Many financial advisors don’t believe Canada will see any economic growth in 2013, according to a survey released by Toronto-based Sun Life Global Investments on Wednesday, and instead are looking south of the border for returns.

The Sun Life Advisor Sentiment Index found that 44% of advisors don’t expect the Canadian economic to grow at all during the second half of 2013. Another nine percent of respondents said they expect the Canadian economy to contract. In terms of the S&P/TSX Composite Index almost 40% of advisors surveyed say they believe it will end flat this year.

On the other hand, when it comes to the global economy bullish advisors out number the bears. According to the survey, 54% of advisors are bullish about the capital markets particularly in regards to U.S. equities.

However, that optimism is focused on equities as over 60% of respondents said they were either very or somewhat bearish on Canadian and U.S. government bonds.

Results for the summer 2013 edition of the Sun Life Advisor Sentiment Index were complied from 345 telephone interviews of Canadian financial advisors conducted by Ipsos Reid between April 5 and May 22, 2013.