Advisors fear they will not be able to recruit and retain the talent they need to meet market challenges in 2020, according to a survey by Hartford Funds released Tuesday.

The survey of 109 advisors suggests they are struggling to build the teams necessary to navigate industry disruptions on the horizon and to find new ways to serve clients, Hartford Funds said in a statement that accompanied the data.

Nearly one-third (31%) of the advisors said finding new talent was their top concern for their practices for the New Year. An equal number said the impact of an economic slowdown was their biggest concern. Increasing industry competition from both robo-advisors and traditional wealth managers was the second most-cited challenge for their businesses this year, named by 22% of advisors.

“This sentiment among advisors underscores the importance of finding and retaining the right talent to maintain an advantage as competition increases and more advisors are leaving the industry,” Hartford said.

“With the potential for a correction ahead and a wave of advisors on the cusp of retirement, it’s critical for advisors to identify and nurture talent to help weather potential volatility,” said Julie Genjac, a managing director at Hartford Funds, in a statement. “Both specialized and intrapersonal skills will be at a premium as firms must find new ways to provide value to clients.”

Hartford Funds suggested advisors develop expertise in a particular area such as sustainable investing. Currently, more than half of advisors do not implement ESG products or investing strategies in their clients’ portfolios, Hartford said.

“Twenty-six percent of advisors have little to no confidence that ESG investments can produce strong returns, and 19% are unsure, signifying the opportunity for advisors to learn more about these strategies and the available options for clients,” the firm said.

Advisors who participated in the survey also indicated they are concerned about the impact of geopolitics on the market. More than a third (34%) believe geopolitical tensions, such as the ongoing foreign trade discussions, will create the biggest investing challenges for this year. This concern is followed by worries about a bear market (23%) and the 2020 presidential election cycle (20%).

However, only 10% of advisors are concerned about a slowing pipeline of clients in the year ahead, the survey indicated.

“Advisors are actively anticipating—and assumedly planning for—the geopolitical events and risks that will impact their clients’ returns in 2020,” Genjac said. “Often more challenging than safeguarding a portfolio is managing the emotional impulses of investors when volatility strikes. Now is the time for advisors to be proactive in connecting with their clients on the price of panic and building a plan to achieve their long-term financial goals.”