The mood of both millionaire and affluent investors soured slightly in October, with their overall confidence falling in two indices conducted by the Spectrem Group.

The Chicago-based research firm’s Millionaire Investor Confidence Index fell two points to -7, following three consecutive months of gains. Meanwhile, Spectrem’s Affluent Investor Confidence Index also declined by two points to -15. This is the first drop for either index since July.  

Despite a bullish rally that briefly took the Dow over 10,000, other economic indicators, such as unemployment figures and a positive-but-low growth in gross domestic product sent many affluent investors bolting back to the sidelines, says Tom Wynn, a Spectrem director.

Wynn notes that a two-point drop on both indices really isn’t that much, considering the fact that investors remain grim about the economy. Confidence in the economy for both groups—the affluent and millionaires—fell sharply to 11.2% in October from 23.3% in September. Taken individually, millionaires represent the most negative group. Their confidence in the economy dropped to just 9.8% from 22.5%.

But what kept the overall indices up is that affluent investors are just as confident in their own finances as they were in September at 14%. Millionaires are more bullish. Confidence that their household assets will rise grew to 22.8% in October from 15.5% in September. So while wealthy investors expressed doubts about great improvements in economic conditions, they aren’t expecting to be any poorer in 12 months’ time.

The takeaway for advisors? “Clients still need a lot of handholding,” Wynn says. “We’re not yet out of the woods in terms of client confidence.”

The Spectrem Affluent Investor Confidence Index focuses on households with $500,000 or more in investable assets.