(Dow Jones) So much for the recent turmoil in the markets. Financial advisors are seemingly bullish on several classes of equities, according to the latest quarterly survey from Russell Investments.

Among the asset groups that are proving popular: emerging-market equities (48% of advisors say they plan to increase allocations in that category); U.S. large-capitalization value (46%); non-U.S. developed-market equities (44%); and U.S. large-cap growth (41%).

Meanwhile, there is a movement away from safety, specifically such fixed-income classes as U.S. Treasurys (54% of advisors say they plan to decrease allocations in that category); high-yield bonds (43%); and corporate bonds (39%).

It might be tempting to read the results as a sign of faith in equities in the short term, but Phill Rogerson, a Russell managing director, sees the news as part of a broader trend to convince investors to re-embrace a degree of risk in their portfolios.

"This is less a tactical move based on some expectations of what will happen in the markets and more about advisors trying to get clients back into a sensible portfolio," said Rogerson, whose company is a subsidiary of Northwestern Mutual Life Insurance Co.

He added that advisors are increasingly trying to emphasize that investors can't afford to try timing the markets--a lesson many learned the hard way when they pulled out during the worst days of 2008-09 and went to cash and then failed to take advantage of the surge in equities that followed. In short, traditional ideas about portfolio diversification fell by the wayside, with many investors ending up the poorer for it.

Indeed, the Russell quarterly survey, which was released Tuesday, reports that advisors are finding at least one out of every three clients at "significant risk of falling short of their financial goals" if the clients fail to take corrective action.

"Investors are very nervous about volatility in the markets, but there's a certain amount of risk they need to start taking," Rogerson added.

The problem, of course, is that in the time period since the survey was conducted (April 27 to May 13), the markets have become only more volatile. Where does that leave advisors trying to persuade investors that stocks remain an important buy for the long term?

"That job has gotten a lot harder over the last eight weeks," said Rogerson.


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