With domestic markets on the rebound following a volatile winter, advisors noted their clients were increasingly eager to utilize cash.

This led to a notable upswing in allocation toward both domestic and global equities, according to this month's Global Asset Allocation Tracker.

"As clients calmed down from the market declines of January through mid-February, they became more willing to put funds to work," one advisor respondent reported.

The biggest movement was toward domestic equities, with allocations rising 11.2 points. Allocations to non-U.S. equities edged up 5.7 points.

"As the market was showing signs of recovery, clients were more willing to invest in equities, including those in the global sector," one advisor said.

Many advisors reported their clients remained skittish about international bonds in particular.

While domestic bond allocation edged up 5.8 points from the previous month, allocations to non-domestic bonds fell by 1.1 points.

Many advisors mirrored clients' inclination toward U.S. equities, citing concerns including a slowdown in Chinese growth, overseas interest rates, oil prices and currency fluctuation.

Some advisors said clients who opted not to sit on cash were reaping the benefits of investing amid the volatility. One advisor wrote: "With the market pullback, it was a good time to start adding money to the markets both here and abroad."

Another advisor expressed regret over clients who may have overweighted allocations in emerging markets: "We do not feel that the extra risk/volatility in emerging markets has rewarded clients for investing in this sector."