Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from Roger Freeman - Barclays Capital.
Roger Freeman - Barclays Capital
Just a few questions here. I guess first, Hank, just a larger comment on sort of what you're seeing in the channel. I guess maybe particularly advisors rather sort of the state of the retail investors, so your flows have been stronger in fixed income than in equities that's consistent with what we seen throughout sort of funds flow data. But how long I guess do you expect that to persist? I mean what ultimately brings folks back into equity mutual funds in a bigger way?
Hank Herrmann
I'm going to let Tom take a crack at that first and I may come on and follow.
Tom Butch
Your question was, I think, directed principally to the advisors channel and I think what brings those folks back to equities is confidence and time to heal after the market disruption. One of the things that's interesting and pretty predictable relative to our advisors channel is that when the market goes down our investors are a little slower to react to that. You saw that in the second quarter, for instance, of last year.
And when the market rebounds, it takes a little longer for that client base, which is pretty much a middle income and lower mass affluent client base to regain their faith in equities. And so as the months have progressed we've seen a steady monthly progression in their appetite for equities, which is reflected in our sales.
And so it's an opportune time to ask the question in the sense that we over the last couple of weeks had in town here in Kansas City our top advisors from that channel and presently we have our managing principals from that channel who run our division offices. And uniformly their sentiment, which is a reflection of client sentiment, is far more upbeat than at any time this year. So I hope that's responsive to your question.
Roger Freeman - Barclays Capital
Yes, that's helpful. Thanks.
Hank Herrmann
Roger, I would just add that just looking at sequential monthly, the last three months each of the months has been higher than the previous month. August was higher than July, September was higher than August, and my sense is right now October's a tad higher than September.
So that's somewhat encouraging, but we're still a little bit behind what we budgeted. We're beginning to sense to certain amount of improvement and sentiment and hopefully any correction that comes along will result in our clients getting a little bolder. That remains to be seen. But I would reiterate Tom's point that our clients tend to be a little slow to exit and enter.
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