 investors . The Investor-Advisor Disconnect, written by Philip Toews, said advisors need to “evolve” their approach to clients to better understand their thoughts.

According to the research by Toews Asset Management, a financial services firm based in New York City with $2.2 billion in AUM, only 31% of advisors correctly identified the scope of the concern clients are feeling and a full 44% said that fewer clients were concerned than actually were.

Both advisors and investors also underestimated the possibility of the economy entering a bear market. Fifty-two percent of advisors and 42% of investors said at the time the survey was taken last spring that they thought the economy could expect to experience a bear market within the next 12 months. In fact, the stock exchange slipped into a bear market just five days after the survey started, Toews said.

The inability to read the economy and their clients’ reactions to it will cost advisors the loyalty of their clients, Toews said.

“A disconnect exists between perceived knowledge of the markets, preparedness to weather a bear market and clarity regarding plans in place to help mitigate the risks of challenging market conditions,” the report said.

To counter the disconnect, advisors must develop new strategies to better understand their clients on a personal level, Toews said.

“Engaging clients on a more personal, emotional level will provide advisors with the insights they need to better align clients’ true risk tolerance with their portfolios and increase the effectiveness of their communication,” the report advised. Without that, it is impossible for advisors to build strong loyalty.

At the same time, clients seem to feel their advisors are serving them well when it comes to planning for a bear market. Ninety-one percent said their advisors had adequately explained to them information about their plans.

To add value to their services for clients, advisors need to focus their conversations on educating them about how the plan that is in place will help them achieve their goals for the long term no matter the market conditions, the report said.