The seeds of the current market volatility were already in evidence in our latest Global Asset Allocation Tracker.

Client allocations to non-U.S. bonds and equities stayed relatively flat but anecdotal evidence showed worries over economic troubles in Europe and China, according to the tracker, which surveyed 293 advisors in early August, using a baseline of 50. Readings of more than 50 indicate increases while less than 50 indicate declines.

Asked to focus on July activity, advisors said clients were still showing more of an appetite for domestic equities over foreign stocks.

Wealth managers said many clients continued to respond negatively to volatility in the global markets. One planner said that seeing China and Greece in the news made it "very difficult" to get clients to invest outside of the U.S. Some advisors reported a slight uptick in allocation toward U.S. equities this month, citing a stronger domestic stock market.

"The song remains the same, I'm afraid," one advisor said. "We like what we see here in America a lot more than what we see offshore, Why go elsewhere when steady returns with acceptable risk/reward ratios were available right here?"

Another advisor did not expect much change in the coming months: "We expect that global problems will continue and that the U.S. will be the safest place to invest in the near term."

Some respondents, however, saw opportunity in non-U.S. developed market assets. One planner "increased allocation to international developed stock funds and holdings due to valuation parameters and opportunities to invest."