Advisors are pinning their optimism for growth on demographic change and a continuing bull market, but nearly half of the respondents don’t expect to grow at all, according to a new survey.

Over the next five years, 48 percent of advisors anticipate that their business will remain the same, according to the fourth wave of the Bloomberg Media Financial Advisor Study, which aimed to measure advisor’s hopes and expectations for the future of their industry. Among those who believe the industry will grow, chief drivers include demographic change, a bull market in equities and a resolution to the trade disputes between the United States and other countries.

By a very slim margin, advisors expect most of their new clients to be individuals who have never been served by professional financial advisors. Just over half, 52 percent, of advisors said that most their new clients would be new to full-service advisory clients, versus 48 percent who expected to attract more clients from other advisors.

When asked what presented the most risk to their business, the most commonly cited concern was political and regulatory risk, named by 61 percent of the respondents. Other topics named as risks included market performance and cybersecurity.

Advisors also told Bloomberg how they are planning to deal with their clients shifting from careers and asset accumulation to retirement and spending down savings. Most advisors, 70 percent, said they plan to address decumulation and potential wealth transfer by introducing themselves to their clients’ children and beneficiaries. Others said that they would attempt to recruit new clients or encourage their younger clients to consolidate assets under their management. Both of these strategies were named by 43 percent of advisors.

Most advisors, 77 percent of the survey’s respondents, see general planning services as being the most important value they offer to their clients over the next five years. Advisors also named wealth transfer assistance, estate planning and tax planning as services that will be important to their clients.

Bloomberg’s survey was conducted by Greenwich Associates among 2,565 financial advisors in the U.S. in April and May.