Financial advisors increasingly see opportunities abroad and are upping client allocations to global equities as a result, according to our latest Global Asset Allocation Tracker.

The index also finds that advisors continue to shy away from bond markets.

Our monthly barometer of where financial planners are allocating assets for their clients finds growing allocations to non-U.S. equities. The tracker, using a baseline of 50, surveyed 284 advisors.

Advisors cited the strength of the U.S. dollar and high domestic valuations as reasons to look abroad.

"It makes sense to a lot of our clients who are willing to take on the risk," one wealth manager says. "So when they ask us how to rebalance their plan or where to put some extra cash, we tell them to look international."

Another advisor says U.S. equity valuations "have risen to a degree where value is difficult to find. However, Europe, Japan and emerging markets still present opportunities."

Concern over interest rates rising and how that might affect bond markets have kept some advisors and clients in a holding pattern. One advisor says his clients have been looking to deploy new capital, but have "no new appetite for fixed income."

Some advisors say depressed oil prices present an opportunity for those willing to take a risk and think long term.

"Obviously, the roulette wheel that is oil is weighing in on any decision in the global markets arena," one advisor says. For example, the advisor explains, "events in Nigeria today are of interest and we may investigate further opportunities there. ... We (also) are looking at natural gas plays in Europe as we believe money invested there today may yield significant returns in the next six to 12 months."